United States

Securities and Exchange Commission

Washington, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-07925

(Investment Company Act file number)

WesMark Funds

(Exact name of Registrant as specified in charter)

One Bank Plaza, 5th floor

Wheeling, WV 26003

(Address of principal executive offices)

(304) 234-9000

(Registrant’s telephone number)

Nicholas Adams, Esq.

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

(Name and address of agent for service)

Date of fiscal year end:  December 31

Date of reporting period:  January 1 – June 30, 2023

Item 1. Reports to Stockholders.

Table of Contents

June 30, 2023

Small Company Fund
Portfolio of Investments Summary Table	2
Portfolio of Investments	3
Large Company Fund
Portfolio of Investments Summary Table	7
Portfolio of Investments	8
Balanced Fund
Portfolio of Investments Summary Table	11
Portfolio of Investments	12
Government Bond Fund
Portfolio of Investments Summary Table	17
Portfolio of Investments	18
West Virginia Municipal Bond Fund
Portfolio of Investments Summary Table	22
Portfolio of Investments	23
Tactical Opportunity Fund
Portfolio of Investments Summary Table	27
Portfolio of Investments	28
Statements of Assets and Liabilities	29
Statements of Operations	30
Statements of Changes in Net Assets	31
Financial Highlights	34
Notes to Financial Statements	40
Shareholder Expense Example	52
Board of Trustees and Trust Officers	53
Board Review of Advisory Contract	55
Additional Information	57
Glossary of Terms	58

Semi-Annual Report  »  June 30, 2023  

Portfolio of Investments Summary Table

WesMark Small Company Fund*  June 30, 2023 (Unaudited)

As of June 30, 2023, the Fund’s Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
COMMON STOCKS		87.9	%
SHORT TERM INVESTMENTS(2)		8.0	%
EXCHANGE TRADED FUNDS (ETF)		4.8	%
OTHER ASSETS AND LIABILITIES - NET(3)		-0.7	%
TOTAL NET ASSETS		100.0	%

As of June 30, 2023, the Fund’s Sector composition⁽⁴⁾ was as follows:

Sector Composition	Percentage of Total Net Assets
Industrials		22.2	%
Information Technology		14.8	%
Financials		13.7	%
Health Care		11.9	%
Energy		5.6	%
Exchange Traded Funds		4.8	%
Consumer, Cyclical		5.5	%
Consumer Discretionary		3.6	%
Consumer Staples		3.3	%
Materials		2.1	%
Communication Services		1.5	%
Consumer, Non-cyclical		2.0	%
Utilities		0.7	%
Communications		0.5	%
Real Estate		0.5	%
Equity Portfolio Sub-Total		92.7	%
Short Term Investments(2)		8.0	%
Other Assets and Liabilities - Net(3)		-0.7	%
Total Net Assets		100.0	%

*	Prior to July 23, 2021, the WesMark Small Company Fund was known as the WesMark Small Company Growth Fund.
(1)	See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.
(2)	Short Term Investments include investment in a money market mutual fund.
(3)	Assets, other than investments in securities, less liabilities.
(4)	Securities are assigned to a sector classification by the Fund’s advisor.

2 www.wesmarkfunds.com

	Portfolio of Investments
June 30, 2023 (Unaudited)	WesMark Small Company Fund

Shares			Value
COMMON STOCKS-87.9%
COMMUNICATION SERVICES-1.5%
		Software-0.3%
	105,929	Planet Labs PBC(1)	$	341,091
		Telecommunications-1.2%
	47,527	Extreme Networks, Inc.(1)		1,238,078
TOTAL COMMUNICATION SERVICES				1,579,169
COMMUNICATIONS-0.5%
		Internet-0.5%
	7,446	Ziff Davis, Inc.(1)		521,667
TOTAL COMMUNICATIONS				521,667
CONSUMER, CYCLICAL-5.5%
		Apparel-0.6%
	6,535	Oxford Industries, Inc.		643,175
		Food Service-1.0%
	54,313	Sovos Brands, Inc.(1)		1,062,362
		Retail-3.9%
	41,381	Bloomin’ Brands, Inc.		1,112,735
	10,477	Dine Brands Global, Inc.		607,980
	22,985	Dutch Bros, Inc., Class A(1)		653,923
	29,032	Wendy’s Co.		631,446
	4,908	Wingstop, Inc.		982,385
				3,988,469
TOTAL CONSUMER, CYCLICAL				5,694,006
CONSUMER DISCRETIONARY-3.6%
		Automotive Retail-1.7%
	5,222	Advance Auto Parts, Inc.		367,107
	4,298	Lithia Motors, Inc., Class A		1,307,065
				1,674,172
		Consumer Electronics-0.6%
	36,039	Sonos, Inc.(1)		588,517
		Home Furnishings-0.5%
	19,799	Lovesac Co.(1)		533,583

Shares			Value
		Retail-0.8%
	48,699	First Watch Restaurant Group, Inc.(1)	$	823,013
TOTAL CONSUMER DISCRETIONARY				3,619,285
CONSUMER STAPLES-3.3%
		Agriculture-0.8%
	17,479	Andersons, Inc.		806,656
		Food-1.0%
	38,721	Hostess Brands, Inc.(1)		980,416
		Food Retail-1.0%
	26,538	Sprouts Farmers Market, Inc.(1)		974,741
		Packaged Foods & Meats-0.5%
	13,146	Simply Good Foods Co.(1)		481,012
TOTAL CONSUMER STAPLES				3,242,825
CONSUMER, NON-CYCLICAL-2.0%
		Commercial Services-0.6%
	26,456	Hackett Group, Inc.		591,292
		Cosmetics/Personal Care-1.0%
	8,824	elf Beauty, Inc.(1)		1,007,966
		Pharmaceuticals-0.4%
	17,655	Organon & Co.		367,401
TOTAL CONSUMER, NON-CYCLICAL				1,966,659
ENERGY-5.6%
		Oil & Gas Equipment & Services-1.3%
	42,571	ChampionX Corp.		1,321,404
		Oil&Gas-4.3%
	14,678	Civitas Resources, Inc.		1,018,213
	120,249	Comstock Resources, Inc.		1,394,888
	24,403	Magnolia Oil & Gas Corp., Class A		510,023
	20,494	Matador Resources Co.		1,072,246
	11,144	SilverBow Resources, Inc.(1)		324,513
				4,319,883
TOTAL ENERGY				5,641,287

Semi-Annual Report | June 30, 2023 3

Portfolio of Investments
WesMark Small Company Fund	June 30, 2023 (Unaudited)

Shares			Value
FINANCIALS- 13.7%
		Asset Management & Custody Banks-0.9%
	28,962	Victory Capital Holdings, Inc., Class A	$	913,461
		Insurance-0.9%
	14,009	Jackson Financial, Inc., Class A		428,815
	9,570	Kemper Corp.		461,848
				890,663
		Investment Banking & Brokerage-3.4%
	58,128	Stifel Financial Corp.		3,468,498
		Regional Banks-8.0%
	27,827	Ameris Bancorp		951,962
	43,763	Atlantic Union Bankshares Corp.		1,135,650
	32,613	BankUnited, Inc.		702,810
	16,169	Banner Corp.		706,100
	60,752	Cadence Bank		1,193,169
	19,611	Community Bank System, Inc.		919,364
	60,108	First Bancorp/Southern Pines, NC		1,788,213
	52,504	Old National Bancorp		731,906
				8,129,174
		REITS-0.5%
	46,985	Sabra Health Care REIT, Inc.		553,013
TOTAL FINANCIALS				13,954,809
HEALTH CARE-11.9%
		Biotechnology-0.2%
	11,798	Avid Bioservices, Inc.(1)		164,818
		Commercial Services-0.3%
	7,638	Progyny, Inc.(1)		300,479
		Health Care Distributors-1.3%
	38,036	Patterson Cos., Inc.		1,265,077
		Health Care Equipment-1.0%
	6,525	AtriCure, Inc.(1)		322,074
	17,153	Integra LifeSciences Holdings Corp.(1)		705,503
				1,027,577
		Health Care Supplies-1.0%
	44,496	Neogen Corp.(1)		967,788
		Healthcare-Products-0.6%
	6,918	Integer Holdings Corp.(1)		613,004

Shares			Value
		Healthcare-Services-2.7%
	38,507	Enhabit, Inc.(1)	$	442,831
	37,733	Select Medical Holdings Corp.		1,202,173
	25,663	Surgery Partners, Inc.(1)		1,154,578
				2,799,582
		Internet-0.2%
	16,531	OptimizeRx Corp.(1)		236,228
		Life Sciences Tools & Services-2.3%
	55,190	Syneos Health, Inc.(1)		2,325,707
		Pharmaceuticals-2.3%
	23,152	Corcept Therapeutics, Inc.(1)		515,132
	108,456	Elanco Animal Health, Inc.(1)		1,091,067
	11,109	Prestige Brands Holdings, Inc.(1)		660,208
				2,266,407
TOTAL HEALTH CARE				11,966,667
INDUSTRIALS-22.2%
		Aerospace & Defense-3.7%
	37,592	AerSale Corp.(1)		552,602
	29,619	Moog, Inc., Class A		3,211,588
				3,764,190
		Building Materials-1.7%
	8,797	Armstrong World Industries, Inc.		646,228
	18,028	Gibraltar Industries, Inc.(1)		1,134,322
				1,780,550
		Building Products-2.0%
	21,893	AAON, Inc.		2,075,675
		Commercial Services-1.0%
	8,808	AMN Healthcare Services, Inc.(1)		961,129
		Construction & Engineering-5.7%
	28,922	Granite Construction, Inc.		1,150,517
	23,524	Quanta Services, Inc.		4,621,290
				5,771,807
		Construction Machinery & Heavy Trucks-1.8%
	83,726	Shyft Group, Inc.		1,846,996
		Electronics-1.4%
	63,250	Celestica, Inc.(1)		917,125
	38,320	TTM Technologies, Inc.(1)		532,648
				1,449,773

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	Portfolio of Investments
June 30, 2023 (Unaudited)	WesMark Small Company Fund

Shares			Value
		Industrials-1.6%
	32,945	Korn Ferry	$	1,632,095
		Machinery-Constr&Mining-0.8%
	19,274	Argan, Inc.		759,588
		Machinery-Diversified-2.1%
	14,705	Applied Industrial Technologies, Inc.		2,129,725
		Miscellaneous Manufactur-0.4%
	18,947	Myers Industries, Inc.		368,140
TOTAL INDUSTRIALS				22,539,668
INFORMATION TECHNOLOGY-14.8%
		Application Software-2.4%
	81,254	Box, Inc., Class A(1)		2,387,243
		Data Processing & Outsourced Services-0.8%
	35,947	I3 Verticals, Inc., Class A(1)		821,748
		Electronic Components-0.5%
	30,661	Knowles Corp.(1)		553,738
		Electronic Equipment & Instruments-1.6%
	13,427	OSI Systems, Inc.(1)		1,582,103
		IT Consulting & Other Services-1.4%
	12,363	Science Applications International Corp.		1,390,590
		Semiconductors-0.3%
	4,022	Ambarella, Inc.(1)		336,521
		Software-2.0%
	31,328	Evolent Health, Inc., Class A(1)		949,238
	69,712	Olo, Inc.(1)		450,340
	49,238	SentinelOne, Inc., Class A(1)		743,494
				2,143,072
		Systems Software-3.9%
	8,728	Qualys, Inc.(1)		1,127,396
	106,208	Varonis Systems, Inc.(1)		2,830,443
				3,957,839

Shares			Value
		Technology Hardware, Storage & Peripherals-
		1.9%
	53,383	Pure Storage, Inc., Class A(1)	$	1,965,562
TOTAL INFORMATION TECHNOLOGY				15,138,416
MATERIALS-2.1%
		Chemicals-0.9%
	12,450	Hawkins, Inc.		593,741
	4,400	HB Fuller Co.		314,644
				908,385
		Packaging&Containers-0.7%
	9,839	Greif, Inc., Class A		677,809
		Steel-0.5%
	9,682	Carpenter Technology Corp.		543,451
TOTAL MATERIALS				2,129,645
REAL ESTATE-0.5%
		REITS-0.5%
	34,937	Physicians Realty Trust		488,769
TOTAL REAL ESTATE				488,769
UTILITIES-0.7%
		Electric-0.7%
	8,547	Otter Tail Corp.		674,871
TOTAL UTILITIES				674,871
TOTAL COMMON STOCKS
(Cost $61,717,964)				89,157,743
EXCHANGE TRADED FUNDS-4.8%
	48,476	iShares® Core S&P Small-Cap® ETF		4,830,633
TOTAL EXCHANGE TRADED FUNDS
(Cost $4,613,430)				4,830,633
SHORT TERM INVESTMENTS-8.0%
		Mutual Funds-8.0%
	8,079,307	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		8,079,307

Semi-Annual Report | June 30, 2023 5

Portfolio of Investments
WesMark Small Company Fund	June 30, 2023 (Unaudited)

Shares	Value
TOTAL SHORT TERM INVESTMENTS
(Cost $8,079,307)	$	8,079,307
TOTAL INVESTMENTS-100.7%
(Cost $74,410,701)		102,067,683
OTHER ASSETS AND LIABILITIES-NET(2)-(0.7)%		(718,005	)
NET ASSETS-100.0%	$	101,349,678

(1)	Non-income producing security.
(2)	Assets, other than investments in securities, less liabilities.
Note	-	The categories of investments are shown as a percentage of net assets as of June 30, 2023.

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

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	Portfolio of Investments Summary Table
June 30, 2023 (Unaudited)	WesMark Large Company Fund*

As of June 30, 2023, the Fund’s Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
COMMON STOCKS		97.5	%
SHORT TERM INVESTMENTS(2)		3.5	%
OTHER ASSETS AND LIABILITIES - NET(3)		-1.0	%
TOTAL NET ASSETS		100.0	%

As of June 30, 2023, the Fund’s Sector composition⁽⁴⁾ was as follows:

Sector Composition	Percentage of Total Net Assets
Information Technology(5)		35.4	%
Health Care		18.1	%
Consumer Discretionary		10.5	%
Industrials		10.3	%
Financials		8.1	%
Consumer Staples		6.4	%
Energy		4.4	%
Materials		1.5	%
Utilities		1.4	%
Consumer, Non-cyclical		0.8	%
Consumer, Cyclical		0.6	%
Equity Portfolio Sub-Total		97.5	%
Short Term Investments(2)		3.5	%
Other Assets and Liabilities - Net(3)		-1.0	%
Total Net Assets		100.0	%

*	Prior to July 23, 2021, the WesMark Large Company Fund was known as the WesMark Growth Fund.
(1)	See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.
(2)	Short Term Investments include investment in a money market mutual fund.
(3)	Assets, other than investments in securities, less liabilities.
(4)	Securities are assigned to a sector classification by the Fund’s advisor.
(5)	As of June 30, 2023, the Fund had a significant portion of its assets invested in the Information Technology sector. The Information Technology sector may be impacted by the perfromance of the overall eceonomy, interest rates, competition, and consumer spending.

Semi-Annual Report | June 30, 2023 7

Portfolio of Investments
WesMark Large Company Fund	June 30, 2023 (Unaudited)

Shares			Value
COMMON STOCKS-97.5%
CONSUMER, CYCLICAL-0.6%
		Retail-0.6%
	4,617	Lululemon Athletica, Inc.(1)	$	1,747,535
TOTAL CONSUMER, CYCLICAL				1,747,535
CONSUMER DISCRETIONARY-10.5%
		Distribution/Wholesale-0.5%
	28,352	LKQ Corp.		1,652,071
		General Merchandise Stores-0.9%
	7,151	Dollar Tree, Inc.(1)		1,026,169
	14,849	Target Corp.		1,958,583
				2,984,752
		Home Improvement Retail-2.6%
	25,500	Home Depot, Inc.		7,921,320
		Internet & Direct Marketing Retail-4.9%
	116,093	Amazon.com, Inc.(1)		15,133,883
		Restaurants-1.3%
	765	Chipotle Mexican Grill, Inc.(1)		1,636,335
	32,820	Restaurant Brands International, Inc.		2,544,206
				4,180,541
		Retail-0.3%
	4,088	Tractor Supply Co.		903,857
TOTAL CONSUMER DISCRETIONARY				32,776,424
CONSUMER STAPLES-6.4%
		Agricultural Products-0.2%
	8,622	Archer-Daniels-Midland Co.		651,478
		Distillers & Vintners-2.4%
	29,956	Constellation Brands, Inc., Class A		7,373,070
		Food & Staples Retailing-0.5%
	25,868	BJ’s Wholesale Club Holdings, Inc.(1)		1,629,943
		Household Products-2.1%
	42,664	Procter & Gamble Co.		6,473,835

Shares			Value
		Packaged Foods & Meats-1.2%
	52,742	Mondelez International, Inc., Class A	$	3,847,001
TOTAL CONSUMER STAPLES				19,975,327
CONSUMER, NON-CYCLICAL-0.8%
		Beverages-0.5%
	48,058	Keurig Dr Pepper, Inc.		1,502,774
		Commercial Services-0.3%
	3,747	Verisk Analytics, Inc.		846,934
TOTAL CONSUMER, NON-CYCLICAL				2,349,708
ENERGY-4.4%
		Energy-Alternate Sources-0.2%
	4,565	Enphase Energy, Inc.(1)		764,546
		Oil & Gas Exploration & Production-2.7%
	53,642	ConocoPhillips		5,557,848
	33,109	Devon Energy Corp.		1,600,489
	9,479	Diamondback Energy, Inc.		1,245,161
				8,403,498
		Oil, Gas & Consumable Fuels-1.5%
	42,626	Exxon Mobil Corp.		4,571,639
TOTAL ENERGY				13,739,683
FINANCIALS-8.1%
		Asset Management & Custody Banks-2.6%
	11,770	BlackRock, Inc.		8,134,718
		Banks-1.2%
	129,734	Bank of America Corp.		3,722,068
		Diversified Banks-1.6%
	33,130	JP Morgan Chase & Co.		4,818,427
		Insurance-0.3%
	4,599	Marsh & McLennan Cos., Inc.		864,980
		Investment Banking & Brokerage-2.1%
	9,747	The Goldman Sachs Group, Inc.		3,143,797
	39,614	Morgan Stanley		3,383,036
				6,526,833

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	Portfolio of Investments
June 30, 2023 (Unaudited)	WesMark Large Company Fund

Shares			Value
		Regional Banks-0.3%
	34,296	Fifth Third Bancorp	$	898,898
	TOTAL FINANCIALS			24,965,924
	HEALTH CARE-18.1%
		Biotechnology-3.3%
	29,978	AbbVie, Inc.		4,038,937
	23,491	Amgen, Inc.		5,215,472
	2,196	Vertex Pharmaceuticals, Inc.(1)		772,794
				10,027,203
		Health Care Equipment-2.5%
	71,604	Abbott Laboratories		7,806,268
		Life Sciences Tools & Services-3.5%
	14,514	IQVIA Holdings, Inc.(1)		3,262,312
	13,979	Thermo Fisher Scientific, Inc.		7,293,543
				10,555,855
		Managed Health Care-2.9%
	18,579	UnitedHealth Group, Inc.		8,929,811
		Pharmaceuticals-5.9%
	10,437	Cigna Group		2,928,622
	19,288	Johnson & Johnson		3,192,550
	55,904	Merck & Co., Inc.		6,450,763
	34,468	Zoetis, Inc.		5,935,734
				18,507,669
	TOTAL HEALTH CARE			55,826,806
	INDUSTRIALS-10.3%
		Aerospace & Defense-3.1%
	72,352	Raytheon Technologies Corp.		7,087,602
	34,387	Textron, Inc.		2,325,593
				9,413,195
		Air Freight & Logistics-0.5%
	5,959	FedEx Corp.		1,477,236
		Construction & Farm Machinery & Heavy Trucks-
		0.7%
	5,239	Deere & Co.		2,122,790
		Construction Machinery & Heavy Equipment-
		0.3%
	3,703	Cummins, Inc.		907,827

Shares			Value
		Electronics-0.4%
	17,642	Fortive Corp.	$	1,319,092
		Engineering & Construction-1.2%
	29,946	Jacobs Solutions, Inc.		3,560,280
		Engineering&Construction-0.5%
	18,093	AECOM		1,532,296
		Industrial Conglomerates-1.5%
	9,822	Roper Technologies, Inc.		4,722,418
		Industrial Machinery-1.8%
	13,905	Parker-Hannifin Corp.		5,423,506
		Internet-0.3%
	20,280	Uber Technologies, Inc.(1)		875,488
TOTAL INDUSTRIALS				31,354,128
INFORMATION TECHNOLOGY-35.4%
		Application Software-2.6%
	4,736	Adobe, Inc.(1)		2,315,857
	28,090	Salesforce, Inc.(1)		5,934,293
				8,250,150
		Communication Services-1.2%
	40,000	Walt Disney Co.(1)		3,571,200
		Communications Equipment-8.5%
	127,203	Apple, Inc.		24,673,566
	10,662	F5 Networks, Inc.(1)		1,559,424
				26,232,990
		Computers-0.6%
	11,632	Crowdstrike Holdings, Inc., Class A(1)		1,708,392
		Data Processing & Outsourced Services-4.0%
	25,662	Mastercard, Inc., Class A		10,092,865
	31,251	PayPal Holdings, Inc.(1)		2,085,379
				12,178,244
		Internet Software & Services-4.0%
	103,260	Alphabet, Inc., Class A(1)		12,360,222
		IT Consulting & Other Services-2.1%
	20,626	Accenture PLC, Class A		6,364,771
		Semiconductors-5.9%
	27,068	Advanced Micro Devices, Inc.(1)		3,083,316

Semi-Annual Report | June 30, 2023 9

Portfolio of Investments
WesMark Large Company Fund	June 30, 2023 (Unaudited)

Shares			Value
	11,900	Broadcom, Inc.	$	10,322,417
	17,092	Marvell Technology Group, Ltd.		1,021,760
	42,031	ON Semiconductor Corp.(1)		3,975,292
				18,402,785
		Systems Software-6.5%
	45,380	Microsoft Corp.		15,453,705
	37,879	Oracle Corp.		4,511,010
				19,964,715
TOTAL INFORMATION TECHNOLOGY				109,033,469
MATERIALS-1.5%
		Specialty Chemicals-1.5%
	31,455	PPG Industries, Inc.		4,664,777
TOTAL MATERIALS				4,664,777
UTILITIES-1.4%
		Electric-0.8%
	120,998	AES Corp.		2,508,289
		Multi-Utilities-0.6%
	38,663	Dominion Energy, Inc.		2,002,357
TOTAL UTILITIES				4,510,646
TOTAL COMMON STOCKS
(Cost $132,906,851)				300,944,427
SHORT TERM INVESTMENTS-3.5%
		Mutual Funds-3.5%
	10,764,208	Federated Hermes Government
		Obligations Fund, Premier
		Class, 7-Day Yield 4.670% (at
		net asset value)		10,764,208
TOTAL SHORT TERM INVESTMENTS
(Cost $10,764,208)				10,764,208
TOTAL INVESTMENTS-101.0%
(Cost $143,671,059)				311,708,635
OTHER ASSETS AND LIABILITIES-NET(2)-(1.0)%				(2,980,418	)
NET ASSETS-100.0%			$	308,728,217

(1)	Non-income producing security.
(2)	Assets, other than investments in securities, less liabilities.

Note	-	The categories of investments are shown as a percentage of
		net assets as of June 30, 2023.

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

10 www.wesmarkfunds.com

	Portfolio of Investments Summary Table
June 30, 2023 (Unaudited)	WesMark Balanced Fund

As of June 30, 2023, the Fund’s Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
COMMON STOCKS		57.8	%
CORPORATE BONDS		21.8	%
U.S. GOVERNMENT AGENCY SECURITIES		6.7	%
U.S. GOVERNMENT AGENCY - MORTGAGE-
BACKED SECURITIES		3.1	%
TAXABLE MUNICIPAL BONDS		2.5	%
COMMERCIAL MORTGAGE-BACKED SECURITIES		1.4	%
U.S. GOVERNMENT AGENCY - COLLATERALIZED
MORTGAGE OBLIGATIONS		0.6	%
FIXED INCOME PORTFOLIO SUB-TOTAL		36.1	%
SHORT TERM INVESTMENTS(2)		6.7	%
OTHER ASSETS AND LIABILITIES - NET(3)		-0.6	%
TOTAL NET ASSETS		100.0	%

As of June 30, 2023, the Fund’s Sector composition⁽⁴⁾ was as follows:

Sector Composition	Percentage of Total Net Assets
Health Care		12.2	%
Information Technology		11.9	%
Financials		8.1	%
Consumer Staples		6.8	%
Industrials		6.1	%
Consumer Discretionary		4.8	%
Energy		4.3	%
Telecommunication Services		1.3	%
Utilities		1.1	%
Materials		0.7	%
Basic Materials		0.3	%
Real Estate		0.2	%
Equity Portfolio Sub-Total		57.8	%
Corporate Bonds		21.8	%
U.S. Government Agencies (Combined)		10.4	%
Taxable Municipal Bonds		2.5	%
Commercial Mortgage-Backed Securities		1.4	%
Fixed Income Portfolio Sub-Total		36.1	%
Short Term Investments(2)		6.7	%
Other Assets and Liabilities - Net(3)		-0.6	%
Total Net Assets		100.0	%

(1)	See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.
(2)	Short Term Investments include investment in a money market mutual fund.
(3)	Assets, other than investments in securities, less liabilities.
(4)	Securities are assigned to a sector classification by the Fund’s advisor.

Semi-Annual Report | June 30, 2023 11

Portfolio of Investments
WesMark Balanced Fund	June 30, 2023 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS-57.8%
BASIC MATERIALS-0.3%
		Chemicals-0.3%
	2,907	RPM International, Inc.	$	260,845
TOTAL BASIC MATERIALS				260,845
CONSUMER DISCRETIONARY-4.8%
		Automobile Manufacturers-0.6%
	39,570	Ford Motor Co.		598,694
		General Merchandise Stores-1.7%
	12,954	Target Corp.		1,708,633
		Home Improvement Retail-1.8%
	7,773	Lowe’s Cos, Inc.		1,754,366
		Restaurants-0.5%
	1,687	McDonald’s Corp.		503,418
		Specialty Stores-0.2%
	1,814	Dick’s Sporting Goods, Inc.		239,793
TOTAL CONSUMER DISCRETIONARY				4,804,904
CONSUMER STAPLES-6.8%
		Food Distributors-1.1%
	14,902	Sysco Corp.		1,105,728
		Hypermarkets & Super Centers-1.0%
	6,329	Walmart, Inc.		994,792
		Packaged Foods & Meats-1.9%
	25,000	General Mills, Inc.		1,917,500
		Soft Drinks-2.8%
	14,886	PepsiCo, Inc.		2,757,185
TOTAL CONSUMER STAPLES				6,775,205
ENERGY-4.3%
		Integrated Oil & Gas-3.5%
	21,913	Chevron Corp.		3,448,011

Shares/Principal Amount			Value
		Oil & Gas Exploration & Production-0.2%
	2,099	EOG Resources, Inc.	$	240,210
		Oil & Gas Refining & Marketing-0.6%
	5,117	Valero Energy Corp.		600,224
TOTAL ENERGY				4,288,445
FINANCIALS-8.1%
		Asset Management & Custody Banks-1.1%
	15,471	State Street Corp.		1,132,168
		Consumer Finance-1.1%
	9,390	Discover Financial Services		1,097,221
		Diversified Banks-3.5%
	13,409	JPMorgan Chase & Co.		1,950,205
	44,009	US Bancorp		1,454,057
				3,404,262
		Investment Banking & Brokerage-1.2%
	3,805	The Goldman Sachs Group, Inc.		1,227,265
		Regional Banks-1.0%
	8,000	PNC Financial Services Group, Inc.		1,007,600
		REITS-0.2%
	3,500	Realty Income Corp.		209,265
TOTAL FINANCIALS				8,077,781
HEALTH CARE-12.2%
		Biotechnology-3.4%
	24,760	AbbVie, Inc.		3,335,915
		Health Care Services-2.1%
	30,000	CVS Health Corp.		2,073,900
		Pharmaceuticals-6.7%
	1,444	Cigna Group		405,186
	5,145	Eli Lilly & Co.		2,412,902
	17,956	Merck & Co., Inc.		2,071,943
	47,725	Pfizer, Inc.		1,750,553
				6,640,584
TOTAL HEALTH CARE				12,050,399

12 www.wesmarkfunds.com

	Portfolio of Investments
June 30, 2023 (Unaudited)	WesMark Balanced Fund

Shares/Principal Amount			Value
INDUSTRIALS-6.1%
		Air Freight & Logistics-1.7%
	9,508	United Parcel Service, Inc., Class B	$	1,704,309
		Construction & Farm Machinery & Heavy Trucks-
		0.2%
	519	Deere & Co.		210,294
		Construction Machinery & Heavy Equipment-
		2.2%
	8,825	Caterpillar, Inc.		2,171,391
		Electrical Components & Equipment-2.0%
	22,000	Emerson Electric Co.		1,988,580
TOTAL INDUSTRIALS				6,074,574
INFORMATION TECHNOLOGY-11.9%
		Communications Equipment-8.8%
	29,567	Apple, Inc.		5,735,111
	58,222	Cisco Systems, Inc.		3,012,406
				8,747,517
		Semiconductors-3.1%
	3,432	Analog Devices, Inc.		668,588
	13,545	Texas Instruments, Inc.		2,438,371
				3,106,959
TOTAL INFORMATION TECHNOLOGY				11,854,476
MATERIALS- 0.7%
		Industrial Gases-0.7%
	2,326	Air Products & Chemicals, Inc.		696,707
TOTAL MATERIALS				696,707
REAL ESTATE-0.2%
		Specialized REITS-0.2%
	5,408	CubeSmart REIT		241,521
TOTAL REAL ESTATE				241,521
TELECOMMUNICATION SERVICES-1.3%
		Integrated Telecommunication Services-1.3%
	34,594	Verizon Communications, Inc.		1,286,551
TOTAL TELECOMMUNICATION SERVICES				1,286,551

Shares/Principal Amount			Value
UTILITIES-1.1%
		Electric Utilities-0.9%
	9,886	Duke Energy Corp.	$	887,170
		Multi-Utilities-0.2%
	4,599	Dominion Energy, Inc.		238,182
TOTAL UTILITIES				1,125,352
TOTAL COMMON STOCKS
(Cost $31,156,173)				57,536,760
CORPORATE BONDS-21.8%
		Auto Manufacturers-0.4%
$	550,000	American Honda Finance Corp.,
		1.800%, 1/13/2031		446,491
		Banks-1.5%
	500,000	Fifth Third Bank NA, 3.850%,
		3/15/2026		461,696
	500,000	Goldman Sachs Group, Inc., 1D US
		SOFR + 0.798%, 3/9/2027(1)		447,002
	500,000	Morgan Stanley, 1D US SOFR +
		0.525%, 5/30/2025(1)		475,131
	150,000	PNC Bank NA, 2.700%, 10/22/2029		125,477
				1,509,306
		Beverages-0.5%
	500,000	Anheuser-Busch InBev Worldwide,
		Inc., 4.900%, 1/23/2031		508,628
		Chemicals-0.5%
	500,000	PPG Industries, Inc., 1.200%,
		3/15/2026		448,173
		Commercial Services-1.0%
	500,000	PayPal Holdings, Inc., 2.650%,
		10/1/2026		464,818
	500,000	PayPal Holdings, Inc., 4.400%,
		6/1/2032		481,963
				946,781
		Diversified Financial Services-1.5%
	500,000	American Express Co., 3.400%,
		2/22/2024		492,668
	500,000	American Express Co., 1D US SOFR +
		1.835%, 5/1/2034(1)		489,323
	250,000	BlackRock, Inc., 2.400%, 4/30/2030		216,622

Semi-Annual Report | June 30, 2023 13

Portfolio of Investments
WesMark Balanced Fund	June 30, 2023 (Unaudited)

Shares/Principal Amount			Value
$250,000		Legg Mason, Inc., 4.750%,
		3/15/2026	$	246,966
				1,445,579
		Diversified Manufacturing-0.9%
	1,000,000	3M Co., 3.375%, 3/1/2029		918,033
		Electric-2.4%
	500,000	CenterPoint Energy Houston Electric
		LLC, 4.450%, 10/1/2032		480,985
	500,000	Duke Energy Corp., 4.300%,
		3/15/2028		480,687
	500,000	NextEra Energy Capital Holdings,
		Inc., 3.550%, 5/1/2027		471,385
	500,000	NextEra Energy Capital Holdings,
		Inc., 5.000%, 7/15/2032		493,548
	500,000	Wisconsin Electric Power Co.,
		4.750%, 9/30/2032		489,889
				2,416,494
		Electronics-0.7%
	500,000	Honeywell International, Inc.,
		4.500%, 1/15/2034		489,391
	175,000	Honeywell International, Inc.,
		5.700%, 3/15/2037		187,191
				676,582
		Environmental Control-1.0%
	500,000	Republic Services, Inc., 3.200%,
		3/15/2025		481,332
	500,000	Waste Management, Inc., 3.500%,
		5/15/2024		491,314
				972,646
		Industrial Gases-0.8%
	835,000	Air Products & Chemicals, Inc., Sr.
		Unsecured Notes, 3.350%,
		7/31/2024		813,721
		Insurance-1.7%
	500,000	Berkshire Hathaway Finance Corp.,
		2.875%, 3/15/2032		440,573
	400,000	Marsh & McLennan Cos., Inc.,
		2.375%, 12/15/2031		326,342
	500,000	Progressive Corp., 4.950%,
		6/15/2033		496,158
	500,000	Prudential Financial, Inc., 1.500%,
		3/10/2026		456,994
				1,720,067

Shares/Principal Amount			Value
		Internet-0.2%
$250,000		Expedia Group, Inc., 3.800%,
		2/15/2028	$	234,030
		Investment Banking & Brokerage-1.4%
	1,000,000	Goldman Sachs Group, Inc., Sr.
		Unsecured Notes, 3M US L +
		0.96%, 11/29/2023(1)		1,004,800
	500,000	Goldman Sachs Group, Inc., 2.600%,
		2/7/2030		426,312
				1,431,112
		Machinery-Constr&Mining-0.5%
	500,000	Caterpillar Financial Services Corp.,
		3.600%, 8/12/2027		481,713
		Oil&Gas-0.2%
	250,000	Phillips 66, 4.650%, 11/15/2034		236,274
		Pharmaceuticals-1.5%
	500,000	AbbVie, Inc., 2.600%, 11/21/2024		479,976
	500,000	AbbVie, Inc., 3.200%, 11/21/2029(2)		451,717
	175,000	AbbVie, Inc., 4.550%, 3/15/2035		166,786
	250,000	Bristol-Myers Squibb Co., 3.900%,
		2/20/2028		242,875
	175,000	GlaxoSmithKline Capital, Inc.,
		6.375%, 5/15/2038		199,535
				1,540,889
		Regional Banks-1.0%
	1,000,000	PNC Bank NA, Sr. Unsecured Notes,
		3.250%, 6/1/2025		953,486
		Retail-2.4%
	250,000	Dollar Tree, Inc., 4.200%, 5/15/2028		237,000
	175,000	Home Depot, Inc., 5.875%,
		12/16/2036		190,620
	500,000	O’Reilly Automotive, Inc., 4.350%,
		6/1/2028		484,366
	500,000	Target Corp., 4.400%, 1/15/2033		486,300
	500,000	Walmart, Inc., 5.250%, 9/1/2035		533,502
	500,000	Walmart, Inc., 3.950%, 6/28/2038		461,635
				2,393,423
		Software-0.5%
	500,000	Activision Blizzard, Inc., 3.400%,
		9/15/2026		475,882

14 www.wesmarkfunds.com

	Portfolio of Investments
June 30, 2023 (Unaudited)	WesMark Balanced Fund

Shares/Principal Amount			Value
		Software & Services-0.7%
$750,000		Oracle Corp., Sr. Unsecured Notes,
		3.400%, 7/8/2024	$	731,415
		Transportation Services-0.5%
	500,000	FedEx Corp., 4.250%, 5/15/2030		478,090
TOTAL CORPORATE BONDS
(Cost $23,150,152)				21,778,815
U.S. GOVERNMENT AGENCY - COLLATERALIZED
MORTGAGE OBLIGATIONS-0.6%
		Federal Home Loan Mortgage Corp.-0.1%
	142,979	Series 2015-4517, Class PC, 2.500%,
		5/15/2044		131,739
		Government National Mortgage Association-
		0.5%
	489,824	Series 2018-126, Class DA, 3.500%,
		1/20/2048		461,868
TOTAL U.S. GOVERNMENT AGENCY -
COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $631,990)				593,607
COMMERCIAL MORTGAGE-BACKED SECURITIES-1.4%
		Commercial Mortgage-Backed Securities-
		1.4%
	1,500,000	Morgan Stanley Capital I Trust, Series 2015-UBS8, Class A4, 3.809%, 11/15/2025		1,409,834
TOTAL COMMERCIAL MORTGAGE-BACKED
SECURITIES
(Cost $1,535,615)				1,409,834
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED
SECURITIES-3.1%
		Federal Home Loan Mortgage Corp.-0.3%
	67,206	Pool G18527, 3.000%, 10/1/2029		64,162
	267,869	Pool 18707, 3.500%, 9/1/2033		257,123
				321,285
		Federal National Mortgage Association-1.9%
	713,032	Pool BL5389, 2.710%, 5/1/2027		661,640
	587,336	Pool AM6756, 3.570%, 10/1/2029		558,847
	150,708	Pool MA3621, 3.500%, 3/1/2039		141,194

Shares/Principal Amount			Value
$	69,089	Pool BN4896, 4.000%, 1/1/2049	$	65,842
	129,437	Pool MA3592, 4.000%, 2/1/2049		123,487
	379,583	Pool BP4338, 1Y US TI + 1.67%, 3/1/2049(1)		369,886
				1,920,896
		Small Business Administration Pools-0.4%
	150,337	PRIME - 3.50%, 1/25/2042(1)		152,018
	246,211	PRIME - 3.50%, 7/25/2042(1)		248,315
				400,333
		UMBS Collateral-0.5%
	482,629	5.000%, 12/1/2052		473,419
TOTAL U.S. GOVERNMENT AGENCY -
MORTGAGE-BACKED SECURITIES
(Cost $3,293,918)				3,115,933
U.S. TREASURY SECURITIES-6.7%
		U.S. Treasury Bond-2.9%
	150,000	4.500%, 2/15/2036		162,026
	150,000	4.750%, 2/15/2037		166,110
	500,000	3.500%, 2/15/2039		479,561
	500,000	2.875%, 8/15/2028		471,113
	500,000	1.250%, 8/15/2031		410,459
	500,000	4.125%, 11/15/2032		511,016
	750,000	3.500%, 2/15/2033		730,664
				2,930,949
		U.S. Treasury Note-3.8%
	1,000,000	2.875%, 11/30/2023		989,825
	1,500,000	4.500%, 11/30/2024		1,484,297
	100,000	3.875%, 11/30/2027		98,600
	500,000	4.000%, 12/15/2025		492,246
	750,000	3.500%, 1/31/2030		727,939
				3,792,907
TOTAL U.S. TREASURY SECURITIES
(Cost $6,789,710)				6,723,856
TAXABLE MUNICIPAL BONDS-2.5%
		California-0.2%
	200,000	Charter Oak Unified School District,
		2.681%, 8/1/2036		152,869
		Michigan-0.3%
	270,000	Belding Area Schools, General
		Obligation Unlimited Bonds,
		6.700%, 5/1/2027		270,404

Semi-Annual Report | June 30, 2023 15

Portfolio of Investments
WesMark Balanced Fund	June 30, 2023 (Unaudited)

Shares/Principal Amount			Value
		Ohio-0.7%
$715,000		Columbus-Franklin County Finance
		Authority, 4.490%, 11/15/2032	$	692,978
		Pennsylvania-0.4%
	450,000	Commonwealth Financing Authority,
		4.014%, 6/1/2033		425,060
		Utah-0.4%
	450,000	Utah Transit Authority, 3.393%,
		12/15/2036		381,515
		West Virginia-0.5%
	575,000	Marshall University, 3.177%,
		5/1/2029		521,301
TOTAL TAXABLE MUNICIPAL BONDS
(Cost $2,677,856)				2,444,127
SHORT TERM INVESTMENTS-6.7%
		Mutual Funds-6.7%
	6,651,888	Federated Hermes Government
		Obligations Fund, Premier
		Class, 7-Day Yield 4.670% (at
		net asset value)		6,651,888
TOTAL SHORT TERM INVESTMENTS
(Cost $6,651,888)				6,651,888
TOTAL INVESTMENTS-100.6%
(Cost $75,887,302)				100,254,820
OTHER ASSETS AND LIABILITIES-NET(3)-(0.6)%				(557,894	)
NET ASSETS-100.0%			$	99,696,926

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Reference Rates:

3M US L - 3 Month LIBOR as of June 30, 2023 was 5.55%

1D US SOFR - 1 Day SOFR as of June 30, 2023 was 4.30%

1Y US TI - 1 Year US TI as of June 30, 2023 was 5.40%

PRIME - US Prime Rate as of June 30, 2023 was 8.25%

(1)	Floating or variable rate security. The reference rate is described above. The Rate in effect as of June 30, 2023 is based on the reference rate plus the displayed spread as of the security’s last reset date.
(2)	Security exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023, these securities amounted to a value of $451,717 or 0.45% of net assets. These Securities have been determined to be liquid pursuant to procedures adopted by the board.
(3)	Assets, other than investments in securities, less liabilities.

Note
  -
  The categories of investments are shown as a percentage of net assets as of June 30, 2023.

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

16 www.wesmarkfunds.com

	Portfolio of Investments Summary Table
June 30, 2023 (Unaudited)	WesMark Government Bond Fund

As of June 30, 2023, the Fund’s Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
EXCHANGE TRADED FUNDS (ETF)		2.0	%
U.S. GOVERNMENT AGENCY - MORTGAGE-
BACKED SECURITIES		37.4	%
U.S. GOVERNMENT AGENCY - COLLATERALIZED
MORTGAGE OBLIGATIONS		20.8	%
U.S. TREASURY SECURITIES		15.8	%
CORPORATE BONDS		11.8	%
TAXABLE MUNICIPAL BONDS		7.1	%
FIXED INCOME PORTFOLIO SUB-TOTAL		92.9	%
SHORT TERM INVESTMENTS(2)		3.8	%
OTHER ASSETS AND LIABILITIES - NET(3)		1.3	%
TOTAL NET ASSETS		100.0	%

(1)	See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.
(2)	Short Term Investments include investment in a money market mutual fund.
(3)	Assets, other than investments in securities, less liabilities.

Semi-Annual Report | June 30, 2023 17

Portfolio of Investments
WesMark Government Bond Fund	June 30, 2023 (Unaudited)

Shares/Principal Amount			Value
EXCHANGE TRADED FUNDS-2.0%
	4,602	iShares® 20+ Year Treasury Bond ETF	$	473,730
	29,424	iShares® iBoxx $ Investment Grade Corporate Bond ETF		3,181,911
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,729,712)				3,655,641
CORPORATE BONDS-11.8%
		Banks-4.3%
$	1,000,000	Citigroup, Inc., 5.400%, 1/20/2026		983,673
	500,000	FNB Corp., 4.875%, 10/2/2025		439,671
	1,000,000	Fifth Third Bank NA, 3.850%, 3/15/2026		923,393
	500,000	Wells Fargo Bank NA, 6.180%,
		2/15/2036		497,387
	500,000	Goldman Sachs Group, Inc., 6.625%,
		11/15/2027		501,574
	1,000,000	Goldman Sachs Group, Inc., 6.000%,
		12/14/2027		998,117
	500,000	Morgan Stanley, 1D US SOFR + 2.62%,
		4/20/2037(1)		473,373
	1,000,000	PNC Financial Services Group, Inc.,
		3.900%, 4/29/2024		982,083
	1,000,000	PNC Financial Services Group, Inc.,
		SOFRINDX + 2.14%, 10/28/2033(1)		1,023,873
	1,000,000	US Bancorp, 1D US SOFR + 1.60%,
		2/1/2034(1)		934,548
				7,757,692
		Beverages-0.6%
	1,000,000	Anheuser-Busch Cos. LLC, 6.800%,
		8/20/2032		1,123,188
		Biotechnology-1.1%
	2,000,000	Amgen, Inc., 5.250%, 3/2/2033		2,003,505
		Electric-0.3%
	500,000	Duke Energy Ohio, Inc., 5.250%,
		4/1/2033		503,963
		Healthcare-Services-1.2%
	2,000,000	Aetna, Inc., 6.750%, 12/15/2037		2,206,170
		Pipelines-0.8%
	500,000	Kinder Morgan Energy Partners LP,
		6.950%, 1/15/2038		537,639

Shares/Principal Amount			Value
$	1,000,000	Kinder Morgan, Inc., 5.200%, 6/1/2033	$	969,554
				1,507,193
		Retail-1.6%
	2,000,000	AutoZone, Inc., 4.750%, 2/1/2033		1,916,804
	1,000,000	Lowe’s Cos., Inc., 4.500%, 4/15/2030		972,838
				2,889,642
		Semiconductors-1.1%
	2,000,000	Intel Corp., 5.200%, 2/10/2033		2,019,987
		Software-0.8%
	500,000	Fiserv, Inc., 5.600%, 3/2/2033		509,138
	1,000,000	Roper Technologies, Inc., 2.950%,
		9/15/2029		884,602
				1,393,740
TOTAL CORPORATE BONDS
(Cost $21,660,334)				21,405,080
U.S. GOVERNMENT AGENCY - COLLATERALIZED
MORTGAGE OBLIGATIONS-20.8%
		Agency Collat CMO-5.8%
	242,654	Series 2003-55, Class 1A3A, 1M US L +
		0.40%, 3/25/2043(1)		240,651
	668,036	Series 2004-W14, Class 1AF, 1M US L +
		0.40%, 7/25/2044(1)		629,036
	641,389	Series 2010-59, Class FL, 1M US L +
		0.50%, 5/20/2040(1)		632,874
	2,679,519	Series 2014-330, Class F4, 1M US L +
		0.35%, 10/15/2037(1)		2,623,055
	2,785,459	Series 2022-76, Class D, 5.500%,
		8/25/2045		2,753,783
	3,637,319	Series 2022-83, Class DA, 6.000%,
		1/25/2048		3,675,568
				10,554,967
		Agency Collat PAC CMO-4.2%
	4,005,967	Series 2020-5020, Class TP, 2.000%,
		10/25/2050		3,239,845
	2,069,508	Series 2020-153, Class GP, 0.500%,
		10/20/2050		1,806,967
	3,645,961	Series 2021-23, Class TE, 1.000%,
		2/20/2051		2,701,598
				7,748,410
		Commercial MBS-4.4%
	2,630,571	Series 2020-177, Class DA, 1.250%,
		6/16/2062		1,769,334

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	Portfolio of Investments
June 30, 2023 (Unaudited)	WesMark Government Bond Fund

Shares/Principal Amount			Value
$5,000,000		Series 2021-181, Class B, 1.900%,
		1/16/2063	$	3,074,074
	5,000,000	Series 2021-203, Class B, 2.000%,
		4/16/2062		3,100,835
				7,944,243
		Federal Home Loan Mortgage Corp.-0.3%
	661,709	Series 2016-4629, Class QG, 2.500%,
		11/15/2046, REMIC		574,581
		Federal National Mortgage Association-1.0%
	760,112	Series 2003-W18, Class 2A, 4.029%,
		6/25/2043, REMIC (1)		728,030
	853,668	Series 2016-90, Class DA, 3.000%,
		8/25/2046, REMIC		744,832
	497,914	Series 2019-74, Class LB, 3.000%,
		10/25/2049		438,448
				1,911,310
		Government National Mortgage		Association-
		0.3%
	589,015	Series 2013-38, Class KA, 1.250%,
		2/20/2042		518,783
		Sovereign-4.8%
	2,000,000	3.730%, 10/22/2032		1,907,338
	2,000,000	1.910%, 5/17/2034		1,570,467
	500,000	4.900%, 6/29/2032		481,022
	3,000,000	3.330%, 7/12/2032		2,789,265
	2,000,000	4.000%, 2/9/2033		1,957,792
				8,705,884
TOTAL U.S. GOVERNMENT AGENCY -
COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $44,762,054)				37,958,178
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED
SECURITIES-37.4%
		Federal Home Loan Mortgage Corp.-0.7%
	1,303,917	Freddie Mac Pool, Pool QA6315, 3.500%, 1/1/2050		1,223,163
		FNMA Collateral-0.9%
	1,951,296	Fannie Mae Pool, Pool MA2711, 3.000%, 8/1/2046		1,727,726

Shares/Principal Amount			Value
		GNMA2 Collateral-4.3%
$	2,893,691	Ginnie Mae II Pool, 4.000%, 8/20/2052	$	2,691,367
	3,381,983	Ginnie Mae II Pool, 5.500%, 11/20/2052		3,338,916
	1,946,309	Ginnie Mae II Pool, 5.500%, 12/20/2052		1,921,524
				7,951,807
		Government National Mortgage Association-
		0.1%
	137,198	Ginnie Mae I Pool, Pool 589693,		132,140
		4.500%, 7/15/2029
		Sovereign-0.3%
	500,000	Federal Home Loan Banks, 5.550%,		490,165
		9/29/2032
		UMBS Collateral-31.1%
	4,695,023	Freddie Mac Pool, 4.000%, 6/1/2052		4,411,479
	4,776,823	Freddie Mac Pool, 4.500%, 10/1/2052		4,596,172
	2,905,579	Freddie Mac Pool, 4.000%, 11/1/2052		2,728,898
	4,854,574	Freddie Mac Pool, 5.000%, 1/1/2053		4,759,640
	4,895,828	Freddie Mac Pool, 5.000%, 2/1/2053		4,800,040
	2,215,676	Fannie Mae Pool, 4.500%, 7/1/2042		2,154,914
	4,601,361	Fannie Mae Pool, 4.500%, 10/1/2042		4,473,922
	4,709,232	Fannie Mae Pool, 4.500%, 11/1/2042		4,578,027
	2,155,181	Fannie Mae Pool, 4.500%, 1/1/2043		2,094,478
	2,815,049	Fannie Mae Pool, 5.500%, 1/1/2043		2,822,132
	4,693,869	Fannie Mae Pool, 4.000%, 6/1/2052		4,410,393
	4,697,066	Fannie Mae Pool, 4.500%, 7/1/2052		4,519,678
	2,830,988	Fannie Mae Pool, 5.500%, 11/1/2052		2,822,888
	2,762,603	Fannie Mae Pool, 6.000%, 11/1/2052		2,788,528
	4,865,048	Fannie Mae Pool, 5.000%, 2/1/2053		4,769,822
				56,731,011
TOTAL U.S. GOVERNMENT AGENCY -
MORTGAGE-BACKED SECURITIES
(Cost $70,663,275)				68,256,012
U.S. TREASURY SECURITIES-15.8%
		Federal Farm Credit Banks Funding Corp.-1.8%
	2,000,000	3.560%, 11/30/2043		1,676,056
	2,000,000	3.330%, 9/5/2045		1,595,873
				3,271,929
		Federal Home Loan Banks-1.1%
	2,000,000	3.700%, 6/22/2035		1,875,482
		Tennessee Valley Authority-0.6%
	1,000,000	5.880%, 4/1/2036		1,135,881

Semi-Annual Report | June 30, 2023 19

Portfolio of Investments
WesMark Government Bond Fund	June 30, 2023 (Unaudited)

Shares/Principal Amount			Value
		U.S. Treasury Bond-6.5%
$	1,000,000	1.125%, 8/15/2040	$	643,789
	2,000,000	1.750%, 8/15/2041		1,406,563
	2,000,000	2.000%, 11/15/2041		1,465,391
	2,000,000	2.375%, 2/15/2042		1,558,047
	3,000,000	2.875%, 5/15/2028		2,831,367
	2,500,000	2.875%, 8/15/2028		2,355,566
	2,000,000	0.625%, 5/15/2030		1,602,734
				11,863,457
		U.S. Treasury Note-5.1%
	2,000,000	1.500%, 2/15/2030		1,713,516
	2,000,000	0.625%, 8/15/2030		1,593,828
	2,000,000	1.625%, 5/15/2031		1,700,156
	2,500,000	2.750%, 5/31/2029		2,328,028
	2,000,000	4.000%, 2/15/2026		1,969,570
				9,305,098
		United States Treasury Strip Coupon-0.7%
	3,000,000	–%, 5/15/2043(2)		1,310,645
TOTAL U.S. TREASURY SECURITIES
(Cost $28,878,901)				28,762,492
TAXABLE MUNICIPAL BONDS-7.1%
		Arkansas-0.7%
		University of Arkansas:
	500,000	3.382%, 9/1/2037		426,681
	1,000,000	3.301%, 11/1/2039		825,250
				1,251,931
		California-1.8%
	500,000	Bonita Unified School District, 2.619%,
		8/1/2035		395,844
	1,000,000	Contra Costa Community College
		District, 2.926%, 8/1/2038		797,853
	500,000	Desert Community College District,
		2.978%, 8/1/2037		399,870
	500,000	Kings Canyon Unified School District,
		3.212%, 8/1/2040		400,329
	500,000	Pasadena Public Financing Authority,
		Build America Revenue Bonds,
		Series B, 6.998%, 3/1/2034		586,115
	910,000	Santa Paula Utility Authority, 2.870%,
		2/1/2034		767,245
				3,347,256

Shares/Principal Amount			Value
		Hawaii-0.5%
$1,000,000		University of Hawaii, 3.850%,
		10/1/2038	$	893,612
		Massachusetts-1.1%
	1,000,000	City of Quincy MA, 2.788%, 12/15/2035		806,902
	1,500,000	Massachusetts School Building
		Authority, 2.950%, 5/15/2043		1,126,247
				1,933,149
		Michigan-0.6%
	1,400,000	Michigan State Building Authority,
		2.705%, 10/15/2040		1,064,131
		New York-0.4%
	700,000	City of New York NY, 5.985%, 12/1/2036		754,302
		Ohio-0.5%
	565,000	Summit County Development Finance
		Authority, 3.201%, 11/15/2036		471,249
	500,000	Warrensville Heights City School
		District, 3.406%, 12/1/2040		406,133
				877,382
		Pennsylvania-0.2%
	550,000	Borough of Columbia PA, 2.540%,
		6/15/2038		415,453
		Texas-0.2%
	500,000	Round Rock Transportation & Economic
		Development Corp., 3.000%,
		8/15/2039		382,484
		Virginia-0.6%
	1,395,000	Virginia Housing Development
		Authority, 3.050%, 8/1/2038		1,088,379
		West Virginia-0.5%
	1,000,000	Wheeling Municipal Building
		Commission, 5.558%, 8/1/2037		952,443
TOTAL TAXABLE MUNICIPAL BONDS
(Cost $15,946,690)				12,960,522

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	Portfolio of Investments
June 30, 2023 (Unaudited)	WesMark Government Bond Fund

Shares/Principal Amount			Value
SHORT TERM INVESTMENTS-3.8%
Mutual Funds-3.8%
	6,906,109	Federated Hermes Government
		Obligations Fund, Premier Class, 7-
		Day Yield 4.670% (at net asset
		value)	$	6,906,109
TOTAL SHORT TERM INVESTMENTS
(Cost $6,906,109)				6,906,109
TOTAL INVESTMENTS-98.7%
(Cost $192,547,075)				179,904,034
OTHER ASSETS AND LIABILITIES-NET(3)-1.3%				2,396,058
NET ASSETS-100.0%			$	182,300,092

Investment Abbreviations:  

LIBOR - London Interbank Offered Rate

Reference Rates:

1D US SOFR - 1 Day SOFR as of June 30, 2023 was 5.08% 1M US L - 1 Month LIBOR as of June 30, 2023 was 5.22%

⁽¹⁾ Floating or variable rate security. The reference rate is   described above. The Rate in effect as of June 30, 2023 is based   on the reference rate plus the displayed spread as of the  security’s last reset date. Certain variable rate securities are not  based on a published reference rate and spread but are  determined by the issuer or agent and are based on current  market conditions. These securities do not indicate a reference  rate and spread in their description above.

⁽²⁾ Is Zero Coupon

⁽³⁾ Assets, other than investments in securities, less liabilities.

Note - The categories of investments are shown as a percentage of   net assets as of June 30, 2023.    

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

Semi-Annual Report | June 30, 2023 21

Portfolio of Investments Summary Table
WesMark West Virginia Municipal Bond Fund	June 30, 2023 (Unaudited)

As of June 30, 2023, the Fund’s Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
NON-TAXABLE MUNICIPAL BONDS		100.7	%
SHORT TERM INVESTMENTS		0.3	%
OTHER ASSETS AND LIABILITIES - NET(2)		-1.0	%
TOTAL NET ASSETS		100.0	%

Years to Maturity of Municipal Bonds	Percentage of Total Net Assets
Less than 1 Year		0.0	%
1-3 Years		4.7	%
3-5 Years		8.6	%
5-10 Years		39.6	%
10 Years or Greater		47.8	%
Short Term Investments		0.3	%
Other Assets and Liabilities - Net(2)		(1.0	)%
TOTAL		100.0	%

S&P Ratings of Municipal Bonds as
Percentage of Total Net Assets(3)
AAA	6.5	%
AA	11.3	%
AA-	4.2	%
A+	8.3	%
A	2.3	%
A-	0.0	%
Not rated by S&P	68.1	%
Short Term Investments	0.3	%
Other Assets and Liabilities - Net(2)	(1.0	)%
TOTAL PORTFOLIO VALUE	100.0	%

Moody’s Ratings of Municipal Bonds as
Percentage of Total Net Assets(3)
Aaa	1.7	%
Aa2	0.3	%
Aa3	6.8	%
A1	17.4	%
A2	4.7	%
Not rated by Moody’s	69.8	%
Short Term Investments	0.3	%
Other Assets and Liabilities - Net(2)	(1.0	)%
TOTAL PORTFOLIO VALUE	100.0	%

(1)	See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.
(2)	Assets, other than investment in securities, less liabilities. See Statement of Assets and Liabilities.
(3)	These tables depict the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s (S&P) and Moody’s Investors Service (Moody’s), each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). These credit-quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “A-” have been included in the “A” rated category. Rated securities that have been prerefunded, but not rated again by the NRSRO, have been included in the “Not rated by…” category.

Rated securities include a security with an obligor and/or credit enhancer that has received a rating from an NRSRO with respect to a class of debt obligations that is comparable in priority and security with the security held by the Fund. Credit-quality ratings are an assessment of the risk that a security will default in payment and do not address other risks presented by the security. Please see the descriptions of credit-quality ratings in the Fund’s Statement of Additional Information. Holdings that are rated only by a different NRSRO than the one identified have been included in the “Not rated by…” category. Of the portfolio’s total investments, 14.4% do not have long-term ratings by either of these NRSROs.

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	Portfolio of Investments
June 30, 2023 (Unaudited)	WesMark West Virginia Municipal Bond Fund

Shares/Principal Amount			Value
NON-TAXABLE MUNICIPAL BONDS-100.7%
		Ohio-1.2%
$1,100,000		Westerville, Ohio, General Obligation
		Limited Bonds, 5.000%, 12/1/2028	$	1,117,627
		Pennsylvania-1.6%
	1,425,000	Borough of Plum PA, 4.000%,
		12/1/2034		1,481,377
		West Virginia-97.9%
	1,000,000	Berkeley County Board of Education,
		4.000%, 6/1/2037		1,029,365
		Berkeley County Building Commission:
	580,000	2.000%, 6/1/2035		452,847
	750,000	2.000%, 6/1/2040		507,803
	400,000	4.000%, 6/1/2040		401,274
	1,500,000	Berkeley County Public Service Sewer
		District, 4.500%, 10/1/2032		1,504,576
		Berkeley County, West Virginia, Public
		Service District Revenue Bonds:
	370,000	Series C, 3.000%, 12/1/2029		365,834
	450,000	Series C, 3.400%, 12/1/2034		440,561
	585,000	Series D, 3.000%, 12/1/2025		579,970
	380,000	Berkeley County, West Virginia, Public
		Service District Water Revenue
		Bonds, Series A, 4.500%,
		12/1/2033		381,673
		Berkeley County, West Virginia, Public
		Service Sewer District Revenue
		Bonds:
	275,000	5.000%, 6/1/2027		288,602
	950,000	5.000%, 6/1/2028		998,608
	655,000	5.000%, 6/1/2029		687,398
	620,000	Series A, 5.300%, 3/1/2029		621,331
	950,000	Brooke County Building Commission,
		3.000%, 12/1/2036		863,065
	965,000	Brooke County, West Virginia, Board of
		Education General Obligation
		Unlimited Bonds, 3.000%,
		6/1/2027		949,409
	2,000,000	Cabell County Board of Education,
		2.000%, 6/1/2033		1,705,115
	265,000	City of Buckhannon, West Virginia,
		Commercial Development Revenue
		Bonds, Series A, 3.700%,
		12/1/2028		246,704

Shares/Principal Amount			Value
$595,000		City of Buckhannon, West Virginia,
		Waterworks Revenue Bonds, Series
		A, 4.000%, 3/1/2029	$	594,931
		City of Charles Town WV Waterworks &
		Sewerage System Revenue:
	400,000	2.250%, 6/1/2035		327,714
	315,000	3.000%, 6/1/2041		264,442
		City of Charles Town, West Virginia,
		Waterworks & Sewage System
		Revenue Bonds:
	620,000	Series A, 4.000%, 3/1/2029		635,012
	310,000	Series B, 4.000%, 6/1/2031		317,845
		City of Charleston, West Virginia,
		Sewage System Revenue Bonds:
	310,000	4.000%, 7/1/2031		318,113
	275,000	4.000%, 7/1/2032		282,017
	300,000	City of Clarksburg WV Water Revenue,
		2.000%, 6/1/2034		243,383
	300,000	City of Huntington, West Virginia,
		Sewerage System Revenue Bonds,
		3.000%, 11/1/2028		296,481
	490,000	City of Martinsburg, West Virginia,
		Combined Waterworks &
		Sewerage System Revenue Bonds,
		Series A, 3.500%, 9/1/2027		490,007
		City of Saint Albans, West Virginia,
		Combined Waterworks &
		Sewerage System Revenue Bonds:
	170,000	Series A, 4.250%, 6/1/2026		170,006
	600,000	Series B, 4.000%, 12/1/2027		599,064
		City of Wheeling WV Waterworks &
		Sewerage System Revenue:
	500,000	4.000%, 6/1/2035		521,803
	500,000	4.000%, 6/1/2036		515,676
		Claywood Park Public Service District
		WV Water Revenue:
	950,000	3.000%, 11/1/2036		856,886
	680,000	3.000%, 11/1/2041		558,474
		Claywood Park Public Service District,
		West Virginia, Water Revenue
		Bonds:
	110,000	Series C, 3.200%, 11/1/2029		107,792
	225,000	Series C, 3.400%, 11/1/2031		219,757
	380,000	Corporation of Shepherdstown, West
		Virginia, Water Revenue Bonds,
		3.300%, 3/1/2032		368,446

Semi-Annual Report | June 30, 2023 23

Portfolio of Investments
WesMark West Virginia Municipal Bond Fund	June 30, 2023 (Unaudited)

Shares/Principal Amount			Value
		Fayette County Board of Education:
$	545,000	2.250%, 10/1/2030	$	488,705
	500,000	2.000%, 10/1/2031		431,441
	640,000	2.250%, 10/1/2032		554,525
	565,000	2.500%, 10/1/2033		496,515
	750,000	Greenbrier County Public Service, Series
		A, 5.000%, 10/1/2037		812,696
		Hampshire County, West Virginia,
		Building Commission Revenue
		Bonds:
	355,000	Series A, 3.000%, 1/1/2029		332,460
	380,000	Series A, 3.000%, 1/1/2031		349,707
	1,660,000	Series A, 4.250%, 1/1/2035		1,664,590
	2,265,000	Hancock, WV, 3.250%, 5/1/2036(1)(2)		2,167,414
	1,000,000	Harrison County Building Commission,
		3.500%, 10/1/2035		899,830
	3,000,000	Jefferson County Board of Education,
		2.000%, 6/1/2036		2,333,352
	850,000	Lewis County Building Commission,
		4.750%, 2/1/2038		836,801
	1,910,000	Mason County Public Service District
		Water Revenue, 3.000%,
		12/1/2036		1,747,183
	2,320,000	Monongalia County Building
		Commission, 2.000%, 2/1/2034		1,949,424
		Morgantown Utility Board, Inc.:
	500,000	3.250%, 12/1/2032		494,340
	500,000	4.000%, 12/1/2034		528,574
	1,500,000	3.000%, 12/1/2040		1,290,581
	1,430,000	Morgantown, West Virginia, Combined
		Utility System Revenue Bonds,
		Series A, 3.500%, 12/1/2035		1,416,284
	200,000	Morgantown, West Virginia, Combined
		Utility System Revenue Bonds,
		Series A, 3.750%, 10/1/2032		200,029
		Morgantown, West Virginia, Utility
		Board Revenue Bonds:
	1,000,000	Series A, 3.000%, 12/1/2028		994,706
	1,000,000	Series A, 4.000%, 12/1/2029		1,029,133
	1,210,000	Series A, 4.000%, 12/1/2030		1,242,025
	1,000,000	Series A, 4.000%, 12/1/2031		1,022,259
	1,030,000	Moundsville Building Commission,
		4.000%, 8/1/2037		1,009,326
		Ohio County Board of Education:
	3,000,000	3.000%, 6/1/2033		2,876,085
	635,000	3.000%, 6/1/2034		601,969

Shares/Principal Amount			Value
$500,000		Putnam County Building Commission,
		4.000%, 5/1/2037	$	503,188
		Putnam Public Service District:
	1,000,000	4.000%, 12/1/2039		939,492
	1,150,000	3.000%, 11/1/2040		994,101
	1,000,000	3.000%, 4/1/2041		853,680
	1,000,000	3.000%, 6/1/2041		853,766
	1,000,000	3.625%, 12/1/2045		842,897
	1,000,000	Raleigh County Public Service District,
		3.000%, 6/1/2037		897,645
	960,000	Salem, West Virginia Sewer Revenue
		Bonds, Series A, 4.000%,
		12/1/2032		960,457
		State of West Virginia:
	500,000	5.000%, 6/1/2033		548,538
	500,000	5.000%, 6/1/2035		544,598
	1,000,000	5.000%, 12/1/2040		1,068,565
	795,000	Wayne County, West Virginia, Board of
		Education General Obligation
		Unlimited Bonds, 3.000%,
		6/1/2026		791,743
	500,000	West Virginia Commissioner Of
		Highways Special Obligation
		Surface Transportation
		Improvements Bonds, Series A,
		5.000%, 9/1/2029		538,183
	670,000	West Virginia Economic Development
		Authority Lease Revenue Bonds
		(Clarksburg Office Building),
		3.500%, 6/1/2030		673,340
	1,650,000	West Virginia Economic Development
		Authority Lease Revenue Bonds
		(State Office Building & Parking
		Lot), Series A, 4.750%, 8/1/2029		1,651,898
		West Virginia Economic Development
		Authority Lease Revenue Bonds
		(State Office Building):
	1,525,000	Series A, 5.000%, 6/1/2025		1,526,828
	435,000	Series B, 3.750%, 10/1/2026		435,146
	310,000	Series C, 3.500%, 6/1/2030		311,545
	600,000	Series D, 3.250%, 6/1/2028		602,347
	355,000	Series D, 3.500%, 6/1/2030		356,770
	1,000,000	West Virginia Economic Development
		Authority Lottery Revenue Bonds,
		Series A, 5.000%, 7/1/2032		1,078,199
	100,000	West Virginia Higher Education Policy
		Commission, 4.000%, 4/1/2034		100,012

24 www.wesmarkfunds.com

	Portfolio of Investments
June 30, 2023 (Unaudited)	WesMark West Virginia Municipal Bond Fund

Shares/Principal Amount			Value
		West Virginia Higher Education Policy
		Commission Revenue Bonds
		(Higher Education Facilities):
$	1,730,000	5.000%, 7/1/2034	$	1,842,843
	385,000	Series B, 3.500%, 4/1/2026		385,124
	400,000	Series B, 3.600%, 4/1/2027		399,421
	1,000,000	West Virginia Hospital Finance
		Authority Revenue Bonds (ARCs
		Improvement), Series D, 4.000%,
		6/1/2029		1,017,365
	585,000	West Virginia Hospital Finance
		Authority Revenue Bonds (West
		Virginia University Health System),
		Series A, 3.375%, 6/1/2029		580,285
		West Virginia Housing Development
		Fund:
	1,100,000	3.450%, 11/1/2030		1,096,088
	500,000	2.000%, 11/1/2032		433,315
	1,500,000	3.700%, 11/1/2032		1,525,935
	375,000	3.800%, 5/1/2034		376,872
	500,000	3.375%, 11/1/2034		493,012
	370,000	3.850%, 11/1/2034		371,839
	800,000	2.050%, 11/1/2035		657,517
	575,000	3.800%, 11/1/2037		558,351
	1,500,000	4.150%, 11/1/2038		1,480,464
	1,000,000	4.150%, 11/1/2038		995,889
	500,000	4.450%, 11/1/2043		500,682
		West Virginia School Building Authority
		Lottery Revenue Capital
		Improvement Bonds:
	515,000	Series A, 5.000%, 7/1/2026		517,023
	535,000	Series A, 5.000%, 7/1/2027		537,146
	300,000	West Virginia State Bonds, Series A,
		3.250%, 6/1/2033		297,742
	500,000	West Virginia State Economic
		Development Authority Lottery
		Revenue Bonds, 3.000%,
		6/15/2031		492,265
	500,000	West Virginia State Hospital Finance
		Authority Refunding West Virginia
		United Health System, Series A,
		4.000%, 6/1/2034		502,586
	500,000	West Virginia State Housing
		Development Fund Revenue
		Bonds, Series A, 3.450%,
		11/1/2033		494,353

Shares/Principal Amount			Value
$770,000		West Virginia State University Revenues
		Revenue Bonds, Series A, 5.250%,
		4/1/2028	$	804,389
	1,000,000	West Virginia University, 4.000%,
		10/1/2037		1,016,389
	500,000	West Virginia Water Development
		Authority, 4.000%, 10/1/2041		491,446
	500,000	West Virginia Water Development
		Authority Infrastructure Revenue
		Bonds, Series A, 5.000%,
		10/1/2032		524,805
	2,605,000	West Virginia Water Development
		Authority Infrastructure Revenue
		Bonds (West Virginia Infrastructure
		Jobs Program), Series A, 5.000%,
		10/1/2029		2,748,983
	250,000	West Virginia Water Development
		Authority Revenue Bonds (Loan
		Program I), Series B-I, 4.000%,
		11/1/2024		250,150
		West Virginia Water Development
		Authority Revenue Bonds (Loan
		Program II):
	650,000	Series A-II, 5.000%, 11/1/2026		691,467
	800,000	Series A-II, 3.000%, 11/1/2027		793,705
	300,000	Series A-II, 3.125%, 11/1/2028		299,941
	725,000	Series B-II, 4.000%, 11/1/2025		725,403
	250,000	West Virginia Water Development
		Authority Revenue Bonds (Loan
		Program IV), Series A-IV, 5.000%,
		11/1/2033		271,688
	500,000	West Virginia, State Parkways Authority
		Senior Turnpike Toll Revenue
		Bonds, 5.000%, 6/1/2033		547,818
	1,000,000	Wood County, West Virginia, Board of
		Education Public School General
		Obligation Unlimited Bonds,
		3.000%, 6/1/2029		1,001,735
	860,000	Wood County, West Virginia, Building
		Commission Lease Revenue Bonds,
		4.000%, 1/1/2032		790,446
				91,069,358
TOTAL NON -TAXABLE MUNICIPAL BONDS
(Cost $99,368,647)				93,668,362

Semi-Annual Report | June 30, 2023 25

Portfolio of Investments
WesMark West Virginia Municipal Bond Fund	June 30, 2023 (Unaudited)

Shares/Principal Amount			Value
SHORT TERM INVESTMENTS-0.3%
Mutual Funds-0.3%
	302,176	Federated Hermes Government
		Obligations Fund, Premier Class, 7-
		Day Yield 4.670% (at net asset
		value)	$	302,176
TOTAL SHORT TERM INVESTMENTS
(Cost $302,176)				302,176
TOTAL INVESTMENTS-101.0%
(Cost $99,670,823)				93,970,538
OTHER ASSETS AND LIABILITIES-NET(3)-(1.0)%				(974,627	)
NET ASSETS-100.0%			$	92,995,911

⁽¹⁾ Floating or variable rate security. The reference rate is described above. The Rate in effect as of June 30, 2023 is based on the reference rate plus the displayed spread as of the security’s last reset date.

⁽²⁾ Security exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023, these securities amounted to a value of $2,167,414  or 2.30% of net assets. These Securities have been determined to be liquid pursuant to procedures adopted by the board.

⁽³⁾ Assets, other than investments in securities, less liabilities.

Note
  -
  The categories of investments are shown as a percentage of net assets as of June 30, 2023.

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

26 www.wesmarkfunds.com

	Portfolio of Investments Summary Table
June 30, 2023 (Unaudited)	WesMark Tactical Opportunity Fund

As of June 30, 2023, the Fund’s Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
EXCHANGE TRADED FUNDS (ETF)		92.2	%
SHORT TERM INVESTMENTS(2)		7.2	%
OTHER ASSETS AND LIABILITIES - NET(3)		0.6	%
TOTAL NET ASSETS		100.0	%

As of June 30, 2023, the Fund’s Category composition⁽⁴⁾ was as follows:

Category Composition	Percentage of Total Net Assets
Broad Domestic Fixed Income		45.5	%
Commodities		11.1	%
U.S. Value Company Focused Equity		10.3	%
U.S. Sector Focused Equity		9.9	%
Broad Domestic Equity		8.6	%
U.S. Small and Mid Cap Equity		4.8	%
International (ex. U.S.) Equity		2.0	%
ETF Portfolio Sub-Total		92.2	%
Short Term Investments(2)		7.2	%
Other Assets and Liabilities - Net(3)		0.6	%
Total Net Assets		100.0	%

(1)	See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.
(2)	Short Term Investments include investment in a money market mutual fund.
(3)	Assets, other than investments in securities, less liabilities.
(4)	Securities are assigned to a category classification by the Fund’s advisor.

Semi-Annual Report | June 30, 2023 27

Portfolio of Investments
WesMark Tactical Opportunity Fund	June 30, 2023 (Unaudited)

Shares/Principal Amount			Value
EXCHANGE TRADED FUNDS-92.2%
BROAD DOMESTIC EQUITY-8.6%
	8,252	SPDR S&P 500® ETF Trust	$	3,657,947
TOTAL BROAD DOMESTIC EQUITY				3,657,947
BROAD DOMESTIC FIXED INCOME-45.5%
	36,265	iShares® 1-3 Year Treasury Bond ETF		2,940,366
	46,931	iShares® iBoxx $ Investment Grade Corporate Bond ETF		5,075,118
	27,601	iShares® iBoxx High Yield Corporate Bond ETF		2,072,007
	19,370	iShares® TIPS Bond ETF		2,084,600
	50,145	iShares® Trust iShares® 1-5 Year Investment Grade Corporate Bond ETF		2,515,775
	47,093	iShares® Core U.S. Aggregate Bond ETF		4,612,759
TOTAL BROAD DOMESTIC FIXED INCOME				19,300,625
COMMODITIES-11.1%
	114,537	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		1,558,276
	17,726	SPDR® Gold Shares(1)		3,160,014
TOTAL COMMODITIES				4,718,290
INTERNATIONAL (EX. U.S.) EQUITY-2.0%
	16,946	iShares® MSCI ACWI ex US ETF		834,082
TOTAL INTERNATIONAL (EX. U.S.) EQUITY				834,082
U.S. SECTOR FOCUSED EQUITY-9.9%
	14,252	Consumer Staples Select Sector SPDR® Fund		1,057,071
	7,906	Health Care Select Sector SPDR® Fund		1,049,363
	10,326	Industrial Select Sector SPDR® Fund		1,108,186
	15,306	Utilities Select Sector SPDR® Fund		1,001,625
TOTAL U.S. SECTOR FOCUSED EQUITY				4,216,245
U.S. SMALL AND MID CAP EQUITY-4.8%
	10,893	iShares® Russell 2000® ETF		2,039,932

Shares/Principal Amount			Value
TOTAL U.S. SMALL AND MID CAP EQUITY			$	2,039,932
	U.S. VALUE COMPANY FOCUSED EQUITY-10.3%
		42,341 Vanguard® Mega Cap Value ETF		4,393,302
	TOTAL U.S. VALUE COMPANY FOCUSED EQUITY			4,393,302
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $36,482,368)			39,160,423
	SHORT TERM INVESTMENTS-7.2%
		Mutual Funds-7.2%
	3,045,019	Federated Hermes Government
		Obligations Fund, Premier Class, 7-
		Day Yield 4.670% (at net asset
		value)		3,045,019
	TOTAL SHORT TERM INVESTMENTS
	(Cost $3,045,019)			3,045,019
	TOTAL INVESTMENTS-99.4%
	(Cost $39,527,387)			42,205,442
	OTHER ASSETS AND LIABILITIES-NET(2)-0.6%			261,424
	NET ASSETS-100.0%		$	42,466,866

(1)	Non-income producing security.
(2)	Assets, other than investments in securities, less liabilities.

Note -	The categories of investments are shown as a percentage of
	net assets as of June 30, 2023.
Investment Abbreviations:
SPDR - Standard and Poor’s Depository Receipt
See Notes to Financial Statements which are an integral part of the Financial Statements.

28 www.wesmarkfunds.com

	Statements of Assets and Liabilities
June 30, 2023 (Unaudited)

	WesMark Small Company Fund		WesMark Large Company Fund		WesMark Balanced Fund		WesMark Government Bond Fund			WesMark West Virginia Municipal Bond Fund			WesMark Tactical Opportunity Fund
ASSETS:
Investments in securities, at value
(cost - see below)	$	102,067,683	$	311,708,635	$	100,254,820	$	179,904,034		$	93,970,538		$	42,205,442
Cash		33,745		120,512		20,645		–			–			–
RECEIVABLE FOR:
Dividends and interest		98,425		193,235		346,602		1,097,426			672,887			25,791
Investments sold		–		–		20,548		–			–			–
Fund shares sold		167,233		367,107		1,037,134		2,061,266			51,020			348,287
Prepaid expenses		1,308		12,231		11,487		12,133			8,942			15,612
Total Assets		102,368,394		312,401,720		101,691,236		183,074,859			94,703,387			42,595,132
LIABILITIES:
PAYABLE FOR:
Investments purchased		364,403		–		1,716,872		–			1,500,000			–
Fund shares redeemed		598,543		3,600,780		202,260		146,006			10			82,475
Income distribution payable		–		–		–		506,426			115,694			–
Investment advisory fees		32		34		4		–			–			–
Fund Accounting and Administration fees		24,055		31,784		42,685		89,472			75,757			18,729
Audit, Tax, and Legal expenses		18,586		19,237		18,586		18,586			5,852			18,584
Shareholder services fee (Note 5)		694		6,016		1,371		2,806			713			614
Transfer agency expenses		7,166		12,688		8,849		7,990			5,651			4,280
Registration expenses		1,791		–		–		–			–			–
Printing and Postage expenses		2,793		2,507		2,819		2,554			3,024			2,834
Trustees’ fees and expenses		371		175		582		645			493			468
Chief compliance officer fees		282		282		282		282			282			282
Total Liabilities		1,018,716		3,673,503		1,994,310		774,767			1,707,476			128,266
Net Assets	$	101,349,678	$	308,728,217	$	99,696,926	$	182,300,092		$	92,995,911		$	42,466,866
NET ASSETS CONSIST OF:
Paid-in capital	$	67,095,583	$	121,871,379	$	72,176,307	$	231,825,435		$	98,685,060		$	41,590,968
Total distributable earnings		34,254,095		186,856,838		27,520,619		(49,525,343	)		(5,689,149	)		875,898
Net Assets	$	101,349,678	$	308,728,217	$	99,696,926	$	182,300,092		$	92,995,911		$	42,466,866
Shares Outstanding, No Par Value, Unlimited Shares Authorized		8,134,309		14,468,562		7,579,393		23,132,825			9,594,824			4,001,315
Net asset value, offering price & redemption price per share	$	12.46	$	21.34	$	13.15	$	7.88		$	9.69		$	10.61
Investments, at identified cost	$	74,410,701	$	143,671,059	$	75,887,302	$	192,547,075		$	99,670,823		$	39,527,387

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

Semi-Annual Report | June 30, 2023 29

Statements of Operations
	For the Six Months Ended June 30, 2023 (Unaudited)

	WesMark Small Company Fund			WesMark Large Company Fund		WesMark Balanced Fund			WesMark Government Bond Fund			WesMark West Virginia Municipal Bond Fund			WesMark Tactical Opportunity Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes*	$	612,990		$	2,220,601	$	888,872		$	53,617		$	–		$	429,871
Interest		189,376			300,371		640,498			3,756,505			1,454,234			40,575
Total Investment Income		802,366			2,520,972		1,529,370			3,810,122			1,454,234			470,446
EXPENSES:
Investment adviser fee (Note 5)		364,634			1,106,857		367,423			551,632			282,974			154,986
Fund Accounting and
Administration fees (Note 5)		56,554			108,269		61,213			94,124			67,817			41,860
Custodian fees (Note 5)		9,860			19,262		8,118			14,890			8,025			6,070
Transfer agency expenses (Note
5)		14,651			23,933		18,004			15,052			11,383			9,441
Trustees’ fees and expenses
(Note 8)		12,933			23,089		13,265			17,986			13,006			10,091
Audit and tax expenses		10,599			10,278		10,599			10,599			10,599			10,596
Chief compliance officer fees		69			69		69			69			69			69
Legal expenses		7,064			7,064		7,064			7,064			10,147			7,064
Shareholder services fee (Note 5)		101,658			310,827		102,875			192,958			99,445			43,688
Registration expenses		5,367			3,371		4,960			5,069			2,245			3,710
Printing and Postage expenses		2,367			2,575		2,389			2,414			2,400			2,251
Insurance premiums		2,570			8,147		2,682			5,282			2,567			1,102
Miscellaneous fees		2,025			6,239		1,967			3,708			1,821			809
Net Expenses		590,351			1,629,980		600,628			920,847			512,498			291,737
Net Investment Income		212,015			890,992		928,742			2,889,275			941,736			178,709
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on
investments		6,309,703			18,997,782		2,527,422			(19,901,823	)		(10,681	)		(68,880	)
Net change in unrealized appreciation (depreciation) of investments		(256,155	)		13,975,723		(2,339,165	)		17,380,139			228,051			1,056,259
Net realized and unrealized gain
(loss) on investments		6,053,548			32,973,505		188,257			(2,521,684	)		217,370			987,379
Net Increase in Net Assets
Resulting from Operations	$	6,265,563		$	33,864,497	$	1,116,999		$	367,591		$	1,159,106		$	1,166,088
*Foreign tax withholding	$	–		$	13,780	$	–		$	–		$	–		$	–

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

30 www.wesmarkfunds.com

Statements of Changes in Net Assets

	WesMark Small Company Fund						WesMark Large Company Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	212,015		$	(45,024	)	$	890,992		$	1,093,149
Net realized gain		6,309,703			1,351,070			18,997,782			25,054,442
Net change in unrealized appreciation (depreciation)		(256,155	)		(25,939,505	)		13,975,723			(111,212,475	)
Net increase (decrease) in net assets resulting from
operations		6,265,563			(24,633,459	)		33,864,497			(85,064,884	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)
From distributable earnings		(201,479	)		(5,747,960	)		(894,783	)		(34,280,806	)
From tax return of capital		–			–			–			(206,360	)
Decrease in net assets from distributions to shareholders		(201,479	)		(5,747,960	)		(894,783	)		(34,487,166	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)
Proceeds from sale of shares		5,534,013			14,506,618			4,923,160			26,967,402
Shares issued in reinvestment of distributions		42,597			1,264,805			260,971			9,666,123
Cost of shares redeemed		(5,217,141	)		(10,200,963	)		(18,054,464	)		(31,225,912	)
Net increase (decrease) resulting from beneficial interest transactions		359,469			5,570,460			(12,870,333	)		5,407,613
Net Increase (Decrease) in Net Assets		6,423,553			(24,810,959	)		20,099,381			(114,144,437	)
NET ASSETS:
Beginning of Period		94,926,125			119,737,084			288,628,836			402,773,273
End of Period	$	101,349,678		$	94,926,125		$	308,728,217		$	288,628,836

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

Semi-Annual Report | June 30, 2023 31

Statements of Changes in Net Assets

	WesMark Balanced Fund						WesMark Government Bond Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	928,742		$	1,472,965		$	2,889,275		$	3,203,653
Net realized gain (loss)		2,527,422			948,209			(19,901,823	)		(13,548,640	)
Net change in unrealized appreciation (depreciation)		(2,339,165	)		(10,951,819	)		17,380,139			(30,213,726	)
Net increase (decrease) in net assets resulting from operations		1,116,999			(8,530,645	)		367,591			(40,558,713	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)
From distributable earnings		(938,537	)		(3,806,929	)		(2,935,221	)		(3,641,903	)
Decrease in net assets from distributions to shareholders		(938,537	)		(3,806,929	)		(2,935,221	)		(3,641,903	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)
Proceeds from sale of shares		4,837,981			6,615,483			9,676,980			20,202,558
Shares issued in reinvestment of distributions		162,743			663,944			225,541			295,564
Cost of shares redeemed		(4,952,475	)		(17,324,069	)		(12,535,865	)		(31,529,222	)
Net increase (decrease) resulting from beneficial interest transactions		48,249			(10,044,643	)		(2,633,344	)		(11,031,100	)
Net Increase (Decrease) in Net Assets		226,711			(22,382,216	)		(5,200,974	)		(55,231,716	)
NET ASSETS:
Beginning of Period		99,470,215			121,852,431			187,501,066			242,732,782
End of Period	$	99,696,926		$	99,470,215		$	182,300,092		$	187,501,066

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

32 www.wesmarkfunds.com

Statements of Changes in Net Assets

	WesMark West Virginia Municipal Bond Fund						WesMark Tactical Opportunity Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	941,736		$	1,855,445		$	178,709		$	573,986
Net realized gain (loss)		(10,681	)		18,884			(68,880	)		(1,782,542	)
Net change in unrealized appreciation (depreciation)		228,051			(10,726,622	)		1,056,259			(4,801,450	)
Net increase (decrease) in net assets resulting from operations		1,159,106			(8,852,293	)		1,166,088			(6,010,006	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)
From distributable earnings		(920,433	)		(1,873,967	)		(215,190	)		(1,148,896	)
Decrease in net assets from distributions to shareholders		(920,433	)		(1,873,967	)		(215,190	)		(1,148,896	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)
Proceeds from sale of shares		1,643,877			4,643,330			2,495,369			4,455,499
Shares issued in reinvestment of distributions		117,913			254,666			2,684			15,188
Cost of shares redeemed		(4,601,807	)		(13,272,479	)		(2,114,277	)		(4,158,682	)
Net increase (decrease) resulting from beneficial interest transactions		(2,840,017	)		(8,374,483	)		383,776			312,005
Net Increase (Decrease) in Net Assets		(2,601,344	)		(19,100,743	)		1,334,674			(6,846,897	)
NET ASSETS:
Beginning of Period		95,597,255			114,697,998			41,132,192			47,979,089
End of Period	$	92,995,911		$	95,597,255		$	42,466,866		$	41,132,192

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

Semi-Annual Report | June 30, 2023 33

Financial Highlights

WesMark Small Company Fund

	For the Six Months Ended June 30, 2023(Unaudited)			For the Year Ended December 31,2022			For the Year Ended December 31,2021			For the Year Ended December 31,2020			For the Year Ended December 31,2019			For the Year Ended December 31,2018
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year	$	11.71		$	15.66		$	16.12		$	12.79		$	10.63		$	13.90
Income (Loss) from Investment Operations:
Net Investment Income (Loss)		0.03			(0.00	)(1)		(0.07	)		(1.36	)		(0.05	)		(0.05	)
Net Realized and Unrealized Gain (Loss) on Investments		0.74			(3.22	)		3.64			6.01			2.21			(1.89	)
Total from Investment Operations		0.77			(3.22	)		3.57			4.65			2.16			(1.94	)
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income		(0.02	)		–			–			–			–			–
From Net Realized Gain on Investments		–			(0.73	)		(4.03	)		(1.32	)		–			(1.33	)
Total Distributions		(0.02	)		(0.73	)		(4.03	)		(1.32	)		–			(1.33	)
Net Asset Value, End of Period	$	12.46		$	11.71		$	15.66		$	16.12		$	12.79		$	10.63
Total Return		6.62	%(2)		(20.56	)%		23.23	%		36.61	%		20.32	%		(13.72	)%
RATIOS TO AVERAGE NET ASSETS
Net Expenses		1.21	%(3)		1.24	%		1.23	%		1.27	%		1.26	%		1.25	%
Net Investment Income/(Loss)		0.44	%(3)		(0.04	)%		(0.47	)%		(0.37	)%		(0.46	)%		(0.43	)%
Net Assets Value End of Period (000 omitted)	$	101,350		$	94,926		$	119,737		$	116,105		$	96,185		$	81,439
Portfolio Turnover Rate		26	%(4)		52	%		42	%		52	%		50	%		88	%

(1)	Less than $0.005 per share.
(2)	Total return not annualized for periods less than one full year.
(3)	Ratios for periods of less than a year are annualized.
(4)	Not Annualized.

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

34 www.wesmarkfunds.com

Financial Highlights

WesMark Large Company Fund

	For the Six Months Ended June 30, 2023(Unaudited)			For the Year Ended December 31,2022			For the Year Ended December 31,2021			For the Year Ended December 31,2020			For the Year Ended December 31,2019			For the Year Ended December 31,2018
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year	$	19.12		$	27.41		$	23.41		$	19.95		$	16.80		$	20.00
Income (Loss) from Investment Operations:
Net Investment Income(Loss)		0.06			0.09			(0.02	)		(1.66	)		0.04			0.04
Net Realized and Unrealized Gain (Loss) on Investments		2.22			(5.93	)		6.08			6.89			4.40			(1.32	)
Total from Investment Operations		2.28			(5.84	)		6.06			5.23			4.44			(1.28	)
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income		(0.06	)		(0.09	)		(0.00	)(1)		(0.02	)		(0.04	)		(0.04	)
From Net Realized Gain on Investments		–			(2.35	)		(2.06	)		(1.75	)		(1.25	)		(1.88	)
From Tax Return of Capital		–			(0.01	)		–			–			–			–
Total Distributions		(0.06	)		(2.45	)		(2.06	)		(1.77	)		(1.29	)		(1.92	)
Net Asset Value, End of Period	$	21.34		$	19.12		$	27.41		$	23.41		$	19.95		$	16.80
Total Return		11.95	%(2)		(21.42	)%		26.06	%		26.31	%		26.53	%		(6.19	)%
RATIOS TO AVERAGE NET ASSETS
Net Expenses		1.10	%(3)		1.13	%		1.12	%		1.14	%		1.14	%		1.13	%
Net Investment Income/(Loss)		0.60	%(3)		0.33	%		(0.09	)%		0.07	%		0.23	%		0.19	%
Net Assets Value End of Period
(000 omitted)	$	308,728		$	288,629		$	402,773		$	364,086		$	331,238		$	287,441
Portfolio Turnover Rate		14	%(4)		34	%		14	%		27	%		55	%		37	%

(1)	Less than $0.005 per share.
(2)	Total return not annualized for periods less than one full year.
(3)	Ratios for periods of less than a year are annualized.
(4)	Not Annualized.

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

Semi-Annual Report | June 30, 2023 35

Financial Highlights

WesMark Balanced Fund

	For the Six Months Ended June 30, 2023(Unaudited)			For the Year Ended December 31,2022			For the Year Ended December 31,2021			For the Year Ended December 31,2020			For the Year Ended December 31,2019			For the Year Ended December 31,2018
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year	$	13.13		$	14.68		$	13.45		$	13.31		$	11.77		$	13.05
Income (Loss) from Investment Operations:
Net Investment Income(Loss)		0.12			0.19			0.16			(0.08	)		0.23			0.23
Net Realized and Unrealized Gain (Loss) on Investments		0.02			(1.24	)		1.96			0.72			2.14			(0.82	)
Total from Investment Operations		0.14			(1.05	)		2.12			0.64			2.37			(0.59	)
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income		(0.12	)		(0.22	)		(0.17	)		(0.22	)		(0.23	)		(0.23	)
From Net Realized Gain on Investments		–			(0.28	)		(0.72	)		(0.28	)		(0.60	)		(0.46	)
From Tax Return of Capital		–			–			–			–			–			–
Total Distributions		(0.12	)		(0.50	)		(0.89	)		(0.50	)		(0.83	)		(0.69	)
Net Asset Value, End of Period	$	13.15		$	13.13		$	14.68		$	13.45		$	13.31		$	11.77
Total Return		1.10	%(1)		(7.19	)%		15.85	%		5.05	%		20.30	%		(4.58	)%
RATIOS TO AVERAGE NET ASSETS
Net Expenses		1.23	%(2)		1.24	%		1.25	%		1.27	%		1.25	%		1.24	%
Net Investment Income		1.89	%(2)		1.36	%		1.03	%		1.66	%		1.74	%		1.69	%
Net Assets Value End of Period (000 omitted)	$	99,697		$	99,470		$	121,852		$	114,766		$	112,171		$	101,893
Portfolio Turnover Rate		12	%(3)		18	%		23	%		29	%		31	%		35	%

(1)	Total return not annualized for periods less than one full year.
(2)	Ratios for periods of less than a year are annualized.
(3)	Not Annualized.

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

36 www.wesmarkfunds.com

Financial Highlights

WesMark Government Bond Fund

	For the Six Months Ended June 30, 2023(Unaudited)			For the Year Ended December 31,2022			For the Year Ended December 31,2021			For the Year Ended December 31,2020			For the Year Ended December 31,2019			For the Year Ended December 31,2018
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year	$	7.99		$	9.81		$	10.08		$	9.93		$	9.68		$	9.77
Income (Loss) from Investment Operations:
Net Investment Income		0.12			0.13			0.07			0.11			0.19			0.17
Net Realized and Unrealized Gain (Loss) on Investments		(0.10	)		(1.80	)		(0.21	)		0.23			0.27			(0.06	)
Total from Investment Operations		0.02			(1.67	)		(0.14	)		0.34			0.46			0.11
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income		(0.13	)		(0.15	)		(0.13	)		(0.19	)		(0.21	)		(0.20	)
Total Distributions		(0.13	)		(0.15	)		(0.13	)		(0.19	)		(0.21	)		(0.20	)
Net Asset Value, End of Period	$	7.88		$	7.99		$	9.81		$	10.08		$	9.93		$	9.68
Total Return		0.20	%(1)		(17.11	)%		(1.35	)%		3.46	%		4.75	%		1.15	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses		1.00	%(2)		1.01	%		1.02	%		1.03	%		1.01	%		1.01	%
Net Investment Income		3.14	%(2)		1.51	%		0.72	%		1.09	%		1.72	%		1.81	%
Net Assets Value End of Period (000 omitted)	$	182,300		$	187,501		$	242,733		$	232,565		$	231,959		$	230,250
Portfolio Turnover Rate		60	%(3)		56	%		40	%		51	%		37	%		17	%

(1)	Total return not annualized for periods less than one full year.
(2)	Ratios for periods of less than a year are annualized.
(3)	Not Annualized.

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

Semi-Annual Report | June 30, 2023 37

Financial Highlights

WesMark West Virginia Municipal Bond Fund

	For the Six Months Ended June 30, 2023(Unaudited)			For the Year Ended December 31,2022			For the Year Ended December 31,2021			For the Year Ended December 31,2020			For the Year Ended December 31,2019			For the Year Ended December 31,2018
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year	$	9.67		$	10.69		$	10.84		$	10.67		$	10.38		$	10.54
Income (Loss) from Investment Operations:
Net Investment Income		0.09			0.18			0.17			0.18			0.20			0.21
Net Realized and Unrealized Gain (Loss) on Investments		0.02			(1.02	)		(0.13	)		0.18			0.30			(0.16	)
Total from Investment Operations		0.11			(0.84	)		0.04			0.36			0.50			0.05
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income		(0.09	)		(0.18	)		(0.17	)		(0.19	)		(0.21	)		(0.21	)
From Net Realized Gain on Investments		–			(0.00	)(1)		(0.02	)		(0.00	)(1)		(0.00	)(1)		–
Total Distributions		(0.09	)		(0.18	)		(0.19	)		(0.19	)		(0.21	)		(0.21	)
Net Asset Value, End of Period	$	9.69		$	9.67		$	10.69		$	10.84		$	10.67		$	10.38
Total Return		1.18	%(2)		(7.84	)%		0.43	%		3.48	%		4.83	%		0.47	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses		1.09	%(3)		1.10	%		1.11	%		1.10	%		1.08	%		1.09	%
Net Investment Income		2.00	%(3)		1.84	%		1.61	%		1.81	%		1.94	%		2.00	%
Net Assets Value End of Period (000 omitted)	$	92,996		$	95,597		$	114,698		$	119,454		$	117,868		$	114,345
Portfolio Turnover Rate		6	%(4)		9	%		15	%		10	%		9	%		10	%

(1)	Less than $0.005 per share.
(2)	Total return not annualized for periods less than one full year.
(3)	Ratios for periods of less than a year are annualized.
(4)	Not Annualized.

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

38 www.wesmarkfunds.com

Financial Highlights

WesMark Tactical Opportunity Fund

	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
PER COMMON SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Year	$	10.37		$	12.16		$	11.95		$	11.25		$	10.01		$	10.62
Income (Loss) from Investment Operations:
Net Investment Income		0.05			0.14			0.19			0.04			0.10			0.05
Net Realized and Unrealized Gain (Loss) on Investments		0.24			(1.64	)		1.45			0.91			1.56			(0.60	)
Total from Investment Operations		0.29			(1.50	)		1.64			0.95			1.66			(0.55	)
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income		(0.05	)		(0.22	)		(0.13	)		(0.04	)		(0.11	)		(0.04	)
From Net Realized Gain on Investments		–			(0.07	)		(1.30	)		(0.21	)		(0.31	)		(0.02	)
Total Distributions		(0.05	)		(0.29	)		(1.43	)		(0.25	)		(0.42	)		(0.06	)
Net Asset Value, End of Period	$	10.61		$	10.37		$	12.16		$	11.95		$	11.25		$	10.01
Total Return		2.85	%(1)		(12.38	)%		13.94	%		8.48	%		16.61	%		(5.20	)%
RATIOS TO AVERAGE NET ASSETS
Net Expenses(2)		1.41	%(3)		1.43	%		1.44	%		1.50	%		1.46	%		1.56	%
Net Investment Income(2)(4)		0.86	%(3)		1.29	%		1.45	%		0.36	%		0.91	%		0.55	%
Net Assets Value End of Period (000 omitted)	$	42,467		$	41,132		$	47,979		$	45,762		$	41,452		$	35,734
Portfolio Turnover Rate		20	%(5)		85	%		78	%		169	%		152	%		145	%

(1)	Total return not annualized for periods less than one full year.
(2)	The ratios shown do not include the Fund’s proportionate shares of the expenses of the underlying investment companies in which the Fund invests.
(3)	Ratios for periods of less than a year are annualized.
(4)	Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
(5)	Not Annualized.

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

Semi-Annual Report | June 30, 2023 39

Notes to Financial Statements
	June 30, 2023 (Unaudited)

1.ORGANIZATION

WesMark Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of six portfolios (individually referred to as the “Fund”, or collectively as the “Funds”), which are presented herein:

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

›› 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.

40 www.wesmarkfunds.com

	Notes to Financial Statements
June 30, 2023 (Unaudited)

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.

Semi-Annual Report | June 30, 2023 41

Notes to Financial Statements
	June 30, 2023 (Unaudited)

The following is a summary of the inputs used as of June 30, 2023 in valuing the Funds’ investments carried at fair value:

Small Company Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	89,157,743	$	–	$	–	$	89,157,743
Exchange Traded Funds		4,830,633		–		–		4,830,633
Short Term Investments		8,079,307		–		–		8,079,307
Total	$	102,067,683	$	–	$	–	$	102,067,683

Large Company Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	300,944,427	$	–	$	–	$	300,944,427
Short Term Investments		10,764,208		–		–		10,764,208
Total	$	311,708,635	$	–	$	–	$	311,708,635

Balanced Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	57,536,760	$	–	$	–	$	57,536,760
Corporate Bonds		–		21,778,815		–		21,778,815
U.S. Government Agency - Collateralized Mortgage Obligations		–		593,607		–		593,607
Commercial Mortgage-Backed Securities		–		1,409,834		–		1,409,834
U.S. Government Agency - Mortgage- Backed Securities		–		3,115,933		–		3,115,933
U.S. Treasury Securities		–		6,723,856		–		6,723,856
Taxable Municipal Bonds		–		2,444,127		–		2,444,127
Short Term Investments		6,651,888		–		–		6,651,888
Total	$	64,188,648	$	36,066,172	$	–	$	100,254,820

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	Notes to Financial Statements
June 30, 2023 (Unaudited)

Government Bond Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Exchange Traded Funds	$	3,655,641	$	–	$	–	$	3,655,641
Corporate Bonds		–		21,405,080		–		21,405,080
U.S. Government Agency - Collateralized Mortgage Obligations		–		37,958,178		–		37,958,178
U.S. Government Agency - Mortgage- Backed Securities		–		68,256,012		–		68,256,012
U.S. Treasury Securities		–		28,762,492		–		28,762,492
Taxable Municipal Bonds		–		12,960,522		–		12,960,522
Short Term Investments		6,906,109		–		–		6,906,109
Total	$	10,561,750	$	169,342,284	$	–	$	179,904,034

West Virginia Municipal Bond Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Non-Taxable Municipal Bonds	$	–	$	93,668,362	$	–	$	93,668,362
Short Term Investments		302,176		–		–		302,176
Total	$	302,176	$	93,668,362	$	–	$	93,970,538

Tactical Opportunity Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Exchange Traded Funds	$	39,160,423	$	–	$	–	$	39,160,423
Short Term Investments		3,045,019		–		–		3,045,019
Total	$	42,205,442	$	–	$	–	$	42,205,442

All securities of the Funds were valued using either Level 1 or Level 2 inputs during the six months ended June 30, 2023. Thus, a reconciliation of assets in which unobservable inputs (Level 3) were used is not applicable for the Funds.

* For detailed descriptions of sector and/or geography classifications, see the accompanying Portfolios of Investments.

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

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

Semi-Annual Report | June 30, 2023 43

Notes to Financial Statements
	June 30, 2023 (Unaudited)

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 period ended June 30, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have not incorporated uncertain tax positions that require a provision for income taxes and federal and state taxing authorities.

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

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

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

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

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

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

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

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

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

Writing Covered Call Options and Purchasing Put Options

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

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

44 www.wesmarkfunds.com

	Notes to Financial Statements
June 30, 2023 (Unaudited)

Option contracts (options) - are rights to buy or sell a security for a specified price within a specified period. The seller of the option receives a payment, or premium, from the buyer, which the seller keeps regardless of whether the buyer uses (or exercises) the option. Options can trade on exchanges or in the over the counter (OTC) market and may be bought or sold on a wide variety of securities. There were no options held as of June 30, 2023.

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 crises, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on economic and market conditions.

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

Semi-Annual Report | June 30, 2023 45

Notes to Financial Statements
	June 30, 2023 (Unaudited)

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	For the Six Month Ended June 30, 2023			For the Year Ended December 31, 2022
Small Company Fund
Shares sold		456,752			1,093,038
Shares issued to shareholders in payment of distributions declared		3,518			108,103
Shares redeemed		(429,204	)		(746,313	)
Net increase resulting from share transactions		31,066			454,828
Common shares outstanding, end of period		8,134,309			8,103,243

	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
Large Company Fund
Shares sold		246,119			1,265,300
Shares issued to shareholders in payment of distributions declared		12,994			499,686
Shares redeemed		(890,127	)		(1,360,580	)
Net increase/(decrease) resulting from share transactions		(631,014	)		404,406
Common shares outstanding, end of period		14,468,562			15,099,576

	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
Balanced Fund
Shares sold		369,187			487,554
Shares issued to shareholders in payment of distributions declared		12,425			49,827
Shares redeemed		(378,484	)		(1,261,719	)
Net increase/(decrease) resulting from share transactions		3,128			(724,338	)
Common shares outstanding, end of period		7,579,393			7,576,264

	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
Government Bond Fund
Shares sold		1,216,938			2,314,038
Shares issued to shareholders in payment of distributions declared		28,241			34,517
Shares redeemed		(1,570,037	)		(3,644,043	)
Net increase/(decrease) resulting from share transactions		(324,858	)		(1,295,488	)
Common shares outstanding, end of period		23,132,825			23,457,683

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	Notes to Financial Statements
June 30, 2023 (Unaudited)

	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
West Virginia Municipal Bond Fund
Shares sold		169,598			467,846
Shares issued to shareholders in payment of distributions declared		12,097			25,998
Shares redeemed		(472,151	)		(1,336,265	)
Net decrease resulting from share transactions		(290,456	)		(842,421	)
Common shares outstanding, end of period		9,594,824			9,885,279

	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
Tactical Opportunity Fund
Shares sold		236,817			403,019
Shares issued to shareholders in payment of distributions declared		256			1,427
Shares redeemed		(200,802	)		(384,362	)
Net increase resulting from share transactions		36,271			20,084
Common shares outstanding, end of period		4,001,315			3,965,044

4. FEDERAL TAX INFORMATION AND TAX BASIS

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences were primarily attributable to non-deductible excise taxes paid. For the Funds’ most recent period ended June 30, 2023, permanent differences identified and reclassified among the components of net assets were as follows:

Fund Name	Paid-in Capital			Total Distributable earnings
Small Company Fund	$	(276,874	)	$	276,874
Large Company Fund	$	–		$	–
Balanced Fund	$	–		$	–
Government Bond Fund	$	–		$	–
West Virginia Municipal Bond Fund	$	(514	)	$	514
Tactical Opportunity Fund	$	(3,679	)	$	3,679

For federal income tax purposes, the following amounts apply as of June 30, 2023:

Fund Name	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation (Depreciation)			Cost of Investments for Income Tax Purposes (includes cost of derivatives)
Small Company Fund	$	29,876,912	$	(2,244,847	)	$	27,632,065		$	74,435,618
Large Company Fund	$	169,967,808	$	(2,083,392	)	$	167,884,416		$	143,824,219
Balanced Fund	$	26,867,966	$	(2,500,449	)	$	24,367,517		$	75,887,303
Government Bond Fund	$	224,789	$	(13,009,559	)	$	(12,784,770	)	$	192,688,805
West Virginia Municipal Bond Fund	$	193,639	$	(5,893,924	)	$	(5,700,285	)	$	99,670,823
Tactical Opportunity Fund	$	3,572,757	$	(892,958	)	$	2,679,799		$	39,525,643

The difference between book and tax basis for unrealized appreciation/(depreciation) for the Funds is attributable to wash sales, deferred dividends, and certain other investments.

Semi-Annual Report | June 30, 2023 47

Notes to Financial Statements
	June 30, 2023 (Unaudited)

			For Year Ended December 31, 2022
Fund Name	Tax-Exempt Income		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Small Company Fund	$	–	$	–	$	5,747,960	$	–	$	5,747,960
Large Company Fund	$	–	$	1,093,149	$	33,187,657	$	206,360	$	34,487,166
Balanced Fund	$	–	$	1.684,615	$	2,122,314	$	–	$	3,806,929
Government Bond Fund	$	–	$	3,641,903	$	–	$	–	$	3,641,903
West Virginia Municipal Bond Fund	$	1,862,599	$	3,899	$	7,469	$	–	$	1,873,967
Tactical Opportunity Fund	$	–	$	866,192	$	282,704	$	–	$	1,148,896

	For Year Ended December 31, 2021
Fund Name	Tax-Exempt Income		Ordinary Income		Long-Term Capital Gain		Total
Small Company Fund	$	–	$	2,835,651	$	24,705,833	$	27,541,484
Large Company Fund	$	–	$	2,672,193	$	26,842,011	$	29,514,204
Balanced Fund	$	–	$	2,414,119	$	4,772,404	$	7,186,523
Government Bond Fund	$	–	$	3,221,768	$	–	$	3,221,768
West Virginia Municipal Bond Fund	$	1,853,582	$	33,405	$	250,493	$	2,137,480
Tactical Opportunity Fund	$	–	$	3,174,726	$	2,254,947	$	5,429,673

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

Fund Name	Undistributed net investment income		Accumulated net realized gain (loss) on investments			Net unrealized appreciation (depreciation) on investments			Total
Small Company Fund	$	–	$	–		$	27,913,137		$	27,913,137
Large Company Fund	$	–	$	(21,569	)	$	153,908,693		$	153,887,124
Balanced Fund	$	19,971	$	633,134		$	26,689,053		$	27,342,158
Government Bond Fund	$	154,599	$	(17,089,132	)	$	(30,023,180	)	$	(46,957,713	)
West Virginia Municipal Bond Fund	$	–	$	–		$	(5,928,336	)	$	(5,928,336	)
Tactical Opportunity Fund	$	56,747	$	(1,770,456	)	$	1,635,030		$	(78,679	)

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

	Non expiring
Fund Name	ST		LT
Government Bond Fund	$	3,493,360	$	4,349,990
Tactical Opportunity Fund	$	1,625,743	$	69,309

48 www.wesmarkfunds.com

	Notes to Financial Statements
June 30, 2023 (Unaudited)

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

Fund Name	Capital Losses
Large Company Fund	$	(21,569	)
Balanced Fund	$	(28,482	)
Government Bond Fund	$	(9,245,782	)
Tactical Opportunity Fund	$	(75,404	)

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

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

The Adviser is contractually obligated to waive a portion of its fees and reimburse other expenses until February 28, 2024 in amounts necessary to limit the Tactical Opportunity Fund’s operating expenses (including the organizational expenses of the Fund, but excluding interest expense, fees on borrowings and expenses associated with the Fund’s investment in other investment companies, if any, extraordinary expenses, tax reclaim recovery expenses and proxy-related expenses) to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.75%. This expense limitation arrangement may not be terminated by the Adviser prior to such date unless such termination is approved by the Trustees. The Adviser is not entitled to recoup any of the fees or expenses waived or reimbursed within this expense limitation arrangement.

For the period ended June 30, 2023, the Adviser did not waive any fees due to expenses being under the limit.

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

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

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

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

Semi-Annual Report | June 30, 2023 49

Notes to Financial Statements
	June 30, 2023 (Unaudited)

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

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

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

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the period ended June 30, 2023 were as follows:

Fund	Purchases		Sales
Small Company Fund	$	23,554,251	$	27,457,235
Large Company Fund		41,465,113		50,851,251
Balanced Fund		11,699,802		16,880,327
Government Bond Fund		108,476,616		106,585,370
West Virginia Municipal Bond Fund		5,279,170		6,678,338
Tactical Opportunity Fund		7,830,128		9,136,663

Purchases and Sales of U.S. Government Securities, other than short-term securities, for the year ended June 30, 2023 were as follows:

Fund	Purchases		Sales
Balanced Fund	$	3,173,316	$	–
Government Bond Fund		32,923,084		7,448,281

7. CONCENTRATION OF RISK

Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it is more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, as of June 30, 2023, 30% of the securities in the portfolio were backed by letters of credit, bond insurance of various financial institutions, or financial guaranty assurance agencies.

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

8. COMPENSATION OF TRUSTEES

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

9. RECENT ACCOUNTING PRONOUNCEMENT

In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 and can be applied through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04. FASB has deferred the sunset date to December 31,2024. At this time, management believes the adoption of ASU 2020-04 will not have a material impact to the financial statements.

50 www.wesmarkfunds.com

	Notes to Financial Statements
June 30, 2023 (Unaudited)

10. SUBSEQUENT EVENTS

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

Shareholder Distributions for the Balanced Fund: On July 31, 2023, the Balanced Fund paid a monthly distribution of $0.03106 per share to common shareholders of record as of July 20, 2023.

Shareholder Distributions for Government Bond Fund and West Virginia Municipal Bond Fund: On August 1, 2023, the Government Bond Fund and the West Virginia Municipal Bond Fund paid daily distributions declared from July 1, 2023 to July 31, 2023 totaling $0.00068 and $0.00051 per share, respectively, to common shareholders.

Semi-Annual Report | June 30, 2023 51

Shareholder Expense Example
	June 30, 2023 (Unaudited)

As a shareholder of a Fund, you incur ongoing costs, including managdement fees and to the extent applicable, shareholder services fees and other Fund expenses. This example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2023 to June 30, 2023.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

	Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expense Paid During Period(1)		Net Expense Ratios(2)
WesMark Small Company Fund
Actual Fund Return	$	1,000.00	$	1,066.20	$	6.20		1.21	%
Hypothetical Fund Return (assuming a 5% return before expenses)	$	1,000.00	$	1,018.79	$	6.06		1.21	%
WesMark Balanced Fund
Actual Fund Return	$	1,000.00	$	1,011.00	$	6.13		1.23	%
Hypothetical Fund Return (assuming a 5% return before expenses)	$	1,000.00	$	1,018.70	$	6.16		1.23	%
WesMark Government Bond Fund
Actual Fund Return	$	1,000.00	$	1,002.00	$	4.96		1.00	%
Hypothetical Fund Return (assuming a 5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01		1.00	%
WesMark West Virginia Municipal Bond Fund
Actual Fund Return	$	1,000.00	$	1,011.80	$	5.44		1.09	%
Hypothetical Fund Return (assuming a 5% return before expenses)	$	1,000.00	$	1,019.39	$	5.46		1.09	%
WesMark Tactical Opportunity Fund
Actual Fund Return	$	1,000.00	$	1,028.50	$	7.09		1.41	%
Hypothetical Fund Return (assuming a 5% return before expenses)	$	1,000.00	$	1,017.80	$	7.05		1.41	%
WesMark Large Company Fund
Actual Fund Return	$	1,000.00	$	1,119.50	$	5.78		1.10	%
Hypothetical Fund Return (assuming a 5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%

(1)	Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).
(2)	Annualized, based on the Fund’s most recent fiscal half-year expenses.

52 www.wesmarkfunds.com

	Board of Trustees and Trust Officers
June 30, 2023 (Unaudited)

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

Name, Year of Birth, Address* and Date Service Began	Principal Occupations in Past Five Years, other Directorships Held and Previous Positions
Independent Trustees
Lawrence E. Bandi (1954) TRUSTEE Began serving September 2004	Principal Occupations: Retired  Other Directorships: Welty Corporation, St. Vincent’s de Paul Parish School. Previous Positions: President, Central Catholic High School (Education); President and Chief Executive Officer, Valley National Gases, Inc. (Gas Supplier); Chief Financial Officer & Vice President, West Virginia Northern Community College (Education); VP & CFO MPD Corporation (Hospitality).
Jordan A. Miller, Jr. (1951) TRUSTEE Began serving March 2021	Principal Occupation: Retired Previous Positions and Directorships: Regional Chairman Fifth Third Bank Central Ohio (National Bank); Regional CEO and President Fifth Third Bank Central Ohio (Commercial, Consumer, and Private banking); Managing Director of Fifth Third Advisor Services (Investment Management); CEO Fifth Third Bank Investments a FINRA registered broker dealer (Investment Management).
Gary J. Madich (1955) TRUSTEE Began serving November 2020	Principal Occupation: Retired Other Directorships: Managing Director/CEO Global Fixed Income and previously Managing Director/Global CIO Fixed Income, JPMorgan Investment Management (Investment Management); Senior Managing Director/ CIO Fixed Income, Banc One Investment Advisors (Investment Management); Senior Vice President and Senior Portfolio Manager Fixed Income, Federated Investors (Investment Management).
Interested Trustees
J. Christopher Gardill** (1976) CHAIRMAN AND TRUSTEE Began serving August 2015	Principal Occupations: Member, Phillips, Gardill, Kaiser & Altmeyer, PLLC (private law firm). Other Directorships: Board Member, Wheeling Vintage Raceboat Regatta (Private Organization).

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

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

Semi-Annual Report | June 30, 2023 53

Board of Trustees and Trust Officers
	June 30, 2023 (Unaudited)

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

Name, Year of Birth and Address*	Positions Held with Fund Date Service Began	Principal Occupation(s) and Previous Position(s)
Officers
Scott Love (1976)	CHIEF EXECUTIVE OFFICER, PRESIDENT Began Serving: March 2020	Principal Occupations: Co-Portfolio Manager of the WesMark Funds; Executive Vice President, WesBanco Trust and Investment Services. Previous Positions: Vice President of the WesMark Funds.
Jennifer S. Roth (1975)	CHIEF COMPLIANCE OFFICER Began Serving: August 2019	Principal Occupations: Chief Compliance Officer of the WesMark Funds; Chief Compliance Officer and Senior Vice President of WesBanco Investment Department and WesBanco Trust and Investment Services; Registered Principal WesBanco Securities, Inc. Previous Positions: Chief Compliance Officer/Compliance Manager, Global Alternative Investment Services, Inc., 2015 to August 2019.
Steven Kellas (1966)	CHIEF FINANCIAL OFFICER, TREASURER Began Serving: January 2013	Principal Occupation: Co-Portfolio Manager, Treasurer and Chief Financial Officer of the WesMark Funds, Executive Vice President WesBanco Trust and Investment Services.
Todd P. Zerega (1974)	SECRETARY Began Serving: September 2004	Principal Occupations: Partner, Perkins Coie LLP.
Ian Kilgour (1994)	VICE PRESIDENT Began serving February 2023	Principal Occupation: Senior Investment Officer - Funds of the WesMark Funds Previous Positions: Investment Officer/Securities Trader, WesMark Funds, from February 2020 to February 2023; Associate, Sector Trader, Jefferies, LLC. from July 2017 to February 2020.
Nicholas Adams (1983)	ASSISTANT SECRETARY Began Serving: March 2022	Principal Occupation: Principal Legal Counsel SS&C ALPS since 2022. Previous Positions:  Associate Attorney, Arnold, Newbold, Sollars & Hollins; P.C. from 2020 to 2021; Case Manager/Attorney, Stanziola Estate Law from 2019 to 2020; Compliance Analyst, Empower Retirement from 2014 to 2018.
Scott Fuchs (1969)	ASSISTANT TREASURER Began Serving: August 2022	Principal Occupation: Fund Controller, SS&C ALPS since May 2022. Previous Positions: Vice President at GAMCO Investors, Inc. from May 2016 –April 2021.

54 www.wesmarkfunds.com

	Board Review of Advisory Contract
June 30, 2023 (Unaudited)

As required by the 1940 Act, the Board of Trustees (“Board” or “Trustees”) of the WesMark Funds (“Funds”) has reviewed, at its May 2023 meeting, the Funds’ investment advisory contract with WesBanco Investment Department (“Adviser”). Prior to the May meeting the Board considered the materials to be requested from the Adviser in connection with their consideration of the renewal of the investment advisory agreement. Following a review and approval by the Funds’ Independent Trustees in executive session at the May meeting, the Board reviewed and approved the continuation of the Funds’ investment advisory agreement with the Adviser for the one-year period commencing on May 31, 2023. The Board’s decision to approve the investment advisory agreement reflects the exercise of its business judgment on whether to continue the existing arrangements.

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

In connection with its review, the Board requests and receives a significant amount of detailed information about the Funds and the WesBanco organization. The Adviser and other service providers of the Funds provide much of this information at each regular meeting of the Board, and furnish additional reports in connection with the particular meeting at which the Board’s formal review of the advisory contract occurs. In between regularly scheduled meetings, the Board receives additional information on particular matters as the need arises. Thus, the Board’s evaluation of an advisory contract is informed by reports covering such matters as: the Adviser’s investment philosophy, personnel, and processes; a Fund’s short-and long-term performance (in absolute terms, and when compared to certain competitor or “peer group” funds and/or other market benchmarks, as appropriate), and comments on the reasons for performance; a Fund’s expenses (including the advisory fee itself and the overall expense structure of a Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for any expense limitations); the use and allocation of brokerage commissions derived from trading a Fund’s portfolio securities; the nature and extent of the advisory and other services provided to a Fund by the Adviser and its affiliates; compliance and audit reports concerning the Funds and, to the extent applicable, the primary service providers to the Funds; and relevant developments in the mutual fund industry and how the Funds and/or the Adviser are responding to them. The evaluation process is evolutionary, reflecting continually developing considerations. Changing circumstances drive the criteria considered and the emphasis placed on relevant criteria.

With respect to the nature and quality of the services provided by the Adviser, the Board received and considered information concerning the nature, extent and quality of the services provided to the Funds. The Trustees considered the background and experience of the members of the portfolio management teams responsible for the day-to-day management of the Funds and considered the functioning of the portfolio management teams for the Funds. In addition, the Board received and considered information concerning the research function of the Adviser that supports its portfolio management teams and discussed the Adviser’s commitment to add additional investment resources. The Board discussed the Funds’ positioning in the marketplace and the Adviser’s execution on the investment strategy for each Fund. The Board concluded it was satisfied with the capabilities and commitment of the Adviser to provide high quality service to the Funds.

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

The Board reviewed the one-year and three-year periods of each Fund in comparison to the performance of the average of each Fund’s respective peer group. For the one-year period, the performance of the WesMark West Virginia Municipal Bond Fund was above the average of its respective peer group. The performance of the WesMark Balanced Fund, the WesMark Government Bond Fund, the WesMark Large Company Fund, the WesMark Small Company Fund and the WesMark Tactical Opportunity Fund was below each respective peer group average for the one-year period. For the three-year period, the performance of the WesMark Large Company Fund, the WesMark Small Company Fund and the WesMark West Virginia Municipal Bond Fund was above the average of each respective peer group. The performance of the WesMark Balanced Fund, the WesMark Government Bond Fund and the WesMark Tactical Opportunity Fund was below each respective peer group average for the three-year period. The Board also reviewed the performance of the Funds for the first quarter of 2023. The Board also noted that the peer performance comparisons for the WesMark West Virginia Municipal Bond Fund were of limited value because of the unique nature of the West Virginia municipal bond market and the limited number of municipal bond funds dedicated to West Virginia. Overall the Board concluded that it was satisfied with the Advisor’s capabilities, undertakings and the commitment of the Adviser to provide high quality services to the Funds. The Board will continue to monitor these efforts and performance of the Funds.

Semi-Annual Report | June 30, 2023 55

Board Review of Advisory Contract
	June 30, 2023 (Unaudited)

The Board requested and reviewed a report prepared by an independent rating organization which compared each of the Fund’s fees, including gross advisory fees, for the calendar year ending December 31, 2022, to a peer group including the applicable WesMark Fund compiled by the independent rating organization. The report indicated the gross investment advisory fee for the WesMark Government Bond Fund, WesMark Large Company Fund and the WesMark West Virginia Municipal Bond Fund was above the median for each respective peer group. The gross investment advisory fee for the WesMark Balanced Fund and the WesMark Tactical Opportunity Fund were at the median for each respective peer group, and the gross investment advisory fee for the WesMark Small Company Fund was below the median for its respective peer group. The Board also reviewed the other information provided in the report such as the Funds’ total expense ratios verses those of the selected peer groups. Based on the review of the report, the Board concluded it was satisfied that the advisory fees and overall expense structure of the Funds remained competitive and was satisfied with the nature, extent and quality of the Adviser’s services. The Board will continue to monitor advisory fees and other expenses borne by the Funds.

The Board also considered whether “economies of scale” may exist and whether the Funds benefit from any such economies. The Board noted each of the Funds is of relatively small size relative to many of its peers and had not experienced meaningful asset growth over the past year. Under these circumstances, the Board concluded there were no meaningful “economies of scale” enjoyed by the Adviser in managing the Funds. However, the Board noted shareholders of a Fund may benefit from an increase in size of the Fund due to the fixed expenses of the Fund being spread over a larger asset base potentially resulting in lower expense ratios for the Funds.

The Board also receives financial information about the Adviser, including information on the profitability of the Adviser on a fund-by-fund basis. Although the Board considered the profitability of the Adviser on a fund-by-fund basis, in the Board’s view, the cost of performing advisory services on a fund-specific basis is difficult to estimate satisfactorily as it involves making certain assumptions in the allocation of expenses and is a relatively minor consideration in its overall evaluation. The Board therefore determined that, although the Adviser’s profitability did not seem excessive, the profitability analysis was of limited value.

The Board considered, in addition to the advisory fees, the compensation and benefits received by the Adviser and its affiliates from their relationship with the Funds. This included fees received for services, such as custody and shareholder servicing, provided to the Funds by other entities in the WesBanco organization and research and trading services received by the Adviser from brokers (or from third parties with which these broker-dealers have arrangements) that execute fund trades (“soft dollar arrangements”). The Trustees considered the benefit to the Adviser and its affiliates from such soft dollar arrangements, including that the services received are of value to the Adviser in advising the Funds and that the Adviser might otherwise be required to separately purchase such services. The Trustees concluded that the “soft dollar” arrangements appeared to benefit the Funds and did not seem unreasonable. The Board also concluded that the amounts received by the Advisor or its affiliates for the provision of custody and shareholder servicing did not appear unreasonable.

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

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

56 www.wesmarkfunds.com

	Additional Information
June 30, 2023 (Unaudited)

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

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

NOTICE TO STOCKHOLDERS

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

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

Fund Name	Percentage
Small Company Fund	42.71%
Large Company Fund	58.81%
Balanced Fund	82.15%
Tactical Opportunity Fund	7.62%

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

Fund Name	Percentage
Small Company Fund	42.63%
Large Company Fund	59.95%
Balanced Fund	83.46%
Tactical Opportunity Fund	14.10%

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

Semi-Annual Report | June 30, 2023 57

Glossary of Terms
	June 30, 2023 (Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

58 www.wesmarkfunds.com

	Glossary of Terms
June 30, 2023 (Unaudited)

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

VIX Index – The Volatility Index, or VIX, is a real-time market index created by the Chicago Board Options Exchange (CBOE) that represents the market’s expectation of 30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides a measure of market risk and investors’ sentiments.

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

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

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

Investment Ratings:

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

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

Semi-Annual Report | June 30, 2023 59

(b) Not Applicable.

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a) The Registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable to the registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

No changes to report.

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(b) A certification of the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex.99.906.Cert.

SIGNATURES

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

Registrant	WesMark Funds
By	/s/ Scott Love
	Scott Love President and Chief Executive Officer (Principal Executive Officer)
Date	September 5, 2023

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

By	/s/Scott Love
	Scott Love President and Chief Executive Officer (Principal Executive Officer)
Date	September 5, 2023
By	/s/ Steven Kellas
	Steven Kellas Treasurer and Chief Financial Officer (Principal Financial Officer)
Date	September 5, 2023