PORTFOLIO OF INVESTMENTS

WESMARK SMALL COMPANY FUND

September 30, 2023 (Unaudited)

Shares			Value
COMMON STOCKS-93.7%
COMMUNICATION SERVICES-0.8%
		Telecommunications-0.8%
	32,672	Extreme Networks, Inc.(1)	$	790,989
TOTAL COMMUNICATION SERVICES				790,989
COMMUNICATIONS-0.8%
		Internet-0.8%
	12,746	Ziff Davis, Inc.(1)		811,793
TOTAL COMMUNICATIONS				811,793
CONSUMER DISCRETIONARY-8.1%
		Apparel-0.6%
	6,535	Oxford Industries, Inc.		628,210
		Automotive Retail-1.9%
	10,222	Advance Auto Parts, Inc.		571,717
	4,298	Lithia Motors, Inc., Class A		1,269,328
				1,841,045
		Lodging-1.0%
	25,093	Hilton Grand Vacations, Inc.(1)		1,021,285
		Retail-4.6%
	50,181	Bloomin' Brands, Inc.		1,233,951
	32,785	Dutch Bros, Inc., Class A(1)		762,251
	48,699	First Watch Restaurant Group, Inc.(1)		842,006
	41,832	Wendy's Co.		853,791
	4,908	Wingstop, Inc.		882,655
				4,574,654
TOTAL CONSUMER DISCRETIONARY				8,065,194
CONSUMER STAPLES-8.1%
		Agriculture-0.9%
	17,479	Andersons, Inc.		900,343
		Beverages-0.3%
	72,000	BRC, Inc.(1)		258,480
		Commercial Services-1.0%
	42,656	Hackett Group, Inc.		1,006,255
		Cosmetics/Personal Care-1.0%
	8,824	elf Beauty, Inc.(1)		969,140
		Food-1.3%
	38,721	Hostess Brands, Inc.(1)		1,289,797

		Food Retail-1.5%
	35,238	Sprouts Farmers Market, Inc.(1)	1,508,186
		Packaged Foods & Meats-1.1%
	31,446	Simply Good Foods Co.(1)	1,085,516
		Pharmaceuticals-1.0%
	57,334	Organon & Co.	995,318
TOTAL CONSUMER STAPLES			8,013,035
ENERGY-7.8%
		Oil & Gas Equipment & Services-1.5%
	42,571	ChampionX Corp.	1,516,379
		Oil&Gas-6.3%
	14,678	Civitas Resources, Inc.	1,187,010
	149,549	Comstock Resources, Inc.	1,649,526
	56,538	Magnolia Oil & Gas Corp., Class A	1,295,286
	20,494	Matador Resources Co.	1,218,983
	27,934	SilverBow Resources, Inc.(1)	999,199
			6,350,004
TOTAL ENERGY			7,866,383
FINANCIALS-15.5%
		Asset Management & Custody Banks-1.0%
	28,962	Victory Capital Holdings, Inc., Class A	965,593
		Diversified Financial Services-0.7%
	8,704	PJT Partners, Inc.	691,446
		Insurance-0.5%
	14,009	Jackson Financial, Inc., Class A	535,424
		Investment Banking & Brokerage-3.6%
	58,128	Stifel Financial Corp.	3,571,384
		Regional Banks-9.0%
	27,827	Ameris Bancorp	1,068,279
	57,073	Atlantic Union Bankshares Corp.	1,642,561
	32,613	BankUnited, Inc.	740,315
	16,169	Banner Corp.	685,242
	60,752	Cadence Bank	1,289,157
	26,568	Community Bank System, Inc.	1,121,435
	60,108	First Bancorp/Southern Pines, NC	1,691,439
	52,504	Old National Bancorp	763,408
			9,001,836
		REITS-0.7%
	46,985	Sabra Health Care REIT, Inc.	654,971
TOTAL FINANCIALS			15,420,654
HEALTH CARE-10.5%
		Commercial Services-0.7%
	20,569	Progyny, Inc.(1)	699,757

		Health Care Distributors-1.1%
	38,036	Patterson Cos., Inc.	1,127,387
		Health Care Equipment-1.4%
	15,525	AtriCure, Inc.(1)	679,995
	17,153	Integra LifeSciences Holdings Corp.(1)	655,073
			1,335,068
		Health Care Supplies-0.8%
	44,496	Neogen Corp.(1)	824,956
		Healthcare-Products-1.0%
	13,318	Integer Holdings Corp.(1)	1,044,531
		Healthcare-Services-2.6%
	78,507	Enhabit, Inc.(1)	883,204
	37,733	Select Medical Holdings Corp.	953,513
	25,663	Surgery Partners, Inc.(1)	750,643
			2,587,360
		Pharmaceuticals-2.9%
	23,152	Corcept Therapeutics, Inc.(1)	630,776
	149,706	Elanco Animal Health, Inc.(1)	1,682,695
	11,109	Prestige Brands Holdings, Inc.(1)	635,324
			2,948,795
TOTAL HEALTH CARE			10,567,854
INDUSTRIALS-22.2%
		Aerospace & Defense-4.5%
	81,828	AerSale Corp.(1)	1,222,510
	29,619	Moog, Inc., Class A	3,345,762
			4,568,272
		Building Materials-1.8%
	8,797	Armstrong World Industries, Inc.	633,384
	18,028	Gibraltar Industries, Inc.(1)	1,217,070
			1,850,454
		Building Products-1.9%
	32,839	AAON, Inc.	1,867,554
		Construction & Engineering-5.5%
	28,922	Granite Construction, Inc.	1,099,614
	23,524	Quanta Services, Inc.	4,400,635
			5,500,249
		Construction Machinery & Heavy Trucks-1.5%
	101,496	Shyft Group, Inc.	1,519,395
		Electronics-2.2%
	16,500	Atmus Filtration Technologies, Inc.(1)	344,025
	44,009	Celestica, Inc.(1)	1,079,101
	64,291	TTM Technologies, Inc.(1)	828,068
			2,251,194
		Industrials-1.6%
	32,945	Korn Ferry	1,562,911
		Machinery-Constr&Mining-0.9%
	19,274	Argan, Inc.	877,353

		Machinery-Diversified-2.3%
	14,705	Applied Industrial Technologies, Inc.	2,273,540
TOTAL INDUSTRIALS			22,270,922
INFORMATION TECHNOLOGY-15.2%
		Application Software-2.0%
	81,254	Box, Inc., Class A(1)	1,967,159
		Data Processing & Outsourced Services-1.0%
	49,547	I3 Verticals, Inc., Class A(1)	1,047,424
		Electronic Components-0.9%
	58,161	Knowles Corp.(1)	861,364
		Electronic Equipment & Instruments-1.6%
	13,427	OSI Systems, Inc.(1)	1,584,923
		IT Consulting & Other Services-1.3%
	12,363	Science Applications International Corp.	1,304,791
		Software-2.0%
	204,712	Olo, Inc.(1)	1,240,555
	49,238	SentinelOne, Inc., Class A(1)	830,153
			2,070,708
		Systems Software-4.5%
	8,728	Qualys, Inc.(1)	1,331,456
	106,208	Varonis Systems, Inc.(1)	3,243,592
			4,575,048
		Technology Hardware, Storage & Peripherals-1.9%
	53,383	Pure Storage, Inc., Class A(1)	1,901,502
TOTAL INFORMATION TECHNOLOGY			15,312,919
MATERIALS-3.1%
		Chemicals-1.7%
	18,350	Hawkins, Inc.	1,079,898
	9,000	HB Fuller Co.	617,490
			1,697,388
		Packaging&Containers-0.7%
	9,839	Greif, Inc., Class A	657,344
		Steel-0.7%
	9,682	Carpenter Technology Corp.	650,727
TOTAL MATERIALS			3,005,459
REAL ESTATE-0.4%
		REITS-0.4%
	34,937	Physicians Realty Trust	425,882
TOTAL REAL ESTATE			425,882

TECHNOLOGY-0.6%
		Software-0.6%
	69,000	Definitive Healthcare Corp.(1)		551,310
TOTAL TECHNOLOGY				551,310
UTILITIES-0.6%
		Electric-0.6%
	8,547	Otter Tail Corp.		648,888
TOTAL UTILITIES				648,888
TOTAL COMMON STOCKS
(Cost $67,261,509)				93,751,282
EXCHANGE TRADED FUNDS-4.6%
	48,476	iShares® Core S&P Small-Cap® ETF		4,572,741
TOTAL EXCHANGE TRADED FUNDS
(Cost $4,613,430)				4,572,741
SHORT TERM INVESTMENTS-1.7%
		Mutual Funds-1.7%
	1,729,913	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		1,729,913
TOTAL SHORT TERM INVESTMENTS
(Cost $1,729,913)				1,729,913
TOTAL INVESTMENTS-100.0%
(Cost $73,604,852)				100,053,936
OTHER ASSETS AND LIABILITIES-NET(2)-(0.0)%(3)				(3,385	)
NET ASSETS-100.0%			$	100,050,551

⁽¹⁾ Non-income producing security.

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

⁽³⁾ Amount represents less than 0.05% of net assets.

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

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK LARGE COMPANY FUND

September 30, 2023 (Unaudited)

Shares			Value
COMMON STOCKS-99.5%
COMMUNICATIONS-2.0%
		Internet-2.0%
	17,000	Meta Platforms, Inc., Class A(1)	$	5,103,570
	5,326	Spotify Technology SA(1)		823,613
				5,927,183
TOTAL COMMUNICATIONS				5,927,183
CONSUMER DISCRETIONARY-11.0%
		Distribution/Wholesale-0.5%
	28,352	LKQ Corp.		1,403,708
		General Merchandise Stores-0.6%
	14,849	Target Corp.		1,641,854
		Home Improvement Retail-2.6%
	25,500	Home Depot, Inc.		7,705,080
		Internet & Direct Marketing Retail-5.0%
	116,093	Amazon.com, Inc.(1)		14,757,742
		Restaurants-1.4%
	1,145	Chipotle Mexican Grill, Inc.(1)		2,097,445
	32,820	Restaurant Brands International, Inc.		2,186,468
				4,283,913
		Retail-0.9%
	4,617	Lululemon Athletica, Inc.(1)		1,780,361
	4,088	Tractor Supply Co.		830,068
				2,610,429
TOTAL CONSUMER DISCRETIONARY				32,402,726
CONSUMER STAPLES-7.1%
		Beverages-0.5%
	48,058	Keurig Dr Pepper, Inc.		1,517,191
		Commercial Services-0.5%
	6,747	Verisk Analytics, Inc.		1,593,911
		Distillers & Vintners-2.2%
	26,361	Constellation Brands, Inc., Class A		6,625,310
		Food & Staples Retailing-0.6%
	25,868	BJ's Wholesale Club Holdings, Inc.(1)		1,846,199
		Household Products-2.1%
	42,664	Procter & Gamble Co.		6,222,971

		Packaged Foods & Meats-1.2%
	52,742	Mondelez International, Inc., Class A	3,660,295
TOTAL CONSUMER STAPLES			21,465,877
ENERGY-5.1%
		Energy-Alternate Sources-0.2%
	4,565	Enphase Energy, Inc.(1)	548,485
		Oil & Gas Exploration & Production-3.2%
	42,274	ConocoPhillips	5,064,425
	33,109	Devon Energy Corp.	1,579,299
	19,000	Diamondback Energy, Inc.	2,942,720
			9,586,444
		Oil, Gas & Consumable Fuels-1.7%
	42,626	Exxon Mobil Corp.	5,011,965
TOTAL ENERGY			15,146,894
FINANCIALS-7.4%
		Asset Management & Custody Banks-2.4%
	10,745	BlackRock, Inc.	6,946,535
		Banks-0.7%
	72,229	Bank of America Corp.	1,977,630
		Diversified Banks-1.6%
	33,130	JP Morgan Chase & Co.	4,804,513
		Investment Banking & Brokerage-2.1%
	9,747	The Goldman Sachs Group, Inc.	3,153,837
	36,221	Morgan Stanley	2,958,169
			6,112,006
		Regional Banks-0.6%
	65,900	Fifth Third Bancorp	1,669,247
TOTAL FINANCIALS			21,509,931
HEALTH CARE-18.6%
		Biotechnology-3.6%
	29,978	AbbVie, Inc.	4,468,522
	23,491	Amgen, Inc.	6,313,441
			10,781,963
		Health Care Equipment-2.4%
	71,604	Abbott Laboratories	6,934,847
		Life Sciences Tools & Services-3.4%
	14,514	IQVIA Holdings, Inc.(1)	2,855,630
	13,979	Thermo Fisher Scientific, Inc.	7,075,750
			9,931,380
		Managed Health Care-3.2%
	18,579	UnitedHealth Group, Inc.	9,367,346
		Pharmaceuticals-6.0%
	10,437	Cigna Group	2,985,713
	19,288	Johnson & Johnson	3,004,106
	55,904	Merck & Co., Inc.	5,755,317

	34,468	Zoetis, Inc.	5,996,743
			17,741,879
TOTAL HEALTH CARE			54,757,415
INDUSTRIALS-10.9%
		Aerospace & Defense-3.3%
	72,352	RTX Corp.	5,207,173
	56,532	Textron, Inc.	4,417,411
			9,624,584
		Construction & Farm Machinery & Heavy Trucks-1.0%
	7,440	Deere & Co.	2,807,707
		Construction Machinery & Heavy Equipment-0.3%
	3,703	Cummins, Inc.	845,987
		Electronics-0.4%
	17,642	Fortive Corp.	1,308,331
		Engineering & Construction-1.4%
	29,946	Jacobs Solutions, Inc.	4,087,629
		Engineering&Construction-0.5%
	18,093	AECOM	1,502,443
		Industrial Conglomerates-1.6%
	9,822	Roper Technologies, Inc.	4,756,598
		Industrial Machinery-1.8%
	13,905	Parker-Hannifin Corp.	5,416,276
		Internet-0.6%
	38,000	Uber Technologies, Inc.(1)	1,747,620
TOTAL INDUSTRIALS			32,097,175
INFORMATION TECHNOLOGY-35.1%
		Application Software-2.7%
	4,736	Adobe, Inc.(1)	2,414,886
	28,090	Salesforce, Inc.(1)	5,696,090
			8,110,976
		Communication Services-1.6%
	60,000	Walt Disney Co.(1)	4,863,000
		Communications Equipment-7.7%
	122,021	Apple, Inc.	20,891,215
	10,662	F5 Networks, Inc.(1)	1,718,075
			22,609,290
		Computers-0.7%
	11,632	Crowdstrike Holdings, Inc., Class A(1)	1,946,964
		Data Processing & Outsourced Services-4.0%
	25,662	Mastercard, Inc., Class A	10,159,842
	31,251	PayPal Holdings, Inc.(1)	1,826,934
			11,986,776

		Internet Software & Services-4.6%
	103,260	Alphabet, Inc., Class A(1)		13,512,604
		IT Consulting & Other Services-1.0%
	9,500	Accenture PLC, Class A		2,917,545
		Semiconductors-5.9%
	27,068	Advanced Micro Devices, Inc.(1)		2,783,132
	11,900	Broadcom, Inc.		9,883,902
	17,092	Marvell Technology Group, Ltd.		925,190
	42,031	ON Semiconductor Corp.(1)		3,906,782
				17,499,006
		Systems Software-6.9%
	51,564	Microsoft Corp.		16,281,333
	37,879	Oracle Corp.		4,012,144
				20,293,477
TOTAL INFORMATION TECHNOLOGY				103,739,638
MATERIALS-1.4%
		Specialty Chemicals-1.4%
	31,455	PPG Industries, Inc.		4,082,859
TOTAL MATERIALS				4,082,859
UTILITIES-0.9%
		Electric Utilities-0.4%
	22,614	NextEra Energy, Inc.		1,295,556
		Water-0.5%
	10,995	American Water Works Co., Inc.		1,361,511
TOTAL UTILITIES				2,657,067
TOTAL COMMON STOCKS
(Cost $137,760,495)				293,786,765
SHORT TERM INVESTMENTS-0.5%
		Mutual Funds-0.5%
	1,522,862	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		1,522,862
TOTAL SHORT TERM INVESTMENTS
(Cost $1,522,862)				1,522,862
TOTAL INVESTMENTS-100.0%
(Cost $139,283,357)				295,309,627
OTHER ASSETS AND LIABILITIES-NET(2)-(0.0)%(3)				(95,456	)
NET ASSETS-100.0%			$	295,214,171

⁽¹⁾ Non-income producing security.

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

⁽³⁾ Amount represents less than 0.05% of net assets.

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

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK BALANCED FUND

September 30, 2023 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS-58.4%
BASIC MATERIALS-0.3%
		Chemicals-0.3%
	2,907	RPM International, Inc.	$	275,613
TOTAL BASIC MATERIALS				275,613
CONSUMER DISCRETIONARY-5.9%
		Automobile Manufacturers-0.5%
	39,570	Ford Motor Co.		491,460
		Footwear-0.7%
	7,500	NIKE, Inc., Class B		717,150
		General Merchandise Stores-1.5%
	12,954	Target Corp.		1,432,324
		Home Improvement Retail-1.7%
	7,773	Lowe's Cos, Inc.		1,615,540
		Restaurants-1.0%
	3,487	McDonald's Corp.		918,615
		Specialty Stores-0.5%
	4,314	Dick's Sporting Goods, Inc.		468,414
TOTAL CONSUMER DISCRETIONARY				5,643,503
CONSUMER STAPLES-6.3%
		Food Distributors-1.0%
	14,902	Sysco Corp.		984,277
		Hypermarkets & Super Centers-1.0%
	6,329	Walmart, Inc.		1,012,197
		Packaged Foods & Meats-1.7%
	25,000	General Mills, Inc.		1,599,750
		Soft Drinks-2.6%
	14,886	PepsiCo, Inc.		2,522,284
TOTAL CONSUMER STAPLES				6,118,508
ENERGY-4.9%
		Integrated Oil & Gas-3.8%
	21,913	Chevron Corp.		3,694,970
		Oil & Gas Exploration & Production-0.3%
	2,099	EOG Resources, Inc.		266,069

		Oil & Gas Refining & Marketing-0.8%
	5,117	Valero Energy Corp.	725,130
TOTAL ENERGY			4,686,169
FINANCIALS-7.1%
		Asset Management & Custody Banks-1.1%
	15,471	State Street Corp.	1,035,938
		Diversified Banks-3.5%
	13,409	JPMorgan Chase & Co.	1,944,573
	44,009	US Bancorp	1,454,938
			3,399,511
		Investment Banking & Brokerage-1.3%
	3,805	The Goldman Sachs Group, Inc.	1,231,184
		Regional Banks-1.0%
	8,000	PNC Financial Services Group, Inc.	982,160
		REITS-0.2%
	3,500	Realty Income Corp.	174,790
TOTAL FINANCIALS			6,823,583
HEALTH CARE-12.8%
		Biotechnology-3.8%
	24,760	AbbVie, Inc.	3,690,726
		Health Care Services-2.2%
	30,000	CVS Health Corp.	2,094,600
		Pharmaceuticals-6.8%
	1,444	Cigna Group	413,085
	5,145	Eli Lilly & Co.	2,763,534
	17,956	Merck & Co., Inc.	1,848,570
	47,725	Pfizer, Inc.	1,583,038
			6,608,227
TOTAL HEALTH CARE			12,393,553
INDUSTRIALS-6.4%
		Air Freight & Logistics-1.5%
	9,508	United Parcel Service, Inc., Class B	1,482,012
		Construction & Farm Machinery & Heavy Trucks-0.2%
	519	Deere & Co.	195,860
		Construction Machinery & Heavy Equipment-2.5%
	8,825	Caterpillar, Inc.	2,409,225
		Electrical Components & Equipment-2.2%
	22,000	Emerson Electric Co.	2,124,540
TOTAL INDUSTRIALS			6,211,637

INFORMATION TECHNOLOGY-11.2%
		Communications Equipment-8.4%
	29,567	Apple, Inc.	5,062,166
	58,222	Cisco Systems, Inc.	3,130,015
			8,192,181
		Semiconductors-2.8%
	3,432	Analog Devices, Inc.	600,909
	13,545	Texas Instruments, Inc.	2,153,791
			2,754,700
TOTAL INFORMATION TECHNOLOGY			10,946,881
MATERIALS-0.7%
		Industrial Gases-0.7%
	2,326	Air Products & Chemicals, Inc.	659,189
TOTAL MATERIALS			659,189
REAL ESTATE-0.4%
		Specialized REITS-0.4%
	11,408	CubeSmart REIT	434,987
TOTAL REAL ESTATE			434,987
TELECOMMUNICATION SERVICES-1.3%
		Integrated Telecommunication Services-1.3%
	82,000	AT&T, Inc.	1,231,640
TOTAL TELECOMMUNICATION SERVICES			1,231,640
UTILITIES-1.1%
		Electric Utilities-0.9%
	9,886	Duke Energy Corp.	872,538
		Multi-Utilities-0.2%
	4,599	Dominion Energy, Inc.	205,437
TOTAL UTILITIES			1,077,975
TOTAL COMMON STOCKS
(Cost $32,386,624)			56,503,238
CORPORATE BONDS-25.7%
		Auto Manufacturers-0.4%
$	550,000	American Honda Finance Corp., 1.800%, 1/13/2031	427,810
		Banks-1.6%
	500,000	Fifth Third Bank NA, 3.850%, 3/15/2026	462,714
	500,000	Goldman Sachs Group, Inc., 1D US SOFR + 0.798%, 3/9/2027(1)	445,286
	500,000	Morgan Stanley, 1D US SOFR + 0.525%, 5/30/2025(1)	480,372
	150,000	PNC Bank NA, 2.700%, 10/22/2029	122,146
			1,510,518

	Beverages-0.5%
500,000	Anheuser-Busch InBev Worldwide, Inc., 4.900%, 1/23/2031	487,136
	Chemicals-1.0%
500,000	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co LP, 5.125%, 4/1/2025(2)	495,322
500,000	PPG Industries, Inc., 1.200%, 3/15/2026	448,998
		944,320
	Commercial Services-0.5%
500,000	PayPal Holdings, Inc., 4.400%, 6/1/2032	462,439
	Computers-0.5%
500,000	Dell International LLC / EMC Corp., 5.750%, 2/1/2033	486,152
	Diversified Financial Services-1.9%
500,000	American Express Co., 3.400%, 2/22/2024	495,024
500,000	American Express Co., 1D US SOFR + 1.835%, 5/1/2034(1)	461,320
250,000	BlackRock, Inc., 2.400%, 4/30/2030	208,585
250,000	Legg Mason, Inc., 4.750%, 3/15/2026	244,469
500,000	Charles Schwab Corp., 1D US SOFR + 2.50%, 5/19/2034(1)	475,957
		1,885,355
	Diversified Manufacturing-0.9%
1,000,000	3M Co., 3.375%, 3/1/2029	893,970
	Electric-2.4%
500,000	CenterPoint Energy Houston Electric LLC, 4.450%, 10/1/2032	459,995
500,000	Duke Energy Corp., 4.300%, 3/15/2028	474,430
500,000	NextEra Energy Capital Holdings, Inc., 3.550%, 5/1/2027	465,984
500,000	NextEra Energy Capital Holdings, Inc., 5.000%, 7/15/2032	467,749
500,000	Wisconsin Electric Power Co., 4.750%, 9/30/2032	471,498
		2,339,656
	Electronics-0.7%
500,000	Honeywell International, Inc., 4.500%, 1/15/2034	464,600
175,000	Honeywell International, Inc., 5.700%, 3/15/2037	177,436
		642,036
	Engineering&Construction-0.5%
500,000	Jacobs Engineering Group, Inc., 5.900%, 3/1/2033	474,301

	Environmental Control-1.5%
500,000	Republic Services, Inc., 3.200%, 3/15/2025	483,190
500,000	Republic Services, Inc., 5.700%, 5/15/2041	487,134
500,000	Waste Management, Inc., 3.500%, 5/15/2024	492,833
		1,463,157
	Healthcare-Products-0.5%
500,000	GE HealthCare Technologies, Inc., 5.650%, 11/15/2027	499,400
	Industrial Gases-0.8%
835,000	Air Products & Chemicals, Inc., Sr. Unsecured Notes, 3.350%, 7/31/2024	820,116
	Insurance-1.8%
500,000	Berkshire Hathaway Finance Corp., 2.875%, 3/15/2032	419,648
400,000	Marsh & McLennan Cos., Inc., 2.375%, 12/15/2031	314,879
500,000	MetLife, Inc., 5.875%, 2/6/2041	488,294
500,000	Progressive Corp., 4.950%, 6/15/2033	475,305
		1,698,126
	Internet-0.2%
250,000	Expedia Group, Inc., 3.800%, 2/15/2028	228,575
	Investment Banking & Brokerage-1.5%
1,000,000	Goldman Sachs Group, Inc., Sr. Unsecured Notes, 3M US L + 0.96%, 11/29/2023(1)	1,001,999
500,000	Goldman Sachs Group, Inc., 2.600%, 2/7/2030	409,794
		1,411,793
	Machinery-Constr&Mining-0.5%
500,000	Caterpillar Financial Services Corp., 3.600%, 8/12/2027	472,074
	Machinery-Diversified-0.5%
500,000	Ingersoll Rand, Inc., 5.700%, 8/14/2033	482,797
	Oil&Gas-0.7%
500,000	Marathon Oil Corp., 6.600%, 10/1/2037	487,560
250,000	Phillips 66, 4.650%, 11/15/2034	224,908
		712,468
	Pharmaceuticals-1.1%
500,000	AbbVie, Inc., 3.200%, 11/21/2029(2)	441,885
175,000	AbbVie, Inc., 4.550%, 3/15/2035	159,248
250,000	Bristol-Myers Squibb Co., 3.900%, 2/20/2028	236,417

	175,000	GlaxoSmithKline Capital, Inc., 6.375%, 5/15/2038	190,114
			1,027,664
		Pipelines-0.5%
	500,000	ONEOK, Inc., 5.800%, 11/1/2030	489,776
		Regional Banks-1.0%
	1,000,000	PNC Bank NA, Sr. Unsecured Notes, 3.250%, 6/1/2025	955,958
		Retail-2.4%
	250,000	Dollar Tree, Inc., 4.200%, 5/15/2028	232,605
	175,000	Home Depot, Inc., 5.875%, 12/16/2036	180,484
	500,000	O'Reilly Automotive, Inc., 4.350%, 6/1/2028	477,820
	500,000	Target Corp., 4.400%, 1/15/2033	461,306
	500,000	Walmart, Inc., 5.250%, 9/1/2035	501,254
	500,000	Walmart, Inc., 3.950%, 6/28/2038	430,310
			2,283,779
		Software-0.5%
	500,000	Activision Blizzard, Inc., 3.400%, 9/15/2026	474,416
		Software & Services-0.8%
	750,000	Oracle Corp., Sr. Unsecured Notes, 3.400%, 7/8/2024	736,037
		Transportation Services-0.5%
	500,000	FedEx Corp., 4.250%, 5/15/2030	462,238
TOTAL CORPORATE BONDS
(Cost $26,553,728)			24,772,067
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-0.6%
		Federal Home Loan Mortgage Corp.-0.1%
	133,957	Series 2015-4517, Class PC, 2.500%, 5/15/2044	122,434
		Government National Mortgage Association-0.5%
	459,303	Series 2018-126, Class DA, 3.500%, 1/20/2048	425,748
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $592,492)			548,182

COMMERCIAL MORTGAGE-BACKED SECURITIES-1.5%
		Commercial Mortgage-Backed Securities-1.5%
	1,500,000	Series 2015-UBS8, Class A4, 3.809%, 11/15/2025	1,412,713
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,535,402)			1,412,713
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-3.1%
		Federal Home Loan Mortgage Corp.-0.3%
	62,845	Pool G18527, 3.000%, 10/1/2029	58,717
	255,413	Pool 18707, 3.500%, 9/1/2033	240,481
			299,198
		Federal National Mortgage Association-1.9%
	710,134	Pool BL5389, 2.710%, 5/1/2027	650,934
	583,432	Pool AM6756, 3.570%, 10/1/2029	540,224
	147,151	Pool MA3621, 3.500%, 3/1/2039	130,699
	44,468	Pool BN4896, 4.000%, 1/1/2049	40,163
	125,064	Pool MA3592, 4.000%, 2/1/2049	113,149
	376,175	Pool BP4338, 1Y US TI + 1.67%, 3/1/2049(1)	365,607
			1,840,776
		Small Business Administration Pools-0.4%
	149,176	PRIME - 3.50%, 1/25/2042(1)	150,797
	236,201	PRIME - 3.50%, 7/25/2042(1)	238,150
			388,947
		UMBS Collateral-0.5%
	473,277	5.000%, 12/1/2052	447,146
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES
(Cost $3,211,331)			2,976,067
U.S. TREASURY SECURITIES-6.8%
		U.S. Treasury Bond-2.9%
	150,000	4.500%, 2/15/2036	149,713
	150,000	4.750%, 2/15/2037	152,731
	500,000	3.500%, 2/15/2039	432,324
	500,000	2.875%, 8/15/2028	461,777
	500,000	1.250%, 8/15/2031	390,918
	500,000	4.125%, 11/15/2032	482,305
	750,000	3.500%, 2/15/2033	688,242
			2,758,010
		U.S. Treasury Note-3.9%
	1,000,000	2.875%, 11/30/2023	995,806
	1,500,000	4.500%, 11/30/2024	1,485,146
	100,000	3.875%, 11/30/2027	96,953
	500,000	4.000%, 12/15/2025	489,668
	750,000	3.500%, 1/31/2030	703,096
			3,770,669
TOTAL U.S. TREASURY SECURITIES
(Cost $6,797,547)			6,528,679

TAXABLE MUNICIPAL BONDS-2.4%
		California-0.1%
	200,000	Charter Oak Unified School District, 2.681%, 8/1/2036		146,087
		Michigan-0.3%
	270,000	Belding Area Schools, General Obligation Unlimited Bonds, 6.700%, 5/1/2027		270,345
		Ohio-0.7%
	715,000	Columbus-Franklin County Finance Authority, 4.490%, 11/15/2032		673,938
		Pennsylvania-0.4%
	450,000	Commonwealth Financing Authority, 4.014%, 6/1/2033		406,182
		Utah-0.4%
	450,000	Utah Transit Authority, 3.393%, 12/15/2036		357,888
		West Virginia-0.5%
	575,000	Marshall University, 3.177%, 5/1/2029		511,112
TOTAL TAXABLE MUNICIPAL BONDS
(Cost $2,677,092)				2,365,552
SHORT TERM INVESTMENTS-0.9%
		Mutual Funds-0.9%
	856,934	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		856,934
TOTAL SHORT TERM INVESTMENTS
(Cost $856,934)				856,934
TOTAL INVESTMENTS-99.4%
(Cost $74,611,150)				95,963,432
OTHER ASSETS AND LIABILITIES-NET(3)-0.6%				581,026
NET ASSETS-100.0%			$	96,544,458

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Reference Rates:

3M US L - 3 Month LIBOR as of September 30, 2023 was 5.66%

1Y US TI - 1 Year US Treasury Bill as of  September 30, 2023 was 4.64%

PRIME - US Prime Rate as of September 30, 2023 was 8.00%

1D US SOFR - 1 Day SOFR as of  September 30, 2023 was 4.87%

⁽¹⁾ Floating or variable rate security.  The reference rate is described above.  The Rate in effect as of September 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 September 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 September 30, 2023.

See accompanying Notes to Quarterly Portfolio of Investments. 

PORTFOLIO OF INVESTMENTS

WESMARK GOVERNMENT BOND FUND

September 30, 2023 (Unaudited)

Shares/Principal Amount			Value
EXCHANGE TRADED FUNDS-1.7%
	28,924	iShares® iBoxx $ Investment Grade Corporate Bond ETF	$	2,950,827
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,187,968)				2,950,827
CORPORATE BONDS-9.4%
		Banks-3.5%
$	1,000,000	Citigroup, Inc., 5.400%, 1/20/2026		988,389
	500,000	FNB Corp., 4.875%, 10/2/2025		475,576
	1,000,000	Fifth Third Bank NA, 3.850%, 3/15/2026		925,427
	500,000	Wells Fargo Bank NA, 6.180%, 2/15/2036		475,073
	500,000	Goldman Sachs Group, Inc., 6.625%, 11/15/2027		498,214
	500,000	Morgan Stanley, 1D US SOFR + 2.62%, 4/20/2037(1)		445,807
	1,000,000	PNC Financial Services Group, Inc., SOFRINDX + 2.14%, 10/28/2033(1)		971,124
	500,000	PNC Financial Services Group, Inc., 1D US SOFR + 1.946%, 8/18/2034(1)		480,666
	1,000,000	US Bancorp, 1D US SOFR + 1.60%, 2/1/2034(1)		881,114
				6,141,390
		Biotechnology-1.1%
	2,000,000	Amgen, Inc., 5.250%, 3/2/2033		1,912,802
		Electric-0.3%
	500,000	Duke Energy Ohio, Inc., 5.250%, 4/1/2033		483,309
		Healthcare-Services-1.2%
	2,000,000	Aetna, Inc., 6.750%, 12/15/2037		2,076,040
		Pipelines-0.8%
	500,000	Kinder Morgan Energy Partners LP, 6.950%, 1/15/2038		515,198
	1,000,000	Kinder Morgan, Inc., 5.200%, 6/1/2033		925,546
				1,440,744
		Retail-1.1%
	2,000,000	AutoZone, Inc., 4.750%, 2/1/2033		1,820,224
		Semiconductors-1.1%
	2,000,000	Intel Corp., 5.200%, 2/10/2033		1,937,491

Shares/Principal Amount			Value
		Software-0.3%
$	500,000	Fiserv, Inc., 5.600%, 3/2/2033	$	485,127
TOTAL CORPORATE BONDS
(Cost $17,212,694)				16,297,127
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-20.4%
		Agency Collat CMO-5.9%
	232,067	Series 2003-55, Class 1A3A, 30D US SOFR + 0.51448%, 3/25/2043(1)		230,651
	651,885	Series 2004-W14, Class 1AF, 30D US SOFR + 0.51448%, 7/25/2044(1)		609,071
	622,554	Series 2010-59, Class FL, 1M US SOFR + 0.61448%, 5/20/2040(1)		610,502
	2,503,450	Series 2014-330, Class F4, 30D US SOFR + 0.46448%, 10/15/2037(1)		2,445,336
	2,709,469	Series 2022-76, Class D, 5.500%, 8/25/2045		2,652,735
	3,565,988	Series 2022-83, Class DA, 6.000%, 1/25/2048		3,578,392
				10,126,687
		Agency Collat PAC CMO-4.2%
	3,943,149	Series 2020-5020, Class TP, 2.000%, 10/25/2050		2,952,137
	1,984,717	Series 2020-153, Class GP, 0.500%, 10/20/2050		1,723,683
	3,542,309	Series 2021-23, Class TE, 1.000%, 2/20/2051		2,542,366
				7,218,186
		Commercial MBS-3.9%
	2,619,667	Series 2020-177, Class DA, 1.250%, 6/16/2062		1,555,458
	5,000,000	Series 2021-181, Class B, 1.900%, 1/16/2063		2,626,911
	5,000,000	Series 2021-203, Class B, 2.000%, 4/16/2062		2,642,016
				6,824,385
		Federal Home Loan Mortgage Corp.-0.3%
	640,998	Series 2016-4629, Class QG, 2.500%, 11/15/2046, REMIC		533,859
		Federal National Mortgage Association-1.0%
	732,234	Series 2003-W18, Class 2A, 4.198%, 6/25/2043, REMIC (1)		698,717
	832,356	Series 2016-90, Class DA, 3.000%, 8/25/2046, REMIC		702,511
	470,399	Series 2019-74, Class LB, 3.000%, 10/25/2049		400,261
				1,801,489
		Government National Mortgage Association-0.3%
	560,114	Series 2013-38, Class KA, 1.250%, 2/20/2042		489,718

Shares/Principal Amount			Value
		Sovereign-4.8%
$	2,000,000	3.730%, 10/22/2032	$	1,811,708
	2,000,000	1.910%, 5/17/2034		1,478,990
	500,000	4.900%, 6/29/2032		469,013
	3,000,000	3.330%, 7/12/2032		2,640,310
	2,000,000	4.000%, 2/9/2033		1,852,775
				8,252,796
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $44,028,672)				35,247,120
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-40.8%
		Federal Home Loan Mortgage Corp.-0.6%
	1,214,366	Freddie Mac Pool, Pool QA6315, 3.500%, 1/1/2050		1,071,468
		FNMA Collateral-0.9%
	1,880,943	Fannie Mae Pool, Pool MA2711, 3.000%, 8/1/2046		1,566,575
		GNMA2 Collateral-4.2%
	2,848,990	Ginnie Mae II Pool, 4.000%, 8/20/2052		2,521,463
	3,216,410	Ginnie Mae II Pool, 5.500%, 11/20/2052		3,089,847
	1,755,854	Ginnie Mae II Pool, 5.500%, 12/20/2052		1,686,955
				7,298,265
		Government National Mortgage Association-0.1%
	124,216	Ginnie Mae I Pool, Pool 589693, 4.500%, 7/15/2029		115,340
		Sovereign-1.3%
	500,000	Federal Home Loan Banks, 5.550%, 9/29/2032		481,649
	2,000,000	Federal Home Loan Banks, 3.700%, 6/22/2035		1,764,025
				2,245,674
		UMBS Collateral-33.7%
	4,622,102	Freddie Mac Pool, 4.000%, 6/1/2052		4,120,091
	4,698,618	Freddie Mac Pool, 4.500%, 10/1/2052		4,318,820
	2,872,743	Freddie Mac Pool, 4.000%, 11/1/2052		2,560,416
	4,778,531	Freddie Mac Pool, 5.000%, 1/1/2053		4,514,573
	4,824,241	Freddie Mac Pool, 5.000%, 2/1/2053		4,557,344
	993,289	Freddie Mac Pool, 5.500%, 9/1/2053		960,744
	3,971,599	Freddie Mac Pool, 6.000%, 9/1/2053		3,922,692
	2,132,682	Fannie Mae Pool, 4.500%, 7/1/2042		1,984,087
	4,486,232	Fannie Mae Pool, 4.500%, 10/1/2042		4,184,432
	4,582,695	Fannie Mae Pool, 4.500%, 11/1/2042		4,272,301
	2,110,507	Fannie Mae Pool, 4.500%, 1/1/2043		1,966,571
	2,701,674	Fannie Mae Pool, 5.500%, 1/1/2043		2,633,650
	4,614,556	Fannie Mae Pool, 4.000%, 6/1/2052		4,115,187
	4,618,961	Fannie Mae Pool, 4.500%, 7/1/2052		4,246,244
	2,771,598	Fannie Mae Pool, 5.500%, 11/1/2052		2,683,539
	2,683,465	Fannie Mae Pool, 6.000%, 11/1/2052		2,654,444

Shares/Principal Amount			Value
$	4,792,254	Fannie Mae Pool, 5.000%, 2/1/2053	$	4,527,479
				58,222,614
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES
(Cost $75,730,320)				70,519,936
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-1.7%
		Federal Farm Credit Banks Funding Corp.-1.7%
	2,000,000	3.560%, 11/30/2043		1,516,916
	2,000,000	3.330%, 9/5/2045		1,438,084
				2,955,000
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $3,373,847)				2,955,000
U.S. TREASURY SECURITIES-17.4%
		Tennessee Valley Authority-0.6%
	1,000,000	5.880%, 4/1/2036		1,066,946
		U.S. Treasury Bond-7.3%
	1,000,000	3.750%, 11/15/2043		849,063
	1,000,000	2.500%, 2/15/2046		671,445
	1,000,000	1.125%, 8/15/2040		568,867
	2,000,000	1.750%, 8/15/2041		1,246,328
	2,000,000	2.000%, 11/15/2041		1,298,633
	2,000,000	2.375%, 2/15/2042		1,383,086
	3,000,000	2.875%, 5/15/2028		2,780,625
	2,500,000	2.875%, 8/15/2028		2,308,887
	2,000,000	0.625%, 5/15/2030		1,548,203
				12,655,137
		U.S. Treasury Note-5.2%
	2,000,000	1.500%, 2/15/2030		1,658,281
	2,000,000	0.625%, 8/15/2030		1,535,390
	2,000,000	1.625%, 5/15/2031		1,624,219
	2,500,000	2.750%, 5/31/2029		2,265,234
	2,000,000	4.000%, 2/15/2026		1,957,891
				9,041,015
		United States Treasury Strip Coupon-4.3%
	2,275,000	–%, 8/15/2041(2)		914,761
	2,220,000	–%, 2/15/2042(2)		871,338
	4,565,000	–%, 5/15/2042(2)		1,770,753
	2,265,000	–%, 8/15/2042(2)		869,455
	3,000,000	–%, 5/15/2043(2)		1,107,615
	2,500,000	–%, 8/15/2043(2)		915,114
	2,500,000	–%, 11/15/2043(2)		902,445
				7,351,481
TOTAL U.S. TREASURY SECURITIES
(Cost $32,301,949)				30,114,579
TAXABLE MUNICIPAL BONDS-7.0%
		Arkansas-0.7%
		University of Arkansas:
	500,000	3.382%, 9/1/2037		396,487

Shares/Principal Amount			Value
$	1,000,000	3.301%, 11/1/2039	$	764,527
				1,161,014
		California-1.8%
	500,000	Bonita Unified School District, 2.619%, 8/1/2035		372,071
	1,000,000	Contra Costa Community College District, 2.926%, 8/1/2038		746,732
	500,000	Desert Community College District, 2.978%, 8/1/2037		379,975
	500,000	Kings Canyon Unified School District, 3.212%, 8/1/2040		367,768
	500,000	Pasadena Public Financing Authority, Build America Revenue Bonds, Series B, 6.998%, 3/1/2034		558,177
	910,000	Santa Paula Utility Authority, 2.870%, 2/1/2034		725,141
				3,149,864
		Hawaii-0.5%
	1,000,000	University of Hawaii, 3.850%, 10/1/2038		833,784
		Massachusetts-1.0%
	1,000,000	City of Quincy MA, 2.788%, 12/15/2035		747,275
	1,500,000	Massachusetts School Building Authority, 2.950%, 5/15/2043		1,040,267
				1,787,542
		Michigan-0.6%
	1,400,000	Michigan State Building Authority, 2.705%, 10/15/2040		978,045
		New York-0.4%
	700,000	City of New York NY, 5.985%, 12/1/2036		719,512
		Ohio-0.5%
	565,000	Summit County Development Finance Authority, 3.201%, 11/15/2036		442,407
	500,000	Warrensville Heights City School District, 3.406%, 12/1/2040		373,086
				815,493
		Pennsylvania-0.2%
	550,000	Borough of Columbia PA, 2.540%, 6/15/2038		383,920
		Texas-0.2%
	500,000	Round Rock Transportation & Economic Development Corp., 3.000%, 8/15/2039		350,599
		Virginia-0.6%
	1,395,000	Virginia Housing Development Authority, 3.050%, 8/1/2038		993,895

Shares/Principal Amount			Value
		West Virginia-0.5%
$	1,000,000	Wheeling Municipal Building Commission, 5.558%, 8/1/2037	$	892,896
TOTAL TAXABLE MUNICIPAL BONDS
(Cost $15,935,056)				12,066,564
SHORT TERM INVESTMENTS-0.5%
		Mutual Funds-0.5%
756,468		Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		756,468
TOTAL SHORT TERM INVESTMENTS
(Cost $756,468)				756,468
TOTAL INVESTMENTS-99.1%
(Cost $193,013,436)				171,315,772
OTHER ASSETS AND LIABILITIES-NET(3)-0.9%				1,585,305
NET ASSETS-100.0%			$	172,901,077

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

Libor Rates:

1D US SOFR - 1 Day SOFR as of September 30, 2023 was 5.31%

30D US SOFR - 30 Days SOFR as of September 30, 2023 was 5.32%

1M US SOFR - 1 Month SOFR as of September 30, 2023 was 5.32%

⁽¹⁾ Floating or variable rate security.  The reference rate is described above.  The Rate in effect as of September 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 September 30, 2023.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK WEST VIRGINIA MUNICIPAL BOND FUND

September 30, 2023 (Unaudited)

Shares/Principal Amount			Value
NON-TAXABLE MUNICIPAL BONDS-99.1%
		Pennsylvania-1.6%
$	1,425,000	Borough of Plum PA, 4.000%, 12/1/2034	$	1,409,400
		West Virginia-97.5%
	1,000,000	Berkeley County Board of Education, 4.000%, 6/1/2037		952,954
		Berkeley County Building Commission:
	580,000	2.000%, 6/1/2035		421,627
	750,000	2.000%, 6/1/2040		462,089
	400,000	4.000%, 6/1/2040		367,213
	1,500,000	Berkeley County Public Service Sewer District, 4.500%, 10/1/2032		1,500,406
		Berkeley County, West Virginia, Public Service District Revenue Bonds:
	370,000	Series C, 3.000%, 12/1/2029		344,770
	450,000	Series C, 3.400%, 12/1/2034		407,923
	585,000	Series D, 3.000%, 12/1/2025		567,584
	380,000	Berkeley County, West Virginia, Public Service District Water Revenue Bonds, Series A, 4.500%, 12/1/2033		380,150
		Berkeley County, West Virginia, Public Service Sewer District Revenue Bonds:
	275,000	5.000%, 6/1/2027		281,999
	950,000	5.000%, 6/1/2028		975,630
	655,000	5.000%, 6/1/2029		671,671
	620,000	Series A, 5.300%, 3/1/2029		621,008
	950,000	Brooke County Building Commission, 3.000%, 12/1/2036		775,855
	965,000	Brooke County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2027		914,174
	2,000,000	Cabell County Board of Education, 2.000%, 6/1/2033		1,559,142
	265,000	City of Buckhannon, West Virginia, Commercial Development Revenue Bonds, Series A, 3.700%, 12/1/2028		243,467
	595,000	City of Buckhannon, West Virginia, Waterworks Revenue Bonds, Series A, 4.000%, 3/1/2029		572,303
		City of Charles Town WV Waterworks & Sewerage System Revenue:
	400,000	2.250%, 6/1/2035		302,799
	315,000	3.000%, 6/1/2041		232,251

Shares/Principal Amount			Value
		City of Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds:
$	620,000	Series A, 4.000%, 3/1/2029	$	621,628
	310,000	Series B, 4.000%, 6/1/2031		309,878
		City of Charleston, West Virginia, Sewage System Revenue Bonds:
	310,000	4.000%, 7/1/2031		305,035
	275,000	4.000%, 7/1/2032		265,706
	300,000	City of Clarksburg WV Water Revenue, 2.000%, 6/1/2034		223,303
		City of Saint Albans, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds:
	170,000	Series A, 4.250%, 6/1/2026		167,431
	600,000	Series B, 4.000%, 12/1/2027		582,473
		City of Wheeling WV Waterworks & Sewerage System Revenue:
	500,000	4.000%, 6/1/2035		495,617
	500,000	4.000%, 6/1/2036		489,769
		Claywood Park Public Service District WV Water Revenue:
	950,000	3.000%, 11/1/2036		777,191
	680,000	3.000%, 11/1/2041		502,022
		Claywood Park Public Service District, West Virginia, Water Revenue Bonds:
	110,000	Series C, 3.200%, 11/1/2029		103,113
	225,000	Series C, 3.400%, 11/1/2031		207,389
	380,000	Corporation of Shepherdstown, West Virginia, Water Revenue Bonds, 3.300%, 3/1/2032		347,354
		Fayette County Board of Education:
	545,000	2.250%, 10/1/2030		455,846
	500,000	2.000%, 10/1/2031		399,080
	640,000	2.250%, 10/1/2032		509,937
	565,000	2.500%, 10/1/2033		454,557
	750,000	Greenbrier County Public Service, Series A, 5.000%, 10/1/2037		767,088
		Hampshire County, West Virginia, Building Commission Revenue Bonds:
	355,000	Series A, 3.000%, 1/1/2029		321,104
	380,000	Series A, 3.000%, 1/1/2031		332,202
	1,660,000	Series A, 4.250%, 1/1/2035		1,582,802
	2,265,000	Hancock, WV, 3.250%, 5/1/2036(1)(2)		2,003,135
	1,000,000	Harrison County Building Commission, 3.500%, 10/1/2035		848,134
	3,000,000	Jefferson County Board of Education, 2.000%, 6/1/2036		2,116,580
	850,000	Lewis County Building Commission, 4.750%, 2/1/2038		811,637
	1,910,000	Mason County Public Service District Water Revenue, 3.000%, 12/1/2036		1,570,008
	2,320,000	Monongalia County Building Commission, 2.000%, 2/1/2034		1,778,072

Shares/Principal Amount			Value
		Morgantown Utility Board, Inc.:
$	500,000	3.250%, 12/1/2032	$	451,052
	500,000	4.000%, 12/1/2034		504,233
	1,500,000	3.000%, 12/1/2040		1,147,269
	1,430,000	Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.500%, 12/1/2035		1,299,438
	200,000	Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.750%, 10/1/2032		191,563
		Morgantown, West Virginia, Utility Board Revenue Bonds:
	1,000,000	Series A, 3.000%, 12/1/2028		944,961
	1,000,000	Series A, 4.000%, 12/1/2029		999,158
	1,210,000	Series A, 4.000%, 12/1/2030		1,199,965
	1,000,000	Series A, 4.000%, 12/1/2031		985,263
	1,030,000	Moundsville Building Commission, 4.000%, 8/1/2037		955,254
		Ohio County Board of Education:
	3,000,000	3.000%, 6/1/2033		2,625,162
	635,000	3.000%, 6/1/2034		546,929
	500,000	Putnam County Building Commission, 4.000%, 5/1/2037		476,679
		Putnam Public Service District:
	1,000,000	4.000%, 12/1/2039		859,089
	1,150,000	3.000%, 11/1/2040		880,914
	1,000,000	3.000%, 4/1/2041		756,904
	1,000,000	3.000%, 6/1/2041		756,854
	1,000,000	3.625%, 12/1/2045		744,858
	1,000,000	Raleigh County Public Service District, 3.000%, 6/1/2037		804,755
	960,000	Salem, West Virginia Sewer Revenue Bonds, Series A, 4.000%, 12/1/2032		911,686
		State of West Virginia:
	500,000	5.000%, 6/1/2033		527,364
	500,000	5.000%, 6/1/2035		524,990
	1,000,000	5.000%, 12/1/2040		1,027,056
	795,000	Wayne County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2026		769,080
	500,000	West Virginia Commissioner Of Highways Special Obligation Surface Transportation Improvements Bonds, Series A, 5.000%, 9/1/2029		519,542
	670,000	West Virginia Economic Development Authority Lease Revenue Bonds (Clarksburg Office Building), 3.500%, 6/1/2030		641,133
	1,650,000	West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot), Series A, 4.750%, 8/1/2029		1,651,060

Shares/Principal Amount			Value
		West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building):
$	1,525,000	Series A, 5.000%, 6/1/2025	$	1,526,069
	435,000	Series B, 3.750%, 10/1/2026		432,156
	310,000	Series C, 3.500%, 6/1/2030		296,643
	600,000	Series D, 3.250%, 6/1/2028		580,395
	355,000	Series D, 3.500%, 6/1/2030		339,327
	1,000,000	West Virginia Economic Development Authority Lottery Revenue Bonds, Series A, 5.000%, 7/1/2032		1,038,969
	100,000	West Virginia Higher Education Policy Commission, 4.000%, 4/1/2034		95,374
		West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities):
	1,730,000	5.000%, 7/1/2034		1,782,986
	400,000	Series B, 3.600%, 4/1/2027		389,967
	1,000,000	West Virginia Hospital Finance Authority Revenue Bonds (ARCs Improvement), Series D, 4.000%, 6/1/2029		991,734
	585,000	West Virginia Hospital Finance Authority Revenue Bonds (West Virginia University Health System), Series A, 3.375%, 6/1/2029		546,932
		West Virginia Housing Development Fund:
	1,100,000	3.450%, 11/1/2030		1,040,397
	500,000	2.000%, 11/1/2032		406,662
	1,500,000	3.700%, 11/1/2032		1,483,490
	375,000	3.800%, 5/1/2034		351,960
	500,000	3.375%, 11/1/2034		459,660
	370,000	3.850%, 11/1/2034		347,409
	500,000	4.375%, 5/1/2035		479,957
	800,000	2.050%, 11/1/2035		611,217
	575,000	3.800%, 11/1/2037		515,229
	1,500,000	4.150%, 11/1/2038		1,324,304
	1,000,000	4.150%, 11/1/2038		900,176
	500,000	4.450%, 11/1/2043		462,726
		West Virginia School Building Authority Lottery Revenue Capital Improvement Bonds:
	515,000	Series A, 5.000%, 7/1/2026		515,453
	535,000	Series A, 5.000%, 7/1/2027		535,507
	300,000	West Virginia State Bonds, Series A, 3.250%, 6/1/2033		271,829
	500,000	West Virginia State Economic Development Authority Lottery Revenue Bonds, 3.000%, 6/15/2031		457,262
	500,000	West Virginia State Hospital Finance Authority Refunding West Virginia United Health System, Series A, 4.000%, 6/1/2034		472,028

Shares/Principal Amount			Value
$	500,000	West Virginia State Housing Development Fund Revenue Bonds, Series A, 3.450%, 11/1/2033	$	465,490
	770,000	West Virginia State University Revenues Revenue Bonds, Series A, 5.250%, 4/1/2028		786,581
	1,000,000	West Virginia University, 4.000%, 10/1/2037		944,845
	500,000	West Virginia Water Development Authority, 4.000%, 10/1/2041		435,534
	500,000	West Virginia Water Development Authority Infrastructure Revenue Bonds, Series A, 5.000%, 10/1/2032		512,363
	2,605,000	West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program), Series A, 5.000%, 10/1/2029		2,682,729
		West Virginia Water Development Authority Revenue Bonds (Loan Program II):
	650,000	Series A-II, 5.000%, 11/1/2026		673,901
	800,000	Series A-II, 3.000%, 11/1/2027		762,004
	300,000	Series A-II, 3.125%, 11/1/2028		285,811
	725,000	Series B-II, 4.000%, 11/1/2025		725,022
	250,000	West Virginia Water Development Authority Revenue Bonds (Loan Program IV), Series A-IV, 5.000%, 11/1/2033		262,699
	500,000	West Virginia, State Parkways Authority Senior Turnpike Toll Revenue Bonds, 5.000%, 6/1/2033		526,052
	1,000,000	Wood County, West Virginia, Board of Education Public School General Obligation Unlimited Bonds, 3.000%, 6/1/2029		943,572
	860,000	Wood County, West Virginia, Building Commission Lease Revenue Bonds, 4.000%, 1/1/2032		766,392
				85,034,130
TOTAL NON-TAXABLE MUNICIPAL BONDS
(Cost $97,187,021)				86,443,530
SHORT TERM INVESTMENTS-0.5%
		Mutual Funds-0.5%
	385,025	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		385,025
TOTAL SHORT TERM INVESTMENTS
(Cost $385,025)				385,025
TOTAL INVESTMENTS-99.6%
(Cost $97,572,046)				86,828,555

Shares/Principal Amount	Value
OTHER ASSETS AND LIABILITIES-NET(3)-0.4%		383,524
NET ASSETS-100.0%	$	87,212,079

⁽¹⁾ Floating or variable rate security.  The reference rate is described above.  The Rate in effect as of September 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 September 30, 2023, these securities amounted to a value of $2,003,135 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 September 30, 2023.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK TACTICAL OPPORTUNITY FUND

September 30, 2023 (Unaudited)

Shares/Principal Amount			Value
EXCHANGE TRADED FUNDS-94.0%
BROAD DOMESTIC EQUITY-8.6%
	8,252	SPDR S&P 500® ETF Trust	$	3,527,565
TOTAL BROAD DOMESTIC EQUITY				3,527,565
BROAD DOMESTIC FIXED INCOME-46.2%
	36,265	iShares® 1-3 Year Treasury Bond ETF		2,936,377
	59,038	iShares® iBoxx $ Investment Grade Corporate Bond ETF		6,023,057
	27,601	iShares® iBoxx High Yield Corporate Bond ETF		2,034,746
	19,370	iShares® TIPS Bond ETF		2,009,056
	63,952	iShares® Core U.S. Aggregate Bond ETF		6,014,046
TOTAL BROAD DOMESTIC FIXED INCOME				19,017,282
COMMODITIES-11.6%
	114,537	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		1,712,328
	17,726	SPDR® Gold Shares(1)		3,039,123
TOTAL COMMODITIES				4,751,451
INTERNATIONAL (EX. U.S.) EQUITY-2.4%
	21,301	iShares® MSCI ACWI ex US ETF		1,001,360
TOTAL INTERNATIONAL (EX. U.S.) EQUITY				1,001,360
U.S. SECTOR FOCUSED EQUITY-9.6%
	14,252	Consumer Staples Select Sector SPDR® Fund		980,680
	7,906	Health Care Select Sector SPDR® Fund		1,017,818
	10,326	Industrial Select Sector SPDR® Fund		1,046,850
	15,306	Utilities Select Sector SPDR® Fund		901,983
TOTAL U.S. SECTOR FOCUSED EQUITY				3,947,331
U.S. SMALL AND MID CAP EQUITY-5.2%
	12,120	iShares® Russell 2000® ETF		2,142,089
TOTAL U.S. SMALL AND MID CAP EQUITY				2,142,089
U.S. VALUE COMPANY FOCUSED EQUITY-10.4%
	42,341	Vanguard® Mega Cap Value ETF		4,293,377

TOTAL U.S. VALUE COMPANY FOCUSED EQUITY				4,293,377
TOTAL EXCHANGE TRADED FUNDS
(Cost $37,260,659)				38,680,455
SHORT TERM INVESTMENTS-5.8%
		Mutual Funds-5.8%
	2,380,382	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		2,380,382
TOTAL SHORT TERM INVESTMENTS
(Cost $2,380,382)				2,380,382
TOTAL INVESTMENTS-99.8%
(Cost $39,641,041)				41,060,837
OTHER ASSETS AND LIABILITIES-NET(2)-0.2%				68,131
NET ASSETS-100.0%			$	41,128,968

⁽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 September 30, 2023.

Investment Abbreviations:

SPDR - Standard and Poor's Depository Receipt

See accompanying Notes to Quarterly Portfolio of Investments.

Notes to Quarterly Portfolio of Investments

March 31, 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 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 September 30, 2023, in valuing the Funds’ investments carried at value:

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	$	56,503,238	$	–	$	–	$	56,503,238
Corporate Bonds		–		24,772,067		–		24,772,067
U.S. Government Agency - Collateralized Mortgage Obligations		–		548,182		–		548,182
Commercial Mortgage-Backed Securities		–		1,412,713		–		1,412,713
U.S. Government Agency - Mortgage-Backed Securities		–		2,976,067		–		2,976,067
U.S. Treasury Securities		–		6,528,679		–		6,528,679
Taxable Municipal Bonds		–		2,365,552		–		2,365,552
Short Term Investments		856,934		–		–		856,934
Total	$	57,360,172	$	38,603,260	$	–	$	95,963,432

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	$	3,358,978	$	–	$	–	$	3,358,978
Corporate Bonds		–		16,297,127		–		16,297,127
U.S. Government Agency - Collateralized Mortgage Obligations		–		38,202,120		–		38,202,120
U.S. Government Agency - Mortgage-Backed Securities		–		70,519,936		–		70,519,936
U.S. Treasury Securities		671,445		29,443,134		–		30,114,579
Taxable Municipal Bonds		–		12,066,564		–		12,066,564
Short Term Investments		756,468		–		–		756,468
Total	$	4,786,891	$	166,528,881	$	–	$	171,315,772

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	$	–	$	86,443,530	$	–	$	86,443,530
Short Term Investments		385,025		–		–		385,025
Total	$	385,025	$	86,443,530	$	–	$	86,828,555

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	$	38,680,455	$	–	$	–	$	38,680,455
Short Term Investments		2,380,382		–		–		2,380,382
Total	$	41,060,837	$	–	$	–	$	41,060,837

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	$	293,786,765	$	–	$	–	$	293,786,765
Short Term Investments		1,522,862		–		–		1,522,862
Total	$	295,309,627	$	–	$	–	$	295,309,627

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	$	93,751,282	$	–	$	–	$	93,751,282
Exchange Traded Funds		4,572,741		–		–		4,572,741
Short Term Investments		1,729,913		–		–		1,729,913
Total	$	100,053,936	$	–	$	–	$	100,053,936

All securities of the Funds were valued using either Level 1 or Level 2 inputs during the nine months ended September 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 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 September 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.