PORTFOLIO OF INVESTMENTS

WESMARK BALANCED FUND

March 31, 2022 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS-67.1%
COMMUNICATION SERVICES-1.0%
		Cable & Satellite-1.0%
	25,879	Comcast Corp., Class A	$	1,211,655
TOTAL COMMUNICATION SERVICES				1,211,655
CONSUMER DISCRETIONARY-3.6%
		General Merchandise Stores-1.8%
	10,065	Target Corp.		2,135,994
		Home Improvement Retail-1.4%
	7,773	Lowe's Cos, Inc.		1,571,623
		Restaurants-0.4%
	1,687	McDonald's Corp.		417,161
TOTAL CONSUMER DISCRETIONARY				4,124,778
CONSUMER STAPLES-5.6%
		Food Distributors-1.1%
	14,902	Sysco Corp.		1,216,748
		Hypermarkets & Super Centers-0.8%
	6,329	Walmart, Inc.		942,515
		Packaged Foods & Meats-1.5%
	25,000	General Mills, Inc.		1,693,000
		Soft Drinks-2.2%
	14,886	PepsiCo, Inc.		2,491,619
TOTAL CONSUMER STAPLES				6,343,882
CONSUMER, NON-CYCLICAL-0.6%
		Commercial Services-0.3%
	5,348	Service Corp. International		352,005
		Pharmaceuticals-0.3%
	1,444	Cigna Corp.		345,997
TOTAL CONSUMER, NON-CYCLICAL				698,002
ENERGY-3.6%
		Integrated Oil & Gas-3.1%
	21,913	Chevron Corp.		3,568,094
		Oil & Gas Equipment & Services-0.1%
	2,500	Halliburton Co.		94,675

Shares/Principal Amount			Value
		Oil & Gas Refining & Marketing-0.4%
	5,117	Valero Energy Corp.	$	519,580
TOTAL ENERGY				4,182,349
FINANCIALS-11.8%
		Asset Management & Custody Banks-1.4%
	1,807	Blackstone Group LP		229,381
	15,471	State Street Corp.		1,347,834
				1,577,215
		Banks-0.2%
	2,099	Cullen/Frost Bankers, Inc.		290,523
		Consumer Finance-2.3%
	24,497	Discover Financial Services		2,699,324
		Diversified Banks-3.2%
	13,409	JPMorgan Chase & Co.		1,827,915
	34,000	US Bancorp		1,807,100
				3,635,015
		Investment Banking & Brokerage-1.1%
	3,805	The Goldman Sachs Group, Inc.		1,256,031
		Regional Banks-3.4%
	8,000	PNC Financial Services Group, Inc.		1,475,600
	42,928	Truist Financial Corp.		2,434,018
				3,909,618
		REITS-0.2%
	3,500	Realty Income Corp.		242,550
TOTAL FINANCIALS				13,610,276
HEALTH CARE-14.4%
		Biotechnology-3.7%
	26,411	AbbVie, Inc.		4,281,487
		Health Care Equipment-1.6%
	17,000	Medtronic PLC		1,886,150
		Health Care Services-2.6%
	30,000	CVS Health Corp.		3,036,300
		Pharmaceuticals-6.5%
	9,382	Eli Lilly & Co.		2,686,723
	29,717	Merck & Co., Inc.		2,438,280
	47,725	Pfizer, Inc.		2,470,723
				7,595,726
TOTAL HEALTH CARE				16,799,663
INDUSTRIALS-6.4%
		Air Freight & Logistics-1.8%
	9,508	United Parcel Service, Inc., Class B		2,039,086

Shares/Principal Amount			Value
		Construction & Farm Machinery & Heavy Trucks-0.2%
	519	Deere & Co.	$	215,624
		Construction Machinery & Heavy Equipment-1.7%
	8,825	Caterpillar, Inc.		1,966,386
		Electrical Components & Equipment-1.9%
	22,000	Emerson Electric Co.		2,157,100
		Industrial Conglomerates-0.8%
	5,971	3M Co.		888,962
TOTAL INDUSTRIALS				7,267,158
INFORMATION TECHNOLOGY-8.7%
		Communications Equipment-2.8%
	58,222	Cisco Systems, Inc.		3,246,459
		Semiconductor Equipment-1.6%
	14,272	Applied Materials, Inc.		1,881,050
		Semiconductors-4.3%
	34,799	Intel Corp.		1,724,638
	4,339	Skyworks Solutions, Inc.		578,302
	14,713	Texas Instruments, Inc.		2,699,541
				5,002,481
TOTAL INFORMATION TECHNOLOGY				10,129,990
MATERIALS-2.1%
		Commodity Chemicals-1.6%
	28,469	Dow Chemical Co.		1,814,045
		Paper Packaging-0.5%
	9,137	Sealed Air Corp.		611,814
TOTAL MATERIALS				2,425,859
REAL ESTATE-0.4%
		Industrial REITS-0.4%
	2,834	Prologis, Inc.		457,634
TOTAL REAL ESTATE				457,634
TECHNOLOGY-0.1%
		Computers-0.1%
	10,447	Hewlett Packard Enterprise Co.		174,569
TOTAL TECHNOLOGY				174,569

Shares/Principal Amount			Value
TECHNOLOGY HARDWARE & STORAGE-6.1%
		Communications Equipment-6.1%
	40,700	Apple, Inc.	$	7,106,627
TOTAL TECHNOLOGY HARDWARE & STORAGE				7,106,627
TELECOMMUNICATION SERVICES-0.8%
		Integrated Telecommunication Services-0.8%
	17,779	Verizon Communications, Inc.		905,662
TOTAL TELECOMMUNICATION SERVICES				905,662
UTILITIES-1.9%
		Electric Utilities-1.0%
	9,886	Duke Energy Corp.		1,103,871
		Multi-Utilities-0.9%
	12,000	Dominion Energy, Inc.		1,019,640
TOTAL UTILITIES				2,123,511
TOTAL COMMON STOCKS
(Cost $41,836,988)				77,561,615
EXCHANGE TRADED FUNDS-5.8%
	20,544	iShares® iBoxx $ Investment Grade Corporate Bond ETF		2,484,591
	3,086	SPDR S&P 500® ETF Trust		1,393,761
	33,145	Vanguard® Intermediate-Term Corporate Bond ETF		2,851,796
TOTAL EXCHANGE TRADED FUNDS
(Cost $6,932,495)				6,730,148
CORPORATE BONDS-18.3%
		Banks-1.9%
$	500,000	Citigroup, Inc., 4.450%, 9/29/2027		516,579
	500,000	Fifth Third Bank NA, 3.850%, 3/15/2026		508,082
	150,000	PNC Bank NA, 2.700%, 10/22/2029		144,196
	1,000,000	Wells Fargo & Co., Subordinated Notes, 3.450%, 2/13/2023		1,011,553
				2,180,410
		Chemicals-0.6%
	250,000	Ecolab, Inc., 1.300%, 1/30/2031		215,976
	500,000	PPG Industries, Inc., 1.200%, 3/15/2026		463,573
				679,549
		Commercial Services-0.4%
	500,000	PayPal Holdings, Inc., 2.650%, 10/1/2026		492,532
		Diversified Financial Services-1.5%
	500,000	American Express Co., 3.400%, 2/22/2024		507,015

Shares/Principal Amount			Value
$	500,000	American Express Co., 3.000%, 10/30/2024	$	502,212
	250,000	BlackRock, Inc., 1.900%, 1/28/2031		226,104
	250,000	Legg Mason, Inc., 4.750%, 3/15/2026		263,313
	250,000	Charles Schwab Corp., 1.650%, 3/11/2031		218,634
				1,717,278
		Diversified Manufacturing-0.9%
	1,000,000	3M Co., 3.375%, 3/1/2029		1,017,918
		Environmental Control-0.9%
	500,000	Republic Services, Inc., 3.200%, 3/15/2025		502,775
	500,000	Waste Management, Inc., 3.500%, 5/15/2024		505,905
				1,008,680
		Gas-0.4%
	500,000	East Ohio Gas Co., 1.300%, 6/15/2025(1)		472,436
		Industrial Gases-0.7%
	835,000	Air Products & Chemicals, Inc., Sr. Unsecured Notes, 3.350%, 7/31/2024		845,807
		Insurance-0.4%
	500,000	Prudential Financial, Inc., 1.500%, 3/10/2026		471,408
		Internet-0.2%
	250,000	Expedia Group, Inc., 3.800%, 2/15/2028		249,155
		Internet Software & Services-1.7%
	2,000,000	Ebay, Inc., Sr. Unsecured Notes, 3M US L + 0.96%, 1/30/2023(2)		2,004,082
		Investment Banking & Brokerage-1.3%
	1,000,000	Goldman Sachs Group, Inc., Sr. Unsecured Notes, 3M US L + 0.96%, 11/29/2023(2)		1,013,205
	500,000	Goldman Sachs Group, Inc., 2.600%, 2/7/2030		464,397
				1,477,602
		Machinery-Constr&Mining-0.2%
	250,000	Caterpillar, Inc., 1.900%, 3/12/2031		228,663
		Miscellaneous Manufacture-0.4%
	500,000	Parker-Hannifin Corp., 3.250%, 6/14/2029		494,156
		Pharmaceuticals-2.0%
	500,000	AbbVie, Inc., 2.600%, 11/21/2024		497,003
	500,000	AbbVie, Inc., 3.200%, 11/21/2029(1)		494,590

Shares/Principal Amount			Value
$	250,000	Bristol-Myers Squibb Co., 3.900%, 2/20/2028	$	260,777
	1,000,000	CVS Health Corp., 4.300%, 3/25/2028		1,047,807
				2,300,177
		Regional Banks-1.7%
	1,000,000	PNC Bank NA, Sr. Unsecured Notes, 3M US L + 0.96%, 7/27/2022(2)		1,000,421
	1,000,000	PNC Bank NA, Sr. Unsecured Notes, 3.250%, 6/1/2025		1,010,898
				2,011,319
		Restaurants-0.5%
	500,000	McDonald's Corp., 3.600%, 7/1/2030		509,757
		Retail-1.1%
	250,000	Dollar Tree, Inc., 4.200%, 5/15/2028		258,950
	500,000	Lowe's Cos., Inc., 3.100%, 5/3/2027		496,987
	500,000	O'Reilly Automotive, Inc., 4.350%, 6/1/2028		516,550
				1,272,487
		Software & Services-1.0%
	400,000	Autodesk, Inc., Sr. Unsecured Notes, 3.600%, 12/15/2022		403,171
	750,000	Oracle Corp., Sr. Unsecured Notes, 3.400%, 7/8/2024		755,865
				1,159,036
		Transportation Services-0.5%
	500,000	FedEx Corp., 4.250%, 5/15/2030		525,213
TOTAL CORPORATE BONDS
(Cost $22,229,057)				21,117,665
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-1.1%
		Federal Home Loan Mortgage Corp.-0.2%
	207,993	Series 2015-4517, Class PC, 2.500%, 5/15/2044		203,960
		Federal National Mortgage Association-0.4%
	464,873	Series 2019-51, Class JD, 2.500%, 9/25/2049		486,500
		Government National Mortgage Association-0.5%
	636,045	Series 2018-126, Class DA, 3.500%, 1/20/2048		639,939
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,307,283)				1,330,399

Shares/Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES-1.6%
		Commercial Mortgage-Backed Securities-1.6%
$	1,500,000	Series 2015-UBS8, Class A4, 3.809%, 11/15/2025	$	1,517,307
	326,415	Series 2012-C3, Class A4, 3.091%, 9/10/2022		326,918
				1,844,225
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,864,999)				1,844,225
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-3.6%
		Federal Home Loan Bank-0.4%
	450,000	5.250%, 6/10/2022		453,877
		Federal Home Loan Mortgage Corp.-0.4%
	92,769	Pool G18527, 3.000%, 10/1/2029		93,828
	365,214	Pool 18707, 3.500%, 9/1/2033		374,925
				468,753
		Federal National Mortgage Association-2.4%
	404,169	Pool AM3301, 2.350%, 5/1/2023		404,896
	727,250	Pool BL5389, 2.710%, 5/1/2027		726,075
	606,410	Pool AM6756, 3.570%, 10/1/2029		630,782
	192,455	Pool MA3621, 3.500%, 3/1/2039		193,725
	126,846	Pool BN4896, 4.000%, 1/1/2049		129,706
	165,461	Pool MA3592, 4.000%, 2/1/2049		169,265
	491,065	Pool BP4338, 1Y US TI + 1.67%, 3/1/2049(2)		501,956
				2,756,405
		Small Business Administration Pools-0.4%
	161,047	PRIME - 3.50%, 1/25/2042(2)		163,836
	327,212	PRIME - 3.50%, 7/25/2042(2)		332,410
				496,246
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES
(Cost $4,178,220)				4,175,281
TAXABLE MUNICIPAL BONDS-1.9%
		Michigan-0.2%
	270,000	Belding Area Schools, General Obligation Unlimited Bonds, 6.700%, 5/1/2027		270,844
		Ohio-0.8%
	815,000	Columbus-Franklin County Finance Authority, 4.490%, 11/15/2032		855,548
		Pennsylvania-0.4%
	450,000	Commonwealth Financing Authority, 4.014%, 6/1/2033		475,385

Shares/Principal Amount			Value
		West Virginia-0.5%
$	575,000	Marshall University, 3.177%, 5/1/2029	$	580,617
TOTAL TAXABLE MUNICIPAL BONDS
(Cost $2,169,312)				2,182,394
NON-TAXABLE MUNICIPAL BONDS-0.4%
		Utah-0.4%
	450,000	Utah Transit Authority, 3.393%, 12/15/2036		447,953
TOTAL NON-TAXABLE MUNICIPAL BONDS
(Cost $456,351)				447,953
SHORT TERM INVESTMENTS-4.4%
		Mutual Funds-4.4%
	5,129,534	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.163% (at net asset value)		5,129,534
TOTAL SHORT TERM INVESTMENTS
(Cost $5,129,534)				5,129,534
TOTAL INVESTMENTS-104.2%
(Cost $86,104,239)				120,519,214
OTHER ASSETS AND LIABILITIES-NET(3)-(4.2)%				(4,891,881	)
NET ASSETS-100.0%			$	115,627,333

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SPDR- Standard and Poor's Depository Receipt

Reference Rates:

3M US L - 3 Month LIBOR as of March 31, 2022 was 0.96%

1Y US TI - 1 Year US Treasury Bill as of  March 31, 2022 was 1.67%

PRIME - US Prime Rate as of March 31, 2022 was 3.5%

⁽¹⁾ 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 March 31, 2022, these securities amounted to a value of $967,026 or 0.84% of net assets. These Securities have been determined to be liquid pursuant to procedures adopted by the board.

⁽²⁾ Floating or variable rate security.  The reference rate is described above.  The Rate in effect as of March 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.

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

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

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK GOVERNMENT BOND FUND

March 31, 2022 (Unaudited)

Shares/Principal Amount			Value
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-68.0%
		Agency Collat CMO-6.2%
$	289,100	Series 2003-55, Class 1A3A, 1M US L + 0.33%, 3/25/2043(1)	$	288,641
	772,381	Series 2004-W14, Class 1AF, 1M US L + 0.33%, 7/25/2044(1)		773,177
	772,465	Series 2010-59, Class FL, 1M US L + 0.33%, 5/20/2040(1)		775,582
	963,984	Series 2012-273, Class 40, 4.000%, 8/15/2042		975,605
	3,558,089	Series 2014-330, Class F4, 1M US L + 0.33%, 10/15/2037(1)		3,581,070
	8,097,000	Series 2022-5201, Class MT, 3.000%, 10/25/2049		7,821,853
				14,215,928
		Agency Collat PAC CMO-12.4%
	1,992,585	Series 2014-25, Class PA, 2.250%, 1/20/2044		1,928,898
	388,664	Series 2019-99, Class GA, 3.500%, 7/20/2049		382,837
	4,367,832	Series 2020-5020, Class TP, 2.000%, 10/25/2050		4,051,288
	6,523,170	Series 2020-134, Class ED, 2.000%, 9/20/2050		6,123,376
	4,466,134	Series 2020-134, Class GD, 2.000%, 9/20/2050		4,219,323
	4,195,667	Series 2021-23, Class TE, 1.000%, 2/20/2051		3,687,267
	8,953,932	Series 2021-18, Class MC, 1.500%, 3/25/2051		8,279,354
				28,672,343
		Commercial MBS-38.4%
	502,623	Series 2019-SB58, Class A10H, 3.730%, 10/25/2038(1)		499,808
	307,488	Series 2019-SB60, Class A10H, 3.500%, 1/25/2029(1)		305,279
	4,053,591	Series 2019-KF60, Class A, 1M US L + 0.33%, 2/25/2026(1)		4,061,882
	2,231,108	Series 2019-KF67, Class A, 1M US L + 0.33%, 8/25/2029(1)		2,240,477
	2,666,769	Series 2019-KF73, Class AL, 1M US L + 0.33%, 11/25/2029(1)		2,673,950
	3,321,823	Series 2020-8, Class B, 2.600%, 1/16/2061		3,183,485
	4,327,548	Series 2020-89, Class GA, 1.500%, 4/16/2062		3,846,884
	4,721,211	Series 2020-118, Class AL, 1.750%, 6/16/2062		4,222,762

Shares/Principal Amount			Value
$	3,750,118	Series 2020-Q013, Class APT2, 1.211%, 5/25/2050(1)	$	3,482,318
	938,966	Series 2020-128, Class AN, 1.500%, 10/16/2062		828,412
	4,802,178	Series 2020-150, Class AM, 1.400%, 12/16/2062		4,252,352
	2,735,122	Series 2020-177, Class DA, 1.250%, 6/16/2062		2,363,938
	5,640,317	Series 2021-45, Class AD, 1.500%, 4/16/2063		5,199,814
	5,445,630	Series 2021-150, Class AP, 1.750%, 11/16/2063		4,916,198
	9,870,623	Series 2021-147, Class DQ, 1.350%, 5/16/2056		9,016,628
	4,469,478	Series 2021-164, Class AF, 1.650%, 10/16/2063		4,046,189
	9,307,062	Series 2021-180, Class AM, 1.750%, 11/16/2063		8,385,193
	5,000,000	Series 2021-181, Class B, 1.900%, 1/16/2063		4,426,303
	4,980,202	Series 2021-195, Class AL, 1.500%, 8/16/2063		4,327,304
	5,000,000	Series 2021-203, Class B, 2.000%, 4/16/2062		4,455,351
	5,000,000	Series 2022-4, Class B, 1.900%, 2/16/2061		4,382,152
	8,300,000	Series 2022-42, Class B, 2.500%, 2/16/2063(1)		7,468,371
				88,585,050
		Federal Home Loan Mortgage Corp.-0.6%
	471,663	Series 2012-276, Class 25, 2.500%, 9/15/2042		463,707
	177,282	Series 2015-4531, Class PD, 2.500%, 5/15/2043, REMIC		174,981
	900,525	Series 2016-4629, Class QG, 2.500%, 11/15/2046, REMIC		866,100
				1,504,788
		Federal National Mortgage Association-3.8%
	344,960	Series 2003-39, Class JC, 4.000%, 5/25/2033, REMIC		355,346
	562,574	Series 2003-44, Class Q, 3.500%, 6/25/2033, REMIC		566,185
	959,359	Series 2003-W18, Class 2A, 3.277%, 6/25/2043, REMIC (1)		973,489
	539,144	Series 2010-99, Class CP, 2.750%, 8/25/2040, REMIC		529,904
	597,382	Series 2013-102, Class DG, 3.000%, 5/25/2032, REMIC		599,791
	126,085	Series 2014-4, Class KA, 3.000%, 1/25/2044, REMIC		124,525
	431,995	Series 2016-16, Class PD, 3.000%, 12/25/2044, REMIC		423,752
	1,023,190	Series 2016-90, Class DA, 3.000%, 8/25/2046, REMIC		1,002,106
	1,266,308	Series 2016-95, Class L, 2.500%, 6/25/2046, REMIC		1,232,216

Shares/Principal Amount			Value
$	307,208	Series 2017-1, Class JP, 3.500%, 4/25/2045, REMIC	$	296,911
	1,328,333	Series 2017-89, Class PL, 3.000%, 6/25/2043, REMIC		1,309,207
	804,478	Series 2018-3, Class LD, 3.000%, 8/25/2046, REMIC		800,009
	641,548	Series 2019-74, Class LB, 3.000%, 10/25/2049		622,078
				8,835,519
		Government National Mortgage Association-1.5%
	1,932,887	Series 2005-26, Class ZA, 5.500%, 1/20/2035		2,007,552
	217,810	Series 2012-50, Class ED, 2.250%, 8/20/2040		208,551
	778,192	Series 2013-38, Class KA, 1.250%, 2/20/2042		737,975
	385,369	Series 2016-55, Class JA, 3.500%, 4/20/2046		388,088
	16,692	Series 2016-77, Class MB, 2.000%, 9/20/2045		16,146
				3,358,312
		Other ABS-5.1%
	2,267,128	Series 2007-20F, Class 1, 5.710%, 6/1/2027		2,340,743
	3,258,956	Series 2010-20C, Class 1, 4.190%, 3/1/2030		3,296,426
	1,106,906	Series 2015-20D, Class 1, 2.510%, 4/1/2035		1,082,622
	5,000,000	Series 2022-10A, Class 1, 2.938%, 3/10/2032		5,037,500
				11,757,291
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $166,670,607)				156,929,231
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-7.7%
		Federal Home Loan Banks-1.1%
	3,000,000	Federal Home Loan Banks, 1.290%, 12/30/2030		2,627,417
		Federal Home Loan Mortgage Corp.-1.0%
	141,019	Freddie Mac Gold Pool, Pool T65458, 3.500%, 2/1/2048		140,057
	281,869	Freddie Mac Non Gold Pool, Pool 2B7395, 12M US L + 2.10%, 3/1/2049(1)		285,010
	1,720,170	Freddie Mac Pool, Pool QA6315, 3.500%, 1/1/2050		1,756,428
				2,181,495

Shares/Principal Amount			Value
		FGLMC Collateral-0.3%
$	744,697	Freddie Mac Gold Pool, Pool T62075, 3.000%, 9/1/2046	$	725,280
		FNMA Collateral-5.1%
	375,983	Fannie Mae Pool, Pool MA0988, 4.000%, 2/1/2042		378,629
	1,089,975	Fannie Mae Pool, Pool AL2984, 12M US L + 2.10%, 10/1/2042(1)		1,132,180
	670,492	Fannie Mae Pool, Pool MA1371, 3.000%, 3/1/2043		651,994
	484,883	Fannie Mae Pool, Pool MA1966, 4.500%, 6/1/2044		511,936
	699,733	Fannie Mae Pool, Pool MA2270, 3.000%, 5/1/2045		680,596
	2,225,711	Fannie Mae Pool, Pool MA2711, 3.000%, 8/1/2046		2,162,903
	1,466,647	Fannie Mae Pool, Pool BM3178, 12M US L + 2.10%, 12/1/2047(1)		1,485,598
	405,897	Fannie Mae Pool, Pool BK0870, 12M US L + 2.10%, 6/1/2048(1)		412,048
	107,298	Fannie Mae Pool, Pool BH0724, 12M US L + 2.10%, 1/1/2049(1)		107,077
	3,250,980	Fannie Mae Pool, Pool BO9776, 1Y US TI + 1.63%, 3/1/2049(1)		3,313,381
	940,334	Fannie Mae Pool, Pool CA3453, 12M US L + 2.10%, 4/1/2049(1)		963,827
				11,800,169
		Government National Mortgage Association-0.2%
	202,842	Ginnie Mae I Pool, Pool 589693, 4.500%, 7/15/2029		212,851
	175,684	Ginnie Mae II Pool, Pool G24828, 4.500%, 10/20/2040		183,166
				396,017
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES
(Cost $18,564,749)				17,730,378
TAXABLE MUNICIPAL BONDS-21.6%
		Alabama-0.8%
	750,000	City of Brewton AL, 3.180%, 12/1/2034		766,226
	1,000,000	Water Works Board of the City of Birmingham, 3.463%, 1/1/2039		972,580
				1,738,806
		Arkansas-0.6%
		University of Arkansas:
	500,000	3.382%, 9/1/2037		484,257
	1,000,000	3.301%, 11/1/2039		939,775
				1,424,032
		California-7.8%
	500,000	Bonita Unified School District, 2.619%, 8/1/2035		482,341
	1,900,000	California Educational Facilities Authority, 3.686%, 4/1/2037		1,909,568
	1,630,000	City of Fairfield CA, 4.358%, 6/1/2034		1,746,630

Shares/Principal Amount			Value
$	2,000,000	City of Sacramento CA Water Revenue, 2.747%, 9/1/2034	$	1,894,432
	1,000,000	Contra Costa Community College District, 2.926%, 8/1/2038		904,717
	1,000,000	El Dorado Irrigation District, 2.635%, 3/1/2035		909,870
	500,000	Kings Canyon Unified School District, 3.212%, 8/1/2040		491,630
	1,000,000	Oakland Unified School District/Alameda County, 2.674%, 8/1/2033		916,640
	500,000	Pasadena Public Financing Authority, Build America Revenue Bonds, Series B, 6.998%, 3/1/2034		683,359
	1,500,000	San Jose Unified School District, 2.306%, 8/1/2039		1,271,850
	900,000	San Mateo Foster City School District, 2.731%, 8/1/2037		845,008
	910,000	Santa Paula Utility Authority, 2.870%, 2/1/2034		893,043
	3,000,000	Ventura County Public Financing Authority, 2.712%, 11/1/2034		2,801,563
	1,820,000	Visalia Unified School District, 3.300%, 8/1/2039		1,720,112
	500,000	West Sacramento Area Flood Control Agency, 3.082%, 9/1/2034		486,113
				17,956,876
		Colorado-0.4%
	1,000,000	Denver City & County Housing Authority, 2.936%, 12/1/2034		964,266
		Florida-1.7%
	3,000,000	Broward County FL Water & Sewer Utility Revenue, 3.338%, 10/1/2037		2,972,910
	860,000	County of Palm Beach FL, 3.000%, 11/1/2035		837,533
				3,810,443
		Hawaii-0.5%
	1,000,000	University of Hawaii, 3.850%, 10/1/2038		1,051,327
		Illinois-0.8%
	2,000,000	McHenry & Kane Counties Community Consolidated School District No 158 Huntley, 2.940%, 2/15/2036		1,962,016
		Massachusetts-1.0%
	1,000,000	City of Quincy MA, 2.788%, 12/15/2035		897,310
	1,500,000	Massachusetts School Building Authority, 2.950%, 5/15/2043		1,326,884
				2,224,194
		Michigan-1.3%
	1,400,000	Michigan State Building Authority, 2.705%, 10/15/2040		1,236,866

Shares/Principal Amount			Value
$	2,000,000	University of Michigan, 2.437%, 4/1/2040	$	1,744,319
				2,981,185
		New York-0.4%
	700,000	City of New York NY, 5.985%, 12/1/2036		844,907
		Ohio-0.4%
	565,000	Summit County Development Finance Authority, 3.201%, 11/15/2036		526,940
	500,000	Warrensville Heights City School District, 3.406%, 12/1/2040		506,630
				1,033,570
		Oklahoma-1.3%
	3,000,000	Glenpool Utility Services Authority, 3.565%, 12/1/2037		3,096,194
		Pennsylvania-0.2%
	550,000	Borough of Columbia PA, 2.540%, 6/15/2038		500,283
		South Carolina-0.4%
	1,000,000	Joint Municipal Water & Sewer Commission, 3.194%, 6/1/2039		1,017,227
		Texas-1.3%
	500,000	Corpus Christi, Texas, Taxable Certificates Obligation Bonds, Series B, 4.950%, 3/1/2038		552,833
		Round Rock Transportation & Economic Development Corp.:
	500,000	2.900%, 8/15/2038		464,739
	500,000	3.000%, 8/15/2039		465,519
	1,015,000	Stephen F Austin State University, 4.192%, 10/15/2035		1,071,591
	500,000	Texas Public Finance Authority, 2.367%, 2/1/2038		430,882
				2,985,564
		Utah-0.8%
	1,870,000	Utah Municipal Power Agency, 3.806%, 7/1/2036		1,935,317
		Virginia-0.6%
	1,395,000	Virginia Housing Development Authority, 3.050%, 8/1/2038		1,346,716
		West Virginia-1.3%
	2,000,000	Marshall University, 3.677%, 5/1/2035		2,068,294
	875,000	Putnam Public Service District, 2.889%, 4/1/2036		823,590
				2,891,884
TOTAL TAXABLE MUNICIPAL BONDS
(Cost $52,625,186)				49,764,807

Shares/Principal Amount			Value
NON-TAXABLE MUNICIPAL BONDS-0.2%
		California-0.2%
$	500,000	Desert Community College District, 2.978%, 8/1/2037	$	476,688
TOTAL NON-TAXABLE MUNICIPAL BONDS
(Cost $500,000)				476,688
SHORT TERM INVESTMENTS-1.8%
		Mutual Funds-1.8%
	4,262,206	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.163% (at net asset value)		4,262,206
TOTAL SHORT TERM INVESTMENTS
(Cost $4,262,206)				4,262,206
TOTAL INVESTMENTS-99.3%
(Cost $242,622,748)				229,163,310
OTHER ASSETS AND LIABILITIES-NET(2)-0.7%				1,561,285
NET ASSETS-100.0%			$	230,724,595

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Reference Rates:

1M US L - 1 Month LIBOR as of March 31, 2022 was 0.33%

12M US L - 12 Month LIBOR as of March 31, 2022 was 2.10%

1Y US TI -  1 Year US Treasury Index as of March 31, 2022 was 1.63%

⁽¹⁾ Floating or variable rate security.  The reference rate is described above.  The Rate in effect as of March 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

⁽²⁾ Assets, other than investments in securities, less liabilities.

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

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK LARGE COMPANY FUND

March 31, 2022 (Unaudited)

Shares			Value
COMMON STOCKS-94.3%
BASIC MATERIALS-0.4%
		Mining-0.4%
	27,353	Freeport-McMoRan, Inc.	$	1,360,538
TOTAL BASIC MATERIALS				1,360,538
COMMUNICATION SERVICES-2.0%
		Cable & Satellite-2.0%
	151,453	Comcast Corp., Class A		7,091,029
TOTAL COMMUNICATION SERVICES				7,091,029
COMMUNICATIONS-0.3%
		Internet-0.3%
	8,970	Match Group, Inc.(1)		975,398
TOTAL COMMUNICATIONS				975,398
CONSUMER, CYCLICAL-0.2%
		Retail-0.2%
	12,191	Dutch Bros, Inc., Class A(1)		673,797
TOTAL CONSUMER, CYCLICAL				673,797
CONSUMER DISCRETIONARY-10.4%
		Auto Parts & Equipment-0.9%
	26,248	Aptiv PLC(1)		3,142,148
		Footwear-0.4%
	11,591	NIKE, Inc., Class B		1,559,685
		Home Improvement Retail-2.8%
	34,000	Home Depot, Inc.		10,177,220
		Internet & Direct Marketing Retail-5.8%
	5,694	Amazon.com, Inc.(1)		18,562,155
	12,748	Expedia Group, Inc.(1)		2,494,401
				21,056,556
		Restaurants-0.5%
	27,991	Restaurant Brands International, Inc.		1,634,394
TOTAL CONSUMER DISCRETIONARY				37,570,003
CONSUMER STAPLES-3.0%
		Agricultural Products-0.2%
	8,622	Archer-Daniels-Midland Co.		778,222
		Distillers & Vintners-1.9%
	29,956	Constellation Brands, Inc., Class A		6,899,466

Shares			Value
		Packaged Foods & Meats-0.9%
	52,742	Mondelez International, Inc., Class A	$	3,311,143
TOTAL CONSUMER STAPLES				10,988,831
CONSUMER, NON-CYCLICAL-0.6%
		Pharmaceuticals-0.6%
	4,844	Cigna Corp.		1,160,671
	2,427	Dexcom, Inc.(1)		1,241,653
				2,402,324
TOTAL CONSUMER, NON-CYCLICAL				2,402,324
ENERGY-1.8%
		Energy-Alternate Sources-0.3%
	5,316	Enphase Energy, Inc.(1)		1,072,662
		Oil & Gas Exploration & Production-1.5%
	19,950	ConocoPhillips		1,995,000
	28,837	Devon Energy Corp.		1,705,132
	9,479	Diamondback Energy, Inc.		1,299,381
				4,999,513
TOTAL ENERGY				6,072,175
FINANCIALS-9.2%
		Asset Management & Custody Banks-3.9%
	18,601	BlackRock, Inc.		14,214,326
		Banks-0.4%
	37,416	Bank of America Corp.		1,542,288
		Investment Banking & Brokerage-3.7%
	9,747	The Goldman Sachs Group, Inc.		3,217,485
	116,509	Morgan Stanley		10,182,887
				13,400,372
		Regional Banks-1.2%
	96,977	Citizens Financial Group, Inc.		4,395,967
TOTAL FINANCIALS				33,552,953
HEALTH CARE-18.8%
		Biotechnology-2.9%
	29,978	AbbVie, Inc.		4,859,735
	23,491	Amgen, Inc.		5,680,594
				10,540,329
		Health Care Equipment-3.2%
	78,799	Abbott Laboratories		9,326,650
	17,630	Zimmer Biomet Holdings, Inc.		2,254,877
				11,581,527
		Life Sciences Tools & Services-4.1%
	29,028	IQVIA Holdings, Inc.(1)		6,711,564
	13,979	Thermo Fisher Scientific, Inc.		8,256,696
				14,968,260
		Managed Health Care-4.4%
	31,650	UnitedHealth Group, Inc.		16,140,550

Shares			Value
		Pharmaceuticals-4.2%
	159,612	Elanco Animal Health, Inc.(1)	$	4,164,277
	57,000	Merck & Co., Inc.		4,676,850
	34,468	Zoetis, Inc.		6,500,320
				15,341,447
TOTAL HEALTH CARE				68,572,113
INDUSTRIALS-8.5%
		Aerospace & Defense-2.0%
	72,352	Raytheon Technologies Corp.		7,167,913
		Electronics-0.2%
	14,000	Fortive Corp.		853,020
		Engineering & Construction-1.1%
	29,946	Jacobs Engineering Group, Inc.		4,126,858
		Industrial Conglomerates-2.8%
	3,714	Danaher Corp.		1,089,428
	19,500	Roper Technologies, Inc.		9,208,485
				10,297,913
		Industrial Machinery-1.6%
	20,201	Parker-Hannifin Corp.		5,732,236
		Machinery-Diversified-0.2%
	4,947	AGCO Corp.		722,410
		Trading Companies & Distributors-0.6%
	6,391	United Rentals, Inc.(1)		2,270,147
TOTAL INDUSTRIALS				31,170,497
INFORMATION TECHNOLOGY-22.3%
		Application Software-4.5%
	9,472	Adobe, Inc.(1)		4,315,633
	56,178	salesforce.com, Inc.(1)		11,927,713
				16,243,346
		Data Processing & Outsourced Services-3.5%
	25,662	Mastercard, Inc., Class A		9,171,086
	31,251	PayPal Holdings, Inc.(1)		3,614,178
				12,785,264
		IT Consulting & Other Services-1.9%
	20,626	Accenture PLC, Class A		6,955,706
		Semiconductors-6.8%
	28,061	Broadcom, Inc.		17,669,450
	4,307	NVIDIA Corp.		1,175,208
	93,023	ON Semiconductor Corp.(1)		5,824,170
				24,668,828
		Systems Software-5.6%
	37,388	Microsoft Corp.		11,527,094
	50,505	Oracle Corp.		4,178,279
	8,082	ServiceNow, Inc.(1)		4,500,785
				20,206,158
TOTAL INFORMATION TECHNOLOGY				80,859,302

Shares			Value
INTERACTIVE MEDIA & SERVICES-6.3%
		Internet Software & Services-6.3%
	5,163	Alphabet, Inc., Class A(1)	$	14,360,110
	38,196	Meta Platforms, Inc., Class A(1)		8,493,263
				22,853,373
TOTAL INTERACTIVE MEDIA & SERVICES				22,853,373
MATERIALS-1.1%
		Specialty Chemicals-1.1%
	31,455	PPG Industries, Inc.		4,122,807
TOTAL MATERIALS				4,122,807
MOVIES & ENTERTAINMENT-2.1%
		Communication Services-2.1%
	55,000	Walt Disney Co.(1)		7,543,800
TOTAL MOVIES & ENTERTAINMENT				7,543,800
TECHNOLOGY-0.9%
		Software-0.9%
	4,632	MongoDB, Inc.(1)		2,054,709
	73,201	Palantir Technologies, Inc., Class A(1)		1,005,050
				3,059,759
TOTAL TECHNOLOGY				3,059,759
TECHNOLOGY HARDWARE & STORAGE-6.4%
		Communications Equipment-6.4%
	133,953	Apple, Inc.		23,389,533
TOTAL TECHNOLOGY HARDWARE & STORAGE				23,389,533
TOTAL COMMON STOCKS
(Cost $129,549,909)				342,258,232
EXCHANGE TRADED FUNDS-1.3%
	35,972	iShares® S&P® 500® Growth ETF		2,747,541
	4,842	Vanguard® S&P 500® ETF		2,010,253
TOTAL EXCHANGE TRADED FUNDS
(Cost $4,595,077)				4,757,794
SHORT TERM INVESTMENTS-1.5%
		Mutual Funds-1.5%
	5,615,114	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.163% (at net asset value)		5,615,114
TOTAL SHORT TERM INVESTMENTS
(Cost $5,615,114)				5,615,114
TOTAL INVESTMENTS-97.1%
(Cost $139,760,100)				352,631,140

Shares	Value
OTHER ASSETS AND LIABILITIES-NET(2)-2.9%		10,543,281
NET ASSETS-100.0%	$	363,174,421

⁽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 March 31, 2022.

See accompanying Notes to Quarterly Portfolio of Investments.

Written Call Options:
Description		Exercise Price	Expiration Date	Number of Contracts		Premiums Received			Notional Value		Value
Comcast Corp.	$	48	04/14/2022	1,500	$	(100,831	)	$	7,023,000	$	(67,500	)
Vanguard® S&P 500® ETF	$	410	04/14/2022	48		(13,403	)		1,992,816		(45,360	)
					$	(114,234	)	$	9,015,816	$	(112,860	)

PORTFOLIO OF INVESTMENTS

WESMARK SMALL COMPANY FUND

March 31, 2022 (Unaudited)

Shares			Value
COMMON STOCKS-87.3%
BASIC MATERIALS-0.3%
		Chemicals-0.3%
	6,591	Hawkins, Inc.	$	302,527
TOTAL BASIC MATERIALS				302,527
COMMUNICATION SERVICES-2.3%
		Interactive Media & Services-2.3%
	62,206	Cargurus, Inc.(1)		2,641,267
TOTAL COMMUNICATION SERVICES				2,641,267
COMMUNICATIONS-0.3%
		Internet-0.1%
	19,311	Allbirds, Inc., Class A(1)		116,059
		Telecommunications-0.2%
	21,900	Extreme Networks, Inc.(1)		267,399
TOTAL COMMUNICATIONS				383,458
CONSUMER, CYCLICAL-2.2%
		Home Builders-0.3%
	5,932	Skyline Champion Corp.(1)		325,548
		Lodging-0.9%
	17,210	Travel + Leisure Co.		997,147
		Retail-1.0%
	28,995	First Watch Restaurant Group, Inc.(1)		378,385
	6,887	Wingstop, Inc.		808,189
				1,186,574
TOTAL CONSUMER, CYCLICAL				2,509,269
CONSUMER DISCRETIONARY-7.0%
		Automotive Retail-3.5%
	6,107	Asbury Automotive Group, Inc.(1)		978,341
	10,713	Lithia Motors, Inc., Class A		3,215,186
				4,193,527
		Consumer Electronics-1.2%
	51,603	Sonos, Inc.(1)		1,456,237
		Industrials-2.3%
	40,816	Korn Ferry		2,650,591
TOTAL CONSUMER DISCRETIONARY				8,300,355

Shares			Value
CONSUMER, NON-CYCLICAL-4.1%
		Agriculture-0.6%
	13,213	Andersons, Inc.	$	664,085
		Commercial Services-1.4%
	3,865	AMN Healthcare Services, Inc.(1)		403,235
	55,575	Custom Truck One Source, Inc.(1)		466,274
	29,630	Driven Brands Holdings, Inc.(1)		778,676
				1,648,185
		Healthcare-Products-0.7%
	14,054	Artivion, Inc.(1)		300,475
	6,488	Integer Holdings Corp.(1)		522,738
				823,213
		Healthcare-Services-1.4%
	29,607	Surgery Partners, Inc.(1)		1,629,865
TOTAL CONSUMER, NON-CYCLICAL				4,765,348
ENERGY-3.1%
		Oil & Gas Equipment & Services-0.9%
	42,571	ChampionX Corp.		1,042,138
		Oil & Gas Exploration & Production-0.4%
	7,688	Callon Petroleum Co.(1)		454,207
		Oil&Gas-1.8%
	6,578	Civitas Resources, Inc.		392,772
	100,523	Comstock Resources, Inc.(1)		1,311,825
	7,820	Matador Resources Co.		414,304
				2,118,901
TOTAL ENERGY				3,615,246
FINANCIALS-23.5%
		Asset Management & Custody Banks-1.3%
	16,534	Focus Financial Partners, Inc., Class A(1)		756,265
	28,962	Victory Capital Holdings, Inc., Class A		836,133
				1,592,398
		Insurance-0.9%
	24,808	Jackson Financial, Inc., Class A		1,097,258
		Investment Banking & Brokerage-4.9%
	21,786	Moelis & Co., Class A		1,022,853
	68,311	Stifel Financial Corp.		4,638,317
				5,661,170
		Investment Companies-0.7%
	33,037	Compass Diversified Holdings		785,289
		Private Equity-0.6%
	31,708	Bridge Investment Group Holdings, Inc., Class A		645,258
		Regional Banks-14.9%
	27,827	Ameris Bancorp		1,221,049
	34,808	Atlantic Union Bankshares Corp.		1,277,106
	62,942	BankUnited, Inc.		2,766,930

Shares			Value
	16,169	Banner Corp.	$	946,372
	37,281	Cadence Bank		1,090,842
	23,121	Community Bank System, Inc.		1,621,938
	46,246	First Bancorp/Southern Pines, NC		1,931,695
	120,427	First Foundation, Inc.		2,925,172
	39,740	First Interstate BancSystem, Inc., Class A		1,461,240
	52,504	Old National Bancorp		860,016
	8,527	South State Corp.		695,718
	28,160	Trustmark Corp.		855,782
				17,653,860
		REITS-0.2%
	4,593	Safehold, Inc.		254,682
TOTAL FINANCIALS				27,689,915
HEALTH CARE-7.8%
		Health Care Distributors-1.1%
	38,036	Patterson Cos., Inc.		1,231,225
		Health Care Equipment-1.2%
	6,525	AtriCure, Inc.(1)		428,497
	14,656	Integra LifeSciences Holdings Corp.(1)		941,795
				1,370,292
		Health Care Supplies-1.3%
	50,028	Neogen Corp.(1)		1,542,864
		Life Sciences Tools & Services-4.2%
	1,441	Charles River Laboratories International, Inc.(1)		409,201
	4,332	ICON PLC(1)		1,053,629
	43,208	Syneos Health, Inc.(1)		3,497,688
				4,960,518
TOTAL HEALTH CARE				9,104,899
INDUSTRIALS-17.0%
		Aerospace & Defense-2.2%
	29,619	Moog, Inc., Class A		2,600,548
		Air Freight & Logistics-0.8%
	10,473	Atlas Air Worldwide Holdings, Inc.(1)		904,553
		Building Products-1.4%
	28,646	AAON, Inc.		1,596,442
		Construction & Engineering-6.9%
	28,922	Granite Construction, Inc.		948,642
	54,058	Quanta Services, Inc.		7,114,573
				8,063,215
		Construction Machinery & Heavy Trucks-2.2%
	72,715	Shyft Group, Inc.		2,625,739
		Environmental Control-1.6%
	40,721	Evoqua Water Technologies Corp.(1)		1,913,073

Shares			Value
		Machinery-Diversified-1.3%
	14,705	Applied Industrial Technologies, Inc.	$	1,509,615
		Transportation-0.6%
	25,529	Schneider National, Inc., Class B		650,989
TOTAL INDUSTRIALS				19,864,174
INFORMATION TECHNOLOGY-16.2%
		Application Software-3.2%
	81,254	Box, Inc., Class A(1)		2,361,241
	23,249	LivePerson, Inc.(1)		567,741
	24,000	PagerDuty, Inc.(1)		820,560
				3,749,542
		Data Processing & Outsourced Services-1.2%
	49,338	I3 Verticals, Inc., Class A(1)		1,374,557
		Electronic Components-1.7%
	91,551	Knowles Corp.(1)		1,971,093
		Electronic Equipment & Instruments-1.3%
	17,549	OSI Systems, Inc.(1)		1,493,771
		IT Consulting & Other Services-1.0%
	12,363	Science Applications International Corp.		1,139,498
		Systems Software-5.4%
	6,656	Qualys, Inc.(1)		947,881
	23,833	Rapid7, Inc.(1)		2,651,183
	57,275	Varonis Systems, Inc.(1)		2,722,853
				6,321,917
		Technology Hardware, Storage & Peripherals-2.4%
	78,873	Pure Storage, Inc., Class A(1)		2,785,006
TOTAL INFORMATION TECHNOLOGY				18,835,384
MATERIALS-0.4%
		Chemicals-0.4%
	4,400	HB Fuller Co.		290,708
	2,300	Stepan Co.		227,263
				517,971
TOTAL MATERIALS				517,971
TECHNOLOGY-3.1%
		Semiconductors-3.1%
	25,357	Amkor Technology, Inc.		550,754
	57,968	SMART Global Holdings, Inc.(1)		1,497,313
	36,129	Ultra Clean Holdings, Inc.(1)		1,531,508
				3,579,575
TOTAL TECHNOLOGY				3,579,575
TOTAL COMMON STOCKS
(Cost $58,926,560)				102,109,388

Shares			Value
EXCHANGE TRADED FUNDS-4.6%
	50,131	iShares® Core S&P Small-Cap® ETF	$	5,408,132
TOTAL EXCHANGE TRADED FUNDS
(Cost $5,493,551)				5,408,132
SHORT TERM INVESTMENTS-5.3%
		Mutual Funds-5.3%
	6,217,735	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.163% (at net asset value)		6,217,735
TOTAL SHORT TERM INVESTMENTS
(Cost $6,217,735)				6,217,735
TOTAL INVESTMENTS-97.2%
(Cost $70,637,846)				113,735,255
OTHER ASSETS AND LIABILITIES-NET(2)-2.8%				3,266,526
NET ASSETS-100.0%			$	117,001,781

⁽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 March 31, 2022.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK TACTICAL OPPORTUNITY FUND

March 31, 2022 (Unaudited)

Shares/Principal Amount			Value
EXCHANGE TRADED FUNDS-100.2%
BROAD DOMESTIC EQUITY-11.0%
	11,455	SPDR S&P 500® ETF Trust	$	5,173,536
TOTAL BROAD DOMESTIC EQUITY				5,173,536
BROAD DOMESTIC FIXED INCOME-17.3%
	7,956	iShares® iBoxx $ Investment Grade Corporate Bond ETF		962,199
	36,335	Vanguard® Intermediate-Term Corporate Bond ETF		3,126,263
	51,440	Vanguard® Total Bond Market ETF		4,091,538
TOTAL BROAD DOMESTIC FIXED INCOME				8,180,000
COMMODITIES-7.3%
	113,560	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		2,003,198
	8,010	SPDR® Gold Shares(1)		1,447,007
TOTAL COMMODITIES				3,450,205
INTERNATIONAL (EX. U.S.) EQUITY-8.7%
	26,311	iShares® MSCI EAFE ETF		1,936,489
	29,568	iShares® MSCI EAFE Value ETF		1,486,088
	12,065	iShares® MSCI Emerging Markets ex China ETF		701,942
TOTAL INTERNATIONAL (EX. U.S.) EQUITY				4,124,519
INTERNATIONAL (EX. U.S.) FIXED INCOME-4.9%
	23,545	iShares® JP Morgan USD Emerging Markets Bond ETF		2,301,759
TOTAL INTERNATIONAL (EX. U.S.) FIXED INCOME				2,301,759
U.S. SECTOR FOCUSED EQUITY-21.2%
	8,393	First Trust Consumer Discretionary AlphaDEX Fund		457,251
	17,219	Health Care Select Sector SPDR® Fund		2,358,831
	18,531	Industrial Select Sector SPDR® Fund		1,908,322
	18,798	iShares® US Regional Banks ETF		1,107,578
	5,523	Materials Select Sector SPDR® Fund		486,852
	11,667	Technology Select Sector SPDR® Fund		1,854,236
	16,780	Vanguard® REIT ETF		1,818,449
TOTAL U.S. SECTOR FOCUSED EQUITY				9,991,519

Shares/Principal Amount			Value
U.S. SMALL AND MID CAP EQUITY-10.1%
	23,291	iShares® Russell 2000® ETF	$	4,780,944
TOTAL U.S. SMALL AND MID CAP EQUITY				4,780,944
U.S. VALUE COMPANY FOCUSED EQUITY-19.7%
	30,065	iShares® MSCI USA Quality Factor ETF		4,047,651
	49,078	Vanguard® Mega Cap Value ETF		5,267,051
TOTAL U.S. VALUE COMPANY FOCUSED EQUITY				9,314,702
TOTAL EXCHANGE TRADED FUNDS
(Cost $42,820,835)				47,317,184
SHORT TERM INVESTMENTS-2.0%
		Mutual Funds-2.0%
	964,365	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 0.163% (at net asset value)		964,365
TOTAL SHORT TERM INVESTMENTS
(Cost $964,365)				964,365
TOTAL INVESTMENTS-102.2%
(Cost $43,785,200)				48,281,549
OTHER ASSETS AND LIABILITIES-NET(2)-(2.2)%				(1,032,673	)
NET ASSETS-100.0%			$	47,248,876

⁽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 March 31, 2022.

Investment Abbreviations:

SPDR - Standard and Poor's Depository Receipt

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS
WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
March 31, 2022 (Unaudited)
Shares/Principal Amount			Value
NON-TAXABLE MUNICIPAL BONDS-98.9%
		Ohio-1.1%
$	1,100,000	Westerville, Ohio, General Obligation Limited Bonds, 5.000%, 12/1/2028	$	1,170,445
		Pennsylvania-1.5%
	1,425,000	Borough of Plum PA, 4.000%, 12/1/2034		1,580,682
		West Virginia-96.3%
		Berkeley County Building Commission:
	580,000	2.000%, 6/1/2035		483,817
	750,000	2.000%, 6/1/2040		588,148
	1,500,000	Berkeley County Public Service Sewer District, 4.500%, 10/1/2032		1,555,942
		Berkeley County, West Virginia, Public Service District Revenue Bonds:
	370,000	Series C, 3.000%, 12/1/2029		378,710
	450,000	Series C, 3.400%, 12/1/2034		460,612
	345,000	Series D, 3.000%, 12/1/2024		353,014
	585,000	Series D, 3.000%, 12/1/2025		602,583
	380,000	Berkeley County, West Virginia, Public Service District Water Revenue Bonds, Series A, 4.500%, 12/1/2033		394,618
		Berkeley County, West Virginia, Public Service Sewer District Revenue Bonds:
	275,000	5.000%, 6/1/2027		305,652
	950,000	5.000%, 6/1/2028		1,054,291
	655,000	5.000%, 6/1/2029		725,257
	620,000	Series A, 5.300%, 3/1/2029		621,696
	285,000	Series C, 3.500%, 10/1/2025		285,589
	950,000	Brooke County Building Commission, 3.000%, 12/1/2036		941,464
		Brooke County, West Virginia, Board of Education General Obligation Unlimited Bonds:
	1,065,000	4.000%, 6/1/2025		1,129,063
	1,100,000	3.000%, 6/1/2026		1,127,338
	965,000	3.000%, 6/1/2027		987,345
	2,000,000	Cabell County Board of Education, 2.000%, 6/1/2033		1,808,910
	215,000	Calhoun County, West Virginia, Board of Education General Obligation Unlimited Bonds (Public Schools), 3.850%, 6/1/2026		215,283
	265,000	City of Buckhannon, West Virginia, Commercial Development Revenue Bonds, Series A, 3.700%, 12/1/2028		265,043

Shares/Principal Amount			Value
$	595,000	City of Buckhannon, West Virginia, Waterworks Revenue Bonds, Series A, 4.000%, 3/1/2029	$	595,322
		City of Charles Town WV Waterworks & Sewerage System Revenue:
	400,000	2.250%, 6/1/2035		356,914
	315,000	3.000%, 6/1/2041		317,870
		City of Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds:
	190,000	Series A, 3.000%, 3/1/2026		193,588
	620,000	Series A, 4.000%, 3/1/2029		663,499
	310,000	Series B, 4.000%, 6/1/2031		322,384
		City of Charleston, West Virginia, Sewage System Revenue Bonds:
	310,000	4.000%, 7/1/2031		332,406
	275,000	4.000%, 7/1/2032		294,415
	300,000	City of Clarksburg WV Water Revenue, 2.000%, 6/1/2034		260,223
		City of Huntington, West Virginia, Sewerage System Revenue Bonds:
	300,000	3.000%, 11/1/2026		306,111
	300,000	3.000%, 11/1/2028		305,486
	490,000	City of Martinsburg, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds, Series A, 3.500%, 9/1/2027		490,489
		City of Saint Albans, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds:
	220,000	Series A, 4.250%, 6/1/2026		220,450
	600,000	Series B, 4.000%, 12/1/2027		600,382
		City of Wheeling WV Waterworks & Sewerage System Revenue:
	500,000	4.000%, 6/1/2035		554,327
	500,000	4.000%, 6/1/2036		552,480
		City of Wheeling, West Virginia, Waterworks & Sewerage System Revenue Bonds:
	500,000	4.000%, 6/1/2026		512,997
	535,000	Series A, 3.000%, 6/1/2029		542,614
	555,000	Series A, 3.000%, 6/1/2030		562,898
		Claywood Park Public Service District WV Water Revenue:
	950,000	3.000%, 11/1/2036		950,185
	680,000	3.000%, 11/1/2041		661,673
		Claywood Park Public Service District, West Virginia, Water Revenue Bonds:
	110,000	Series C, 3.200%, 11/1/2029		110,713
	225,000	Series C, 3.400%, 11/1/2031		226,610
	380,000	Corporation of Shepherdstown, West Virginia, Water Revenue Bonds, 3.300%, 3/1/2032		380,062
		Fayette County Board of Education:
	545,000	2.250%, 10/1/2030		501,505
	500,000	2.000%, 10/1/2031		441,603
	640,000	2.250%, 10/1/2032		571,873

Shares/Principal Amount			Value
$	565,000	2.500%, 10/1/2033	$	518,611
		Hampshire County, West Virginia, Building Commission Revenue Bonds:
	355,000	Series A, 3.000%, 1/1/2029		338,366
	380,000	Series A, 3.000%, 1/1/2031		355,438
	1,660,000	Series A, 4.250%, 1/1/2035		1,681,824
	2,265,000	Hancock, WV, 3.250%, 5/1/2036(1)(2)		2,314,261
	1,000,000	Harrison County Building Commission, 3.500%, 10/1/2035		1,003,309
	3,000,000	Jefferson County Board of Education, 2.000%, 6/1/2036		2,598,406
	1,910,000	Mason County Public Service District Water Revenue, 3.000%, 12/1/2036		1,935,756
	2,320,000	Monongalia County Building Commission, 2.000%, 2/1/2034		2,014,542
		Morgantown Utility Board, Inc.:
	500,000	3.250%, 12/1/2032		514,641
	500,000	4.000%, 12/1/2034		551,182
	1,500,000	3.000%, 12/1/2040		1,475,322
	1,430,000	Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.500%, 12/1/2035		1,479,534
	200,000	Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.750%, 10/1/2032		202,829
		Morgantown, West Virginia, Utility Board Revenue Bonds:
	1,000,000	Series A, 3.000%, 12/1/2028		1,029,885
	1,000,000	Series A, 4.000%, 12/1/2029		1,080,371
	1,210,000	Series A, 4.000%, 12/1/2030		1,304,464
	1,000,000	Series A, 4.000%, 12/1/2031		1,076,231
		Ohio County Board of Education:
	3,000,000	3.000%, 6/1/2033		3,081,505
	635,000	3.000%, 6/1/2034		651,502
	265,000	Putnam County, West Virginia, Public Service District Revenue Bonds, Series A, 3.500%, 4/1/2027		265,000
		Putnam Public Service District:
	1,000,000	4.000%, 12/1/2039		1,019,483
	1,150,000	3.000%, 11/1/2040		1,147,256
	1,000,000	3.000%, 4/1/2041		989,128
	1,000,000	3.000%, 6/1/2041		1,009,184
	1,000,000	3.625%, 12/1/2045		971,848
	1,000,000	Raleigh County Public Service District, 3.000%, 6/1/2037		981,810
	1,035,000	Salem, West Virginia Sewer Revenue Bonds, Series A, 4.000%, 12/1/2032		1,052,434
	500,000	State of West Virginia, 5.000%, 6/1/2033		581,094
	795,000	Wayne County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2026		808,475

Shares/Principal Amount			Value
$	500,000	West Virginia Commissioner Of Highways Special Obligation Surface Transportation Improvements Bonds, Series A, 5.000%, 9/1/2029	$	570,571
	670,000	West Virginia Economic Development Authority Lease Revenue Bonds (Clarksburg Office Building), 3.500%, 6/1/2030		687,109
	1,750,000	West Virginia Economic Development Authority Lease Revenue Bonds (Correctional Juvenile & Public), 4.000%, 6/1/2024		1,753,549
		West Virginia Economic Development Authority Lease Revenue Bonds (Department of Environmental Protection):
	1,280,000	Series B, 3.375%, 11/1/2025		1,288,473
	755,000	Series B, 3.500%, 11/1/2026		760,345
	1,650,000	West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot), Series A, 4.750%, 8/1/2029		1,654,800
		West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building):
	1,525,000	Series A, 5.000%, 6/1/2025		1,534,385
	315,000	Series A, 3.375%, 6/1/2029		322,382
	365,000	Series B, 3.375%, 10/1/2023		365,393
	390,000	Series B, 3.500%, 10/1/2024		390,404
	415,000	Series B, 3.625%, 10/1/2025		415,453
	435,000	Series B, 3.750%, 10/1/2026		435,805
	310,000	Series C, 3.500%, 6/1/2030		317,916
	515,000	Series D, 5.000%, 6/1/2025		559,184
	600,000	Series D, 3.250%, 6/1/2028		614,091
	330,000	Series D, 3.375%, 6/1/2029		337,733
	355,000	Series D, 3.500%, 6/1/2030		364,065
	1,000,000	West Virginia Economic Development Authority Lottery Revenue Bonds, Series A, 5.000%, 7/1/2032		1,134,551
		West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities):
	1,730,000	5.000%, 7/1/2034		1,955,627
	360,000	Series B, 3.200%, 4/1/2024		360,247
	375,000	Series B, 3.375%, 4/1/2025		375,288
	385,000	Series B, 3.500%, 4/1/2026		385,329
	400,000	Series B, 3.600%, 4/1/2027		400,393
	1,000,000	West Virginia Hospital Finance Authority Revenue Bonds (ARCs Improvement), Series D, 4.000%, 6/1/2029		1,065,526
	585,000	West Virginia Hospital Finance Authority Revenue Bonds (West Virginia University Health System), Series A, 3.375%, 6/1/2029		606,551

Shares/Principal Amount			Value
		West Virginia Housing Development Fund:
$	500,000	2.000%, 11/1/2032	$	455,932
	1,500,000	3.700%, 11/1/2032		1,544,177
	500,000	3.375%, 11/1/2034		506,563
	800,000	2.050%, 11/1/2035		709,088
	175,000	3.950%, 11/1/2049		177,924
		West Virginia School Building Authority Excess Lottery Revenue Bonds:
	500,000	Series A, 3.000%, 7/1/2025		501,249
	700,000	Series A, 3.125%, 7/1/2026		701,841
		West Virginia School Building Authority Lottery Revenue Capital Improvement Bonds:
	515,000	Series A, 5.000%, 7/1/2026		535,751
	535,000	Series A, 5.000%, 7/1/2027		556,557
	300,000	West Virginia State Bonds, Series A, 3.250%, 6/1/2033		309,442
	500,000	West Virginia State Economic Development Authority Lottery Revenue Bonds, 3.000%, 6/15/2031		510,026
	500,000	West Virginia State Hospital Finance Authority Refunding West Virginia United Health System, Series A, 4.000%, 6/1/2034		527,418
	500,000	West Virginia State Housing Development Fund Revenue Bonds, Series A, Series A, 3.450%, 11/1/2033		512,191
	1,030,000	West Virginia State University Revenues Revenue Bonds, Series A, 5.250%, 4/1/2028		1,129,702
	1,000,000	West Virginia University, 4.000%, 10/1/2037		1,093,912
	500,000	West Virginia University Revenue Bonds (West Virginia University Project), Series A, 5.000%, 10/1/2027		509,392
	500,000	West Virginia Water Development Authority, 4.000%, 10/1/2041		526,075
	500,000	West Virginia Water Development Authority Infrastructure Revenue Bonds, Series A, 5.000%, 10/1/2032		560,758
	2,605,000	West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program), Series A, 5.000%, 10/1/2029		2,931,061
	250,000	West Virginia Water Development Authority Revenue Bonds (Loan Program I), Series B-I, 4.000%, 11/1/2024		253,665
	1,395,000	West Virginia Water Development Authority Revenue Bonds (Loan Program), Series B-I, 4.000%, 11/1/2025		1,415,290

Shares/Principal Amount			Value
		West Virginia Water Development Authority Revenue Bonds (Loan Program II):
$	605,000	Series A-II, 3.000%, 11/1/2024	$	612,531
	600,000	Series A-II, 3.250%, 11/1/2025		608,965
	550,000	Series A-II, 5.000%, 11/1/2025		605,087
	650,000	Series A-II, 5.000%, 11/1/2026		731,150
	800,000	Series A-II, 3.000%, 11/1/2027		825,610
	300,000	Series A-II, 3.125%, 11/1/2028		309,045
	725,000	Series B-II, 4.000%, 11/1/2025		735,545
	250,000	West Virginia Water Development Authority Revenue Bonds (Loan Program IV), Series A-IV, 5.000%, 11/1/2033		285,416
	500,000	West Virginia, State Parkways Authority Senior Turnpike Toll Revenue Bonds, 5.000%, 6/1/2033		578,908
	1,000,000	Wood County, West Virginia, Board of Education Public School General Obligation Unlimited Bonds, 3.000%, 6/1/2029		1,031,059
	860,000	Wood County, West Virginia, Building Commission Lease Revenue Bonds, 4.000%, 1/1/2032		788,645
				101,882,290
TOTAL NON-TAXABLE MUNICIPAL BONDS
(Cost $106,156,726)				104,633,417
TOTAL INVESTMENTS-98.9%
(Cost $106,156,726)				104,633,417
OTHER ASSETS AND LIABILITIES-NET(3)-1.1%				1,204,523
NET ASSETS-100.0%			$	105,837,940

(1)	Floating or variable rate security.  The reference rate is described above.  The Rate in effect as of March 31, 2022 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 March 31, 2022, these securities amounted to a value of $2,314,261 or 2.19% 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 March 31, 2022.
See accompanying Notes to Quarterly Portfolio of Investments.

Notes to Quarterly Portfolio of Investments  

March 31, 2022 (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 estimated. 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 Codification Topic 946 Financial Services - Investment Companies.

Investment Valuation – In calculating its 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 fair 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 at their cost (adjusted for the accretion of any discount or amortization of any premium).

›› 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.

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 mid 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 technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. 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 is summarized in the three broad Levels listed below:

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

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

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

The following is a summary of the inputs used as of March 31, 2022, in valuing the Funds’ investments carried at 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	$	102,109,388	$	–	$	–	$	102,109,388
Exchange Traded Funds		5,408,132		–		–		5,408,132
Short Term Investments		6,217,735		–		–		6,217,735
Total	$	113,735,255	$	–	$	–	$	113,735,255

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	$	342,258,232	$	–	$	–	$	342,258,232
Exchange Traded Funds		4,757,794		–		–		4,757,794
Short Term Investments		5,615,114		–		–		5,615,114
Total	$	352,631,140	$	–	$	–	$	352,631,140

Other Financial Instruments
Liabilities
Written Options	$	(112,860	)	$	–	$	–	$	(112,860	)
Total	$	(112,860	)	$	–	$	–	$	(112,860	)

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	$	77,561,615	$	–	$	–	$	77,561,615
Exchange Traded Funds		6,730,148		–		–		6,730,148
Corporate Bonds		–		21,117,665		–		21,117,665
U.S. Government Agency - Collateralized Mortgage Obligations		–		1,330,399		–		1,330,399
Commercial Mortgage-Backed Securities		–		1,844,225		–		1,844,225
U.S. Government Agency - Mortgage-Backed Securities		–		4,175,281		–		4,175,281
Taxable Municipal Bonds		–		2,182,394		–		2,182,394
Non-Taxable Municipal Bonds		–		447,953		–		447,953
Short Term Investments		5,129,534		–		–		5,129,534
Total	$	89,421,297	$	31,097,917	$	–	$	120,519,214

Government Bond Fund
Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
U.S. Government Agency - Collateralized Mortgage Obligations	$	–	$	156,929,231	$	–	$	156,929,231
U.S. Government Agency - Mortgage-Backed Securities		–		17,730,378		–		17,730,378
Taxable Municipal Bonds		–		49,764,807		–		49,764,807
Non-Taxable Municipal Bonds		–		476,688		–		476,688
Short Term Investments		4,262,206		–		–		4,262,206
Total	$	4,262,206	$	224,901,104	$	–	$	229,163,310

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	$	–	$	104,633,417	$	–	$	104,633,417
Total	$	–	$	104,633,417	$	–	$	104,633,417

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	$	47,317,184	$	–	$	–	$	47,317,184
Short Term Investments		964,365		–		–		964,365
Total	$	48,281,549	$	–	$	–	$	48,281,549

All securities of the Funds were valued using either Level 1 or Level 2 inputs during the nine months ended March 31, 2022. Thus, a reconciliation of assets in which unobservable inputs (Level 3) were used is not applicable for the Funds.

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

Investment Income, Expenses and Distributions – Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Fund is 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, and Tactical Opportunity Fund are declared and paid annually.

Premium and Discount Amortization/Paydown Gains and Losses – All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.

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.

3. 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; 5) other risks, such as but not limited to, stock market, interest rate, credit, currency, liquidity, and leverage risks.

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

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

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

Writing Covered Call Options and Purchasing Put Options

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

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

Option contracts (options) - are rights to buy or sell usually 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.

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; and

›› 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; and

›› 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).

4. Concentration of Risk

Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it will be 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 March 31, 2022, 29% 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.