# EDGAR Filing Document

**Accession Number:** 0001007226
**File Stem:** 0001580642-26-001728
**Filing Date:** 2026-3
**Character Count:** 293634
**Document Hash:** c2d8d61070539fd89960b821230cfbb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001728.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001728

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07925
- **FILM NUMBER:** 26739992

**BUSINESS ADDRESS:**
- **STREET 1:** ONE BANK PLAZA
- **STREET 2:** 5TH FLOOR
- **CITY:** WHEELING
- **STATE:** WV
- **ZIP:** 26003
- **BUSINESS PHONE:** 8003683369

**MAIL ADDRESS:**
- **STREET 1:** ONE BANK PLAZA
- **STREET 2:** 5TH FLOOR
- **CITY:** WHEELING
- **STATE:** WV
- **ZIP:** 26003

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

**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>12/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) #### WMBLX

#### WesMark Balanced Fund
![Image](i43225f31ac867808eda98b45.jpg)

Annual Shareholder Report **December 31, 2025**

# Fund Overview
This annual shareholder report contains important information about WesMark Balanced Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $136 | 1.29% |

---

# How did the Fund perform during the reporting period?
In 2025, the WesMark Balanced Fund ("Fund") delivered a total return of 10.84%, navigating a year defined by extreme volatility in both the equity and fixed-income markets. By combining a value-oriented stock sleeve with a stabilizing bond component, the Fund provided a smoother ride for investors.

The Fund's hybrid nature was put to the test in April during the "Liberation Day" tariff announcement. While the equity portion of the portfolio faced a substantial sell-off, the fixed-income sleeve acted as a vital stabilizer. As tariff negotiations lowered potential rates and corporate earnings remained resilient, the Fund participated meaningfully in the subsequent recovery.

While its focus on dividend paying stocks resulted in underperformance against pure equity benchmarks during the early-year surge in growth stocks, it demonstrated superior resilience and relative strength as the year closed.

Sector Allocations: The fund benefited from an overweight in financials and Industrials and an underweight in consumer discretionary and materials. Increasing the weight in health care stocks as the year progressed also benefited the fund. An underweight in information technology and overweight in consumer staples dragged on performance.

Stock Selection: Performance was driven by high-quality companies with durable competitive advantages. Top contributors included Caterpillar (CAT) up 60%, Goldman Sachs Group (GS) up 57%, and AbbVie (ABBV) up 33%. Exposure to Target (TGT) down 24%, United Parcel Service (UPS) down 30% and Pepsi (PEP) down 2% provided significant tailwinds.

Fixed Income Results: Overweight to corporate bonds especially financial issuers benefitted the fund as did increasing the duration starting in the second quarter.

Portfolio turnover remained low, reflecting a commitment to a long-term horizon. Management continues to prioritize businesses with strong balance sheets and stocks with above market dividend yields. As the market broadened late in the year, this balanced approach allowed the Fund to capture gains while maintaining its defensive posture.

# How has the Fund performed over the last ten years?
The WesMark Balanced Fund returned 10.84% for the year ended December 31, 2025. This is in contrast to the S&P 500 Total Return Index, which had a 17.88% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i850eb3a4314e226696a90fae.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** |
| **Dec-2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Dec-2016** | $10968 | $10806 | $10831 | $10208 | $10265 | $11196 |
| **Dec-2017** | $12149 | $12275 | $12370 | $10426 | $10628 | $13640 |
| **Dec-2018** | $11592 | $12028 | $12079 | $10518 | $10629 | $13042 |
| **Dec-2019** | $13945 | $14589 | $14758 | $11233 | $11556 | $17149 |
| **Dec-2020** | $14649 | $16672 | $16932 | $11956 | $12423 | $20304 |
| **Dec-2021** | $16972 | $19325 | $19617 | $11784 | $12232 | $26132 |
| **Dec-2022** | $15751 | $16638 | $16520 | $10813 | $10641 | $21399 |
| **Dec-2023** | $16535 | $19568 | $19439 | $11380 | $11229 | $27025 |
| **Dec-2024** | $18072 | $22669 | $22363 | $11722 | $11369 | $33786 |
| **Dec-2025** | $20030 | $25744 | $25428 | $12538 | $12199 | $39827 |

---

*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.* 

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| WesMark Balanced Fund | 10.84% | 6.46% | 7.19% |
| 60% S&P 500 and 40% Bloomberg Int Gov/Cred | 13.56% | 9.08% | 9.92% |
| 60% S&P 500 and 40% Bloomberg US Aggregate | 13.70% | 8.47% | 9.78% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 6.97% | 0.96% | 2.29% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $98841057 |
| Number of Portfolio Holdings | 129 |
| Advisory Fee | $723837 |
| Portfolio Turnover | 22% |

---

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 5.0% |
| Federated Hermes Government Obligations Fund | 3.6% |
| Microsoft Corp. | 3.1% |
| JPMorgan Chase & Co. | 2.8% |
| Chevron Corp. | 2.7% |
| Caterpillar, Inc. | 2.6% |
| AbbVie, Inc. | 2.3% |
| Meta Platforms, Inc., Class A | 2.3% |
| Cisco Systems, Inc. | 2.2% |
| Walmart, Inc. | 2.1% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i88ecdd7d264d5c845320ffe4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| U.S. Government & Agency Obligations | 0.1% |
| Local | 0.4% |
| Local Authority | 0.4% |
| Industrial | 0.5% |
| Education | 0.6% |
| Special Tax | 0.6% |
| U.S. Government & Agencies | 0.8% |
| Materials | 0.8% |
| Mbs Passthrough | 2.3% |
| Real Estate | 2.6% |
| Money Market Funds | 3.6% |
| Utilities | 4.6% |
| Consumer Staples | 4.6% |
| Communications | 6.0% |
| Energy | 6.6% |
| U.S. Treasury Obligations | 6.7% |
| Consumer Discretionary | 7.3% |
| Health Care | 8.5% |
| Industrials | 10.7% |
| Financials | 15.2% |
| Technology | 16.6% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](i1e6a73ce5ea730a0e48abcd6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 0.0% |
| Common Stocks | 59.5% |
| Corporate Bonds | 24.9% |
| Money Market Funds | 3.6% |
| Municipal Bonds | 2.1% |
| U.S. Government & Agencies | 9.9% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 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](i742070843c7092ab2b68968c.jpg)

#### WesMark Balanced Fund
Annual Shareholder Report **December 31, 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](i459e04e0f7b4725d69b09205.jpg)

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

TSR-AR 123125-WMBLX

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

(WMBDX)

#### WesMark Government Bond Fund
![Image](i43225f31ac867808eda98b45.jpg)

Annual Shareholder Report **December 31, 2025**

# Fund Overview
This annual shareholder report contains important information about WesMark Government Bond Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $108 | 1.04% |

---

# How did the Fund perform during the reporting period?
In 2025, the WesMark Government Bond Fund ("Fund") delivered a total return of 6.91%, providing a critical anchor for investors during a year defined by swings in interest rate expectations and geopolitical tension. While it did not match the double-digit returns of equity markets, the fund fulfilled its role as a haven of capital preservation and steady income.

The fund's performance was defined by the massive flight-to-quality following the April 2nd "Liberation Day" tariff announcements. The 10-year Treasury yield saw a dramatic temporary drop as investors parked capital in government debt to escape equity volatility.

As tariff negotiations moderated and a trade war was averted, yields stabilized. The fund benefited from a gradual "un-inverting" of the yield curve, which improved returns for intermediate-term government holdings.

The fund's success was driven by active duration management and strategic positioning across the Treasury and Agency Mortgage-Backed Securities (MBS) landscape:

Sector Allocations: The fund benefited from an overweight in MBS, which offered attractive spreads over Treasuries as the housing market remained resilient. An underweight in long-term Treasuries early in the year protected the fund when inflation proved stickier than expected in February.

Duration Strategy: Management successfully increased the fund's duration in late April, capturing the price appreciation as yields retreated from their spring peaks.

Quality Bias: By focusing strictly on U.S. government-guaranteed obligations, the fund avoided the credit spreads that briefly widened during the spring equity sell-off.

# How has the Fund performed over the last ten years?
The WesMark Government Bond Fund returned 6.91% for the year ended December 31, 2025. This is in contrast to the Bloomberg US Aggregate Bond Index, which had a 7.30% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iecdf139dfd60f1b75e485b32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **WesMark Government Bond Fund** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10080 | $10208 | $10265 |
| **Dec-2017** | $10200 | $10426 | $10628 |
| **Dec-2018** | $10317 | $10518 | $10629 |
| **Dec-2019** | $10807 | $11233 | $11556 |
| **Dec-2020** | $11182 | $11956 | $12423 |
| **Dec-2021** | $11031 | $11784 | $12232 |
| **Dec-2022** | $9144 | $10813 | $10641 |
| **Dec-2023** | $9392 | $11380 | $11229 |
| **Dec-2024** | $9476 | $11722 | $11369 |
| **Dec-2025** | $10131 | $12538 | $12199 |

---

*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.* 

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| WesMark Government Bond Fund | 6.91% | -1.95% | 0.13% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 6.97% | 0.96% | 2.29% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $174005575 |
| Number of Portfolio Holdings | 101 |
| Advisory Fee | $1031896 |
| Portfolio Turnover | 17% |

---

# What did the Fund invest in?

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Government National Mortgage Association, AE | 3.1% |
| FIRST TENNESSEE BANK | 3.0% |
| Freddie Mac Pool | 2.3% |
| UMBS Freddie Mac Pool | 2.3% |
| Fannie Mae Pool | 2.3% |
| UMBS Fannie Mae Pool | 2.3% |
| UMBS Freddie Mac Pool | 2.2% |
| Fannie Mae Pool | 2.2% |
| Freddie Mac Pool | 2.1% |
| Fannie Mae Pool | 2.1% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i65eb17ebbd59d9e9b1e3d6d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.2% |
| Lease | 0.6% |
| Energy | 0.6% |
| Treasury | 0.6% |
| Abs | 1.1% |
| Health Care | 1.2% |
| Cmbs | 1.6% |
| Consumer Discretionary | 1.7% |
| U.S. Government & Agencies | 2.3% |
| Financials | 8.2% |
| U.S. Treasury Obligations | 19.3% |
| CMO | 23.3% |
| Mbs Passthrough | 39.2% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](ic01f81dde92fab6ca95e0a01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 2.7% |
| Collateralized Mortgage Obligations | 23.3% |
| Corporate Bonds | 11.8% |
| Money Market Funds | 0.2% |
| Municipal Bonds | 0.6% |
| U.S. Government & Agencies | 61.4% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 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](i742070843c7092ab2b68968c.jpg)

#### WesMark Government Bond Fund
Annual Shareholder Report **December 31, 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](i9467772c04e43d9586b2b5be.jpg)

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

TSR-AR 123125-WMBDX

#### WMKGX

#### WesMark Large Company Fund
![Image](i43225f31ac867808eda98b45.jpg)

Annual Shareholder Report **December 31, 2025**

# Fund Overview
This annual shareholder report contains important information about WesMark Large Company Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $124 | 1.14% |

---

# How did the Fund perform during the reporting period?
The WesMark Large Company Fund ("Fund") delivered a total return of 16.91% in 2025. The US stock market declined substantially in April with a large sale off following the "Liberation Day" tariff announcement followed by a recovery as tariff negotiations lowered the potential tariff rates.

Equity markets further advanced as corporate earnings remained resilient, inflation moderated, and investor sentiment improved alongside expectations for a stable economic backdrop. Growth-oriented sectors such as technology, communication services, and consumer discretionary led the market's upward momentum, supported by strong demand trends and continued innovation.

The Fund participated meaningfully in these gains, with performance driven by exposure to high-quality companies demonstrating durable competitive advantages and consistent earnings growth.

Sector Allocations: The fund benefited from an overweight in communication services and an underweight in consumer staples and real estate. Increasing the weight in health care stocks as the year progressed also benefited the fund.

Stock Selection: Industrials, communication services and consumer discretionary contributed positively. Individual names with solid performance included Bloom Energy (BE) up 326%, Alphabet Inc-Class A (GOOGL) up 66%, RTX Corp (RTX) up 61% and Advanced Micro Devices (AMD) up 77%. Stock selection in information technology and health care distracted from performance. Individual names with weak performance include Cava (CAVA) down 50%, Novo Nordisk (NOV) down 39%, Salesforce (CRM) down 20% and UnitedHealth Group (UNH) down 33%.

Portfolio turnover remained low, reflecting the Fund's commitment to a long-term investment horizon and a focus on companies with sustainable growth characteristics. This approach helped mitigate volatility during periods of sector rotation and supported stable relative performance. Management continues to prioritize businesses with strong balance sheets, robust cash-flow generation, and compelling strategic positioning.

# How has the Fund performed over the last ten years?
The WesMark Large Company Fund returned 16.91% for the year ended December 31, 2025. This is in contrast to S&P 500 Total Return Index, which had a 17.88% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](idbd509de4de1b2470a50976d.jpg)

---

| | | |
|:---|:---|:---|
| | **WesMark Large Company Fund** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10051 | $11196 |
| **Dec-2017** | $12485 | $13640 |
| **Dec-2018** | $11712 | $13042 |
| **Dec-2019** | $14819 | $17149 |
| **Dec-2020** | $18718 | $20304 |
| **Dec-2021** | $23597 | $26132 |
| **Dec-2022** | $18543 | $21399 |
| **Dec-2023** | $22610 | $27025 |
| **Dec-2024** | $27465 | $33786 |
| **Dec-2025** | $32108 | $39827 |

---

*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 | $334718825 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee | $2514629 |
| Portfolio Turnover | 25% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| WesMark Large Company Fund | 16.91% | 11.40% | 12.37% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***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. | 7.4% |
| Apple, Inc. | 7.1% |
| Alphabet, Inc., Class A | 6.8% |
| NVIDIA Corp. | 5.5% |
| Amazon.com, Inc. | 5.1% |
| Meta Platforms, Inc., Class A | 4.0% |
| Broadcom, Inc. | 3.3% |
| JPMorgan Chase & Co. | 2.7% |
| Tesla, Inc. | 2.7% |
| Raytheon Technologies Corp. | 2.6% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i91494823020c1eb7dcb0729e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Communication Services | 0.5% |
| Money Market Funds | 0.6% |
| Real Estate | 0.9% |
| Materials | 1.9% |
| Utilities | 1.9% |
| Consumer Staples | 3.2% |
| Energy | 3.4% |
| Industrials | 7.4% |
| Financials | 9.9% |
| Health Care | 10.6% |
| Consumer Discretionary | 11.6% |
| Communications | 11.7% |
| Technology | 36.2% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](i499583745848e1ebea6c6167.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 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](i742070843c7092ab2b68968c.jpg)

#### WesMark Large Company Fund
Annual Shareholder Report **December 31, 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](i6f50845f6987d6afca85cecf.jpg)

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

TSR-AR 123125-WMKGX

#### WMKSX

#### WesMark Small Company Fund
![Image](i43225f31ac867808eda98b45.jpg)

Annual Shareholder Report **December 31, 2025**

# Fund Overview
This annual shareholder report contains important information about WesMark Small Company Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $131 | 1.21% |

---

# How did the Fund perform during the reporting period?
The WesMark Small Company Fund ("Fund") delivered a return of 16.43% in 2025, above the Russell 2000 Index return of 12.81%. U.S. small caps exhibited the strongest performance in the second half of the year, driven by a broadening of returns beyond the concentrated drivers of the first half. A key contributor was the drop-in short-term rates where smaller companies tend to borrow to finance operations. Additionally, favorable fiscal policy, a general push towards reshoring manufacturing in the U.S. (small cap is disproportionately exposed to domestic investment), and higher-than-expected economic growth all supported domestic small cap.

The outperformance for the Fund for the year was largely driven by security selection in the industrial, information technology, and consumer discretionary sectors. The Fund historically tilts towards higher-quality characteristics, which again proved favorable. Positive performance came from the industrials sector returning 36%, the utilities sector returning 28%, and the information technology sector returning 26%. On the downside, consumer staples were down 7%, real estate was down 3%, and energy was down 2%.

On an individual security basis, Bloom Energy Corp. (BE) was a top performer, up 291%, followed by Celestica Inc (CLS) UP 220%, GRAIL Inc (GRAL) up 379%, and TTM Technologies Inc (TTMI) up 179%. For the laggards, AAON Inc. (AAON) down 35%, Surgery Partners Inc. (SGRY) down 27%, Integer Holdings Corp. (ITGR) down 41%, and The Hackett Group Inc. (HCKT) down 35%. The leaders were largely driven by continued infrastructure spend for data centers, while the laggards were largely companies expected to be adversely affected by increased utilization and development of artificial intelligence.

Portfolio turnover was slightly above the long-term trend for the Fund, mostly a result of active management of market cap style drift. The year was emblematic of the continued focus on rapidly growing companies in high-growth sectors that offer sustainable competitive advantages, while also trading at reasonable valuations.

# How has the Fund performed over the last ten years?
The WesMark Small Company Fund returned 16.43% for the year ended December 31, 2025. This is in contrast to Rusell 2000 Index TR, which had a 12.81% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](icb8aa0f67547624df155cd74.jpg)

---

| | | |
|:---|:---|:---|
| | **WesMark Small Company Fund** | **Russell 2000<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11142 | $12131 |
| **Dec-2017** | $12612 | $13908 |
| **Dec-2018** | $10881 | $12376 |
| **Dec-2019** | $13092 | $15535 |
| **Dec-2020** | $17885 | $18636 |
| **Dec-2021** | $22039 | $21397 |
| **Dec-2022** | $17507 | $17024 |
| **Dec-2023** | $20924 | $19906 |
| **Dec-2024** | $25567 | $22203 |
| **Dec-2025** | $29768 | $25047 |

---

*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 | $147165345 |
| Number of Portfolio Holdings | 91 |
| Advisory Fee | $1078308 |
| Portfolio Turnover | 47% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| WesMark Small Company Fund | 16.43% | 10.73% | 11.53% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

***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 | 3.3% |
| Granite Construction, Inc. | 2.8% |
| Moog, Inc., Class A | 2.3% |
| Applied Industrial Technologies, Inc. | 2.1% |
| First Bancorp | 2.1% |
| DigitalOcean Holdings, Inc. | 1.9% |
| Abercrombie & Fitch Company, Class A | 1.7% |
| Atmus Filtration Tech | 1.7% |
| Box, Inc., Class A | 1.7% |
| Varonis Systems, Inc. | 1.5% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i29890006c4f70a9925cfd95b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.1% |
| Real Estate | 2.0% |
| Consumer Staples | 3.3% |
| Money Market Funds | 3.3% |
| Utilities | 3.9% |
| Materials | 5.4% |
| Energy | 5.8% |
| Consumer Discretionary | 8.5% |
| Health Care | 13.2% |
| Financials | 15.5% |
| Technology | 18.1% |
| Industrials | 19.9% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](if9c31b79b59d47de14c6a978.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.7% |
| Money Market Funds | 3.3% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 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](i742070843c7092ab2b68968c.jpg)

#### WesMark Small Company Fund
Annual Shareholder Report **December 31, 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](i891812b0557f77cfb489beb5.jpg)

TSR-AR 123125-WMKSX

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

#### WMKTX

#### WesMark Tactical Opportunity Fund
![Image](i43225f31ac867808eda98b45.jpg)

Annual Shareholder Report **December 31, 2025**

# Fund Overview
This annual shareholder report contains important information about WesMark Tactical Opportunity Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $156 | 1.45% |

---

# How did the Fund perform during the reporting period?
In 2025, the WesMark Tactical Opportunity Fund ("Fund") delivered a total return of 15.42%, successfully navigating a year of extreme macro shifts. Unlike more static equity or bond funds, the Fund actively shifts its exposure capitalizing on dynamic market themes while looking to also provide an alternative return to these asset classes. The fund benefited from the historic surge in gold and the leadership transition to international equities.

Gold as a strategic pillar was a primary engine of positive return for the fund in 2025, as the metal hit record highs and the SPDR Gold Shares (GLD) up 64%, which also served as a crucial hedge during the "Liberation Day" tariff volatility in April. As the U.S. dollar weakened and central banks globally increased their reserves, the fund's tactical allocation to gold provided uncorrelated returns that protected capital during equity drawdowns.

International Equity outperformance marked a "structural break" from decade-long U.S. dominance, with international markets outperforming domestic ones by their widest margin in decades. The fund's exposure to the iShares MSCI ACWI ex U.S. ETF (ACWX) up 33% provided a benefit.

Targeted equity sector investments was led by an investment in iShares Biotechnology ETF (IBB) up 28% while State Street Consumer Discretionary ETF (XLY) down 1% distracted.

Fixed Income returns were led by the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) up 8%.

The fund's tactical flexibility allows management to remain focused on high-conviction ETF exposures to maintain liquidity while seeking to exploit inconsistencies in global valuations.

# How has the Fund performed since inception?
The WesMark Tactical Opportunity Fund returned 15.42% for the year ended December 31, 2025. This is in contrast to the S&P 500 Total Return Index, which had a 17.88% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie6a5dd7083fc98739724fcdc.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 Composite Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2017** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Dec-2017** | $10833 | $11120 | $10323 | $10574 | $11343 |
| **Dec-2018** | $10270 | $10460 | $10324 | $10149 | $10845 |
| **Dec-2019** | $11976 | $12483 | $11224 | $11000 | $14260 |
| **Dec-2020** | $12991 | $14199 | $12066 | $12197 | $16884 |
| **Dec-2021** | $14802 | $15765 | $11880 | $12950 | $21730 |
| **Dec-2022** | $12970 | $13357 | $10334 | $12262 | $17795 |
| **Dec-2023** | $13891 | $15421 | $10906 | $13007 | $22473 |
| **Dec-2024** | $14888 | $17212 | $11042 | $14198 | $28095 |
| **Dec-2025** | $17184 | $20058 | $11848 | $15673 | $33119 |

---

*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 | $49896194 |
| Number of Portfolio Holdings | 17 |
| Advisory Fee | $359688 |
| Portfolio Turnover | 41% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 1, 2017)** |
| WesMark Tactical Opportunity Fund | 15.42% | 5.75% | 6.32% |
| 60% MSCI ACWI 30% Bloomberg US Aggregate 10% HFRI FoF | 16.53% | 7.15% | 8.24% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.94% |
| HFRI Fund of Funds Composite Index | 10.39% | 5.14% | 5.22% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.51% |

---

***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 Core U.S. Aggregate Bond ETF | 15.1% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 14.0% |
| Vanguard Mega Cap Value ETF | 8.5% |
| SPDR<sup>®</sup> Gold Shares | 8.0% |
| Ishares Msci Acwi Index Fund | 8.0% |
| iShares Russell 2000 Index Fund | 7.5% |
| iShares Bloomberg Roll Select Commodity Strategy | 5.9% |
| Vanguard Short-Term Corporate Bond ETF | 5.5% |
| Invesco S&P 500 Equal Weight ETF | 4.2% |
| iShares Core S&P Small-Cap ETF | 4.1% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic2faef577eef4ba405f2f040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 1.7% |
| Equity | 11.0% |
| Commodity | 14.0% |
| Exchange-Traded Funds | 73.6% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](ice35d03cf3fab2eb96e74e00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.3% |
| Money Market Funds | 1.7% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 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](i742070843c7092ab2b68968c.jpg)

#### WesMark Tactical Opportunity Fund
Annual Shareholder Report **December 31, 2025**

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

www.wesmarkfunds.com

TSR-AR 123125-WMKTX

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

#### WMKMX

#### WesMark West Virginia Municipal Bond Fund
![Image](i43225f31ac867808eda98b45.jpg)

Annual Shareholder Report **December 31, 2025**

# Fund Overview
This annual shareholder report contains important information about WesMark West Virginia Municipal Bond Fund for the period of January 1, 2025 to December 31, 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 year?
(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 | $119 | 1.16% |

---

# How did the Fund perform during the reporting period?
In 2025, the WesMark West Virginia Municipal Bond Fund ("Fund") delivered a total return of 5.49%. This performance was particularly notable given a record-breaking year for municipal bond issuance and a highly volatile interest rate environment.

Similar to the broader markets, the Fund faced a sharp challenge in April. Following the "Liberation Day" tariff announcements, municipal bonds saw a brief but intense dislocation. In addition to the tariff caused volatility in the markets, tax-exempt bonds further suffered in the second quarter as issuance increased, and the Federal government debated tax deductibility of municipal bond interest income.

As the Federal Reserve pivoted to rate cuts in the second half of the year and West Virginia's tax collections remained resilient, the Fund staged a strong recovery. By the fourth quarter, the Fund was capturing significant price appreciation as yields across the municipal curve normalized.

The Fund's results were driven by a focus on high-quality West Virginia credits and strategic duration management:

Sector Allocations: The Fund benefited from an overweight in Education and Lease Revenue bonds, which remained stable even during periods of market stress. Top holdings included the Ohio County Board of Education (3.4%) and Hancock County Board of Education (2.6%), which provided consistent tax-exempt income.

Credit Quality: Performance was bolstered by a heavy concentration in AAA/AA rated credits. These stronger credits benefited from tighter spreads as investors grew more selective during the volatile spring months.

State-Specific Resilience: West Virginia's economy, supported by steady energy sectors and improved fiscal balances (reaching record levels in 2025), provided a fundamentally sound backdrop for local issuers.

Portfolio management maintained low turnover, adhering to a "buy-and-hold" philosophy focused on current tax-exempt income.

# How has the Fund performed over the last ten years?
The WesMark West Virginia Municipal Bond Fund returned 5.49% for the year ended December 31, 2025. This is in contrast to the Bloomberg Municipal Bond Index, which had a 4.25% return for the same period. Please see below tables for additional Indexes.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i83f5242e670d6b4e9d5ee99a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **WesMark West Virginia Municipal Bond Fund** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Bond: 5 Year GO (4-6)** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10006 | $10025 | $9948 |
| **Dec-2017** | $10397 | $10571 | $10243 |
| **Dec-2018** | $10446 | $10707 | $10427 |
| **Dec-2019** | $10951 | $11513 | $10981 |
| **Dec-2020** | $11332 | $12113 | $11451 |
| **Dec-2021** | $11382 | $12297 | $11485 |
| **Dec-2022** | $10490 | $11249 | $10909 |
| **Dec-2023** | $10939 | $11969 | $11350 |
| **Dec-2024** | $10939 | $12095 | $11426 |
| **Dec-2025** | $11539 | $12608 | $11984 |

---

*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 | $87979785 |
| Number of Portfolio Holdings | 116 |
| Advisory Fee | $522003 |
| Portfolio Turnover | 23% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| WesMark West Virginia Municipal Bond Fund | 5.49% | 0.36% | 1.44% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |
| Bloomberg Municipal Bond: 5 Year GO (4-6) | 4.89% | 0.91% | 1.83% |

---

***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 |
| Ohio County Board of Education | 3.4% |
| Hancock County Board of Education | 2.6% |
| Monongalia County Building Commission | 2.3% |
| Mason County Public Service District Water Revenue | 2.1% |
| Cabell County Board of Education | 2.0% |
| Hampshire County Building Commission | 1.9% |
| West Virginia Housing Development Fund | 1.8% |
| West Virginia Housing Development Fund | 1.7% |
| West Virginia Economic Development Authority | 1.5% |
| Morgantown Utility Board Inc | 1.5% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id6993e11e76b3817a169d1fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 0.1% |
| Special Tax | 1.7% |
| Other | 2.9% |
| State | 3.4% |
| Education | 4.5% |
| Health Care | 4.7% |
| Local | 13.1% |
| Housing | 17.1% |
| Lease | 22.4% |
| Utilities | 29.6% |

---

*\* Holdings are subject to change.* 

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](i6490f1aea99c832738ecc920.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.1% |
| Municipal Bonds | 99.9% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 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](i742070843c7092ab2b68968c.jpg)

#### WesMark West Virginia Municipal Bond Fund
Annual Shareholder Report **December 31, 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](id03488bb2cc381f5b23d372b.jpg)

TSR-AR 123125-WMKMX

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

(b) Not applicable

**Item 2. Code of Ethics.**

(a) The registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical
 Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and
 Principal Financial Officer.

(b) N/A

(c) During the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During the period covered by this report, there were no waivers or implicit waivers of a provision of the
 code of ethics.

(e) N/A

(f) See Item 19(a)(1)

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

(a)(1) The registrant's Board of Trustees has determined that the following members of the Board's Audit Committee are each an "audit committee financial expert" and are "independent" for purposes of this Item: Lawrence E. Bandi and Jordan A. Miller, Jr.

(a)(2) Not applicable.

(a)(3) Not applicable.

**N**ot applicable.

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

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal
 years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual
 financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements
 for those fiscal years are as follows:

<u>**Audit Fees**</u>

---

| | |
|:---|:---|
| 2025 | $91100 |
| 2024 | $91100 |

---

(b) <u>**Audit-Related Fees**</u> There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are
 reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

---

| | |
|:---|:---|
| 2025 | $0 |
| 2024 | $0 |

---

(c) <u>**Tax Fees**</u> The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax
 compliance, tax advise and tax planning are as follows:

---

| | |
|:---|:---|
| 2025 | $19500 |
| 2024 | $19500 |

---

(d) <u>**All Other Fees**</u> The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal
 accountant, other than the services reported in paragraphs (a) through (c) of this item were:

---

| | |
|:---|:---|
| 2025 | $2000 |
| 2024 | $1500 |

---

These services were provided in connection with conducting Rule 17f-2 examinations and preparing related SEC filings.

(e) (1) Audit Committee's Pre-Approval Policies

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

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

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

AUDIT SERVICES

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

AUDIT-RELATED SERVICES

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

TAX SERVICES

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

ALL OTHER SERVICES

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

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

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

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

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

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

PRE-APPROVAL FEE LEVELS

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

PROCEDURES

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

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

(f) Not applicable to registrant.

(g) <u>Non-Audit Fees</u>. The aggregate non-audit fees billed by the
 registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser, and
 any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each
 of the fiscal years of the registrant ended:

2025 – $15,000

2024 – $14,500

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

(i) Not applicable

(j) 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) The registrant's most recent annual financial statements
required, and for the period covered by this report, by Regulation S-X are attached herewith.

![](img_001.jpg)

**Table of Contents**

December 31, 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 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bond Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 21 |
| &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 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tactical Opportunity Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements and Financial Highlights | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Information | 55 |
| **Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 55 |
| **Item 9 – Proxy Disclosures for Open-End Management Investment Companies** | 55 |
| **Item 10 – Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies** | 55 |
| **Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract** | 55 |

---

---

| | |
|:---|:---|
| Annual Report » December 31, 2025 | ![](img_002.jpg) |

---

ITEM 7 – Financial Statements and Financial Highlights

for Open-End Management Investment Companies

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7%** |  |
|  | **AEROSPACE & DEFENSE - 2.3%** |  |
| 13700 | Moog, Inc., Class A | $3336635 |
|  | **AIRLINES - 0.8%** |  |
| 270000 | JetBlue Airways Corporation<sup>(a)</sup> | 1228500 |
|  | **AUTO COMPONENTS - 1.2%** |  |
| 105000 | Garrett Motion, Inc. | 1830150 |
|  | **BIOTECHNOLOGY - 7.2%** |  |
| 78200 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 2088722 |
| 48500 | Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 1408440 |
| 56000 | Catalyst Pharmaceutical Partners, Inc.<sup>(a)</sup> | 1307040 |
| 27000 | CG oncology, Inc.<sup>(a)</sup> | 1121040 |
| 39700 | Ideaya Biosciences, Inc.<sup>(a)</sup> | 1372429 |
| 64000 | Intellia Therapeutics, Inc.<sup>(a)</sup> | 575360 |
| 37000 | Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 777370 |
| 50800 | Viking Therapeutics, Inc.<sup>(a)</sup> | 1787144 |
|  |  | 10437545 |
|  | **BUILDING PRODUCTS - 3.7%** |  |
| 27500 | AAON, Inc. | 2096875 |
| 8797 | Armstrong World Industries, Inc. | 1681107 |
| 33928 | Gibraltar Industries, Inc.<sup>(a)</sup> | 1677400 |
|  |  | 5455382 |
|  | **CAPITAL MARKETS - 2.6%** |  |
| 11704 | PJT Partners, Inc., Class A | 1956908 |
| 28962 | Victory Capital Holdings, Inc. | 1827213 |
|  |  | 3784121 |
|  | **CHEMICALS - 2.4%** |  |
| 24800 | H.B. Fuller Company | 1474608 |
| 14850 | Hawkins, Inc. | 2109591 |
|  |  | 3584199 |
|  | **CONSTRUCTION & ENGINEERING - 5.6%** |  |
| 6900 | Argan, Inc. | 2161908 |
| 78000 | Centuri Holdings, Inc.<sup>(a)</sup> | 1969500 |

---

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

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **CONSTRUCTION & ENGINEERING - 5.6% (Continued)** |  |
| 35422 | Granite Construction, Inc. | $4085928 |
|  |  | 8217336 |
|  | **CONSTRUCTION MACHINERY EQUIPMENT - 1.7%** |  |
| 48400 | Atmus Filtration Tech | 2512444 |
|  | **CONTAINERS & PACKAGING - 0.9%** |  |
| 18839 | Greif, Inc., Class A | 1275400 |
|  | **ELECTRIC UTILITIES - 1.2%** |  |
| 36500 | Portland General Electric Company | 1751635 |
|  | **ELECTRICAL EQUIPMENT - 2.5%** |  |
| 18300 | Bloom Energy Corp., Class A<sup>(a)</sup> | 1590087 |
| 6500 | Powell Industries, Inc. | 2072070 |
|  |  | 3662157 |
|  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.0%** |  |
| 10000 | Belden, Inc. | 1165500 |
| 19000 | Cognex Corporation | 683620 |
| 8327 | OSI Systems, Inc.<sup>(a)</sup> | 2123885 |
| 27800 | TTM Technologies, Inc.<sup>(a)</sup> | 1918200 |
|  |  | 5891205 |
|  | **ENTERTAINMENT - 1.1%** |  |
| 44600 | IMAX Corporation<sup>(a)</sup> | 1648416 |
|  | **FOOD - 0.3%** |  |
| 15000 | Vital Farms, Inc.<sup>(a)</sup> | 479100 |
|  | **FOOD PRODUCTS - 2.3%** |  |
| 33000 | BellRing Brands, Inc.<sup>(a)</sup> | 882090 |
| 133500 | Mama's Creations Incorporated<sup>(a)</sup> | 1800915 |
| 32000 | Simply Good Foods Company (The)<sup>(a)</sup> | 642560 |
|  |  | 3325565 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.8%** |  |
| 16318 | Integer Holdings Corporation<sup>(a)</sup> | 1279821 |

---

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

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.8% (Continued)** |  |
| 17400 | LeMaitre Vascular, Inc. | $1411140 |
|  |  | 2690961 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.1%** |  |
| 66449 | Concentra Group Holdings Parent, Inc. | 1307716 |
| 120000 | Surgery Partners, Inc.<sup>(a)</sup> | 1854000 |
|  |  | 3161716 |
|  | **HOME BUILDING - 0.9%** |  |
| 66500 | Beazer Homes USA, Inc.<sup>(a)</sup> | 1347955 |
|  | **HOTELS & RESORTS - 1.0%** |  |
| 32122 | Hilton Grand Vacations, Inc.<sup>(a)</sup> | 1437460 |
|  | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.2%** |  |
| 17200 | Ormat Technologies, Inc. | 1900084 |
|  | **INFORMATION TECHNOLOGY - 0.6%** |  |
| 46900 | Schrodinger, Inc. LLC<sup>(a)</sup> | 838572 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.7%** |  |
| 57000 | Perella Weinberg Partners | 986100 |
|  | **INSURANCE - 1.2%** |  |
| 25600 | Employers Holdings, Inc. | 1105152 |
| 9800 | Goosehead Insurance, Inc., Class A | 721770 |
|  |  | 1826922 |
|  | **MACHINERY - 1.3%** |  |
| 79751 | Mueller Water Products, Inc., Class A | 1899669 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.3%** |  |
| 37000 | Carlsmed, Inc.<sup>(a)</sup> | 456950 |
|  | **METALS & MINING - 0.7%** |  |
| 8200 | Materion Corporation | 1019424 |

---

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

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **MULTI-UTILITIES - 1.1%** |  |
| 40400 | Avista Corporation | $1557016 |
|  | **OIL & GAS EXPLORATION & PRODUCTION - 5.8%** |  |
| 92549 | Comstock Resources, Inc.<sup>(a)</sup> | 2145286 |
| 9900 | Gulfport Energy Corp.<sup>(a)</sup> | 2059101 |
| 79538 | Magnolia Oil & Gas Corporation, Class A | 1741087 |
| 35994 | Matador Resources Company | 1527585 |
| 48500 | Northern Oil and Gas, Inc. | 1041295 |
|  |  | 8514354 |
|  | **PERSONAL CARE PRODUCTS - 0.8%** |  |
| 29600 | Oddity Tech Ltd., Class A<sup>(a)</sup> | 1189328 |
|  | **PERSONAL PRODUCTS - 0.7%** |  |
| 13000 | e.l.f. Beauty, Inc.<sup>(a)</sup> | 988520 |
|  | **PHARMACEUTICALS - 1.8%** |  |
| 8800 | Axsome Therapeutics, Inc.<sup>(a)</sup> | 1607232 |
| 17609 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 1086299 |
|  |  | 2693531 |
|  | **PROFESSIONAL SERVICES - 0.7%** |  |
| 16445 | Korn Ferry | 1085699 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 2.0%** |  |
| 61000 | Broadstone Net Lease, Inc. | 1059570 |
| 35000 | National Storage Affiliates Trust | 987350 |
| 46985 | Sabra Health Care REIT, Inc. | 889896 |
|  |  | 2936816 |
|  | **REGIONAL BANKS - 11.0%** |  |
| 27827 | Ameris Bancorp | 2066711 |
| 62700 | Atlantic Union Bancshares Corporation | 2213310 |
| 22169 | Banner Corporation | 1389110 |
| 46816 | Cadence Bank | 2005597 |
| 60108 | First Bancorp | 3052886 |
| 85504 | Old National Bancorp | 1907594 |

---

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

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **REGIONAL BANKS - 11.0% (Continued)** |  |
| 94400 | Simmons First National Corporation, Class A | $1779440 |
| 58400 | United Community Banks, Inc. | 1823248 |
|  |  | 16237896 |
|  | **RESTAURANTS - 1.9%** |  |
| 79699 | First Watch Restaurant Group, Inc.<sup>(a)</sup> | 1201861 |
| 30300 | Kura Sushi USA, Inc.<sup>(a)</sup> | 1585599 |
|  |  | 2787460 |
|  | **ROAD & RAIL - 0.3%** |  |
| 21500 | Covenant Transportation Group, Inc., Class A | 473860 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%** |  |
| 39700 | Azenta, Inc.<sup>(a)</sup> | 1320422 |
| 14300 | Rambus, Inc.<sup>(a)</sup> | 1314027 |
|  |  | 2634449 |
|  | **SOFTWARE - 10.9%** |  |
| 73500 | Asana, Inc., Class A<sup>(a)</sup> | 1007685 |
| 33000 | BlackLine, Inc.<sup>(a)</sup> | 1824570 |
| 81254 | Box, Inc., Class A<sup>(a)</sup> | 2430307 |
| 57200 | DigitalOcean Holdings, Inc.<sup>(a)</sup> | 2752464 |
| 64947 | I3 Verticals, Inc., Class A<sup>(a)</sup> | 1636015 |
| 64500 | Phreesia, Inc.<sup>(a)</sup> | 1091340 |
| 12156 | Qualys, Inc.<sup>(a)</sup> | 1615532 |
| 102400 | SentinelOne, Inc., Class A<sup>(a)</sup> | 1536000 |
| 68200 | Varonis Systems, Inc.<sup>(a)</sup> | 2236960 |
|  |  | 16130873 |
|  | **SPECIALTY RETAIL - 3.8%** |  |
| 20000 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 2517399 |
| 21400 | Advance Auto Parts, Inc. | 841020 |
| 70000 | Valvoline, Inc.<sup>(a)</sup> | 2034200 |
|  |  | 5392619 |
|  | **TRADING COMPANIES & DISTRIBUTORS - 2.1%** |  |
| 12005 | Applied Industrial Technologies, Inc. | 3082524 |

---

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

**WESMARK SMALL COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **WATER UTILITIES - 0.4%** |  |
| 61500 | Global Water Resources, Inc. | $519675 |
|  | **TOTAL COMMON STOCKS (Cost $103,340,869)** | 142210223 |
|  | **SHORT-TERM INVESTMENT — 3.3%** |  |
|  | **MONEY MARKET FUND - 3.3%** |  |
| 4888252 | Federated Hermes Government Obligations Fund, 3.67% (Cost $4,888,252)<sup>(b)</sup> | 4888252 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $108,229,121)** | $147098475 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%** | 66870 |
|  | **NET ASSETS - 100.0%** | $147165345 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

**WESMARK LARGE COMPANY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5%** |  |
|  | **AEROSPACE & DEFENSE - 2.6%** |  |
| 48000 | Raytheon Technologies Corp. | $8803200 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.0%** |  |
| 68882 | On Holding A.G.<sup>(a)</sup> | 3201635 |
|  | **ASSET MANAGEMENT - 1.4%** |  |
| 32000 | Apollo Global Management Inc. | 4632320 |
|  | **AUTOMOBILES - 2.7%** |  |
| 19900 | Tesla, Inc.<sup>(a)</sup> | 8949428 |
|  | **BANKS - 5.3%** |  |
| 74000 | Bank of America Corporation | 4070000 |
| 101900 | Fifth Third Bancorp | 4769939 |
| 28130 | JPMorgan Chase & Co. | 9064049 |
|  |  | 17903988 |
|  | **BEVERAGES - 0.4%** |  |
| 31000 | Celsius Holdings, Inc.<sup>(a)</sup> | 1417940 |
|  | **BIOTECHNOLOGY - 5.4%** |  |
| 22978 | AbbVie, Inc. | 5250245 |
| 18624 | Amgen, Inc. | 6095822 |
| 35000 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 2080050 |
| 54000 | Exelixis, Inc.<sup>(a)</sup> | 2366820 |
| 17000 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 2411110 |
|  |  | 18204047 |
|  | **CAPITAL MARKETS - 1.1%** |  |
| 20321 | Morgan Stanley | 3607587 |
|  | **CHEMICALS - 1.0%** |  |
| 31455 | PPG Industries, Inc. | 3222879 |

---

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

**WESMARK LARGE COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **COMMUNICATIONS EQUIPMENT - 1.5%** |  |
| 28000 | Palo Alto Networks, Inc.<sup>(a)</sup> | $5157600 |
|  | **ELECTRICAL EQUIPMENT - 0.9%** |  |
| 34800 | Bloom Energy Corp., Class A<sup>(a)</sup> | 3023772 |
|  | **ENERGY EQUIPMENT & SERVICES - 1.1%** |  |
| 126000 | Halliburton Company | 3560760 |
|  | **FINANCIAL SERVICES - 2.1%** |  |
| 6669 | BlackRock, Inc. | 7138097 |
|  | **FOOD & STAPLES RETAILING - 1.4%** |  |
| 41900 | Walmart, Inc. | 4668079 |
|  | **GAS & WATER UTILITIES - 1.0%** |  |
| 24662 | American Water Works Company, Inc. | 3218391 |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%** |  |
| 6000 | Penumbra, Inc.<sup>(a)</sup> | 1865460 |
|  | **HOTELS & RESORTS - 1.3%** |  |
| 13800 | Marriott International, Inc., Class A | 4281312 |
|  | **HOUSEHOLD PRODUCTS - 1.4%** |  |
| 33107 | Procter & Gamble Co. (The) | 4744564 |
|  | **INTERACTIVE MEDIA & SERVICES - 9.6%** |  |
| 74000 | Amazon.com, Inc.<sup>(a)</sup> | 17080680 |
| 20300 | Meta Platforms, Inc., Class A | 13399827 |
| 70000 | Pinterest, Inc., Class A<sup>(a)</sup> | 1812300 |
|  |  | 32292807 |
|  | **INTERNET MEDIA & SERVICES - 6.9%** |  |
| 72860 | Alphabet, Inc., Class A | 22805180 |

---

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

**WESMARK LARGE COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **INTERNET SOFTWARE & SERVICES - 2.2%** |  |
| 24100 | Shopify, Inc., Class A<sup>(a)</sup> | $3879377 |
| 5726 | Spotify Technology S.A.<sup>(a)</sup> | 3325145 |
|  |  | 7204522 |
|  | **LIFE SCIENCES TOOLS & SERVICES - 2.0%** |  |
| 11829 | Thermo Fisher Scientific, Inc. | 6854314 |
|  | **MACHINERY - 3.9%** |  |
| 11164 | Deere & Company | 5197623 |
| 8950 | Parker-Hannifin Corporation | 7866692 |
|  |  | 13064315 |
|  | **MANAGED HEALTH CARE - 1.6%** |  |
| 16100 | UnitedHealth Group, Inc. | 5314771 |
|  | **METALS & MINING - 0.9%** |  |
| 60000 | Freeport-McMoRan, Inc. | 3047400 |
|  | **OIL & GAS EXPLORATION & PRODUCTION - 2.3%** |  |
| 33600 | Chevron Corp. | 5120976 |
| 19000 | Diamondback Energy, Inc. | 2856270 |
|  |  | 7977246 |
|  | **PASSENGER TRANSPORTATION - 0.9%** |  |
| 38000 | Uber Technologies, Inc.<sup>(a)</sup> | 3104980 |
|  | **PHARMACEUTICALS - 1.0%** |  |
| 3100 | Eli Lilly & Co. | 3331508 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.9%** |  |
| 17300 | American Tower Corp. | 3037361 |
|  | **RESTAURANTS - 1.6%** |  |
| 45000 | Cava Group, Inc.<sup>(a)</sup> | 2641050 |
| 76000 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 2812000 |
|  |  | 5453050 |

---

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

**WESMARK LARGE COMPANY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **SEMICONDUCTORS - 12.7%** |  |
| 35468 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $7595827 |
| 31540 | Broadcom, Inc. | 10915994 |
| 64592 | Marvell Technology, Inc. | 5489028 |
| 99304 | NVIDIA Corp. | 18520196 |
|  |  | 42521045 |
|  | **SOFTWARE - 10.6%** |  |
| 51564 | Microsoft Corp. | 24937383 |
| 5200 | Oracle Corporation | 1013532 |
| 22490 | salesforce.com, Inc. | 5957826 |
| 14500 | Snowflake, Inc.<sup>(a)</sup> | 3180720 |
|  |  | 35089461 |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 7.1%** |  |
| 87500 | Apple, Inc. | 23787750 |
|  | **TRANSACTION PROCESSING - 2.2%** |  |
| 13000 | Mastercard, Inc., Class A | 7421440 |
|  | **UTILITY COMPANY - 0.9%** |  |
| 27800 | Duke Energy Corporation | 3258438 |
|  | **TOTAL COMMON STOCKS (Cost $149,547,657)** | 333166647 |
|  | **SHORT-TERM INVESTMENT — 0.6%** |  |
|  | **MONEY MARKET FUND - 0.6%** |  |
| 1944761 | Federated Hermes Government Obligations Fund, 3.67% (Cost $1,944,761)<sup>(b)</sup> | 1944761 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $151,492,418)** | $335111408 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (392583) |
|  | **NET ASSETS - 100.0%** | $334718825 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 59.5%** |  |
|  | **AEROSPACE & DEFENSE - 0.8%** |  |
| 2800 | L3Harris Technologies, Inc. | $821996 |
|  | **ASSET MANAGEMENT - 0.7%** |  |
| 11000 | TPG, Inc. | 702240 |
|  | **BANKS - 6.8%** |  |
| 14000 | Bank of America Corporation | 770000 |
| 8709 | JPMorgan Chase & Co. | 2806214 |
| 8000 | PNC Financial Services Group, Inc. (The) | 1669840 |
| 26809 | U.S. Bancorp | 1430528 |
|  |  | 6676582 |
|  | **BEVERAGES - 1.5%** |  |
| 10486 | PepsiCo, Inc. | 1504951 |
|  | **BIOTECHNOLOGY - 2.4%** |  |
| 10150 | AbbVie, Inc. | 2319174 |
|  | **BUILDING PRODUCTS - 0.6%** |  |
| 10500 | Carrier Global Corporation | 554820 |
|  | **CABLE & SATELLITE - 1.0%** |  |
| 33000 | Comcast Corp., Class A | 986370 |
|  | **CAPITAL MARKETS - 2.1%** |  |
| 2350 | Goldman Sachs Group, Inc. (The) | 2065650 |
|  | **COMMUNICATIONS EQUIPMENT - 2.2%** |  |
| 28500 | Cisco Systems, Inc. | 2195355 |
|  | **ELECTRIC UTILITIES - 0.8%** |  |
| 14099 | Dominion Energy, Inc. | 826060 |

---

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

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 59.5% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 0.7%** |  |
| 2100 | Eaton Corp., PLC | $668871 |
|  | **ENTERTAINMENT CONTENT - 0.6%** |  |
| 5300 | Walt Disney Co. (The) | 602981 |
|  | **FOOD & STAPLES RETAILING - 2.2%** |  |
| 18987 | Walmart, Inc. | 2115341 |
|  | **INTERACTIVE MEDIA & SERVICES - 2.3%** |  |
| 3470 | Meta Platforms, Inc., Class A | 2290512 |
|  | **INTERNET & DIRECT MARKETING RETAIL - 0.7%** |  |
| 2900 | Amazon.com, Inc.<sup>(a)</sup> | 669378 |
|  | **INTERNET MEDIA & SERVICES - 2.1%** |  |
| 6500 | Alphabet, Inc., Class A | 2034500 |
|  | **IT SERVICES - 1.3%** |  |
| 4400 | International Business Machines Corporation | 1303324 |
|  | **MACHINERY - 3.3%** |  |
| 4455 | Caterpillar, Inc. | 2552136 |
| 1599 | Deere & Company | 744446 |
|  |  | 3296582 |
|  | **MANAGED HEALTH CARE - 0.5%** |  |
| 1400 | UnitedHealth Group, Inc. | 462154 |
|  | **METALS & MINING - 0.8%** |  |
| 15000 | Freeport-McMoRan, Inc. | 761850 |
|  | **MULTI-LINE RETAIL - 1.0%** |  |
| 10065 | Target Corp. | 983854 |

---

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

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 59.5% (Continued)** |  |
|  | **OIL & GAS EXPLORATION & PRODUCTION - 4.3%** |  |
| 17313 | Chevron Corp. | $2638675 |
| 7299 | EOG Resources, Inc. | 766468 |
| 5117 | Valero Energy Corp. | 832996 |
|  |  | 4238139 |
|  | **PHARMACEUTICALS - 4.1%** |  |
| 1721 | Eli Lilly & Co. | 1849524 |
| 17956 | Merck & Co., Inc. | 1890048 |
| 8200 | Novo Nordisk A/S - ADR | 417216 |
|  |  | 4156788 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 1.6%** |  |
| 2600 | American Tower Corp. | 456482 |
| 11408 | CubeSmart | 411258 |
| 4400 | Digital Realty Trust, Inc. | 680724 |
|  |  | 1548464 |
|  | **SEMICONDUCTORS - 1.2%** |  |
| 7000 | Texas Instruments, Inc. | 1214430 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%** |  |
| 1700 | Broadcom, Inc. | 588370 |
|  | **SOFTWARE - 3.6%** |  |
| 6340 | Microsoft Corp. | 3066151 |
| 2500 | Oracle Corporation | 487275 |
|  |  | 3553426 |
|  | **SPECIALTY RETAIL - 3.4%** |  |
| 4314 | Dick's Sporting Goods, Inc. | 854043 |
| 7773 | Lowe's Cos., Inc. | 1874536 |
| 4200 | TJX Cos., Inc. (The) | 645162 |
|  |  | 3373741 |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.1%** |  |
| 18261 | Apple, Inc. | 4964436 |

---

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

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 59.5% (Continued)** |  |
|  | **UTILITY COMPANY - 1.2%** |  |
| 9886 | Duke Energy Corporation | $1158738 |
|  | **TOTAL COMMON STOCKS (Cost $30,856,659)** | 58639077 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%<sup>(b)</sup>** |  |  |  |  |
|  | **CMBS — 0.0%<sup>(b)</sup>** |  |  |  |  |
| 18885 | Morgan Stanley Capital I Trust 2015-UBS8 Series UBS8 A4 |  | 3.8090 | 12/17/48 | 18885 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $19,305)** |  |  |  | 18885 |
|  | **CORPORATE BONDS — 24.9%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 1.0%** |  |  |  |  |
| 250000 | Blackrock Inc |  | 2.4000 | 04/30/30 | 234152 |
| 500000 | Charles Schwab Corporation (The)<sup>(c)</sup> |  | 5.8530 | 05/19/34 | 535854 |
| 250000 | Legg Mason, Inc. |  | 4.7500 | 03/15/26 | 250227 |
|  |  |  |  |  | 1020233 |
|  | **AUTOMOTIVE — 0.5%** |  |  |  |  |
| 550000 | American Honda Finance Corp |  | 1.8000 | 01/13/31 | 486201 |
|  | **BANKING — 1.7%** |  |  |  |  |
| 500000 | Fifth Third Bank NA |  | 3.8500 | 03/15/26 | 499651 |
| 500000 | Morgan Stanley Private Bank<sup>(c)</sup> | SOFRRATE + 108.000% | 4.7340 | 07/18/31 | 506952 |
| 150000 | PNC Bank National Association |  | 2.7000 | 10/22/29 | 141695 |
| 500000 | PNC Financial Services Group Inc/The<sup>(c)</sup> |  | 6.8750 | 10/20/34 | 566113 |
|  |  |  |  |  | 1714411 |
|  | **BIOTECH & PHARMA — 1.0%** |  |  |  |  |
| 500000 | AbbVie Inc<sup>(d)</sup> |  | 3.2000 | 11/21/29 | 485022 |
| 175000 | Abbvie, Inc. |  | 4.5500 | 03/15/35 | 172395 |
| 139684 | Bristol-Myers Squibb Company |  | 3.9000 | 02/20/28 | 140069 |

---

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

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 24.9% (Continued)** |  |  |  | |
|  | **BIOTECH & PHARMA — 1.0% (Continued)** |  |  |  |  |
| 175000 | GlaxoSmithKline Capital, Inc. |  | 6.3750 | 05/15/38 | $196639 |
|  |  |  |  |  | 994125 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.5%** |  |  |  |  |
| 500000 | Republic Services Inc |  | 5.7000 | 05/15/41 | 525505 |
|  | **DIVERSIFIED INDUSTRIALS — 1.3%** |  |  |  |  |
| 500000 | 3M Company |  | 3.3750 | 03/01/29 | 490507 |
| 175000 | Honeywell International Inc |  | 5.7000 | 03/15/37 | 185844 |
| 500000 | Honeywell International, Inc. |  | 4.5000 | 01/15/34 | 495727 |
|  |  |  |  |  | 1172078 |
|  | **ELECTRIC UTILITIES — 2.6%** |  |  |  |  |
| 500000 | CenterPoint Energy Houston Electric LLC |  | 4.4500 | 10/01/32 | 498249 |
| 500000 | Duke Energy Carolinas LLC |  | 4.8500 | 03/15/30 | 515325 |
| 500000 | National Rural Utilities Cooperative Finance Corp. |  | 5.0000 | 02/07/31 | 517146 |
| 500000 | Nextera Energy Capital Holding, Inc. |  | 3.5500 | 05/01/27 | 497285 |
| 500000 | Wisconsin Electric Power |  | 4.7500 | 09/30/32 | 510215 |
|  |  |  |  |  | 2538220 |
|  | **ENGINEERING & CONSTRUCTION — 1.0%** |  |  |  |  |
| 500000 | Jacobs Engineering Group, Inc. |  | 5.9000 | 03/01/33 | 527904 |
| 500000 | Quanta Services Inc |  | 5.1000 | 08/09/35 | 501291 |
|  |  |  |  |  | 1029195 |
|  | **ENTERTAINMENT CONTENT — 0.5%** |  |  |  |  |
| 500000 | Activison Blizzard, Inc. |  | 3.4000 | 09/15/26 | 494460 |
|  | **FOOD & STAPLES RETAILING — 0.5%** |  |  |  |  |
| 500000 | Wal-Mart Stores, Inc. |  | 5.2500 | 09/01/35 | 529385 |
|  | **INSURANCE — 3.0%** |  |  |  |  |
| 500000 | Berkshire Hathaway Finance Corporation |  | 2.8750 | 03/15/32 | 466184 |
| 400000 | Marsh & McLennan Cos Inc |  | 2.3750 | 12/15/31 | 359347 |
| 500000 | MetLife Inc |  | 5.8750 | 02/06/41 | 526593 |
| 500000 | Mutual of Omaha Cos Global Funding<sup>(d)</sup> |  | 5.0000 | 04/01/30 | 511729 |
| 500000 | Progressive Corporation (The) |  | 4.9500 | 06/15/33 | 513381 |
| 500000 | Protective Life Corp.<sup>(d)</sup> |  | 5.3500 | 12/15/35 | 505832 |
|  |  |  |  |  | 2883066 |

---

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

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 24.9% (Continued)** |  |  |  | |
|  | **INTERNET MEDIA & SERVICES — 0.3%** |  |  |  |  |
| 250000 | Expedia, Inc. |  | 3.8000 | 02/15/28 | $248849 |
|  | **LEISURE FACILITIES & SERVICES — 0.5%** |  |  |  |  |
| 500000 | Marriott International Series KK |  | 4.9000 | 04/15/29 | 511832 |
|  | **MACHINERY — 1.1%** |  |  |  |  |
| 500000 | Caterpillar Financial Services Corp |  | 3.6000 | 08/12/27 | 499638 |
| 500000 | Ingersoll Rand, Inc. |  | 5.7000 | 08/14/33 | 529986 |
|  |  |  |  |  | 1029624 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.5%** |  |  |  |  |
| 500000 | GE HealthCare Technologies, Inc. |  | 5.6500 | 11/15/27 | 515142 |
|  | **OIL & GAS PRODUCERS — 1.4%** |  |  |  |  |
| 500000 | Marathon Oil Corporation |  | 6.6000 | 10/01/37 | 528334 |
| 500000 | ONEOK Inc |  | 5.8000 | 11/01/30 | 527295 |
| 250000 | Phillips 66 |  | 4.6500 | 11/15/34 | 245037 |
|  |  |  |  |  | 1300666 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.0%** |  |  |  |  |
| 500000 | Prologis Targeted US Logistics Fund LP<sup>(d)</sup> |  | 5.2500 | 04/01/29 | 515372 |
| 500000 | Prologis Targeted US Logistics Fund LP<sup>(d)</sup> |  | 4.7500 | 01/15/36 | 489693 |
|  |  |  |  |  | 1005065 |
|  | **RENEWABLE ENERGY — 1.0%** |  |  |  |  |
| 500000 | Duke Energy Corporation |  | 4.3000 | 03/15/28 | 502924 |
| 500000 | NextEra Energy Capital Holdings Inc |  | 5.0000 | 07/15/32 | 512686 |
|  |  |  |  |  | 1015610 |
|  | **RETAIL - CONSUMER STAPLES — 1.3%** |  |  |  |  |
| 250000 | Dollar Tree, Inc. |  | 4.2000 | 05/15/28 | 250211 |
| 500000 | Target Corp |  | 4.4000 | 01/15/33 | 499954 |
| 500000 | Walmart, Inc. |  | 3.9500 | 06/28/38 | 465162 |
|  |  |  |  |  | 1215327 |
|  | **RETAIL - DISCRETIONARY — 0.6%** |  |  |  |  |
| 175000 | Home Depot, Inc. (The) |  | 5.8750 | 12/16/36 | 189904 |

---

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

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 24.9% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 0.6% (Continued)** |  |  |  |  |
| 500000 | O'Reilly Automotive, Inc. |  | 4.3500 | 06/01/28 | $504601 |
|  |  |  |  |  | 694505 |
|  | **SEMICONDUCTORS — 0.5%** |  |  |  |  |
| 500000 | Broadcom, Inc. |  | 5.2000 | 04/15/32 | 519267 |
|  | **SOFTWARE — 0.5%** |  |  |  |  |
| 500000 | Oracle Corporation |  | 5.2500 | 02/03/32 | 500129 |
|  | **TECHNOLOGY HARDWARE — 0.6%** |  |  |  |  |
| 500000 | Dell International LLC / EMC Corp. |  | 5.7500 | 02/01/33 | 527260 |
|  | **TECHNOLOGY SERVICES — 0.5%** |  |  |  |  |
| 500000 | PayPal Holdings, Inc. |  | 4.4000 | 06/01/32 | 499356 |
|  | **TRANSPORTATION & LOGISTICS — 1.0%** |  |  |  |  |
| 500000 | American Express Company |  | 5.0430 | 05/01/34 | 513303 |
| 500000 | FedEx Corp<sup>(d)</sup> |  | 4.2500 | 05/15/30 | 502577 |
|  |  |  |  |  | 1015880 |
|  | **TRANSPORTATION EQUIPMENT — 0.5%** |  |  |  |  |
| 500000 | PACCAR Financial Corp |  | 4.4500 | 08/06/27 | 506101 |
|  | **TOTAL CORPORATE BONDS (Cost $24,184,872)** |  |  |  | 24491492 |
|  | **MUNICIPAL BONDS — 2.1%** |  |  |  |  |
|  | **HIGHER EDUCATION — 0.6%** |  |  |  |  |
| 575000 | Marshall University |  | 3.1770 | 05/01/29 | 558225 |
|  | **LOCAL AUTHORITY — 0.4%** |  |  |  |  |
| 450000 | Commonwealth Financing Authority |  | 4.0140 | 06/01/33 | 441483 |
|  | **SCHOOL DISTRICT — 0.4%** |  |  |  |  |
| 270000 | Belding Area Schools |  | 6.7000 | 05/01/27 | 270684 |

---

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

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 2.1% (Continued)** |  |  |  |
|  | **SCHOOL DISTRICT — 0.4% (Continued)** |  |  |  |
| 200000 | Charter Oak Unified School District | 2.6810 | 08/01/36 | $166772 |
|  |  |  |  | 437456 |
|  | **TAX INCREMENT FINANCING — 0.7%** |  |  |  |
| 605000 | Columbus-Franklin County Finance Authority | 4.4900 | 11/15/32 | 600753 |
|  | **TOTAL MUNICIPAL BONDS (Cost $2,103,082)** |  |  | 2037917 |
|  | **U.S. GOVERNMENT & AGENCIES — 9.9%** |  |  |  |
|  | **AGENCY MBS OTHER — 2.3%** |  |  |  |
| 545769 | Fannie Mae Pool AM6756 | 3.5700 | 10/01/29 | 538717 |
| 110183 | Fannie Mae Pool MA3621 | 3.5000 | 03/01/39 | 106191 |
| 42385 | Fannie Mae Pool BN4896 | 4.0000 | 01/01/49 | 40802 |
| 99198 | Fannie Mae Pool MA3592 | 4.0000 | 02/01/49 | 95794 |
| 285034 | Fannie Mae Pool BP4338<sup>(c)</sup> | 4.8700 | 03/01/49 | 295608 |
| 390242 | Fannie Mae Pool MA4841 | 5.0000 | 12/01/52 | 391016 |
| 30614 | Freddie Mac Gold Pool G18527 | 3.0000 | 10/01/29 | 30221 |
| 161350 | Freddie Mac Gold Pool G18707 | 3.5000 | 09/01/33 | 159779 |
| 341856 | Government National Mortgage Association Series 126 DA | 3.5000 | 01/20/48 | 328105 |
| 138848 | Small Business Administration Pools 510136<sup>(c)</sup> | 4.7500 | 01/25/42 | 139730 |
| 146589 | Small Business Administration Pools 509913<sup>(c)</sup> | 4.6500 | 07/25/42 | 146019 |
|  |  |  |  | 2271982 |
|  | **FEDERAL HOME LOAN MORTGAGE CORPORATION — 0.1%** |  |  |  |
| 83728 | FHLMC Series 4517 Class PC | 2.5000 | 05/15/44 | 81209 |
|  | **GOVERNMENT SPONSORED — 0.8%** |  |  |  |
| 750000 | Federal Home Loan Banks | 4.6250 | 11/17/26 | 756471 |
|  | **U.S. TREASURY BONDS — 6.2%** |  |  |  |
| 500000 | U.S. Treasury Bonds | 3.5000 | 02/15/39 | 455859 |
| 500000 | U.S. Treasury Notes | 2.8750 | 08/15/28 | 492051 |
| 500000 | U.S. Treasury Notes | 4.1250 | 11/15/32 | 505781 |
| 150000 | U.S. Treasury Notes | 4.7500 | 02/15/37 | 157198 |
| 100000 | United States Treasury Note | 3.8750 | 11/30/27 | 100723 |

---

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

**WESMARK BALANCED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 9.9% (Continued)** |  |  |  |
|  | **U.S. TREASURY BONDS — 6.2% (Continued)** |  |  |  |
| 750000 | United States Treasury Note | 3.5000 | 01/31/30 | $745811 |
| 500000 | United States Treasury Note B | 4.1250 | 08/31/30 | 508887 |
| 1500000 | United States Treasury Note | 4.2500 | 08/15/35 | 1511015 |
| 150000 | United States Treasury Note | 4.5000 | 02/15/36 | 154893 |
| 1500000 | United States Treasury Note/Bond | 3.6250 | 09/30/30 | 1494433 |
|  |  |  |  | 6126651 |
|  | **U.S. TREASURY INFLATION PROTECTED — 0.5%** |  |  |  |
| 500000 | United States Treasury Inflation Indexed Bonds | 1.6250 | 10/15/29 | 522614 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $9,820,230)** |  |  | 9758927 |
|  | **SHORT-TERM INVESTMENT — 3.6%** |  |  |  |
|  | **MONEY MARKET FUND - 3.6%** |  |  |  |
| 3594515 | Federated Hermes Government Obligations Fund, 3.67% (Cost $3,594,515)<sup>(e)</sup> |  |  | 3594515 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $70,578,663)** |  |  | $98540813 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%** |  |  | 300244 |
|  | **NET ASSETS - 100.0%** |  |  | $98841057 |

---

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

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on December 31, 2025.

<sup>(d)</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 December 31, 2025 the total market value of 144A securities is 3,010,225 or 3.1% of net assets.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

**WESMARK GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 2.7%** |  |  |  |
|  | **AGENCY CMBS — 1.6%** |  |  |  |
| 3000000 | Freddie Mac Multifamily Series K154 A3 | 3.4590 | 11/25/32 | $2859584 |
|  | **WHOLE BUSINESS — 1.1%** |  |  |  |
| 1103185 | United States Small Business Series 20H 1 | 3.5800 | 08/01/38 | 1074096 |
| 915436 | United States Small Business Administration Series 20D 1 | 1.5400 | 04/01/41 | 780726 |
|  |  |  |  | 1854822 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $4,727,360)** |  |  | 4714406 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 23.3%** |  |  |  |
| 428287 | Fannie Mae REMIC Trust 2003-W18 Series W18 2A<sup>(a)</sup> | 5.1880 | 10/25/49 | 431810 |
| 494386 | Fannie Mae REMIC Trust 2004-W14 Series W14 1AF | 4.5860 | 07/25/44 | 479792 |
| 2609922 | Fannie Mae REMICS Series 6 BV | 5.5000 | 02/25/35 | 2657711 |
| 1980933 | Fannie Mae REMICS Series 76 D | 5.5000 | 08/25/45 | 2023848 |
| 666595 | Fannie Mae REMICS Series 90 DA | 3.0000 | 08/25/46 | 599077 |
| 2345198 | Fannie Mae REMICS Series 83 DA | 6.0000 | 01/25/48 | 2403991 |
| 378182 | Fannie Mae REMICS Series 74 LB | 3.0000 | 10/25/49 | 349016 |
| 2804802 | Federal Home Loan Mortgage Corporation SD8363 | 6.0000 | 09/01/53 | 2888738 |
| 1295597 | Freddie Mac REMICS Series 5374 AV | 5.5000 | 11/25/34 | 1319223 |
| 1861514 | Freddie Mac REMICS Series 5495 VD | 5.0000 | 11/25/35 | 1889865 |
| 2788669 | Freddie Mac REMICS Series 5497 VA | 5.0000 | 12/25/35 | 2819467 |
| 2694377 | Freddie Mac REMICS Series 5386 CV | 5.5000 | 02/25/37 | 2760931 |
| 532059 | Freddie Mac REMICS Series 4629 QG | 2.5000 | 11/15/46 | 467588 |
| 667976 | Freddie Mac REMICS Series 5227 JW | 4.0000 | 01/25/49 | 653953 |
| 1420877 | Freddie Mac REMICS Series 5088 HC | 0.7500 | 10/25/50 | 1041672 |
| 3495246 | Freddie Mac REMICS Series 5020 TP | 2.0000 | 10/25/50 | 2811909 |
| 1129369 | Freddie Mac REMICS Series 5417 E | 5.5000 | 12/25/50 | 1144163 |
| 1873792 | Freddie Mac REMICS Series 5058 TJ | 2.0000 | 01/25/51 | 1500076 |
| 1530192 | Freddie Mac Strips Series 330 F4 | 4.7790 | 10/15/37 | 1512461 |
| 166554 | Freddie Mac Structured Pass-Through Certificates Series 55 1A3A | 4.5860 | 03/25/43 | 165895 |
| 469751 | Government National Mortgage Association Series 59 FL | 4.3480 | 05/20/40 | 467042 |
| 365679 | Government National Mortgage Association Series 38 KA | 1.2500 | 02/20/42 | 339717 |

---

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

**WESMARK GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 23.3% (Continued)** |  |  |  |  |
| 5833136 | Government National Mortgage Association Series 39 AE |  | 1.7500 | 01/20/43 | $5348405 |
| 1627749 | Government National Mortgage Association Series 155 PE |  | 1.5000 | 09/20/51 | 1418162 |
| 5000000 | Government National Mortgage Association Series 203 B |  | 2.0000 | 04/16/62 | 3000671 |
|  |  |  |  |  | 40495183 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $42,871,481)** |  |  |  | 40495183 |
|  | **CORPORATE BONDS — 11.8%** |  |  |  |  |
|  | **BANKING — 8.0%** |  |  |  |  |
| 1000000 | Associated Banc-Corp. |  | 6.4550 | 08/29/30 | 1039415 |
| 1000000 | Comerica Inc |  | 4.0000 | 02/01/29 | 990916 |
| 5000000 | FIRST TENNESSEE BANK |  | 5.7500 | 05/01/30 | 5172082 |
| 2000000 | FNB Corporation |  | 5.7220 | 12/11/30 | 2042970 |
| 1000000 | KeyCorporation |  | 2.2500 | 04/06/27 | 977779 |
| 1000000 | PNC Financial Services<sup>(b)</sup> |  | 6.0370 | 10/28/33 | 1081356 |
| 500000 | PNC Financial Services Group<sup>(b)</sup> | SOFR + 1.730% | 6.6150 | 10/20/27 | 510107 |
| 1000000 | US Bancorp<sup>(b)</sup> |  | 4.8390 | 02/01/34 | 1007647 |
| 1000000 | Wintrust Financial Corporation |  | 4.8500 | 06/06/29 | 996409 |
|  |  |  |  |  | 13818681 |
|  | **BIOTECH & PHARMA — 1.2%** |  |  |  |  |
| 2000000 | Amgen, Inc. |  | 5.2500 | 03/02/33 | 2070921 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.3%** |  |  |  |  |
| 500000 | Morgan Stanley Series F<sup>(b)</sup> |  | 5.2970 | 04/20/37 | 508924 |
|  | **OIL & GAS PRODUCERS — 0.6%** |  |  |  |  |
| 1000000 | Kinder Morgan, Inc. |  | 5.2000 | 06/01/33 | 1029321 |
|  | **RETAIL - DISCRETIONARY — 1.7%** |  |  |  |  |
| 2000000 | AutoZone, Inc. |  | 4.7500 | 02/01/33 | 2009059 |

---

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

**WESMARK GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 11.8% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 1.7% (Continued)** |  |  |  |  |
| 1000000 | Genuine Parts Co Sr Nt |  | 4.9500 | 08/15/29 | 1017006 |
|  |  |  |  |  | $3026065 |
|  | **TOTAL CORPORATE BONDS (Cost $19,633,199)** |  |  |  | 20453912 |
|  | **MUNICIPAL BONDS — 0.6%** |  |  |  |  |
|  | **APPROPRIATION — 0.6%** |  |  |  |  |
| 1000000 | Wheeling Municipal Building Commission |  | 5.5580 | 08/01/37 | 1026968 |
|  | **TOTAL MUNICIPAL BONDS (Cost $1,000,000)** |  |  |  | 1026968 |
|  | **U.S. GOVERNMENT & AGENCIES — 61.3%** |  |  |  |  |
|  | **AGENCY MBS OTHER — 39.1%** |  |  |  |  |
| 3158063 | Fannie Mae Pool AN0897 |  | 3.4400 | 02/01/32 | 3033777 |
| 2124791 | Fannie Mae Pool BM7239 |  | 4.5000 | 02/01/41 | 2130609 |
| 1570401 | Fannie Mae Pool MA4715 |  | 4.5000 | 07/01/42 | 1574539 |
| 3286588 | Fannie Mae Pool MA4780 |  | 4.5000 | 10/01/42 | 3304669 |
| 3439002 | Fannie Mae Pool MA4801 |  | 4.5000 | 11/01/42 | 3457921 |
| 4195482 | Fannie Mae Pool FA3075 |  | 3.5000 | 12/01/42 | 3977702 |
| 1594390 | Fannie Mae Pool MA4865 |  | 4.5000 | 01/01/43 | 1603163 |
| 1675652 | Fannie Mae Pool MA4904 |  | 5.5000 | 01/01/43 | 1702461 |
| 1564459 | Fannie Mae Pool MA2711 |  | 3.0000 | 08/01/46 | 1392451 |
| 816826 | Fannie Mae Pool CB2212 |  | 1.7420 | 11/01/51 | 745227 |
| 3864484 | Fannie Mae Pool MA4626 |  | 4.0000 | 06/01/52 | 3690204 |
| 3843149 | Fannie Mae Pool MA4656 |  | 4.5000 | 07/01/52 | 3769605 |
| 2202552 | Fannie Mae Pool MA4807 |  | 5.5000 | 11/01/52 | 2249332 |
| 1977612 | Fannie Mae Pool MA4847 |  | 6.0000 | 11/01/52 | 2040768 |
| 1106094 | Freddie Mac Non Gold Pool |  | 3.1280 | 05/01/52 | 1052345 |
| 1712460 | Freddie Mac Non Gold Pool 841733 |  | 2.0900 | 06/01/52 | 1632188 |
| 968264 | Freddie Mac Pool QA6315 |  | 3.5000 | 01/01/50 | 910804 |
| 3904005 | Freddie Mac Pool SD8222 |  | 4.0000 | 06/01/52 | 3727944 |
| 2472976 | Freddie Mac Pool SD8265 |  | 4.0000 | 11/01/52 | 2360328 |
| 4030965 | Freddie Mac Pool SD8299 |  | 5.0000 | 02/01/53 | 4038544 |

---

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

**WESMARK GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 61.3% (Continued)** |  |  |  |
|  | **AGENCY MBS OTHER — 39.1% (Continued)** |  |  |  |
| 797202 | Freddie Mac Pool SD8362 | 5.5000 | 09/01/53 | $810949 |
| 2259404 | Ginnie Mae II Pool MA8192 | 4.0000 | 08/20/52 | 2110202 |
| 2015700 | Ginnie Mae II Pool MA8419 | 5.5000 | 11/20/52 | 2025523 |
| 1059943 | Ginnie Mae II Pool MA8481 | 5.5000 | 12/20/52 | 1064457 |
| 1987338 | Ginnie Mae II Pool MB0565 | 4.5000 | 08/20/55 | 1993758 |
| 3921210 | UMBS Fannie Mae Pool MA4918 | 5.0000 | 02/01/53 | 3928581 |
| 3951832 | UMBS Freddie Mac Pool SD8257 | 4.5000 | 10/01/52 | 3875391 |
| 3997309 | UMBS Freddie Mac Pool SD8288 | 5.0000 | 01/01/53 | 4005028 |
|  |  |  |  | 68208470 |
|  | **GOVERNMENT SPONSORED — 2.3%** |  |  |  |
| 2000000 | Federal Farm Credit Banks Funding Corp | 3.7300 | 10/22/32 | 1950792 |
| 2000000 | Federal Farm Credit Banks Funding Corporation | 4.0000 | 02/09/33 | 1995156 |
|  |  |  |  | 3945948 |
|  | **U.S. TREASURY BONDS — 19.9%** |  |  |  |
| 2500000 | U. S. Treasury Strips<sup>(c)</sup> |  | 08/15/43 | 1036320 |
| 1000000 | U.S. Treasury Bonds | 1.1250 | 08/15/40 | 628516 |
| 2000000 | U.S. Treasury Bonds | 2.3750 | 02/15/42 | 1472852 |
| 1000000 | U.S. Treasury Bonds | 3.7500 | 11/15/43 | 876680 |
| 3000000 | U.S. Treasury Notes | 2.8750 | 05/15/28 | 2957695 |
| 2500000 | U.S. Treasury Notes | 2.8750 | 08/15/28 | 2460253 |
| 2000000 | U.S. Treasury Notes | 1.5000 | 02/15/30 | 1837461 |
| 500000 | U.S. Treasury Notes | 4.6250 | 03/15/26 | 500962 |
| 2275000 | U.S. Treasury Strips<sup>(c)</sup> |  | 08/15/41 | 1064139 |
| 1000000 | United States Treasury Note | 3.8750 | 12/31/27 | 1007578 |
| 2500000 | United States Treasury Note | 2.7500 | 05/31/29 | 2433350 |
| 2000000 | United States Treasury Note | 0.6250 | 08/15/30 | 1740625 |
| 2000000 | United States Treasury Note | 1.7500 | 08/15/41 | 1350195 |
| 2000000 | United States Treasury Note/Bond | 2.0000 | 11/15/41 | 1396563 |
| 2200000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 02/15/40 | 1124880 |
| 2150000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 05/15/40 | 1083811 |
| 2200000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 11/15/40 | 1074821 |
| 2300000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 02/15/41 | 1107358 |
| 2200000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 05/15/41 | 1044777 |
| 2400000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 11/15/42 | 1041472 |

---

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

**WESMARK GOVERNMENT BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 61.3% (Continued)** |  |  |  |
|  | **U.S. TREASURY BONDS — 19.9% (Continued)** |  |  |  |
| 2320000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 02/15/43 | $991399 |
| 3000000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 05/15/43 | 1263443 |
| 2500000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 11/15/43 | 1021062 |
| 2440000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 02/15/44 | 981673 |
| 2475000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 05/15/44 | 981651 |
| 2700000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 08/15/44 | 1055390 |
| 2700000 | United States Treasury Strip Coupon<sup>(c)</sup> |  | 11/15/44 | 1041513 |
|  |  |  |  | 34576439 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $107,908,302)** |  |  | 106730857 |
|  | **SHORT-TERM INVESTMENT — 0.2%** |  |  |  |
|  | **MONEY MARKET FUND - 0.2%** |  |  |  |
| 362532 | Federated Hermes Government Obligations Fund, 3.67% (Cost $362,532)<sup>(d)</sup> |  |  | 362532 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $176,502,874)** |  |  | $173783858 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** |  |  | 221717 |
|  | **NET ASSETS - 100.0%** |  |  | $174005575 |

---

<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 December 31, 2025.

<sup>(c)</sup> Zero coupon bond.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 99.5%** |  |  |  |
|  | **APPROPRIATION — 22.4%** |  |  |  |
| 580000 | Berkeley County Building Commission | 2.0000 | 06/01/35 | $496289 |
| 750000 | Berkeley County Building Commission | 2.0000 | 06/01/40 | 553436 |
| 400000 | Berkeley County Building Commission | 4.0000 | 06/01/40 | 401701 |
| 950000 | Brooke County Building Commission | 3.0000 | 12/01/36 | 908179 |
| 265000 | City of Buckhannon WV | 3.7000 | 12/01/28 | 258101 |
| 680000 | Fayette County Board of Education/WV | 2.0000 | 10/01/27 | 655022 |
| 545000 | Fayette County Board of Education/WV | 2.2500 | 10/01/30 | 500989 |
| 500000 | Fayette County Board of Education/WV | 2.0000 | 10/01/31 | 447618 |
| 640000 | Fayette County Board of Education/WV | 2.2500 | 10/01/32 | 567423 |
| 565000 | Fayette County Board of Education/WV | 2.5000 | 10/01/33 | 503505 |
| 355000 | Hampshire County Building Commission | 3.0000 | 01/01/29 | 338550 |
| 380000 | Hampshire County Building Commission | 3.0000 | 01/01/31 | 353377 |
| 1660000 | Hampshire County Building Commission | 4.2500 | 01/01/35 | 1660262 |
| 1000000 | Harrison County Building Commission | 3.5000 | 10/01/35 | 906179 |
| 1000000 | Jefferson County Building Commission | 4.8750 | 07/01/45 | 1020925 |
| 900000 | Jefferson County School District Finance Corp | 3.0000 | 12/01/35 | 862853 |
| 900000 | Kanawha County Public Building Commission | 4.0000 | 12/01/39 | 910453 |
| 850000 | Lewis County Building Commission | 4.7500 | 02/01/38 | 863845 |
| 2320000 | Monongalia County Building Commission | 2.0000 | 02/01/34 | 2014154 |
| 1030000 | Moundsville Building Commission | 4.0000 | 08/01/37 | 1036801 |
| 700000 | Parkersburg Municipal Building Commission | 4.2500 | 11/01/44 | 683883 |
| 500000 | Putnam County Building Commission | 4.0000 | 05/01/37 | 514278 |
| 500000 | West Virginia Commissioner of Highways | 5.0000 | 09/01/29 | 519625 |
| 1350000 | West Virginia Economic Development Authority | 4.7500 | 08/01/29 | 1352135 |
| 310000 | West Virginia Economic Development Authority | 3.5000 | 06/01/30 | 310133 |
| 670000 | West Virginia Economic Development Authority | 3.5000 | 06/01/30 | 670287 |
| 355000 | West Virginia Economic Development Authority | 3.5000 | 06/01/30 | 355152 |
|  |  |  |  | 19665155 |
|  | **BOND BANK — 1.1%** |  |  |  |
| 500000 | West Virginia Water Development Authority | 5.0000 | 10/01/32 | 507016 |
| 500000 | West Virginia Water Development Authority | 4.0000 | 10/01/41 | 500145 |
|  |  |  |  | 1007161 |
|  | **COUNTY — 1.1%** |  |  |  |
| 1000000 | Colorado Hsg & Fin Auth Multifamily Tax-Exempt | 4.4800 | 03/01/44 | 996932 |

---

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

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 99.5% (Continued)** |  |  |  |
|  | **HIGHER EDUCATION — 2.3%** |  |  |  |
| 400000 | West Virginia Higher Education Policy Commission | 3.6000 | 04/01/27 | $400079 |
| 100000 | West Virginia Higher Education Policy Commission | 4.0000 | 04/01/34 | 100013 |
| 485000 | West Virginia University | 5.2500 | 04/01/28 | 496446 |
| 1000000 | West Virginia University | 4.0000 | 10/01/37 | 1017428 |
|  |  |  |  | 2013966 |
|  | **HOSPITALS — 4.7%** |  |  |  |
| 1000000 | Bexar County Hospital District | 4.0000 | 02/15/43 | 947136 |
| 1000000 | West Virginia Hospital Finance Authority | 4.0000 | 06/01/29 | 1003934 |
| 500000 | West Virginia Hospital Finance Authority | 4.0000 | 06/01/34 | 500855 |
| 1000000 | West Virginia Hospital Finance Authority | 5.2500 | 06/01/43 | 1067665 |
| 595000 | West Virginia Hospital Finance Authority | 5.2500 | 06/01/45 | 625497 |
|  |  |  |  | 4145087 |
|  | **OTHER — 2.9%** |  |  |  |
| 500000 | West Virginia Economic Development Authority | 3.0000 | 06/15/31 | 500903 |
| 1000000 | West Virginia Economic Development Authority | 5.0000 | 07/01/32 | 1033103 |
| 515000 | West Virginia Lottery Excess Lottery Revenue | 5.0000 | 07/01/26 | 515869 |
| 535000 | West Virginia Lottery Excess Lottery Revenue | 5.0000 | 07/01/27 | 535926 |
|  |  |  |  | 2585801 |
|  | **PRIMARY AND SECONDARY EDUCATION — 2.2%** |  |  |  |
| 1040000 | Anderson-Shiro Consolidated Ind School District | 4.0000 | 02/15/46 | 987371 |
| 1000000 | Clark County School District | 4.0000 | 06/15/42 | 986794 |
|  |  |  |  | 1974165 |
|  | **SALES TAX — 0.6%** |  |  |  |
| 450000 | County of Ohio WV Special District | 5.0000 | 06/01/30 | 485845 |
|  | **SCHOOL DISTRICT — 12.0%** |  |  |  |
| 2000000 | Cabell County Board of Education | 2.0000 | 06/01/33 | 1774055 |
| 1000000 | El Paso Independent School District | 4.0000 | 08/15/48 | 922508 |
| 2265000 | Hancock County Board of Education | 4.1100 | 05/01/36 | 2266624 |
| 3000000 | Ohio County Board of Education | 3.0000 | 06/01/33 | 2962899 |
| 635000 | Ohio County Board of Education | 3.0000 | 06/01/34 | 625038 |
| 800000 | Prosper Independent School District | 4.0000 | 02/15/52 | 730098 |

---

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

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 99.5% (Continued)** |  |  |  |
|  | **SCHOOL DISTRICT — 12.0% (Continued)** |  |  |  |
| 700000 | Wood County Board of Education | 4.0000 | 06/01/38 | $719620 |
| 500000 | Wyoming County Board of Education | 4.0000 | 06/01/39 | 511958 |
|  |  |  |  | 10512800 |
|  | **SINGLE-FAMILY HOUSING — 17.1%** |  |  |  |
| 1000000 | Columbus-Franklin County Finance Authority | 4.8200 | 11/01/43 | 1069100 |
| 1000000 | Pennsylvania Housing Finance Agency | 4.6250 | 10/01/45 | 1000745 |
| 500000 | West Virginia Housing Development Fund | 3.4500 | 05/01/30 | 507933 |
| 150000 | West Virginia Housing Development Fund | 5.0000 | 11/01/31 | 166079 |
| 500000 | West Virginia Housing Development Fund | 2.0000 | 11/01/32 | 448184 |
| 500000 | West Virginia Housing Development Fund | 3.4500 | 11/01/33 | 499983 |
| 1000000 | West Virginia Housing Development Fund | 4.1000 | 11/01/33 | 1055678 |
| 370000 | West Virginia Housing Development Fund | 3.8500 | 11/01/34 | 373914 |
| 500000 | West Virginia Housing Development Fund | 4.3750 | 05/01/35 | 517544 |
| 500000 | West Virginia Housing Development Fund | 3.8000 | 05/01/36 | 502598 |
| 1575000 | West Virginia Housing Development Fund | 3.8000 | 11/01/37 | 1579968 |
| 1000000 | West Virginia Housing Development Fund | 4.1500 | 11/01/38 | 1016090 |
| 1500000 | West Virginia Housing Development Fund | 4.1500 | 11/01/38 | 1525824 |
| 1000000 | West Virginia Housing Development Fund | 4.0000 | 11/01/39 | 998792 |
| 500000 | West Virginia Housing Development Fund | 4.4500 | 11/01/43 | 503410 |
| 1000000 | West Virginia Housing Development Fund | 4.3000 | 11/01/44 | 1003282 |
| 500000 | West Virginia Housing Development Fund | 4.7000 | 11/01/44 | 508358 |
| 1000000 | West Virginia Housing Development Fund | 4.7500 | 11/01/45 | 1012509 |
| 750000 | West Virginia Housing Development Fund | 5.0500 | 11/01/45 | 769573 |
|  |  |  |  | 15059564 |
|  | **STATE — 3.4%** |  |  |  |
| 300000 | State of West Virginia | 3.2500 | 06/01/33 | 301671 |
| 500000 | State of West Virginia | 5.0000 | 06/01/35 | 525459 |
| 1000000 | State of West Virginia | 5.0000 | 12/01/40 | 1035382 |
| 1140000 | State of West Virginia | 4.0000 | 12/01/42 | 1135827 |
|  |  |  |  | 2998339 |
|  | **WATER AND SEWER — 29.7%** |  |  |  |
| 380000 | Berkeley County Public Service District | 4.5000 | 12/01/33 | 380347 |
| 1000000 | Berkeley County Public Service District | 4.0000 | 12/01/39 | 1029953 |
| 1000000 | Berkeley County Public Service District | 4.2500 | 12/01/49 | 986356 |

---

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

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 99.5% (Continued)** |  |  |  |
|  | **WATER AND SEWER — 29.7% (Continued)** |  |  |  |
| 620000 | Berkeley County Public Service Sewer District | 5.3000 | 03/01/29 | $620924 |
| 1000000 | Berkeley County Public Service Sewer District | 4.2500 | 06/01/45 | 978905 |
| 1000000 | Berkeley County Public Service Sewer District | 4.3750 | 06/01/49 | 968106 |
| 595000 | City of Buckhannon WV Waterworks Revenue | 4.0000 | 03/01/29 | 595103 |
| 310000 | City of Charles Town WV Waterworks & Sewerage | 4.0000 | 06/01/31 | 311034 |
| 400000 | City of Charles Town WV Waterworks & Sewerage | 2.2500 | 06/01/35 | 348543 |
| 315000 | City of Charles Town WV Waterworks & Sewerage | 3.0000 | 06/01/41 | 280195 |
| 310000 | City of Charleston Sewerage System, Revenue | 4.0000 | 07/01/31 | 311820 |
| 275000 | City of Charleston WV Sewerage System Revenue | 4.0000 | 07/01/32 | 276376 |
| 300000 | City of Clarksburg WV Water Revenue | 2.0000 | 06/01/34 | 255898 |
| 710000 | City of Salem WV Sewer Revenue | 4.0000 | 12/01/32 | 710142 |
| 410000 | City of St Albans WV Combined Waterworks | 4.0000 | 12/01/27 | 407998 |
| 350000 | City of Wheeling WV Waterworks & Sewerage | 5.0000 | 06/01/30 | 379686 |
| 500000 | City of Wheeling WV Waterworks & Sewerage System | 4.0000 | 06/01/35 | 515078 |
| 500000 | City of Wheeling WV Waterworks & Sewerage System | 4.0000 | 06/01/36 | 512290 |
| 110000 | Claywood Park Public Service District WV | 3.2000 | 11/01/29 | 106405 |
| 225000 | Claywood Park Public Service District WV | 3.4000 | 11/01/31 | 217008 |
| 680000 | Claywood Park Public Service District WV | 3.0000 | 11/01/41 | 578985 |
| 950000 | Claywood Park Public Service District WV Wate | 3.0000 | 11/01/36 | 898680 |
| 750000 | Greenbrier Public Service District No 1 | 5.0000 | 10/01/37 | 813722 |
| 1910000 | Mason County Public Service District Water Revenue | 3.0000 | 12/01/36 | 1868586 |
| 1000000 | Morgantown Utility Board Inc | 4.0000 | 12/01/29 | 1011308 |
| 1000000 | Morgantown Utility Board Inc | 4.0000 | 12/01/31 | 1009733 |
| 200000 | Morgantown Utility Board Inc | 3.7500 | 10/01/32 | 200053 |
| 500000 | Morgantown Utility Board Inc | 3.2500 | 12/01/32 | 503264 |
| 500000 | Morgantown Utility Board Inc | 4.0000 | 12/01/34 | 524202 |
| 1500000 | Morgantown Utility Board Inc | 3.0000 | 12/01/40 | 1342371 |
| 1000000 | Putnam Public Service District | 4.0000 | 12/01/39 | 953947 |
| 1150000 | Putnam Public Service District | 3.0000 | 11/01/40 | 1038379 |
| 1000000 | Putnam Public Service District | 3.0000 | 04/01/41 | 888235 |
| 1000000 | Putnam Public Service District | 3.0000 | 06/01/41 | 887417 |
| 1000000 | Putnam Public Service District | 3.6250 | 12/01/45 | 808571 |
| 1000000 | Raleigh County Public Service District | 3.0000 | 06/01/37 | 963209 |
| 380000 | Shepherdstown Corp | 3.3000 | 03/01/32 | 375917 |

---

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

**WESMARK WEST VIRGINIA MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 99.5% (Continued)** |  |  |  |
|  | **WATER AND SEWER — 29.7% (Continued)** |  |  |  |
| 1000000 | West Virginia Water Development Authority | 5.0000 | 07/01/34 | $1164711 |
|  |  |  |  | 26023457 |
|  | **TOTAL MUNICIPAL BONDS (Cost $89,569,448)** |  |  | 87468272 |
|  | **SHORT-TERM INVESTMENT — 0.1%** |  |  |  |
|  | **MONEY MARKET FUND - 0.1%** |  |  |  |
| 129249 | Federated Hermes Government Obligations Fund, 3.67% (Cost $129,249)<sup>(a)</sup> |  |  | 129249 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $89,689,697)** |  |  | $87597521 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** |  |  | 382264 |
|  | **NET ASSETS - 100.0%** |  |  | $87979785 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

**WESMARK TACTICAL OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.5%** |  |
|  | **COMMODITY - 14.0%** |  |
| 60700 | iShares Bloomberg Roll Select Commodity Strategy | $2959125 |
| 10101 | SPDR<sup>®</sup> Gold Shares<sup>(a)</sup> | 4003127 |
|  |  | 6962252 |
|  | **EQUITY - 11.0%** |  |
| 1825 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust | 1244504 |
| 29941 | Vanguard Mega Cap Value ETF | 4226472 |
|  |  | 5470976 |
|  | **EXCHANGE-TRADED FUNDS - 73.5%** |  |
| 11200 | Consumer Discretionary Select Sector SPDR Fund | 1337392 |
| 11000 | Invesco S&P 500 Equal Weight ETF | 2107160 |
| 17000 | iShares Core S&P Small-Cap ETF | 2043060 |
| 75252 | iShares Core U.S. Aggregate Bond ETF | 7516170 |
| 12000 | iShares Expanded Tech-Software Sector ETF<sup>(a)</sup> | 1268280 |
| 63538 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 7001252 |
| 59137 | Ishares Msci Acwi Index Fund | 3969867 |
| 8647 | iShares Nasdaq Biotechnology ETF | 1459354 |
| 15170 | iShares Russell 2000 Index Fund | 3734247 |
| 37400 | Vanguard FTSE Emerging Markets ETF | 2010624 |
| 34300 | Vanguard Short-Term Corporate Bond ETF | 2734739 |
| 18300 | Vanguard<sup>®</sup> FTSE Europe ETF | 1530063 |
|  |  | 36712208 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $41,016,459)** | 49145436 |
|  | **SHORT-TERM INVESTMENT — 1.7%** |  |
|  | **MONEY MARKET FUND - 1.7%** |  |
| 835983 | Federated Hermes Government Obligations Fund, 3.67% (Cost $835,983)<sup>(b)</sup> | 835983 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $41,852,442)** | $49981419 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (85225) |
|  | **NET ASSETS - 100.0%** | $49896194 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of December 31, 2025.

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

***WesMark Funds***

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 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<br> Opportunity Fund** |
| **ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At cost | $108229121 | $151492418 | $70578663 | $176502874 | $89698697 | $41852442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At value | $147098475 | $335111408 | $98540813 | $173783858 | $87597521 | $49981419 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 163169 | 133258 | 481221 | 898076 | 691836 | 10416 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 109468 | 2969 | 7668 | 14740 |  | 3000 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 3407 | 15712 | 4440 | 8017 | 4219 | 9679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 147374519 | 335263347 | 99034142 | 174704691 | 88293576 | 50004514 |
| **LIABILITIES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  | 18885 |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions payable |  |  |  | 495853 | 187260 |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 97857 | 221297 | 63024 | 88415 | 44849 | 32224 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 24643 | 137595 | 20082 | 15550 |  | 8088 |
| &nbsp;&nbsp;&nbsp;Audit fees payable | 17701 | 17703 | 17702 | 20160 | 20163 | 17610 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 16050 | 26225 | 18975 | 25723 | 21063 | 22274 |
| &nbsp;&nbsp;&nbsp;Custody fees payable | 4854 | 2636 | 957 | 987 | 1289 | 1875 |
| &nbsp;&nbsp;&nbsp;Transfer Agent fees Payable | 4994 | 10082 | 6286 | 4437 |  | 1466 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 40638 | 115932 | 33138 | 43542 | 22339 | 11666 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 2437 | 13052 | 14036 | 4449 | 16828 | 13117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 209174 | 544522 | 193085 | 699116 | 313791 | 108320 |
| **NET ASSETS** | $**147165345** | $**334718825** | $**98841057** | $**174005575** | $**87979785** | $**49896194** |
| **Net Assets Consist Of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $95527181 | $134232930 | $68923849 | $221356213 | $91110869 | $40427569 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 51638164 | 200485895 | 29917208 | (47350638) | (3131084) | 9468625 |
| **NET ASSETS** | $**147165345** | $**334718825** | $**98841057** | $**174005575** | $**87979785** | $**49896194** |
| **Net Asset Value Per Share:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**147165345** | $**334718825** | $**98841057** | $**174005575** | $**87979785** | $**49896194** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **10077539** | **15168724** | **7349853** | **21776041** | **8814790** | **3905640** |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**14.60** | $**22.07** | $**13.45** | $**7.99** | $**9.98** | $**12.78** |

---

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

***WesMark Funds***

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 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 | $1337940 | $3695436 | $1423625 | $- | $- | $1483890 |
| &nbsp;&nbsp;&nbsp;Interest | 88115 | 123797 | 1552960 | 7810821 | 2988487 | 22051 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (1260) | (5058) | (1933) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1424795 | 3814175 | 2974652 | 7810821 | 2988487 | 1505941 |
| **EXPENSES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1078308 | 2514629 | 723837 | 1031896 | 522003 | 359688 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee | 355366 | 823135 | 240113 | 429386 | 217094 | 119896 |
| &nbsp;&nbsp;&nbsp;Administrative services | 114740 | 213703 | 94227 | 139150 | 59368 | 45894 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 41239 | 56663 | 44187 | 39781 | 34348 | 30967 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 32349 | 54107 | 30093 | 34646 | 29572 | 26731 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 26578 | 40158 | 15994 | 21958 | 15488 | 12570 |
| &nbsp;&nbsp;&nbsp;Registration fees | 24551 | 19053 | 16774 | 19053 | 12757 | 21294 |
| &nbsp;&nbsp;&nbsp;Legal fees | 22759 | 27281 | 25769 | 21835 | 33235 | 18776 |
| &nbsp;&nbsp;&nbsp;Audit fees | 19728 | 19730 | 19730 | 22187 | 22190 | 19637 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 8035 | 12734 | 9369 | 5885 | 5626 | 5712 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 4812 | 13236 | 3905 | 6853 | 3366 | 1827 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 3932 | 2939 | 13293 | 2939 | 50849 | 29455 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 3426 | 9850 | 3023 | 10117 | 2822 | 2679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 1735823 | 3807218 | 1240314 | 1785686 | 1008718 | 695126 |
| **NET INVESTMENT INCOME (LOSS)** | (311028) | 6957 | 1734338 | 6025135 | 1979769 | 810815 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on Investments | 36686625 | 57300805 | 6386703 | (329857) | (936938) | 3170273 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of Investments | (14025694) | (4550113) | 1793327 | 5840329 | 3597405 | 2880209 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 22660931 | 52750692 | 8180030 | 5510472 | 2660467 | 6050482 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**22349903** | $**52757649** | $**9914368** | $**11535607** | $**4640236** | $**6861297** |

---

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

***WesMark Small Company Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(311028) | $(252537) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 36686625 | 11871980 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (14025694) | 13525231 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 22349903 | 25144674 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (29679830) | (6162933) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets resulting from distributions to shareholders | (29679830) | (6162933) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 30002804 | 15606501 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 5477274 | 1108341 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14249086) | (12088079) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from shares of beneficial interest | 21230992 | 4626763 |
| **TOTAL INCREASE IN NET ASSETS** | 13901065 | 23608504 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 133264280 | 109655776 |
| &nbsp;&nbsp;&nbsp;End of Year | $**147165345** | $**133264280** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1935842 | 1072836 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 376186 | 69228 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (877880) | (812014) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1434148 | 330050 |

---

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

***WesMark Large Company Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $6957 | $239351 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 57300805 | 57132125 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (4550113) | 8556518 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 52757649 | 65927994 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: | (63587321) | (45658354) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (63587321) | (45658354) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 31115075 | 20527554 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 17977067 | 12599731 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (35125066) | (36077788) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from shares of beneficial interest | 13967076 | (2950503) |
| **TOTAL INCREASE IN NET ASSETS** | 3137404 | 17319137 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 331581421 | 314262284 |
| &nbsp;&nbsp;&nbsp;End of Year | $**334718825** | $**331581421** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1391536 | 861327 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 834829 | 531370 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1477478) | (1504730) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 748887 | (112033) |

---

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

***WesMark Balanced Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1734338 | $1920227 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 6386703 | 7849696 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 1793327 | (911668) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 9914368 | 8858255 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: | (7323293) | (8988683) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (7323293) | (8988683) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 10134097 | 10006749 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1145337 | 1434722 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (11853162) | (13085637) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from shares of beneficial interest | (573728) | (1644166) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 2017347 | (1774594) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 96823710 | 98598304 |
| &nbsp;&nbsp;&nbsp;End of Year | $**98841057** | $**96823710** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 754364 | 740919 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 85847 | 107579 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (888346) | (949904) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (48135) | (101406) |

---

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

***WesMark Government Bond Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31, <br>2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $6025135 | $6014687 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (329857) | (7214843) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 5840329 | 2755343 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 11535607 | 1555187 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (6070299) | (6079756) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets resulting from distributions to shareholders | (6070299) | (6079756) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 19262975 | 20660418 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 371964 | 400133 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (23887423) | (26295709) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from shares of beneficial interest | (4252484) | (5235158) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 1212824 | (9759727) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 172792751 | 182552478 |
| &nbsp;&nbsp;&nbsp;End of Year | $**174005575** | $**172792751** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2448490 | 2630733 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 51179 | 51076 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3043892) | (3351165) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (544223) | (669356) |

---

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

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

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1979769 | $1801494 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (936938) | (8324) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 3597405 | (1876554) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 4640236 | (83384) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: | (1999760) | (1790663) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (1999760) | (1790663) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2817723 | 8748170 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 130370 | 140117 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5797904) | (8407229) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from shares of beneficial interest | (2849811) | 481058 |
| **TOTAL DECREASE IN NET ASSETS** | (209335) | (1392989) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 88189120 | 89582109 |
| &nbsp;&nbsp;&nbsp;End of Year | $**87979785** | $**88189120** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 298407 | 892696 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 14762 | 14418 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (608143) | (861908) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (294974) | 45206 |

---

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

***WesMark Tactical Opportunity Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $810815 | $674683 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 3170273 | 1389959 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 2880209 | 1156475 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 6861297 | 3221117 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: | (2418667) | (670785) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (2418667) | (670785) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4657870 | 5962354 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 24958 | 6016 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5124811) | (7393321) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from shares of beneficial interest | (441983) | (1424951) |
| **TOTAL INCREASE IN NET ASSETS** | 4000647 | 1125381 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 45895547 | 44770166 |
| &nbsp;&nbsp;&nbsp;End of Year | $**49896194** | $**45895547** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 383072 | 515254 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1985 | 531 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (424203) | (637727) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (39146) | (121942) |

---

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

***WesMark Small Company Fund***

**FINANCIAL HIGHLIGHTS**

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

---

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

---

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

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

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

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

***WesMark Large Company Fund***

**FINANCIAL HIGHLIGHTS**

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

---

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

---

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

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

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

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

***WesMark Balanced Fund***

**FINANCIAL HIGHLIGHTS**

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

---

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

---

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

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

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

***WesMark Government Bond Fund***

**FINANCIAL HIGHLIGHTS**

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

---

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

---

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

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

See accompanying notes which are an integral part of these 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

---

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

---

(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.

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

***WesMark Tactical Opportunity Fund***

**FINANCIAL HIGHLIGHTS**

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

---

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

---

(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.

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

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| December 31, 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 West Virginia Municipal Bond Fund ("West Virginia Municipal Bond Fund") | Non-diversified | To achieve current income which is exempt from federal income tax and income taxes imposed by the State of West Virginia |
| WesMark Tactical Opportunity Fund ("Tactical Opportunity Fund") | Diversified | To achieve capital appreciation |

---

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

**2.** **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 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 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 (Continued)** |
| December 31, 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 December 31, 2025 in valuing the Funds' investments carried at fair value:

**Small Company Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $142210223 | $- | $- | $142210223 |
| Short-Term Investment | 4888252 | - | - | 4888252 |
| &nbsp;&nbsp;&nbsp;Total | $147098475 | $- | $- | $147098475 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| December 31, 2025 |

---

**Large Company Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $333166647 | $- | $- | $333166647 |
| Short-Term Investment | 1944761 | - | - | 1944761 |
| &nbsp;&nbsp;&nbsp;Total | $335111408 | $- | $- | $335111408 |

---

**Balanced Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $58639077 | $- | $- | $58639077 |
| Collateralized Mortgage Obligations |  | 18885 |  | 18885 |
| Corporate Bonds |  | 24491492 |  | 24491492 |
| Municipal Bonds |  | 2037917 |  | 2037917 |
| U.S. Government & Agencies |  | 9758927 |  | 9758927 |
| Short-Term Investment | 3594515 | - | - | 3594515 |
| &nbsp;&nbsp;&nbsp;Total | $62233592 | $36307221 | $- | $98540813 |

---

**Government Bond Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset Backed Securities | $- | $4714406 | $- | $4714406 |
| Collateralized Mortgage Obligations |  | 40495183 |  | 40495183 |
| Corporate Bonds |  | 20453912 |  | 20453912 |
| Municipal Bonds |  | 1026968 |  | 1026968 |
| U.S. Government & Agencies |  | 106730857 |  | 106730857 |
| Short-Term Investment | 362532 | - | - | 362532 |
| &nbsp;&nbsp;&nbsp;Total | $362532 | $173421326 | $- | $173783858 |

---

**West Virginia Municipal Bond Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $- | $87468272 | $- | $87468272 |
| Short-Term Investment | 129249 | - | - | 129249 |
| &nbsp;&nbsp;&nbsp;Total | $129249 | $87468272 | $- | $87597521 |

---

**Tactical Opportunity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $49145436 | $- | $- | $49145436 |
| Short-Term Investment | 835983 | - | - | 835983 |
| &nbsp;&nbsp;&nbsp;Total | $49981419 | $- | $- | $49981419 |

---

\* 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 year ended December 31, 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.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| December 31, 2025 |

---

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

**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, 2025, 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.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| December 31, 2025 |

---

There were no options held as of or for the year ended December 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 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 Statements 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 (Continued)** |
| December 31, 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 Ultimus Fund Distributors, LLC (the "Distributor"), ("UFD"). 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. Shareholder Services Fee** – Under the terms of Shareholder Services Agreements with WesBanco Bank ("WesBanco", an affiliate of the Adviser) and other financial institutions, the Funds may pay WesBanco as well as other financial institutions, up to 0.25% of average daily net assets. The fee is used to finance certain services for shareholders and to maintain shareholder accounts. WesBanco and other financial institutions may voluntarily choose to waive any portion of their fee, which arrangement they can modify or terminate at any time at their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. 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;**f. 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 year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases (excluding U.S. Government Securities)** | **Sale Proceeds (excluding U.S. Government Securities)** | **Purchases of U.S. Government Securities** | **Proceeds of U.S. Government Securities** |
| Small Company Fund | $66513146 | $78735192 | $- | $- |
| Large Company Fund | 82570843 | 123297888 |  |  |
| Balanced Fund | 17028871 | 24321978 | 3498594 | 500000 |
| Government Bond Fund | 22114628 | 17756308 | 5220892 | 12008132 |
| West Virginia Municipal Bond Fund | 19298604 | 21863982 |  |  |
| Tactical Opportunity Fund | 19333260 | 20953586 |  |  |

---

**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 December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Unrealized Appreciation** | **Unrealized Depreciation** | **Appreciation/**<br> **(Depreciation)** |
| Small Company Fund | $108229121 | $44947774 | $(6078420) | 38869354 |
| Large Company Fund | 151569292 | 187760393 | (4218277) | 183542116 |
| Balanced Fund | 70589129 | 29547316 | (1595632) | 27951684 |
| Government Bond Fund | 176619702 | 2512664 | (5348508) | (2835844) |
| West Virginia Municipal Bond Fund | 89698697 | 990705 | (3091881) | (2101176) |
| Tactical Opportunity Fund | 41824271 | 8440024 | (282876) | 8157148 |

---

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

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| December 31, 2025 |

---

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

The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For Fiscal Year Ended<br> 12/31/2025** | **Ordinary<br> Income** | **Tax-Exempt<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| Small Company Fund | $2668478 | $- | $27011352 | $29679830 |
| Large Company Fund | 2288448 |  | 61298873 | 63587321 |
| Balanced Fund | 1780638 |  | 5542655 | 7323293 |
| Government Bond Fund | 6070299 |  |  | 6070299 |
| West Virginia Municipal Bond Fund | 64312 | 1935448 |  | 1999760 |
| Tactical Opportunity Fund | 424212 |  | 1994455 | 2418667 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For Fiscal Year Ended<br> 12/31/2024** | **Ordinary<br> Income** | **Tax-Exempt<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 | 46505 | 1744158 |  | 1790663 |
| Tactical Opportunity Fund | 670785 |  |  | 670785 |

---

As of December 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed Ordinary<br> Income** | **Undistributed Long-Term<br> Capital Gains** | **Post<br> October Loss<br> and Late<br> Year Loss** | **Capital<br> Loss Carry<br> Forwards** | **Other<br> Book/Tax Differences** | **Unrealized Appreciation/ (Depreciation)** | **Total<br> Accumulated<br> Earnings/<br> (Deficits)** |
| Small Company Fund | $220359 | $12548451 | $– $|  | $- | $38869354 | $51638164 |
| Large Company Fund | 409074 | 16534705 | – |  |  | 183542116 | 200485895 |
| Balanced Fund |  | 1960156 | – |  | 5368 | 27951684 | 29917208 |
| Government Bond Fund | 151202 |  | – | (44665996) |  | (2835844) | (47350638) |
| West Virginia Municipal Bond Fund |  |  | – | (1029908) |  | (2101176) | (3131084) |
| Tactical Opportunity Fund | 688426 | 623051 | – |  |  | 8157148 | 9468625 |

---

At December 31, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized in the current year as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** | **Capital Loss<br> Carry Forward<br> Utilized** |
| Government Bond Fund | $7265854 | $37400142 | $44665996 | $- |
| West Virginia Municipal Bond Fund | 595 | 1029313 | 1029908 |  |
| Tactical Opportunity Fund |  |  |  | 555745 |

---

Permanent book and tax differences, primarily attributable to distributions in excess and the non-deductible expenses, resulted in reclassifications for the Funds for the fiscal year ended December 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In<br> Capital** | **Total<br> Distributable<br> Earnings** |
| Small Company Fund | $- | $- |
| Large Company Fund |  |  |
| Balanced Fund | (1) | 1 |
| Government Bond Fund |  |  |
| West Virginia Municipal Bond Fund | (7622) | 7622 |
| Tactical Opportunity Fund |  |  |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| December 31, 2025 |

---

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

Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it is more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, as of December 31, 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.** **ACCOUNTING PRONOUNCEMENTS** 

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**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 January 30, 2026, the Balanced Fund paid a monthly distribution of $0.0173 per share to common shareholders of record as of January 23, 2026. On February 27, 2026, the Balanced Fund paid a monthly distribution of $0.0159 per share to common shareholders of record as of February 18, 2026.

Shareholder Distributions for Government Bond Fund and West Virginia Municipal Bond Fund: On February 2, 2026, the Government Bond Fund and the West Virginia Municipal Bond Fund paid daily distributions declared from January 1, 2026 to January 31, 2026 totaling $0.02338 and $0.01949 per share, respectively, to common shareholders.

![](img_003.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of

WesMark Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of WesMark Funds comprising WesMark Small Company Fund, WesMark Large Company Fund, WesMark Balanced Fund, WesMark Government Bond Fund, WesMark West Virginia Municipal Bond Fund, and WesMark Tactical Opportunity Fund (the "Funds") as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2011.

![](img_004.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

![](img_005.jpg)

**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**

Not applicable

**INVESTMENT ADVISOR**

![](img_006.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-A25

(b) The registrant's financial highlights, audited for the latest 5 years as required in Regulation S-X,
 are attached herewith

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

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

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 to open-end investment companies.

**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](code-ethics.htm).

(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: | 03/10/2026 |

---

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: | 03/10/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Steven Kellas |
|  | Steven Kellas |
|  | Principal Financial Officer/Treasurer |
| Date: | 03/10/2026 |

---

## 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: | 03/10/2026 | /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.

---

| | | |
|:---|:---|:---|
| Date: | 03/10/2026 | /s/ Steven Kellas |
|  |  | Steven Kellas |
|  |  | Principal Financial Officer/Treasurer |

---

## 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 December 31, 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>03/10/2026</u> Date: <u>03/10/2026</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.

## Ex-99.Code

---

| |
|:---|
| **WesBanco Investment Department** |
| & **WesMark Funds** |
| **Code of Ethics** |

---

**Part 1. General Principles**

&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***General Statement.*** The Adviser's overarching fiduciary duty is to its clients, and it is the obligation of Adviser personnel to
uphold this fundamental duty. At a minimum, general principles include:

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
duty to place the interests of clients first

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All
personal transactions shall be conducted in a manner consistent with the Code of Ethics and avoid any actual or potential conflict of
interest or any abuse of the employee's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investment
Adviser personnel shall not take inappropriate advantage of their positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Information
concerning the identity of security holdings and financial circumstance of clients is confidential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Independence
in the investment decision-making process is paramount.

General principles govern the conduct of all officers and employees of the Adviser, whether or not the conduct is covered by more specific standards and procedures set forth below.

Failure to comply with the Adviser's Code of Ethics may result in disciplinary action, including termination of employment.

**Part 2. Scope of the Code**

&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Topics addressed by the Code*** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fiduciary
duty of the Adviser's officers and employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Compliance
with applicable federal securities law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Personal
securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Insider
trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Conflicts
of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Compliance
procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Record
keeping

&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Persons covered by the Code*** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Supervised
Persons" include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Directors,
officers, and partners of the Adviser (or other persons occupying a similar status or performing similar functions); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Employees
of the Adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Certain
employees of affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Particular
persons designated by the chief compliance officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Any
other person who
provides advice on behalf of the Adviser and is subject to the Adviser's supervision and control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Access
Persons" include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Directors,
officers and general partners of the funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
Advisory Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Any
Supervised Person who has access to non-public information regarding any clients' purchase or sale of securities or nonpublic information
regarding the portfolio holdings of any fund the Adviser or its control affiliates manage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Is
 involved in making securities recommendations to clients, or has access to such recommendations
 that are nonpublic.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Advisory
Persons" – employees and certain control persons (and their employees) who make, participate in, or obtain information regarding
fund securities transactions or whose functions related to the making of recommendations with respect to fund transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Adviser"
refers to WesBanco Investment Department, A separately identifiable department of WesBanco Bank, Inc., and an investment adviser registered
with the Securities and Exchange Commission.

Terms such as "Employee", "Account", "Supervised Person" and "Access Person" shall include "Family Members" defined as the person's immediate family (including any relative by blood or marriage living in the employee's household), and any account in which he or she has a direct or indirect beneficial interest (such as a trust). This will include other persons that are part of an employee's household and for whom the employee influences investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Securities Covered by the Code*** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Covered
Security" means any stock, bond, future, investment contract or any other instrument considered a "security" under
the Investment Advisers Act of 1940. The term "Covered Security" is intended to be very broad and includes items such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Options
on securities, on indexes and on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All
kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Foreign
unit trusts and foreign mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Exchange
Traded Funds ("ETF")s; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Private
investment funds, hedge funds, and investment clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Covered
Security" does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Direct
obligations of the US Government (e.g. treasury securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Bankers
acceptances, bank certificates of deposit, commercial paper and high quality short term debt obligations, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Shares
issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Shares
of open end mutual funds that <u>are not</u> advised or sub-advised by the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Shares
issued by unit investment trusts that are invested exclusively in one or more open end funds, none of which are funds advised or sub-advised
by the Adviser.

**Part 3. Standards of Business Conduct**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Compliance with Laws and Regulations*** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Supervised
Persons are required to comply with federal securities law. As part of this requirement, Supervised Persons are not permitted, in connection
with the purchase or sale, directly or indirectly, of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
defraud such client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
mislead such client, including by making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon such client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
engage in any manipulative practice with respect to such client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
engage in any manipulative practice with respect to securities, including price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Supervised
Persons are required to comply with any other laws or regulations that may be applicable including, but not limited to, Regulation S-P
(privacy requirements) and anti-money laundering requirements imposed on mutual funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Conflicts of Interest*** 

As a fiduciary, the Adviser has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of its clients. Compliance with this duty can be achieved by trying to avoid conflicts of interest and by fully disclosing any conflict that does arise with respect to any client. Individuals subject to the Code must avoid situations that have even the appearance of conflict or impropriety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Conflicts among client interests.** Conflicts of interest may arise where the Adviser or its Supervised Persons have reason to favor the interests
of one client over another client. Inappropriate favoritism of one client over another is prohibited and will constitute a breach of
fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Competing with client trades.** "Access Persons" are prohibited from using knowledge of pending or currently considered securities
transactions for clients to profit personally, directly or indirectly, as a result of such transactions, including by purchasing or selling
such securities. Conflicts raised by personal securities transactions are further addressed in Section D of this Part 3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Other potential conflicts.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure
of personal interest. "Advisory Persons" are prohibited from recommending, implementing or considering any securities transactions
for a client without having disclosed any material beneficial ownership, business or personal relationship or other material interest
they may have in the issuer or its affiliates to the chief compliance officer. If the chief compliance officer deems the disclosed interest
to present a material conflict, the "Advisory Person" may not participate in any decision-making process regarding the securities
of that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This
provision applies in addition to the Adviser's quarterly and annual reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Research
analysis. If an "Advisory Person" has a material interest in an issuer, the Adviser may assign a different person to provide
research analysis on the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Brokerage.
Supervised Persons must act in the best interest of the Adviser's clients regarding execution and other costs paid by clients for
brokerage services. The Adviser expects strict adherence to the Adviser's policies and procedures regarding brokerage, including
allocation, best execution, soft dollars and directed brokerage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Insider Trading.*** 

Supervised Persons are prohibited from trading, either personally or on behalf of others, while in possession of material, nonpublic information. Supervised Persons are also prohibited from communicating material nonpublic information to others in violation of any federal or state statute or regulation. Supervised Persons are required to read and understand the Adviser's policy regarding insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Penalties.** Potential penalties for insider trading can include civil injunction, permanent bars from employment in the securities industry,
civil penalties up to three times the profits made or losses avoided, criminal fines, and jail sentences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Material Nonpublic Information**. The term "material nonpublic information" relates not only to issuers but also to securities recommendations
made by the Adviser and client securities holdings and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Personal Securities Transactions - Restrictions.*** 

Supervised Persons are required to strictly comply with the Adviser's polices and procedures regarding personal securities transactions, including the "Compliance Procedures" detailed in Part 4 below. Specific provisions for personal transactions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Prior Knowledge**. No Supervised Person may execute a personal transaction in a security, directly or indirectly, when he or she knows, or
should have known that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
security is being considered for purchase or sale by any client of the Adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
security is being purchased or sold by a client of the Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Initial Public Offerings – Prohibited**. All Supervised Persons are prohibited from acquiring any securities in an initial public offering.
The only exceptions to this prohibition are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. IPO's
relating to securities of the employer of a spouse, when offered to all employees at the spouse's level, or the demutualization
of insurance companies, banks or savings and loans when the Supervised Person is a policy holder or depositor of the institution and
the securities are offered to all persons with the same policy holder or depositor status; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial
public offerings of diversified investment funds, including closed-end funds and unit investment trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Limited or Private Offerings – Pre-Clearance**. Acquisition of securities through a limited offering or private placement must have express
prior approval from the Chief Compliance Officer. Factors considered before granting approval include whether the investment opportunity
should be reserved for clients, and whether the investment opportunity is being offered to an individual because of his or her position
with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access
Persons who receive approval to acquire securities in a private placement must disclose that investment if the Adviser is subsequently
considering an investment for clients in securities of the same issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Under
such circumstances, the Access Person will recuse himself or herself from any part of the decision-making process regarding acquisition
of the issuer's securities for clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Exchange Traded Funds ("ETF")s**. Exchange Traded Funds are considered Covered Securities and are subject to all restrictions and
pre-clearance requirements because they are traded in the secondary market like individual stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Blackout Periods**. Supervised Persons are prohibited from executing a securities transaction on a day during which any client of the Adviser
has a pending "buy" or "sell" order in the same or related security until that order is executed or withdrawn.
In addition, Access Persons as defined above, are prohibited from the purchase or sale of a security for seven (7) days prior to and
seven (7) days after a client purchases or sells the same or a related security, or a recommendation is made to purchase or sell the
same or a related security for clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Short Term Trading. Supervised Persons must** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Hold
securities purchased for at least sixty (60) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
profits realized from the sale of securities owned less then 60 days shall be disgorged to a charity chosen by the Supervised Person,
and supporting documentation of the contribution will be provided to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Transactions
in funds advised by the Adviser are also covered under this short term trading policy. The minimum holding period for funds advised by
the Adviser is sixty (60) days unless the fund has a redemption fee provision lasting longer then sixty days. In which case, the holding
period will be the same as the redemption fee period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) An
exception to this holding period requirement will be made for asset allocation adjustments made to investments in funds advised by the
Adviser. Asset allocation adjustments may be made no more frequently than once every 31 days and are subject to pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) An
exception to this holding period may be made in the event of an unforeseen emergency upon request to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Miscellaneous Restrictions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Short
Sales. Supervised Persons are prohibited from selling short any security held by any client of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Options
or Futures. Options and futures are Covered Securities subject to all sections of the Code. Approval for transactions in options and
futures related to securities <u>held by any client of the Adviser</u> must have pre-clearance approval from the Senior Vice President
– Investment Department <u>and</u> the Chief Compliance Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Limit
Orders. "Good til canceled" orders are not allowed and limit orders are only allowed for same day orders or for next business
day if the order is entered after market close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Restricted
List. Supervised Persons are prohibited from purchasing or selling any security listed on the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Frequent
Trading. In addition to the prohibition on short-term trading, frequent trading is strongly discouraged because it may be a potential
distraction from servicing clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Gifts and Entertainment.*** 

**General Statement**. A conflict of interest occurs when the personal interests of employees interfere or could potentially interfere with their responsibilities to the Adviser and to its clients. The overriding principle is that Supervised Persons should not accept inappropriate gifts, favors, entertainment, special accommodations, or other thing of material value that could influence their decision-making or make them feel beholden to a person or firm. Similarly, Supervised Persons should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to the firm or the Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Gifts**.
No Supervised Person may receive any gift, favor, preferential treatment, valuable consideration, or other thing of more than a de minimis
value in any year to or from any person or entity to or through whom the Adviser or the Funds purchases or sell securities, or an issuer
of securities. For purposes of this Code, de minimis value is equal to $100 or less. This prohibition shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) salaries,
wages fees or other compensation paid or expenses paid or reimbursed, in the usual scope of an Access Person's employment responsibilities
for the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) meals,
refreshments or entertainment of reasonable value in the course of a meeting or other occasion, the purpose of which is to hold bona
fide business discussions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) advertising
or promotional material of a nominal value, such as pens, pencils, note pads, key chains, calendars and similar items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the
acceptance of gifts, meals, refreshments or entertainment of reasonable value that are related to commonly recognized events or occasions,
such as a promotion, new job or recognized holiday; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the
acceptance of awards, from an employer to an employee, for recognition of service and accomplishment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Cash**.
No Supervised Person may give or accept cash gifts or cash equivalents to or from a client, prospective client or any person or entity
that does business with or on behalf of the Adviser or Funds advised by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***Confidentiality.*** 

Information concerning the identity of security holdings and financial circumstances of clients is confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Adviser Duties**. All information regarding clients, including former clients, must be kept in strict confidence, including the client's
identity and financial circumstances (if applicable), the client's security holdings, and advice furnished to the client by the
Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Duties of Supervised Persons.** Supervised Persons are prohibited from disclosing to persons outside the Adviser any material nonpublic information
about any client, the securities investments made by the Adviser on behalf of a client, information about contemplated securities transactions,
or information regarding the Adviser's trading strategies, except to effectuate securities transactions on behalf of a client or
other legitimate business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Disclosure to non-access persons with the Adviser or affiliates**. Supervised Persons are prohibited from disclosing nonpublic information concerning
clients or securities transactions to non-access persons within the Adviser or department. Similarly, Supervised Persons are prohibited
from sharing information with persons employed by affiliated entities, except for legitimate business purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Disclosure of fund information**. No portfolio holding or any other material nonpublic information regarding a fund advised by the Adviser may
be disclosed, unless the same data is posted on the public web site or is otherwise publicly available on a simultaneous basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Service on Board of Directors.*** 

Because of the high potential for conflicts of interest and potential insider trading, service on the Board of Directors of public companies will be prohibited unless prior written approval is granted by the Executive Vice President of the Adviser, and only when it is determined that the board service would be in the best interest of the Adviser's clients. If board service is granted, Access Persons have an affirmative duty to recuse themselves from participating in any deliberations regarding such issuer. This shall not restrict service on the board of WesBanco, Inc., its subsidiaries, or the WesMark Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***H.***  ***Other Outside Activities.*** 

Supervised Persons are prohibited from participating in outside business or investment activities that would interfere with their duties with the Adviser or the Adviser's duties to its clients. Supervised Persons wishing to participate in outside business activities that do not interfere with their duties with the Adviser or the Adviser's clients shall obtain prior approval from the Executive Vice President and Chief Compliance Officer of the Adviser. In addition, Supervised Persons will obtain approval from the Executive Vice President and Chief Compliance Officer of the Adviser prior to accepting an executorship, trusteeship, or power of attorney, other than with respect to a family member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Direct Stock Purchase Plans.*** 

Supervised Persons are prohibited from the purchase or sale of securities directly through a company's stock purchase program, unless the purchases or sales are part of a systematic investment or withdrawal plan, or the purchase or sale is specifically approved by the Chief Compliance Officer as an exception. Specifically excluded from this provision is the purchase of shares through an employer's stock purchase plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***J.***  ***Marketing and Promotional Activities.*** 

All oral and written statements including those made to clients, prospective clients, their representatives, or the media, must be professional, accurate, balanced and not misleading in any way.

**Part 4*. Trustees, and Officers of the Funds who are not Employees of the Adviser.***

Notwithstanding other restrictions or exemptions provided under the Code, Trustees of funds advised by the Adviser and Officers of funds adviser by the Adviser who are not employees of the Adviser are subject only to the following subsections of Part 3 of the WesBanco Investment Department Code of Ethics.

1. Compliance
 with Laws and Regulations Section
 A

2. Conflicts
 of Interest Section
 B

3. Insider
 Trading Section
 C

4. Prior
 Knowledge Section

5. Holding
 Period – WesMark Funds Section
 D-5-c

6. Confidentiality Section
 F

**Part 5. Compliance Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Personal Securities Transaction Procedures and Reporting*** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Pre-Clearance Procedures**. Supervised Persons are required to obtain pre-clearance for transactions in Covered Securities, including any voluntary
purchases or sales of funds advised by the Adviser, in any account in which they or any persons in their household have a direct or indirect
beneficial interest. Specific pre-clearance procedures are located in <u>Appendix A – Associated Procedures</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Person
Designated to Review/Approve Transactions. The Adviser has designated the Chief Compliance Officer as the individual responsible for
the review and approval of personal securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Transaction
Approval Request. Supervised Persons will complete the Transaction Approval Request form, providing all relevant information regarding
the proposed transaction, and submit it to the Chief Compliance Officer for review and approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Approval
for Chief Compliance Officer's Trades. The Senior Vice President-Investment Department will review and approve or deny transactions
proposed by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Documentation.
Originals of the Transaction Approval Request form will be maintained by the Chief Compliance Officer for comparison with confirmations
and statements when received and further retained as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Reporting Requirements.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Holdings
Reports. All Access Persons are required to submit to the Chief Compliance Officer a report of all holdings in Covered Securities within
10 days of becoming an Access Person and at least annually thereafter. The holdings report must include (i) title, exchange ticker symbol
or CUSIP number, type of security, number of shares and principal amount (if applicable) of each Covered Security in which the Access
Person has any direct or indirect beneficial ownership; (ii) the name of any broker, dealer, bank or other financial institution with
which the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit,
including any trusts; and (iii) the date the report is submitted. Information provided must be current as of a date no more than 45 days
before (i) the person becomes an Access Person (for the initial report) or (ii) the date of the report (for annual reports).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Interested
trustees of funds advised by the Adviser are required to submit to the Chief Compliance Officer a report of all holdings in Covered Securities
within 10 days of becoming an Access Person, and at least annually thereafter. The holdings report must include all information itemized
in 2(a) above. The information must be current as of a date no more the 45 days before (i) the interested trustee becomes an Access Person
(for the initial report) or (ii) the date of the report (for annual reports).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Independent
trustees of funds advised by the Adviser need not make initial or annual holding reports. Independent trustees are required to notify
the Chief Compliance Officer of the Adviser when they establish an account directly with any fund which is advised by the Adviser, or
any account established with another broker, dealer, bank or financial institution for the purpose of holding shares of funds advised
by the Adviser. Independent trustees are strongly encouraged to establish accounts directly with the funds for the purpose of purchasing
or selling shares of funds advised by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Quarterly
Transaction Reports. Every Access Person shall submit a report to the Chief Compliance Officer of the Adviser not later than 30 days
after the end of a calendar quarter, which contains the following information with respect to any transaction during the quarter in a
Covered Security, in which the Access Person had any direct or indirect beneficial ownership (i) the date of the transaction; (ii) the
title or complete description of the Security; (iii) as applicable the exchange ticker symbol or CUSIP number; (iv) the interest rate
and maturity date (if applicable); (v) the number of shares, and the principal amount of each Security involved; (vi) the nature of the
transaction, such as purchase, sale or any other type of acquisition or disposition; (vii) the price of the Security at which the transaction
was effected; (viii) the name of the broker, dealer or bank through whom the transaction was effected; (ix) if there were no Security
transactions during the quarter, then a statement to that effect or the word "None" indicated on the report; (x) the date the
report is submitted; and (xi) signature of the Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Notification
of Brokerage Accounts. Notification of any account established with any broker, dealer, bank or other financial institution since the
most recent quarterly report, in which the Access Person has any direct or indirect beneficial interest must be provided, including the
name(s) of the broker, dealer, bank or other financial institution, address(es) and account number(s).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Interested
Trustees Transaction Report. An interested trustee to a fund advised by the Adviser shall submit a report to the Chief Compliance Officer
of the Adviser not later than 30 days after the end of a calendar quarter, which contains all information as specified in 2(d) and 2(e)
above, including transactions in shares of funds advised by the Adviser, unless the report will duplicate information provided on broker
or fund trade confirmations received by the Chief Compliance Officer of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Independent
Trustee Transaction Report. An independent trustee to a fund advised by the Adviser need only report a transaction in a Covered Security
in a quarterly transaction report if such trustee, at the time of the transaction, knew or, in the ordinary course of fulfilling his
or her official duties as a trustee of the fund, should have known that, during the 15 day period immediately before or after the date
of the transaction by the trustee, such Covered Security was purchased or sold by the fund or was being considered by the fund or the
Adviser for purchase or sale by the fund. Independent Trustees will report transactions in shares of funds advised by the Adviser, unless
the report will duplicate information provided on broker or fund trade confirmations received by the Chief Compliance Officer of the
Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Exemptions from Reporting and Pre-Clearance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Reporting
Exemptions. A transaction report need not be submitted with respect to (i) transactions effected pursuant to an automatic investment
plan; and (ii) if information on the report would duplicate broker trade confirmations or account statements that the Adviser holds in
its records, so long as the firm receives the confirmations and statements no later than 30 days after the end of the applicable calendar
quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Pre-clearance
exemptions. The following types of transactions are exempt from pre-clearance (but not from reporting requirements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchase
or sales in accounts over which the Access Person has no direct or indirect influence or control;

ii) Purchases or sales pursuant to an automatic investment plan, including systematic purchase or sale of funds advised by the Adviser;

iii) Rebalancing of an Access Person's 401(k) account in accordance with a documented asset allocation program. This includes the purchase or sale of funds advised by the Adviser as part of the rebalancing, subject to the required 31 day minimum holding period as detailed above in Part 3, Section D (5) (d), as well as the purchase and sale of shares of WesBanco stock, for the sole purpose of bringing the account back into conformity with the asset allocation plan;

iv) Purchases effected upon exercise of rights issued by an issuer pro rata to all holders of a class of securities, to the extent such rights were acquired from such issuers, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) Acquisition
of securities through stock dividends, dividend reinvestment, stock splits, reverse stock splits, mergers, consolidations, spin-offs,
and other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities;

vi) Open end investment company shares other then shares of investment companies advised by the Adviser, with the exception noted in (iii) above; and

vii) Other non-volitional events, such as assignment of options or exercise of an option at expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Duplicate Confirmations and Statements.** Access Persons are required to provide the Chief Compliance Officer with the name, address and account
number of brokers, dealers, banks or other financial institutions, for all accounts held for the benefit of the Access Person either
directly or indirectly. The Chief Compliance Officer will direct the broker, dealer, bank or other institution to provide to the Chief
Compliance Officer, on a timely basis, duplicate copies of confirmations of all personal securities transactions and copies of periodic
statements for all securities accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Monitoring of Personal Securities Transactions.** The Chief Compliance Officer is responsible for reviewing and monitoring personal securities
transactions and the trading patterns of Access Persons. The Senior Vice President – Investment Department, will review and monitor
transactions executed by the Chief Compliance Officer. In the absence of the Chief Compliance Officer, the Senior Vice President –
Investment Department will review and monitor the personal securities transactions of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Violations of the Code.** Violations of the Code will be reported to the Executive Vice President – Trust and Investments and the Senior
Vice President – Investment Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Certification of Compliance.*** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Initial Certification.** The Chief Compliance Officer will provide a copy of the Code of Ethics to all new Supervised Persons. Each Supervised
Person will be required to submit a written acknowledgement that they have received, read, understand, and agree to comply with the terms
of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Acknowledgement of Amendments.** The Chief Compliance Officer will provide copies of all amendments to the Code to all Supervised Persons, and the
Supervised Persons shall submit an acknowledgement that they have received, read and understand the amendments to the Code. Material
changes to the Code will be brought to the attention of Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Annual Certification**. Annually, or upon request of the Chief Compliance Officer, each Supervised Person will certify that they have read,
understand and complied with the Code of Ethics.

**Part 6. Record Keeping**

The following records will be maintained in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
copy of each Code that has been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
record of any violation of the Code and any action taken as a result of such violation for five years from the end of the fiscal year
in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A
record of all written acknowledgements of receipt of the Code and amendments for each person who is currently, or within the past five
years was, a Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Holdings
and transactions reports made pursuant to the Code , including any brokerage confirmations and statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A
record of persons who are currently, or within the past five years were, Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A
record of any decision and supporting reasons for approving the acquisition of securities by Access Persons in limited offerings for
at least five years after the end of the fiscal year in which approval was granted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A
record of persons responsible for reviewing Access Persons' reports currently or during the last five years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. A
copy of reports provided to the Board of Trustees of funds advised by the Adviser.

**Part 7. Form ADV Disclosure**

A description of the Adviser's Code of Ethics will be made available on Schedule F of Form ADV, Part II. In addition, the Adviser will provide a copy of the Code of Ethics to any client or prospective client upon request.

**Part 8. Administration and Enforcement of the Code**

---

| | |
|:---|:---|
| ***A*** | ***Training and Education***. The Chief Compliance Officer is responsible for training and educating Supervised Persons regarding the Code of Ethics. Training will occur periodically and all Supervised Persons are required to attend any training sessions and read any applicable materials. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Annual Review.*** The Chief Compliance Officer will at least annually review the Code for adequacy and the effectiveness of its implementation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Board Approval.*** The Code will be presented to the fund's Board of Trustees for approval. Any material amendments to the Code
will also be presented to the Board for approval.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Report to the Board of Trustees*** . An annual written report will be provided to the Board of Trustees of the funds which will describe
any issues arising under the Code since the last report, including information about material violations of the Code and sanctions imposed
in response to such violations. The report will include a discussion of whether any waivers that might be considered important by the
board were granted during the period. The report will certify the Adviser has adopted procedures reasonably necessary to prevent persons
from violating the Code.

---

| | |
|:---|:---|
| ***E*** | ***Report to Senior Management.*** The Chief Compliance Officer of the Adviser will report at least annually to senior management of the advisor and senior management of such affiliates as is deemed appropriate, concerning the annual review of the Code and whether any material violations of the Code have occurred. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***Reporting Violations*** . All Supervised Persons are required to report violations of the Code promptly to the Chief Compliance Officer of
the Adviser.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Confidentiality.** All reports of violations of the Code will be kept confidential to the extent permitted by law, and investigated promptly and appropriately.
Reports may be submitted anonymously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Alternate Designee.** Employees may report violations of the Code to the Senior Vice President – Investment Department or to the Executive
Vice President Trust and Investments in the event the Chief Compliance Officer is unavailable, or is involved in the violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Types of Reporting.** Some types of issues that require reporting are noncompliance with applicable laws, rules and regulations; fraud or
illegal acts involving any aspect of the Adviser's business; material misstatements in regulatory filings, internal books and records,
client records or reports; activity that is harmful to clients, including fund shareholders; and deviations from required controls and
procedures that safeguard clients and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Retaliation.** Retaliation against an individual who reports a violation is prohibited and constitutes a further violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Sanctions*** *.* Any violation of the Code may result in any disciplinary action the Chief Compliance Officer and Senior Management deems appropriate,
including but not limited to a warning, fines, disgorgement, suspension, demotion, or termination of employment.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***H.***  ***Further Information Regarding the Code.*** Questions regarding the Code and other ethics related questions and issues should be addressed
to the Chief Compliance Officer of the Adviser.

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**2001**

**CODE OF ETHICS FOR ACCESS PERSONS**

Guidelines and Procedures: Page 19 of 270

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **<u>Section</u>** | **<u>Section</u>** | **<u>Page</u>** |
| **CODE OF ETHICS** | **CODE OF ETHICS** |  |
| **I.** | Fiduciary Duty | 2 |
| **II.** | Reporting | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Reporting Requirements | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting Requirements | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Reporting Requirements | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption for Disinterested Directors | 4 |
| **III.** | Pre-clearance Requirement | 4 |
| **IV.** | Exempt Transactions | 5 |
| **V.** | Prohibitions and Restrictions | 5 |
| **Vl.** | Prohibition on Giving / Receiving Gifts | 8 |
| **VII.** | Sanctions | 9 |
| **VIII.** | Definitions | 10 |
| **Addendum** | **Addendum** |  |
| Access Persons Procedures | Access Persons Procedures | 12 |
|  | Process | 12 |
|  | Preclearing Foreign Securities | 12 |
| Personal Transaction Notification | Personal Transaction Notification | 14 |
| Compliance Department Procedures | Compliance Department Procedures | 15 |
|  | Preclearance | 15 |
|  | Initial Reporting Process | 15 |
|  | Quarterly Reporting Process | 16 |
|  | Annual Reporting Process | 16 |
|  | Reporting to the Board of Directors | 17 |
|  | Record keeping Requirements | 17 |

---

Guidelines and Procedures: Page 20 of 270

**CODE OF ETHICS REGARDING PERSONAL SECURITIES TRADING**

Pursuant to rule I7j-1 under the Investment Company Act of 1940, this Code of Ethics has been adopted on behalf of the Adviser, the Underwriters, and each investment company that is served by the Board of Directors of the Federated Funds.

**I.**  **<u>Fiduciary Duty</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Each Access Person must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** place
the Funds' interests ahead of their personal interests;

**ii)** avoid conflicts of interest and the appearance of any conflict with the Funds; and

**iii)** conduct their personal transactions in a manner, which does not interfere with Fund portfolio transactions or otherwise take unfair or inappropriate advantage of their relationship to the Fund.

For example, the failure to recommend or purchase a Covered Security for the Fund may be considered a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** Every
Access Person must adhere to these general fiduciary principles, and comply with the specific provisions and Associated Procedures of
this Code. Technical compliance with the terms of this Code and the Associated Procedures may not be sufficient where the transactions
undertaken by an Access Person show a pattern of abuse of the Access Person's fiduciary duty.

**II.**  **<u>Reporting Requirements</u>** 

Every Access Person is required to submit reports of all accounts and any transactions in Covered Securities as indicated below.

Covered Securities transactions of Access Persons will be reviewed for compliance with the provisions of this Code. A violation may result from either a single transaction or multiple transactions if the Compliance Department determines that the provisions of this Code have been violated.

***<u>Initial Reporting Requirements</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Within 10 calendar days** of commencement of employment as an Access Person, the Access Person will provide the Compliance Department a list
including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** the
full name, description, number of shares and principal amount, of each Covered Security in which the Access Person had any direct or
indirect beneficial ownership when the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** the
name and address of any broker, dealer or bank maintaining an account in which any Securities are held.

Guidelines and Procedures: Page 21 of 270

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** The
Compliance Department will direct the broker, dealer or bank maintaining each account to provide duplicate confirmations of all transactions
and account statements directly to the attention of the Chief Compliance Officer, in a timely fashion. Each Access Person must assure
that such information is received.

***<u>Quarterly Reporting Requirements</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Not later than 10 calendar days after the end of the calendar quarter**, every Access Person must review the information received by the
Compliance Department relating to the personal transactions in any Covered Security (other than those personal transactions in Securities
exempted under Section IV. of this Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** Each
Access Person must complete the quarterly reporting requirements using Trade *Comply* to:

---

| | |
|:---|:---|
| **i.)** | confirm that all Covered Security transactions during the previous calendar quarter in all personal and household member accounts have been reported, |

---

---

| | |
|:---|:---|
| **ii.)** | confirm that all open account information, including names of brokers, banks and dealers, addresses and account numbers have been reported, |

---

---

| | |
|:---|:---|
| **iii.)** | notify the Compliance Department of any new accounts established with brokers, banks or dealers during the quarter and the date the account was established, |

---

---

| | |
|:---|:---|
| **iv.)** | resolve any discrepancies with the Compliance Department, and |

---

---

| | |
|:---|:---|
| **v.)** | record an electronic signature on Trade*Comply*. |

---

***<u>Annual Reporting Requirements</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** **On an annual basis and within 10 calendar days of a request** of the Compliance Department, every Access Person is required to (1) certify
that he or she has read the Code, and (2) acknowledge their understanding of and compliance with the Code, its requirements and Associated
Procedures. At the same time, the Access Person must review a current list of securities held in the Access Person's account(s) as reported
to the Compliance Department and:

---

| | |
|:---|:---|
| **i.)** | review for accuracy all securities held in all personal and household member accounts, including the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership; |

---

---

| | |
|:---|:---|
| **ii.)** | review for accuracy all open account information, including names of brokers, banks and dealers, addresses and account numbers; |

---

---

| | |
|:---|:---|
| **iii.)** | resolve any discrepancies with the Compliance Department; |

---

---

| | |
|:---|:---|
| **iv.)** | record an electronic signature on Trade*Comply*. |

---

Guidelines and Procedures: Page 22 of 270

***<u>Exemption for Disinterested Directors</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f)** A
Disinterested Director is exempt from the "initial reporting requirements" and "annual reporting requirements".
A Disinterested Director shall be exempt from the "quarterly reporting requirements" so long as, at the time of the personal
transaction in the Covered Security, the Disinterested Director neither knew nor should have known that the Covered Security was purchased
or sold by the Fund, or considered for purchase or sale.

**III.**  **<u>Pre-Clearance Requirement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Access Persons must preclear every purchase or sale of a Covered Security** in which the Access Person has a beneficial interest (including
transactions in pension or profit-sharing plans), in accordance with the Associated Procedures governing pre-clearance.

---

| | |
|:---|:---|
| **i.)** | Domestic securities must be precleared using TradeComply. |

---

---

| | |
|:---|:---|
| **ii.)** | Foreign securities must be precleared using TradeComply, and if approved, must also be precleared by the Head Trader or Senior Vice President in the Federated Global New York office, by submitting a completed "Personal Transaction Notification" form (see addendum) to the Head Trader or Senior Vice President in the Federated Global New York office. |

---

---

| | |
|:---|:---|
| **iii.)** | Access Persons without access to TradeComply must contact the Compliance Department for Forms to be used when submitting preclearance requests. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Duration.** Preclearance Approval remains in effect until the end of the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Pre-clearance does not protect wrongdoing.** Preclearance approval and the receipt of express prior preclearance approval does not exempt you from
the prohibitions outlined in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Options.** When trading options, the Access Person must preclear the underlying security before entering into the option contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** **Pre-clearance requirements do not apply to:** 

---

| | |
|:---|:---|
| **i.)** | **Non-volitional purchases or sales.** |

---

---

| | |
|:---|:---|
| **ii.)** | **Dividend reinvestment plan; or automatic payroll deduction plan** purchases that are either (a) made solely with the dividend proceeds, or (b) whereby an employee purchases securities issued by an employer. |

---

---

| | |
|:---|:---|
| **iii.)** | **Exercise of rights to purchase and any sales of such rights** issued by an issuer <u>pro</u> <u>rata</u> to all holders of a class of its Covered Securities, to the extent such rights were acquired from such issuer. |

---

Guidelines and Procedures: Page 23 of 270

---

| | |
|:---|:---|
| **iv.)** | **Purchases and sales of an Index Security** as determined by the Compliance Department. |

---

---

| | |
|:---|:---|
| **v.)** | **Gifts or charitable donations of a Covered Security.** |

---

---

| | |
|:---|:---|
| **vi.)** | Purchases and sales of Covered Securities executed by a **person deemed to be an Access Person <u>solely</u> by reason of his position as an Officer and/or Director or Trustee of the Fund.** This exemption does not apply to those persons who are Officers and/or Directors of an Underwriter or Adviser. |

---

---

| | |
|:---|:---|
| **vii.)** | Purchases and sales of Covered Securities executed by a **Disinterested Director.** |

---

**IV.**  **<u>Exempt Transactions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Purchases or sales of the following Securities are not subject to the Preclearance or Prohibitions and Restrictions sections of this Code:** 

---

| | |
|:---|:---|
| **i.)** | direct obligations of the Government of the United States and U.S. Government Agencies. |

---

---

| | |
|:---|:---|
| **ii.)** | bankers' acceptances; |

---

---

| | |
|:---|:---|
| **iii.)** | bank certificates of deposit; |

---

---

| | |
|:---|:---|
| **iv.)** | commercial paper; |

---

---

| | |
|:---|:---|
| **v.)** | high quality short-term debt instruments, including repurchase agreements; and |

---

---

| | |
|:---|:---|
| **vi.)** | shares of registered open-end investment companies. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Discretionary Accounts** over which the Access Person has no direct or indirect influence or control are not subject to preclearance requirements
or blackout periods, but retain the prohibition on IPOs specified in this Code and are subject to all reporting requirements.

**V.**  **<u>Prohibitions and Restrictions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **IPOs are Prohibited** 

Access Persons may not acquire any Security in an initial public offering ("IPO"); with the <u>exception</u> that IPOs relating to securities of the employer of a spouse, when offered to all employees at the spouse's level, or the demutualization of insurance companies, banks or savings and loans are allowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Private Placements Require Prior Compliance Approval** 

Access Persons may acquire a Security in a private placement or other limited offering, only if they request and receive the express prior approval of the Compliance Department.

If an Investment Person receives prior approval and acquires a Security in a private placement, the Investment Person must disclose this investment to the

Guidelines and Procedures: Page 24 of 270

Chief Investment Officer (or his designee) before the Investment Person may participate in any subsequent consideration of any potential investment by the Fund in the issuer of that Security.

Following a purchase by an Investment Person in an approved personal transaction, any purchase by the Fund of Securities issued by the same company (other than secondary market purchases of publicly traded Securities) will be subject to an independent review by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Recommendation to Buy or Sell / Restricted List** 

Research analysts covering, recommending or trading a Security in a model portfolio may not execute a personal transaction in that Covered Security within seven (7) days **<u>before or after</u>** a recommendation is made to "buy" or "sell" that security or it is added to the "restricted list" or the model portfolio trade occurs. <u>This provision</u> <u>supersedes both the de minimis rule provided below and any prior preclearance.</u>

Other Investment Personnel not involved in recommending a security may not execute a personal transaction in a Covered Security within seven (7) calendar days **<u>after</u>** a recommendation is made to "buy" or "sell" that security or it is added to the "restricted list." <u>This provision supersedes both the de minimis rule provided below and any prior preclearance.</u>

Other Access Persons are restricted from executing a personal transaction in any Covered Security for 24 hours after a recommendation is made to "buy" or "sell" that security or it is added to the "restricted list", subject to the de minimis rule, provided below, and prior preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Fund Trades** 

Portfolio managers of a Fund and research analysts covering or recommending a Covered Security are prohibited from purchasing or selling that Security within seven (7) days **<u>before or after</u>** the Fund purchases or sells that Security. <u>This provision supersedes both the de minimis rule provided below and any prior preclearance.</u>

Investment Personnel not involved in recommending a security or ordering a trade in that security may not purchase or sell a Covered Security within seven (7) calendar days **<u>after</u>** the Fund purchases or sells the same Covered Security, subject to the de minimis rule provided below, and prior preclearance.

Access Persons are restricted from executing a personal transaction in any Covered Security at any time during which the Fund has a pending "buy" or "sell" order for that Covered Security, until the Fund's orders are either executed or withdrawn, subject to the de minimis rule, provided below and prior preclearance.

Guidelines and Procedures: Page 25 of 270

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** **Prior Knowledge** 

No Access Person may execute a personal transaction, directly or indirectly, in any Covered Security, and neither the de minimis rule provided below nor any prior preclearance will apply, when he or she knows, or should have known, that the Covered Security:

---

| | |
|:---|:---|
| **i.)** | is being considered for purchase or sale by the Fund; or |

---

---

| | |
|:---|:---|
| **ii.)** | is being purchased or sold by the Fund. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f)** **De Minimis Exceptions** 

Unless otherwise specified, de minimis rules will apply, whereby:

---

| | |
|:---|:---|
| **i.)** | blackout periods do not apply for a personal transaction of <u>$10,000 or less</u> in any large cap security (defined as companies with market capitalization equaling or exceeding <u>$10 billion</u>), and |

---

---

| | |
|:---|:---|
| **ii.)** | fund transactions of <u>$100,000</u> or less <u>in a security already held</u> in the Fund portfolio will be excluded from "Fund trades" for purposes of prompting a blackout period. |

---

---

| | |
|:---|:---|
| **iii.)** | <u>These de minimis provisions do not apply to specified investment personnel, as provided in Sections V(c) and V(d), above</u>. |

---

---

| | |
|:---|:---|
| **iv.)** | **De Minimis rules do not protect wrongdoing.** Any purchase or sale by any Access Person undertaken in reliance on this provision remain subject to the prohibitions enumerated in this Code and the judgment of the Compliance Department, notwithstanding any other provisions of this Code. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g)** **Serving on Boards of Directors** 

All Investment Personnel are prohibited from serving on the boards of directors of any issuer of a Covered Security, absent express prior authorization from the Compliance Department. Authorization to serve on the board of such a company may be granted in instances where the Compliance Department determines that such board service would be consistent with the interests of the Investment Company and its shareholders. If prior approval to serve as a director of a company is granted, Investment Personnel have an affirmative duty to recuse themselves from participating in any deliberations by the Fund regarding possible investments in the securities issued by the company on whose board the Investment Personnel sit. (This shall not limit or restrict service on the Board of Federated Investors, Inc.)

Guidelines and Procedures: Page 26 of 270

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h)** Every
Access Person is prohibited, in connection with the purchase or sale, directly or indirectly, by the Access Person of a Security Held
or to be Acquired by the Fund from:

---

| | |
|:---|:---|
| **i.)** | employing any device, scheme or artifice to defraud the Fund; |

---

---

| | |
|:---|:---|
| **ii.)** | making any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading; |

---

---

| | |
|:---|:---|
| **iii.)** | engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or |

---

---

| | |
|:---|:---|
| **iv.)** | engaging in any manipulative practice with respect to the Fund. |

---

**Examples:** Causing the Fund to purchase a Covered Security owned by the Access Person for the purpose of supporting or driving up the price of the Covered Security, and causing the Fund to refrain from selling a Covered Security in an attempt to protect the value of the Access Person's investment, such as an outstanding option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** Notwithstanding
the other restrictions of this Code to which Disinterested Directors are subject, subparagraphs (a) through (d) of this Section V shall
not apply to Disinterested Directors.

**VI.**  **<u>Prohibition on Giving / Receiving Gifts</u>** 

Every Access Person is prohibited from giving or receiving any gift, favor, preferential treatment, valuable consideration, or other thing of more than a <u>de minimis</u> value in any year to or from any person or entity from, to or through whom the Fund purchases or sells Securities, or an issuer of Securities. For purposes of this Code, "<u>de minimis</u> value" is equal to $100 or less. This prohibition shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** salaries,
wages, fees or other compensation paid, or expenses paid or reimbursed, in the usual scope of an Access Person's employment responsibilities
for the Access Person's employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** meals,
refreshments or entertainment of reasonable value in the course of a meeting or other occasion, the purpose of which is to hold bona
fide business discussions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** advertising
or promotional material of nominal value, such as pens, pencils, note pads, key chains, calendars and similar items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** the
acceptance of gifts, meals, refreshments, or entertainment of reasonable value that are related to commonly recognized events or occasions,
such as a promotion, new job or recognized holiday; or

Guidelines and Procedures: Page 27 of 270

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** the
acceptance of awards, from an employer to an employee, for recognition of service and accomplishment.

**VII.**  **<u>Sanctions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** The
Compliance Department will review personal trading activity and trading records to identify possible violations, including:

---

| | |
|:---|:---|
| **i.)** | delay in reporting individual investments or investment accounts |

---

---

| | |
|:---|:---|
| **ii.)** | failure to report individual investments or investment accounts |

---

---

| | |
|:---|:---|
| **iii.)** | filing false or incomplete reports |

---

---

| | |
|:---|:---|
| **iv.)** | failure to preclear individual trades |

---

---

| | |
|:---|:---|
| **v.)** | executing trades that violate provisions of this Code |

---

---

| | |
|:---|:---|
| **vi.)** | failure to comply with the receipt of gifts provision |

---

Violations noted will be identified as being technical, substantive or material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** Upon
determining that a violation of this Code or its Associated Procedures has occurred, the Compliance Department may take such actions
or impose such sanctions, if any, as it deems appropriate, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** a
letter of censure;

**ii)** suspension;

**iii)** a fine, either nominal or substantial;

**iv)** the unwinding of trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v)** the
disgorging of profits; or

**vi)** the recommendation that the employment of the violator be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** Sanctions
listed above may be assessed individually or in combination. Prior violations of the Access Person and the degree of responsibility exercised
by the Access Person will be taken into consideration in the assessment of sanctions.

(In instances where a member of the Access Person's household commits the violation, any sanction will be imposed on the Access Person.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** Violations
of Investment Personnel and proposed sanctions will be reported to the responsible Chief Investment Officer and/or Manager. Violations
of other Access Persons and the proposed sanction will be reported to the General Counsel and Director of Audit of Federated Investors,
Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** All
substantive or material violations of this Code, any sanctions imposed with respect thereto, any patterns or trends noted and any difficulties
in administration of the Code shall be reported to Senior Management and to the Board of Directors of the Fund, or its Audit Committee,
at least annually.

Guidelines and Procedures: Page 28 of 270

**VIII.**  **<u>Definitions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** The
" **1940 Act**" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** "**Access Person**" means any person who participates in or who, in connection with his or her duties, obtains any information concerning
recommendations on Covered Securities being made by the investment adviser to any Fund. It includes a director, trustee, officer, managing
general partner, general partner, or Advisory Person of a Fund, of the Underwriter, and of the Adviser and all family members permanently
residing in the same household. (If non-family members also reside in the household, the Access Person must either declare that the Access
Person has no influence on the investment decisions of the other party or the Access Person must report the party as an Access Person.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** "**Adviser** "
means any registered investment adviser that is an affiliate or subsidiary of Federated Investors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** "**Advisory Person**" means (i) any employee of the Underwriter, of the Adviser or of any company in a control relationship to the Underwriter
(which would include any operating company that is an affiliate or a subsidiary of Federated Investors, Inc), who, in connection with
the employee's regular functions or duties, makes, participates in, or obtains information regarding the purchases or sales of a Covered
Security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii)
any natural person in a control relationship to the Fund who obtains information concerning recommendations made to the Fund with regard
to the purchase or sale of a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** "**Associated Procedures**" means those policies, procedures and/or statements that have been adopted by the Underwriter, the Adviser or the
Fund, and which are designed to supplement this Code and its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f)** "**Beneficial Ownership**" will be attributed to an Access Person in all instances where the Access Person (i) possesses the ability to purchase
or sell the Covered Securities (or the ability to direct the disposition of the Covered Securities); (ii) possesses voting power (including
the power to vote or to direct the voting) over such Covered Securities; or (iii) receives any benefits substantially equivalent to those
of ownership. Beneficial ownership shall be interpreted in the same manner as it would be in determining whether a person is subject
to the provisions of Section 16a-l(a)(2) of the Securities Exchange Act of 1934, and the rules and regulations thereunder, except that
the determination of direct or indirect beneficial ownership shall apply to all Covered Securities which an Access Person has or acquires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g)** "**Control** "
shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h)** "**Covered Security**" shall include any Security, or interest in a Security, not expressly excluded by provisions of this Code of Ethics,
including without limitation: equity and debt securities; derivative securities, including options on and warrants to purchase equity
or debt securities; shares of closed-end investment companies; investments in unit investment trusts; and any related instruments and
securities. For purposes of reporting, "Covered Security" shall include futures, swaps and other derivative contracts.

Guidelines and Procedures: Page 29 of 270

"Covered Security" shall <u>not</u> include: direct obligations of the Government of the United States or U.S. Government Agencies (regardless of their maturities); bankers' acceptances; bank certificates of deposit; commercial paper; high quality short-term debt instruments, including repurchase agreements; and shares of registered open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** "**Disinterested Director**" means a director, trustee, or managing general partner of the Fund who is not an "interested person"
of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j)** "**Fund** "
means each investment company registered under the 1940 Act (and any series or portfolios of such company) and any other account advised
by an Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k)** "**Initial Public Offering**" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately
before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l)** "**Investment Person**" or "**Investment Personnel**" include: individuals with direct responsibility and authority to make
investment decisions affecting the Fund (such as portfolio managers and chief investment officers) and individuals who provide information
and advice to such portfolio managers (such as securities analysts); and those who assist in executing investment decisions for the Fund
(such as traders) and their related staff members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m)** "**Private Placement**" or "**limited offering**" means an offering that is exempt from registration under Section 4(2) or
Section 4(6) of the Securities Act of 1933 or pursuant to rule 504, rule 505 or rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**n)** "**Purchase or Sale of a Covered Security**" includes, <u>inter</u> <u>alia</u>, the writing of an option, future or other derivative contract to
purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o)** "**Security** "
has the meaning set forth in Section 2(a)(36) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**p)** "**Underwriter** "
means any registered broker-dealer that is an affiliate or subsidiary of Federated Investors, Inc.

Guidelines and Procedures: Page 30 of 270

Addendum

**<u>ACCESS PERSONS<br> PROCEDURES</u>**

**<u>Process</u>**

***Preclearance Approval Using Trade Comply***

&nbsp;&nbsp;&nbsp;&nbsp;a) An
Access Person (defined to include all members of the Access Person's household) who wishes to effect a personal securities transaction,
whether a purchase, sale, or other disposition, must preclear the Covered Security in Trade *Comply* prior to engaging in the transaction.
[Because TradeComply does not include securities being contemplated for purchase by the Federated Global Management portfolio managers,
Access Persons executing transactions in foreign securities must complete additional preclearance steps. See "Preclearing Foreign
Securities".]

&nbsp;&nbsp;&nbsp;&nbsp;b) When
trading options, the Access Person must preclear the underlying security before entering into the option contract.

&nbsp;&nbsp;&nbsp;&nbsp;c) Based
on established criteria, Trada *Comply* determines whether the contemplated transaction should be permitted. The primary criteria
applied is whether the Covered Security is on the Federated Equity Restricted List or Open Order lists, or whether the Covered Security
was traded by any of the Federated advised funds (fund trade information is updated nightly in Trade *Comply*).

&nbsp;&nbsp;&nbsp;&nbsp;d) Approval
is either granted or denied immediately in Trade *Comply*.

&nbsp;&nbsp;&nbsp;&nbsp;e) If
approval is denied, the contemplated personal transaction in that Covered Security is prohibited until prior approval is subsequently
granted upon request in Trade *Comply*.

&nbsp;&nbsp;&nbsp;&nbsp;f) If
approval is granted, the Access Person is free to effect the personal transaction in that Covered Security  ***until the end of the next trading* day *only*** . In this regard, open orders extending beyond the next trading day (good till cancel) must be resubmitted
for approval in Trade *Comply* to comply with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;g) All
trade requests and their dispositions are maintained in Trade *Comply* and reviewed by the Compliance Department in conjunction with
other information provided by Access Persons in accordance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;h) The
Compliance Department reviews all exceptions generated by TradeComply after fund trades and personal trades have been compared and determines
the appropriate action to be taken to resolve each exception.

**<u>Preclearing Foreign Securities</u>**

&nbsp;&nbsp;&nbsp;&nbsp;a) All
access persons wishing to execute a personal trade in a foreign security must first preclear the security in TradeComply. TradeComply
will approve or deny the preclearance request based on its knowledge of any fund activity in the security as well as the access person's
trading restrictions as defined by their assigned compliance group. If the preclearance request in TradeComply is denied, then the personal
trade may not be

Guidelines and Procedures: Page 31 of 270

executed. If, however, the preclearance request in TradeComply is approved, then the access person must obtain a second preclearance approval from the Federated Global trading desk prior to executing the personal trade.

&nbsp;&nbsp;&nbsp;&nbsp;b) The
Head Trader or Senior Vice President in the New York office will be responsible for granting or denying approval to the second preclearance
request If approval is granted, then the access person may execute the personal trade. If, however, approval is denied then the personal
trade may not be executed (notwithstanding the first approval granted in TradeComply.)

&nbsp;&nbsp;&nbsp;&nbsp;c) If
approval is granted, the following "Personal Transaction Notification" form must be completed so that the Head Trader can
maintain a record of all preclearance requests.

&nbsp;&nbsp;&nbsp;&nbsp;d) The
Head Trader sends a copy of any completed forms, whether approval was granted or denied, to the Compliance Department.

If extraordinary circumstances exist, an appeal may be directed to the Chief Compliance Officer, Brian Bouda at (412) 288-8634. Appeals are solely within the discretion of the Chief Compliance Officer.

Guidelines and Procedures: Page 32 of 270

Addendum

**PERSONAL TRANSACTION NOTIFICATION**

I, _______________________ intend to buy/sell shares of _____________________________ for my personal account or an account for which I have discretion. I am aware of no conflict this transaction may pose with any mutual fund managed by Federated Investors or Federated Global Research.

---

| |
|:---|
| Signed by: |
| Date: |
| Acknowledged by: |
| (Head Trader or Sr. VP) |

---

Guidelines and Procedures: Page 33 of 270

**<u>COMPLIANCE DEPARTMENT<br> PROCEDURES</u>**

**<u>Preclearance</u>**

Preclearance approval and a statement that the Access Person was not aware of any consideration by research analysts or fund portfolio managers of a security for a fund trade or an actual anticipated transaction, shall be conclusive for purposes of reviewing a personal transaction, unless additional facts or a preponderance of circumstances suggest otherwise. <u>This conclusive presumption does not apply to research analysts covering or recommending a Covered Security involved in a fund trade or portfolio managers of a fund making a trade in that security.</u>

**<u>Initial Reporting Process</u>**

1. A
member of the Compliance Department meets with each new Access Person and reviews the Code of Ethics, the Insider Trading Policy and
the procedures for preclearing personal securities transactions through Trade *Comply*.

2. The
Access Person is required to complete the "Certification and Acknowledgment Form" to acknowledge his/her understanding of
the Code of Ethics and return it to the designated Compliance Assistant within ten (10) calendar days.

3. In
addition, the Access Person is required to complete the "Personal Security Portfolio Form" which includes the following information:

&nbsp;&nbsp;&nbsp;&nbsp;a) the
full name, description, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect
beneficial ownership when the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;b) the
name and address of any broker, dealer or bank maintaining an account in which any Securities are held.

4. A
separate form must be completed for the Access Person and all household members as defined in Section VIII(b) of the Code. The signed
form(s) must be returned to the Compliance Department within ten (10) calendar days.

5. A
member of the Compliance Department inputs current portfolio holdings information into Trade *Comply* as "initial" holdings.

6. The
Compliance Department notifies each broker, dealer or bank that duplicate confirmations and statements for the Access Person and household
members, if applicable, must be sent to Brian P. Bouda, Chief Compliance Officer, effective immediately.

Guidelines and Procedures: Page 34 of 270

**<u>Quarterly Reporting Process</u>**

1. On
the first business day after each calendar quarter end, the Compliance Assistant sends an e-mail to each Access Person giving step-by-step
instructions on bow to complete the quarterly reporting requirements using Trade *Comply*.

2. Within
ten (10) calendar days of the quarter end, the Access Person is required to:

&nbsp;&nbsp;&nbsp;&nbsp;a) review
for accuracy all Covered Security transactions recorded during the previous calendar quarter in all personal and household member accounts;

&nbsp;&nbsp;&nbsp;&nbsp;b) review
all open account information, including names of brokers, banks and dealers, addresses and account numbers;

&nbsp;&nbsp;&nbsp;&nbsp;c) notify
the Compliance Department of any new accounts established with brokers, banks or dealers during the quarter and the date the account was
established;

&nbsp;&nbsp;&nbsp;&nbsp;d) resolve
any discrepancies with the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;e) record
an electronic signature on Trade *Comply*.

3. Lisa
Ling, Compliance Officer, reviews Covered Security transactions by any Access Person during the calendar quarter periodically throughout
the quarter using the Compliance Monitor function in Trade *Comply*.

4. The
Compliance Department issues memos to each Access Person if any transactions he or she has executed during the quarter have been deemed
to be either exceptions to or violations of the Code's requirements.

5. Based
on the activity and the responses to the memos, the Compliance Department may impose any of the sanctions identified in Section VII.

**<u>Annual Reporting Process</u>**

1. At
least annually, the Compliance Department requires that each Access Person read the Code and certify and acknowledge his/her understanding
of the Code and its requirements.

2. This
re-certification is required to be completed within ten (10) calendar days of the request. The Compliance Department monitors compliance
with this requirement through the electronic signatures on Trade *Comply*.

3. At
the same time, the Compliance Department provides each Access Person with a current list of securities held in the Access Person's
account(s) on TradeComply.

4. Within
ten (10) calendar days of the request the Access Person is required to:

&nbsp;&nbsp;&nbsp;&nbsp;a) review
for accuracy all securities held in all personal and household member accounts, including the title, number of shares and principal

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amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;b) review
all open account information, including names of brokers, banks and dealers, addresses and account numbers;

&nbsp;&nbsp;&nbsp;&nbsp;c) resolve
any discrepancies with the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;d) record
 an electronic signature cm Trade *Comply*.

**<u>Reporting to the Board of Directors</u>**

1. Each
quarter, the Compliance Department will provide reports of any substantive or material violations of the Code to the Board of Directors
Audit Committee. The Compliance Department will also report any difficulties in administration of the Code and any trends or patterns
of personal securities trading which are deemed by the Compliance Department to be violations of the Code.

2. The
Compliance Department provides the Board with the name of the Access Person; the type of violation; the details of the transaction(s);
and the types of sanctions imposed, if any.

**<u>Record keeping Requirements</u>**

The Compliance Department maintains the following books and records in TradeComply for a period no less than six (6) calendar years;

&nbsp;&nbsp;&nbsp;&nbsp;a) a
copy of the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;b) a
record of any violation of the Code of Ethics and any action taken as a result of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;c) a
copy of each report made by an Access Person, including initial, quarterly and annual reporting;

&nbsp;&nbsp;&nbsp;&nbsp;d) a
record of all Access Persons (current and for the past five years);

&nbsp;&nbsp;&nbsp;&nbsp;e) a
record of persons responsible for reviewing reports; and

&nbsp;&nbsp;&nbsp;&nbsp;f) a
copy of any supporting documentation used in making decisions regarding action taken by the Compliance Department with respect to personal
securities trading.

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