PORTFOLIO OF INVESTMENTS

WESMARK SMALL COMPANY FUND

March 31, 2023 (Unaudited)

Shares		Value
COMMON STOCKS-89.7%
COMMUNICATION SERVICES-2.0%
	Internet-0.7%
33,894	Bumble, Inc.(1)	$	662,628
	Telecommunications-1.3%
47,527	Extreme Networks, Inc.(1)		908,716
105,929	Planet Labs PBC(1)		416,301
			1,325,017
TOTAL COMMUNICATION SERVICES			1,987,645
CONSUMER, CYCLICAL-4.6%
	Apparel-0.5%
4,672	Oxford Industries, Inc.		493,316
	Food Service-0.9%
54,313	Sovos Brands, Inc.(1)		905,941
	Hotel Restaurants & Leisure-2.6%
41,381	Bloomin' Brands, Inc.		1,061,423
4,339	Dine Brands Global, Inc.		293,490
13,573	Wendy's Co.		295,620
4,908	Wingstop, Inc.		901,011
			2,551,544
	Retail-0.6%
16,514	Victoria's Secret & Co.(1)		563,953
TOTAL CONSUMER, CYCLICAL			4,514,754
CONSUMER DISCRETIONARY-4.2%
	Automotive Retail-1.0%
4,298	Lithia Motors, Inc., Class A		983,941
	Commercial Services-1.1%
35,615	Driven Brands Holdings, Inc.(1)		1,079,491
	Consumer Electronics-0.7%
36,039	Sonos, Inc.(1)		707,085
	Home Furnishings-0.6%
19,799	Lovesac Co.(1)		572,191
	Retail-0.8%
48,699	First Watch Restaurant Group, Inc.(1)		782,106
TOTAL CONSUMER DISCRETIONARY			4,124,814

Shares		Value
CONSUMER NON-CYCLICAL-0.7%
	Cosmetics/Personal Care-0.7%
8,824	elf Beauty, Inc.(1)	$	726,656
TOTAL CONSUMER NON-CYCLICAL			726,656
CONSUMER STAPLES-3.2%
	Agriculture-0.7%
17,479	Andersons, Inc.		722,232
	Food-1.0%
38,721	Hostess Brands, Inc.(1)		963,378
	Food Retail-1.0%
26,538	Sprouts Farmers Market, Inc.(1)		929,626
	Packaged Foods & Meats-0.5%
13,146	Simply Good Foods Co.(1)		522,816
TOTAL CONSUMER STAPLES			3,138,052
ENERGY-5.4%
	Oil & Gas Equipment & Services-1.2%
42,571	ChampionX Corp.		1,154,951
	Oil&Gas-4.2%
14,678	Civitas Resources, Inc.		1,003,095
120,249	Comstock Resources, Inc.		1,297,487
24,403	Magnolia Oil & Gas Corp., Class A		533,938
20,494	Matador Resources Co.		976,539
11,144	SilverBow Resources, Inc.(1)		254,640
			4,065,699
TOTAL ENERGY			5,220,650
FINANCIALS-15.4%
	Asset Management & Custody Banks-0.9%
28,962	Victory Capital Holdings, Inc., Class A		847,718
	Insurance-1.0%
14,009	Jackson Financial, Inc., Class A		524,077
9,570	Kemper Corp.		523,096
			1,047,173
	Investment Banking & Brokerage-3.5%
58,128	Stifel Financial Corp.		3,434,784
	Regional Banks-9.8%
27,827	Ameris Bancorp		1,017,912
34,808	Atlantic Union Bankshares Corp.		1,220,020
62,942	BankUnited, Inc.		1,421,230
16,169	Banner Corp.		879,109
37,281	Cadence Bank		773,954
16,166	Community Bank System, Inc.		848,553
46,246	First Bancorp/Southern Pines, NC		1,642,658
52,504	Old National Bancorp		757,108
36,126	Trustmark Corp.		892,312
			9,452,856

Shares		Value
	REITS-0.2%
19,968	Sabra Health Care REIT, Inc.	$	229,632
TOTAL FINANCIALS			15,012,163
HEALTH CARE-10.5%
	Biotechnology-0.2%
11,798	Avid Bioservices, Inc.(1)		221,330
	Health Care Distributors-1.0%
38,036	Patterson Cos., Inc.		1,018,224
	Health Care Equipment-1.3%
6,525	AtriCure, Inc.(1)		270,461
17,153	Integra LifeSciences Holdings Corp.(1)		984,754
			1,255,215
	Health Care Supplies-0.8%
44,496	Neogen Corp.(1)		824,066
	Healthcare-Products-0.8%
6,918	Integer Holdings Corp.(1)		536,145
3,430	STAAR Surgical Co.(1)		219,348
			755,493
	Healthcare-Services-2.5%
38,507	Enhabit, Inc.(1)		535,632
7,638	Progyny, Inc.(1)		245,333
37,733	Select Medical Holdings Corp.		975,398
16,655	Surgery Partners, Inc.(1)		574,098
			2,330,461
	Healthcare-Technology-0.3%
16,531	OptimizeRx Corp.(1)		241,849
	Life Sciences Tools & Services-2.0%
55,190	Syneos Health, Inc.(1)		1,965,868
	Pharmaceuticals-1.6%
23,152	Corcept Therapeutics, Inc.(1)		501,472
10,503	Pacira BioSciences, Inc.(1)		428,627
11,109	Prestige Brands Holdings, Inc.(1)		695,757
			1,625,856
TOTAL HEALTH CARE			10,238,362
INDUSTRIALS-25.6%
	Aerospace & Defense-3.8%
37,592	AerSale Corp.(1)		647,334
29,619	Moog, Inc., Class A		2,984,114
			3,631,448
	Building Materials-0.9%
18,028	Gibraltar Industries, Inc.(1)		874,358
	Building Products-2.8%
21,893	AAON, Inc.		2,116,834
8,797	Armstrong World Industries, Inc.		626,698
			2,743,532
	Commercial Services-1.3%
8,808	AMN Healthcare Services, Inc.(1)		730,712

Shares		Value
75,722	Custom Truck One Source, Inc.(1)	$	514,152
			1,244,864
	Construction & Engineering-6.6%
19,274	Argan, Inc.		780,019
28,922	Granite Construction, Inc.		1,188,116
26,878	Quanta Services, Inc.		4,478,950
			6,447,085
	Construction Machinery & Heavy Trucks-2.0%
83,726	Shyft Group, Inc.		1,904,766
	Electronics-1.3%
63,250	Celestica, Inc.(1)		815,925
38,320	TTM Technologies, Inc.(1)		516,937
			1,332,862
	Environmental Control-3.0%
58,616	Evoqua Water Technologies Corp.(1)		2,914,388
	Industrials-1.8%
32,945	Korn Ferry		1,704,574
	Machinery-Diversified-2.1%
14,705	Applied Industrial Technologies, Inc.		2,090,022
TOTAL INDUSTRIALS			24,887,899
INFORMATION TECHNOLOGY-15.3%
	Application Software-2.2%
81,254	Box, Inc., Class A(1)		2,176,795
	Data Processing & Outsourced Services-0.9%
35,947	I3 Verticals, Inc., Class A(1)		881,780
	Electronic Components-0.5%
30,661	Knowles Corp.(1)		521,237
	Electronic Equipment & Instruments-1.4%
13,427	OSI Systems, Inc.(1)		1,374,388
	IT Consulting & Other Services-1.9%
26,456	Hackett Group, Inc.		488,907
12,363	Science Applications International Corp.		1,328,528
			1,817,435
	Semiconductors-0.3%
4,022	Ambarella, Inc.(1)		311,383
	Software-2.3%
20,203	Evolent Health, Inc., Class A(1)		655,587
69,712	Olo, Inc.(1)		568,850
60,238	SentinelOne, Inc., Class A(1)		985,494
			2,209,931
	Systems Software-4.0%
8,728	Qualys, Inc.(1)		1,134,815
106,208	Varonis Systems, Inc.(1)		2,762,470
			3,897,285

Shares		Value
	Technology Hardware, Storage & Peripherals-1.8%
69,730	Pure Storage, Inc., Class A(1)	$	1,778,812
TOTAL INFORMATION TECHNOLOGY			14,969,046
MATERIALS-1.9%
	Chemicals-0.9%
12,450	Hawkins, Inc.		545,061
4,400	HB Fuller Co.		301,180
			846,241
	Packaging&Containers-1.0%
9,839	Greif, Inc., Class A		623,497
18,947	Myers Industries, Inc.		406,034
			1,029,531
TOTAL MATERIALS			1,875,772
REAL ESTATE-0.3%
	REITS-0.3%
16,940	Physicians Realty Trust		252,914
TOTAL REAL ESTATE			252,914
UTILITIES-0.6%
	Electric-0.6%
8,547	Otter Tail Corp.		617,692
TOTAL UTILITIES			617,692
TOTAL COMMON STOCKS
(Cost $62,474,233)			87,566,419
EXCHANGE TRADED FUNDS-2.4%
12,082	Vanguard® Small-Cap ETF		2,290,264
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,262,816)			2,290,264
SHORT TERM INVESTMENTS-7.7%
	Mutual Funds-7.7%
7,536,478	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		7,536,478
TOTAL SHORT TERM INVESTMENTS
(Cost $7,536,478)			7,536,478
TOTAL INVESTMENTS-99.8%
(Cost $72,273,527)			97,393,161
OTHER ASSETS AND LIABILITIES-NET(2)-0.2%			177,810
NET ASSETS-100.0%		$	97,570,971

⁽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, 2023.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK LARGE COMPANY FUND

March 31, 2023 (Unaudited)

Shares		Value
COMMON STOCKS-95.9%
COMMUNICATIONS-0.3%
	Internet-0.3%
25,012	Match Group, Inc.(1)	$	960,211
TOTAL COMMUNICATIONS			960,211
CONSUMER, CYCLICAL-0.6%
	Retail-0.6%
4,617	Lululemon Athletica, Inc.(1)		1,681,465
TOTAL CONSUMER, CYCLICAL			1,681,465
CONSUMER DISCRETIONARY-8.9%
	Distribution/Wholesale-0.3%
14,507	LKQ Corp.		823,417
	General Merchandise Stores-0.7%
7,151	Dollar Tree, Inc.(1)		1,026,526
7,637	Target Corp.		1,264,916
			2,291,442
	Home Improvement Retail-2.5%
25,500	Home Depot, Inc.		7,525,560
	Internet & Direct Marketing Retail-4.1%
116,093	Amazon.com, Inc.(1)		11,991,246
	Restaurants-1.0%
765	Chipotle Mexican Grill, Inc.(1)		1,306,842
27,991	Restaurant Brands International, Inc.		1,879,316
			3,186,158
	Retail-0.3%
4,088	Tractor Supply Co.		960,844
TOTAL CONSUMER DISCRETIONARY			26,778,667
CONSUMER NON-CYCLICAL-0.3%
	Beverages-0.3%
21,063	Keurig Dr Pepper, Inc.		743,103
TOTAL CONSUMER NON-CYCLICAL			743,103
CONSUMER STAPLES-6.5%
	Agricultural Products-0.2%
8,622	Archer-Daniels-Midland Co.		686,829
	Distillers & Vintners-2.3%
29,956	Constellation Brands, Inc., Class A		6,766,761

Shares		Value
	Food & Staples Retailing-0.7%
25,868	BJ's Wholesale Club Holdings, Inc.(1)	$	1,967,779
	Household Products-2.1%
42,664	Procter & Gamble Co.		6,343,710
	Packaged Foods & Meats-1.2%
52,742	Mondelez International, Inc., Class A		3,677,172
TOTAL CONSUMER STAPLES			19,442,251
ENERGY-5.1%
	Energy-Alternate Sources-0.3%
4,565	Enphase Energy, Inc.(1)		959,928
	Oil & Gas Exploration & Production-3.4%
52,028	Antero Resources Corp.(1)		1,201,327
53,642	ConocoPhillips		5,321,823
33,109	Devon Energy Corp.		1,675,646
9,479	Diamondback Energy, Inc.		1,281,276
2,959	Pioneer Natural Resources Co.		604,346
			10,084,418
	Oil&Gas-0.6%
77,396	Coterra Energy, Inc.		1,899,298
	Oil, Gas & Consumable Fuels-0.8%
22,820	Exxon Mobil Corp.		2,502,441
TOTAL ENERGY			15,446,085
FINANCIALS-8.9%
	Asset Management & Custody Banks-3.0%
11,770	BlackRock, Inc.		7,875,542
8,887	Blackstone Group LP		780,634
			8,656,176
	Banks-1.6%
129,734	Bank of America Corp.		3,710,392
80,098	KeyCorp		1,002,827
			4,713,219
	Diversified Financial Services-0.5%
4,043	LPL Financial Holdings, Inc.		818,303
6,259	Raymond James Financial, Inc.		583,777
			1,402,080
	Insurance-0.3%
4,599	Marsh & McLennan Cos., Inc.		765,963
	Investment Banking & Brokerage-2.3%
9,747	The Goldman Sachs Group, Inc.		3,188,341
39,614	Morgan Stanley		3,478,109
			6,666,450
	Life & Health Insurance-0.2%
10,171	MetLife, Inc.		589,308

Shares		Value
	Regional Banks-1.0%
96,977	Citizens Financial Group, Inc.	$	2,945,192
TOTAL FINANCIALS			25,738,388
HEALTH CARE-19.0%
	Biotechnology-3.7%
29,978	AbbVie, Inc.		4,777,595
23,491	Amgen, Inc.		5,678,949
2,196	Vertex Pharmaceuticals, Inc.(1)		691,894
			11,148,438
	Health Care Equipment-2.4%
71,604	Abbott Laboratories		7,250,621
	Life Sciences Tools & Services-3.7%
14,514	IQVIA Holdings, Inc.(1)		2,886,689
13,979	Thermo Fisher Scientific, Inc.		8,057,076
			10,943,765
	Managed Health Care-3.0%
18,579	UnitedHealth Group, Inc.		8,780,250
	Pharmaceuticals-6.2%
10,437	Cigna Group		2,666,967
19,288	Johnson & Johnson		2,989,640
65,707	Merck & Co., Inc.		6,990,568
34,468	Zoetis, Inc.		5,736,854
			18,384,029
TOTAL HEALTH CARE			56,507,103
INDUSTRIALS-10.3%
	Aerospace & Defense-3.5%
19,400	Howmet Aerospace, Inc.		821,978
72,352	Raytheon Technologies Corp.		7,085,431
34,387	Textron, Inc.		2,428,754
			10,336,163
	Construction & Farm Machinery & Heavy Trucks-0.7%
5,239	Deere & Co.		2,163,078
	Construction Machinery & Heavy Equipment-0.3%
3,703	Cummins, Inc.		884,573
	Electronics-0.4%
17,642	Fortive Corp.		1,202,655
	Engineering & Construction-1.2%
29,946	Jacobs Solutions, Inc.		3,518,954
	Industrial Conglomerates-1.5%
9,822	Roper Technologies, Inc.		4,328,457

Shares		Value
	Industrial Machinery-2.7%
23,460	Parker-Hannifin Corp.	$	7,885,141
TOTAL INDUSTRIALS			30,319,021
INFORMATION TECHNOLOGY-33.8%
	Application Software-2.5%
4,736	Adobe, Inc.(1)		1,825,112
28,090	Salesforce, Inc.(1)		5,611,820
			7,436,932
	Communication Services-1.4%
40,000	Walt Disney Co.(1)		4,005,200
	Communications Equipment-8.0%
133,953	Apple, Inc.		22,088,850
10,662	F5 Networks, Inc.(1)		1,553,347
			23,642,197
	Computers-0.5%
11,632	Crowdstrike Holdings, Inc., Class A(1)		1,596,608
	Data Processing & Outsourced Services-3.9%
25,662	Mastercard, Inc., Class A		9,325,827
31,251	PayPal Holdings, Inc.(1)		2,373,201
			11,699,028
	Internet Software & Services-3.6%
103,260	Alphabet, Inc., Class A(1)		10,711,160
	IT Consulting & Other Services-2.0%
20,626	Accenture PLC, Class A		5,895,117
	Semiconductors-6.3%
27,068	Advanced Micro Devices, Inc.(1)		2,652,935
17,968	Broadcom, Inc.		11,527,191
17,092	Marvell Technology Group, Ltd.		740,084
42,031	ON Semiconductor Corp.(1)		3,459,992
			18,380,202
	Systems Software-5.6%
45,380	Microsoft Corp.		13,083,054
37,879	Oracle Corp.		3,519,717
			16,602,771
TOTAL INFORMATION TECHNOLOGY			99,969,215
MATERIALS-1.4%
	Specialty Chemicals-1.4%
31,455	PPG Industries, Inc.		4,201,759
TOTAL MATERIALS			4,201,759
UTILITIES-0.8%
	Electric-0.5%
57,207	AES Corp.		1,377,545

Shares		Value
	Multi-Utilities-0.3%
17,743	Dominion Energy, Inc.	$	992,011
TOTAL UTILITIES			2,369,556
TOTAL COMMON STOCKS
(Cost $132,795,117)			284,156,824
EXCHANGE TRADED FUNDS-1.0%
8,020	Vanguard® S&P 500® ETF		3,016,081
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,945,022)			3,016,081
SHORT TERM INVESTMENTS-3.5%
	Mutual Funds-3.5%
10,216,202	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		10,216,202
TOTAL SHORT TERM INVESTMENTS
(Cost $10,216,202)			10,216,202
TOTAL INVESTMENTS-100.4%
(Cost $145,956,341)			297,389,107
OTHER ASSETS AND LIABILITIES-NET(2)-(0.4)%			(1,233,434	)
NET ASSETS-100.0%		$	296,155,673

⁽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, 2023.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK BALANCED FUND

March 31, 2023 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS-61.3%
CONSUMER DISCRETIONARY-4.3%
		Automobile Manufacturers-0.5%
	39,570	Ford Motor Co.	$	498,582
		General Merchandise Stores-1.7%
	10,065	Target Corp.		1,667,066
		Home Improvement Retail-1.6%
	7,773	Lowe's Cos, Inc.		1,554,367
		Restaurants-0.5%
	1,687	McDonald's Corp.		471,702
TOTAL CONSUMER DISCRETIONARY				4,191,717
CONSUMER STAPLES-6.9%
		Food Distributors-1.2%
	14,902	Sysco Corp.		1,150,881
		Hypermarkets & Super Centers-0.9%
	6,329	Walmart, Inc.		933,211
		Packaged Foods & Meats-2.1%
	25,000	General Mills, Inc.		2,136,500
		Soft Drinks-2.7%
	14,886	PepsiCo, Inc.		2,713,718
TOTAL CONSUMER STAPLES				6,934,310
ENERGY-4.4%
		Integrated Oil & Gas-3.6%
	21,913	Chevron Corp.		3,575,325
		Oil & Gas Equipment & Services-0.1%
	2,500	Halliburton Co.		79,100
		Oil & Gas Refining & Marketing-0.7%
	5,117	Valero Energy Corp.		714,333
TOTAL ENERGY				4,368,758
FINANCIALS-9.7%
		Asset Management & Custody Banks-1.2%
	15,471	State Street Corp.		1,171,000
		Banks-0.2%
	2,099	Cullen/Frost Bankers, Inc.		221,109

Shares/Principal Amount			Value
		Consumer Finance-1.4%
	14,396	Discover Financial Services	$	1,422,901
		Diversified Banks-3.0%
	13,409	JPMorgan Chase & Co.		1,747,327
	34,000	US Bancorp		1,225,700
				2,973,027
		Investment Banking & Brokerage-1.2%
	3,805	The Goldman Sachs Group, Inc.		1,244,654
		Regional Banks-2.5%
	8,000	PNC Financial Services Group, Inc.		1,016,800
	42,928	Truist Financial Corp.		1,463,845
				2,480,645
		REITS-0.2%
	3,500	Realty Income Corp.		221,620
TOTAL FINANCIALS				9,734,956
HEALTH CARE-14.9%
		Biotechnology-4.0%
	24,760	AbbVie, Inc.		3,946,001
		Health Care Services-2.2%
	30,000	CVS Health Corp.		2,229,300
		Pharmaceuticals-8.7%
	1,444	Cigna Group		368,985
	9,052	Eli Lilly & Co.		3,108,638
	29,717	Merck & Co., Inc.		3,161,592
	47,725	Pfizer, Inc.		1,947,180
				8,586,395
TOTAL HEALTH CARE				14,761,696
INDUSTRIALS-5.9%
		Air Freight & Logistics-1.8%
	9,508	United Parcel Service, Inc., Class B		1,844,457
		Construction & Farm Machinery & Heavy Trucks-0.2%
	519	Deere & Co.		214,285
		Construction Machinery & Heavy Equipment-2.0%
	8,825	Caterpillar, Inc.		2,019,513
		Electrical Components & Equipment-1.9%
	22,000	Emerson Electric Co.		1,917,080
TOTAL INDUSTRIALS				5,995,335
INFORMATION TECHNOLOGY-12.6%
		Communications Equipment-9.4%
	38,567	Apple, Inc.		6,359,698
	58,222	Cisco Systems, Inc.		3,043,555
				9,403,253

Shares/Principal Amount			Value
		Semiconductors-3.2%
	3,432	Analog Devices, Inc.	$	676,859
	13,545	Texas Instruments, Inc.		2,519,505
				3,196,364
TOTAL INFORMATION TECHNOLOGY				12,599,617
MATERIALS-0.7%
		Industrial Gases-0.7%
	2,326	Air Products & Chemicals, Inc.		668,051
TOTAL MATERIALS				668,051
TELECOMMUNICATION SERVICES-0.9%
		Integrated Telecommunication Services-0.9%
	24,289	Verizon Communications, Inc.		944,599
TOTAL TELECOMMUNICATION SERVICES				944,599
UTILITIES-1.0%
		Electric Utilities-1.0%
	9,886	Duke Energy Corp.		953,702
TOTAL UTILITIES				953,702
TOTAL COMMON STOCKS
(Cost $32,539,704)				61,152,741
CORPORATE BONDS-20.4%
		Banks-2.0%
$	500,000	Citigroup, Inc., 4.450%, 9/29/2027		485,226
	500,000	Fifth Third Bank NA, 3.850%, 3/15/2026		457,497
	500,000	Goldman Sachs Group, Inc., 1D US SOFR + 0.798%, 3/9/2027(1)		447,876
	500,000	Morgan Stanley, 1D US SOFR + 0.525%, 5/30/2025(1)		473,520
	150,000	PNC Bank NA, 2.700%, 10/22/2029		128,975
				1,993,094
		Chemicals-0.7%
	250,000	Ecolab, Inc., 1.300%, 1/30/2031		198,462
	500,000	PPG Industries, Inc., 1.200%, 3/15/2026		448,562
				647,024
		Commercial Services-0.5%
	500,000	PayPal Holdings, Inc., 2.650%, 10/1/2026		471,740
		Diversified Financial Services-1.8%
	500,000	American Express Co., 3.400%, 2/22/2024		492,303
	500,000	American Express Co., 3.000%, 10/30/2024		484,387
	250,000	BlackRock, Inc., 2.400%, 4/30/2030		219,541
	250,000	BlackRock, Inc., 1.900%, 1/28/2031		207,820
	250,000	Legg Mason, Inc., 4.750%, 3/15/2026		248,018

Shares/Principal Amount			Value
$	250,000	Charles Schwab Corp., 1.650%, 3/11/2031	$	193,773
				1,845,842
		Diversified Manufacturing-0.9%
	1,000,000	3M Co., 3.375%, 3/1/2029		942,210
		Electric-1.0%
	500,000	Duke Energy Corp., 4.300%, 3/15/2028		490,713
	500,000	NextEra Energy Capital Holdings, Inc., 3.550%, 5/1/2027		478,445
				969,158
		Electronics-0.2%
	175,000	Honeywell International, Inc., 5.700%, 3/15/2037		194,715
		Environmental Control-1.0%
	500,000	Republic Services, Inc., 3.200%, 3/15/2025		486,092
	500,000	Waste Management, Inc., 3.500%, 5/15/2024		492,439
				978,531
		Gas-0.5%
	500,000	East Ohio Gas Co., 1.300%, 6/15/2025(2)		459,152
		Industrial Gases-0.8%
	835,000	Air Products & Chemicals, Inc., Sr. Unsecured Notes, 3.350%, 7/31/2024		821,805
		Insurance-0.9%
	500,000	Berkshire Hathaway Finance Corp., 2.875%, 3/15/2032		450,152
	500,000	Prudential Financial, Inc., 1.500%, 3/10/2026		456,431
				906,583
		Internet-0.2%
	250,000	Expedia Group, Inc., 3.800%, 2/15/2028		237,037
		Investment Banking & Brokerage-1.4%
	1,000,000	Goldman Sachs Group, Inc., Sr. Unsecured Notes, 3M US L + 0.96%, 11/29/2023(1)		1,003,654
	500,000	Goldman Sachs Group, Inc., 2.600%, 2/7/2030		429,472
				1,433,126
		Machinery-Constr&Mining-0.7%
	250,000	Caterpillar, Inc., 1.900%, 3/12/2031		210,187
	500,000	Caterpillar Financial Services Corp., 3.600%, 8/12/2027		489,461
				699,648
		Oil&Gas-0.2%
	250,000	Phillips 66, 4.650%, 11/15/2034		239,989

Shares/Principal Amount			Value
		Pharmaceuticals-2.5%
$	500,000	AbbVie, Inc., 2.600%, 11/21/2024	$	482,740
	500,000	AbbVie, Inc., 3.200%, 11/21/2029(2)		450,681
	175,000	AbbVie, Inc., 4.550%, 3/15/2035		171,217
	250,000	Bristol-Myers Squibb Co., 3.900%, 2/20/2028		245,428
	1,000,000	CVS Health Corp., 4.300%, 3/25/2028		982,627
	175,000	GlaxoSmithKline Capital, Inc., 6.375%, 5/15/2038		206,586
				2,539,279
		Regional Banks-1.0%
	1,000,000	PNC Bank NA, Sr. Unsecured Notes, 3.250%, 6/1/2025		955,270
		Restaurants-0.5%
	500,000	McDonald's Corp., 3.600%, 7/1/2030		474,589
		Retail-1.9%
	250,000	Dollar Tree, Inc., 4.200%, 5/15/2028		243,588
	175,000	Home Depot, Inc., 5.875%, 12/16/2036		195,278
	500,000	Lowe's Cos., Inc., 3.100%, 5/3/2027		475,329
	500,000	O'Reilly Automotive, Inc., 4.350%, 6/1/2028		495,828
	500,000	Walmart, Inc., 3.950%, 6/28/2038		476,614
				1,886,637
		Software-0.5%
	500,000	Activision Blizzard, Inc., 3.400%, 9/15/2026		484,464
		Software & Services-0.7%
	750,000	Oracle Corp., Sr. Unsecured Notes, 3.400%, 7/8/2024		734,971
		Transportation Services-0.5%
	500,000	FedEx Corp., 4.250%, 5/15/2030		487,937
TOTAL CORPORATE BONDS
(Cost $22,173,930)				20,402,801
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-0.6%
		Federal Home Loan Mortgage Corp.-0.1%
	149,469	Series 2015-4517, Class PC, 2.500%, 5/15/2044		140,702
		Government National Mortgage Association-0.5%
	510,889	Series 2018-126, Class DA, 3.500%, 1/20/2048		493,360
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $659,520)				634,062

Shares/Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES-1.4%
		Commercial Mortgage-Backed Securities-1.4%
$	1,500,000	Series 2015-UBS8, Class A4, 3.809%, 11/15/2025	$	1,433,040
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,535,825)				1,433,040
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-3.7%
		Federal Home Loan Mortgage Corp.-0.4%
	72,004	Pool G18527, 3.000%, 10/1/2029		69,302
	281,309	Pool 18707, 3.500%, 9/1/2033		274,536
				343,838
		Federal National Mortgage Association-2.4%
	391,329	Pool AM3301, 2.350%, 5/1/2023		389,084
	715,890	Pool BL5389, 2.710%, 5/1/2027		675,199
	591,195	Pool AM6756, 3.570%, 10/1/2029		574,794
	154,883	Pool MA3621, 3.500%, 3/1/2039		147,825
	69,431	Pool BN4896, 4.000%, 1/1/2049		67,448
	132,657	Pool MA3592, 4.000%, 2/1/2049		128,965
	403,655	Pool BP4338, 1Y US TI + 1.67%, 3/1/2049(1)		400,395
				2,383,710
		Small Business Administration Pools-0.4%
	155,529	PRIME - 3.50%, 1/25/2042(1)		157,318
	270,478	PRIME - 3.50%, 7/25/2042(1)		272,877
				430,195
		UMBS Collateral-0.5%
	490,375	5.000%, 12/1/2052		489,546
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES
(Cost $3,782,001)				3,647,289
U.S. TREASURY SECURITIES-5.6%
		U.S. Treasury Bond-1.5%
	500,000	3.500%, 2/15/2039		494,522
	500,000	4.125%, 11/15/2032		525,469
	500,000	3.500%, 2/15/2033		500,820
				1,520,811
		U.S. Treasury Note-3.1%
	1,000,000	2.875%, 11/30/2023		988,040
	1,500,000	4.500%, 11/30/2024		1,506,152
	100,000	3.875%, 11/30/2027		101,057
	500,000	4.000%, 12/15/2025		502,021
				3,097,270
		United States Treasury Bill-1.0%
	1,000,000	3.541%, 5/25/2023(3)		993,341
TOTAL U.S. TREASURY SECURITIES
(Cost $5,584,582)				5,611,422

Shares/Principal Amount			Value
TAXABLE MUNICIPAL BONDS-2.5%
		California-0.2%
$	200,000	Charter Oak Unified School District, 2.681%, 8/1/2036	$	154,730
		Michigan-0.3%
	270,000	Belding Area Schools, General Obligation Unlimited Bonds, 6.700%, 5/1/2027		270,518
		Ohio-0.7%
	765,000	Columbus-Franklin County Finance Authority, 4.490%, 11/15/2032		748,725
		Pennsylvania-0.4%
	450,000	Commonwealth Financing Authority, 4.014%, 6/1/2033		430,974
		Utah-0.4%
	450,000	Utah Transit Authority, 3.393%, 12/15/2036		382,931
		West Virginia-0.5%
	575,000	Marshall University, 3.177%, 5/1/2029		529,330
TOTAL TAXABLE MUNICIPAL BONDS
(Cost $2,730,670)				2,517,208
SHORT TERM INVESTMENTS-2.4%
		Mutual Funds-2.4%
	2,428,284	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		2,428,284
TOTAL SHORT TERM INVESTMENTS
(Cost $2,428,284)				2,428,284
TOTAL INVESTMENTS-97.9%
(Cost $71,434,516)				97,826,847
OTHER ASSETS AND LIABILITIES-NET(4)-2.1%				2,089,851
NET ASSETS-100.0%			$	99,916,698

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Reference Rates:

3M US L - 3 Month LIBOR as of March 31, 2023 was 5.19%

1Y US TI - 1 Year US Treasury Bill as of March 31, 2023 was 4.64%

PRIME - US Prime Rate as of March 31, 2023 was 8.00%

1D US SOFR - 1 Day SOFR as of March 31, 2023 was 4.87%

⁽¹⁾ Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 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 March 31, 2023, these securities amounted to a value of $909,833 or 0.91% of net assets. These Securities have been determined to be liquid pursuant to procedures adopted by the board.

⁽³⁾ Is Zero Coupon

⁽⁴⁾ 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, 2023.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK GOVERNMENT BOND FUND

March 31, 2023 (Unaudited)

Shares/Principal Amount			Value
EXCHANGE TRADED FUNDS-2.0%
	4,602	iShares® 20+ Year Treasury Bond ETF	$	489,515
	29,424	iShares® iBoxx $ Investment Grade Corporate Bond ETF		3,225,164
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,729,712)				3,714,679
CORPORATE BONDS-11.4%
		Banks-3.9%
$	500,000	Bank of America Corp., 3M US L + 1.31%, 7/23/2029(1)		481,801
	1,000,000	Citigroup, Inc., 5.400%, 1/20/2026		987,278
	500,000	FNB Corp., 4.875%, 10/2/2025		464,512
	500,000	Wells Fargo Bank NA, 6.180%, 2/15/2036		506,348
	500,000	GOLDMAN SACHS GP GS 4.223 05/01/29, 3M US L + 1.301%, 5/1/2029(1)		479,481
	500,000	Goldman Sachs Group, Inc., 6.625%, 11/15/2027		502,962
	1,000,000	Goldman Sachs Group, Inc., 6.000%, 12/14/2027		1,000,219
	500,000	JPMorgan Chase & Co., 1D US SOFR + 1.75%, 6/14/2030(1)		487,134
	500,000	Morgan Stanley, 1D US SOFR + 2.62%, 4/20/2037(1)		471,822
	2,000,000	Morgan Stanley Finance LLC, 6.000%, 11/16/2032		1,976,815
				7,358,372
		Beverages-0.6%
	1,000,000	Anheuser-Busch Cos. LLC, 6.800%, 8/20/2032		1,132,460
		Biotechnology-1.1%
	2,000,000	Amgen, Inc., 5.250%, 3/2/2033		2,055,892
		Electric-0.3%
	500,000	Duke Energy Ohio, Inc., 5.250%, 4/1/2033		514,828
		Healthcare-Services-1.2%
	2,000,000	Aetna, Inc., 6.750%, 12/15/2037		2,203,567
		Pipelines-0.8%
	500,000	Kinder Morgan Energy Partners LP, 6.950%, 1/15/2038		559,314
	1,000,000	Kinder Morgan, Inc., 5.200%, 6/1/2033		994,256
				1,553,570

Shares/Principal Amount			Value
		Retail-1.6%
$	2,000,000	AutoZone, Inc., 4.750%, 2/1/2033	$	1,977,302
	1,000,000	Lowe's Cos., Inc., 4.500%, 4/15/2030		988,671
				2,965,973
		Semiconductors-1.1%
	2,000,000	Intel Corp., 5.200%, 2/10/2033		2,038,184
		Software-0.8%
	500,000	Fiserv, Inc., 5.600%, 3/2/2033		518,839
	1,000,000	Roper Technologies, Inc., 2.950%, 9/15/2029		898,654
				1,417,493
TOTAL CORPORATE BONDS
(Cost $21,138,031)				21,240,339
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-26.0%
		Agency Collat CMO-5.9%
	250,479	Series 2003-55, Class 1A3A, 1M US L + 0.40%, 3/25/2043(1)		247,881
	688,821	Series 2004-W14, Class 1AF, 1M US L + 0.40%, 7/25/2044(1)		657,946
	662,650	Series 2010-59, Class FL, 1M US L + 0.50%, 5/20/2040(1)		656,605
	2,800,727	Series 2014-330, Class F4, 1M US L + 0.35%, 10/15/2037(1)		2,747,754
	2,869,625	Series 2022-76, Class D, 5.500%, 8/25/2045		2,898,168
	3,854,999	Series 2022-83, Class DA, 6.000%, 1/25/2048		3,935,864
				11,144,218
		Agency Collat PAC CMO-4.4%
	4,058,147	Series 2020-5020, Class TP, 2.000%, 10/25/2050		3,365,080
	2,170,286	Series 2020-153, Class GP, 0.500%, 10/20/2050		1,932,828
	3,690,398	Series 2021-23, Class TE, 1.000%, 2/20/2051		2,930,585
				8,228,493
		Commercial MBS-5.8%
	2,641,409	Series 2020-177, Class DA, 1.250%, 6/16/2062		1,866,855
	5,000,000	Series 2021-181, Class B, 1.900%, 1/16/2063		3,270,676
	5,000,000	Series 2021-203, Class B, 2.000%, 4/16/2062		3,283,695
	3,500,000	Series 2022-4, Class B, 1.900%, 2/16/2061		2,351,306
				10,772,532
		Federal Farm Credit Banks Funding Corp.-4.5%
	2,000,000	3.730%, 10/22/2032		1,948,045
	2,000,000	1.910%, 5/17/2034		1,597,205
	3,000,000	3.330%, 7/12/2032		2,825,855

Shares/Principal Amount			Value
$	2,000,000	4.000%, 2/9/2033	$	2,000,974
				8,372,079
		Federal Home Loan Mortgage Corp.- 0.3%
	666,891	Series 2016-4629, Class QG, 2.500%, 11/15/2046, REMIC		594,178
		Federal National Mortgage Association-1.1%
	795,741	Series 2003-W18, Class 2A, 3.902%, 6/25/2043, REMIC (1)		755,055
	878,896	Series 2016-90, Class DA, 3.000%, 8/25/2046, REMIC		812,108
	524,529	Series 2019-74, Class LB, 3.000%, 10/25/2049		473,851
				2,041,014
		Government National Mortgage Association-0.3%
	621,916	Series 2013-38, Class KA, 1.250%, 2/20/2042		557,867
		Other ABS-2.4%
	1,291,972	Series 2007-20F, Class 1, 5.710%, 6/1/2027		1,278,647
	2,513,204	Series 2010-20C, Class 1, 4.190%, 3/1/2030		2,438,145
	820,801	Series 2015-20D, Class 1, 2.510%, 4/1/2035		757,821
				4,474,613
		Sovereign-1.3%
	500,000	4.900%, 6/29/2032		487,442
	2,000,000	5.950%, 12/7/2032		1,997,029
				2,484,471
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $55,650,810)				48,669,465
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-37.9%
		Federal Home Loan Mortgage Corp.-0.7%
	1,352,535	Freddie Mac Pool, Pool QA6315, 3.500%, 1/1/2050		1,287,422
		FNMA Collateral-1.0%
	1,993,264	Fannie Mae Pool, Pool MA2711, 3.000%, 8/1/2046		1,806,280
		GNMA2 Collateral-4.3%
	2,920,421	Ginnie Mae II Pool, 4.000%, 8/20/2052		2,746,223
	3,400,298	Ginnie Mae II Pool, 5.500%, 11/20/2052		3,399,360
	1,993,820	Ginnie Mae II Pool, 5.500%, 12/20/2052		1,993,270
				8,138,853

Shares/Principal Amount			Value
		Government National Mortgage Association-0.1%
$	145,840	Ginnie Mae I Pool, Pool 589693, 4.500%, 7/15/2029	$	144,424
		Sovereign-0.3%
	500,000	Federal Home Loan Banks, 5.550%, 9/29/2032		495,346
		UMBS Collateral-31.5%
	4,770,135	Freddie Mac Pool, 4.000%, 6/1/2052		4,566,630
	4,843,328	Freddie Mac Pool, 4.500%, 10/1/2052		4,749,772
	2,947,625	Freddie Mac Pool, 4.000%, 11/1/2052		2,821,865
	4,930,008	Freddie Mac Pool, 5.000%, 1/1/2053		4,921,044
	4,963,939	Freddie Mac Pool, 5.000%, 2/1/2053		4,954,918
	2,326,885	Fannie Mae Pool, 4.500%, 7/1/2042		2,306,416
	4,748,131	Fannie Mae Pool, 4.500%, 10/1/2042		4,707,711
	4,802,930	Fannie Mae Pool, 4.500%, 11/1/2042		4,762,046
	2,215,150	Fannie Mae Pool, 4.500%, 1/1/2043		2,193,569
	2,935,444	Fannie Mae Pool, 5.500%, 1/1/2043		2,993,784
	4,772,893	Fannie Mae Pool, 4.000%, 6/1/2052		4,569,268
	4,767,554	Fannie Mae Pool, 4.500%, 7/1/2052		4,675,709
	2,897,496	Fannie Mae Pool, 5.500%, 11/1/2052		2,929,346
	2,878,862	Fannie Mae Pool, 6.000%, 11/1/2052		2,942,672
	4,954,224	Fannie Mae Pool, 5.000%, 2/1/2053		4,945,220
				59,039,970
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES
(Cost $72,142,871)				70,912,295
U.S. TREASURY SECURITIES-10.9%
		U.S. Treasury Bond-4.5%
	2,000,000	1.750%, 8/15/2041		1,449,687
	3,000,000	2.875%, 5/15/2028		2,894,707
	2,500,000	2.875%, 8/15/2028		2,408,643
	2,000,000	0.625%, 5/15/2030		1,637,891
				8,390,928
		U.S. Treasury Note-6.4%
	2,000,000	1.500%, 2/15/2030		1,753,906
	2,000,000	0.625%, 8/15/2030		1,630,430
	2,000,000	1.625%, 5/15/2031		1,738,828
	2,500,000	2.750%, 5/31/2029		2,383,496
	2,500,000	4.000%, 10/31/2029		2,560,937
	2,000,000	4.000%, 2/15/2026		2,008,516
				12,076,113
TOTAL U.S. TREASURY SECURITIES
(Cost $19,919,756)				20,467,041
TAXABLE MUNICIPAL BONDS-7.1%
		Arkansas-0.7%
		University of Arkansas:
	500,000	3.382%, 9/1/2037		432,012
	1,000,000	3.301%, 11/1/2039		831,239
				1,263,251

Shares/Principal Amount			Value
		California-1.8%
$	500,000	Bonita Unified School District, 2.619%, 8/1/2035	$	400,078
	1,000,000	Contra Costa Community College District, 2.926%, 8/1/2038		814,647
	500,000	Desert Community College District, 2.978%, 8/1/2037		408,304
	500,000	Kings Canyon Unified School District, 3.212%, 8/1/2040		406,295
	500,000	Pasadena Public Financing Authority, Build America Revenue Bonds, Series B, 6.998%, 3/1/2034		594,648
	910,000	Santa Paula Utility Authority, 2.870%, 2/1/2034		775,173
				3,399,145
		Hawaii-0.5%
	1,000,000	University of Hawaii, 3.850%, 10/1/2038		904,410
		Massachusetts-1.1%
	1,000,000	City of Quincy MA, 2.788%, 12/15/2035		821,668
	1,500,000	Massachusetts School Building Authority, 2.950%, 5/15/2043		1,188,007
				2,009,675
		Michigan-0.6%
	1,400,000	Michigan State Building Authority, 2.705%, 10/15/2040		1,092,325
		New York-0.4%
	700,000	City of New York NY, 5.985%, 12/1/2036		767,378
		Ohio-0.5%
	565,000	Summit County Development Finance Authority, 3.201%, 11/15/2036		478,409
	500,000	Warrensville Heights City School District, 3.406%, 12/1/2040		416,462
				894,871
		Pennsylvania-0.2%
	550,000	Borough of Columbia PA, 2.540%, 6/15/2038		422,760
		Texas-0.2%
	500,000	Round Rock Transportation & Economic Development Corp., 3.000%, 8/15/2039		387,657
		Virginia-0.6%
	1,395,000	Virginia Housing Development Authority, 3.050%, 8/1/2038		1,114,829

Shares/Principal Amount			Value
		West Virginia-0.5%
$	1,000,000	Wheeling Municipal Building Commission, 5.558%, 8/1/2037	$	969,144
TOTAL TAXABLE MUNICIPAL BONDS
(Cost $15,958,149)				13,225,445
SHORT TERM INVESTMENTS-4.0%
		Mutual Funds-4.0%
	7,579,246	Federated Hermes Government Obligations Fund, Premier Class, 7- Day Yield 4.670% (at net asset value)		7,579,246
TOTAL SHORT TERM INVESTMENTS
(Cost $7,579,246)				7,579,246
TOTAL INVESTMENTS-99.3%
(Cost $196,118,575)				185,808,510
OTHER ASSETS AND LIABILITIES-NET(2)-0.7%				1,295,845
NET ASSETS-100.0%			$	187,104,355

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates:

1M US L - 1 Month LIBOR as of March 31, 2023 was 4.86%

3M US L - 3 Month LIBOR as of March 31, 2023 was 5.19%

1D US SOFR - 1 Day SOFR as of March 31, 2023 was 4.87%

⁽¹⁾ Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 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⁾ 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, 2023.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK WEST VIRGINIA MUNICIPAL BOND FUND

March 31, 2023 (Unaudited)

Shares/Principal Amount			Value
NON-TAXABLE MUNICIPAL BONDS-99.0%
		Ohio-1.2%
$	1,100,000	Westerville, Ohio, General Obligation Limited Bonds, 5.000%, 12/1/2028	$	1,129,230
		Pennsylvania-1.6%
	1,425,000	Borough of Plum PA, 4.000%, 12/1/2034		1,502,987
		West Virginia-96.2%
		Berkeley County Building Commission:
	580,000	2.000%, 6/1/2035		463,981
	750,000	2.000%, 6/1/2040		522,771
	1,500,000	Berkeley County Public Service Sewer District, 4.500%, 10/1/2032		1,512,483
		Berkeley County, West Virginia, Public Service District Revenue Bonds:
	370,000	Series C, 3.000%, 12/1/2029		371,407
	450,000	Series C, 3.400%, 12/1/2034		449,338
	585,000	Series D, 3.000%, 12/1/2025		590,069
	380,000	Berkeley County, West Virginia, Public Service District Water Revenue Bonds, Series A, 4.500%, 12/1/2033		383,765
		Berkeley County, West Virginia, Public Service Sewer District Revenue Bonds:
	275,000	5.000%, 6/1/2027		294,719
	950,000	5.000%, 6/1/2028		1,019,913
	655,000	5.000%, 6/1/2029		701,968
	620,000	Series A, 5.300%, 3/1/2029		621,566
	950,000	Brooke County Building Commission, 3.000%, 12/1/2036		878,066
	965,000	Brooke County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2027		968,456
	2,000,000	Cabell County Board of Education, 2.000%, 6/1/2033		1,812,817
	265,000	City of Buckhannon, West Virginia, Commercial Development Revenue Bonds, Series A, 3.700%, 12/1/2028		247,073
	595,000	City of Buckhannon, West Virginia, Waterworks Revenue Bonds, Series A, 4.000%, 3/1/2029		595,144
		City of Charles Town WV Waterworks & Sewerage System Revenue:
	400,000	2.250%, 6/1/2035		342,350
	315,000	3.000%, 6/1/2041		264,120

Shares/Principal Amount			Value
		City of Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds:
$	620,000	Series A, 4.000%, 3/1/2029	$	643,546
	310,000	Series B, 4.000%, 6/1/2031		322,033
		City of Charleston, West Virginia, Sewage System Revenue Bonds:
	310,000	4.000%, 7/1/2031		322,409
	275,000	4.000%, 7/1/2032		285,900
	300,000	City of Clarksburg WV Water Revenue, 2.000%, 6/1/2034		253,731
		City of Huntington, West Virginia, Sewerage System Revenue Bonds:
	300,000	3.000%, 11/1/2026		301,008
	300,000	3.000%, 11/1/2028		300,739
	490,000	City of Martinsburg, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds, Series A, 3.500%, 9/1/2027		490,184
		City of Saint Albans, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds:
	220,000	Series A, 4.250%, 6/1/2026		220,107
	600,000	Series B, 4.000%, 12/1/2027		600,161
		City of Wheeling WV Waterworks & Sewerage System Revenue:
	500,000	4.000%, 6/1/2035		528,368
	500,000	4.000%, 6/1/2036		520,890
		Claywood Park Public Service District WV Water Revenue:
	950,000	3.000%, 11/1/2036		879,993
	680,000	3.000%, 11/1/2041		574,337
		Claywood Park Public Service District, West Virginia, Water Revenue  Bonds:
	110,000	Series C, 3.200%, 11/1/2029		109,949
	225,000	Series C, 3.400%, 11/1/2031		224,694
	380,000	Corporation of Shepherdstown, West Virginia, Water Revenue Bonds, 3.300%, 3/1/2032		375,481
		Fayette County Board of Education:
	545,000	2.250%, 10/1/2030		502,151
	500,000	2.000%, 10/1/2031		443,923
	640,000	2.250%, 10/1/2032		572,917
	565,000	2.500%, 10/1/2033		516,190
	750,000	Greenbrier County Public Service, Series A, 5.000%, 10/1/2037		827,513
		Hampshire County, West Virginia, Building Commission Revenue Bonds:
	355,000	Series A, 3.000%, 1/1/2029		338,402
	380,000	Series A, 3.000%, 1/1/2031		356,528
	1,660,000	Series A, 4.250%, 1/1/2035		1,671,132
	2,265,000	Hancock, WV, 3.250%, 5/1/2036(1)(2)		2,197,524
	1,000,000	Harrison County Building Commission, 3.500%, 10/1/2035		894,177
	3,000,000	Jefferson County Board of Education, 2.000%, 6/1/2036		2,402,792

Shares/Principal Amount			Value
$	850,000	Lewis County Building Commission, 4.750%, 2/1/2038	$	830,490
	1,910,000	Mason County Public Service District Water Revenue, 3.000%, 12/1/2036		1,777,814
	2,320,000	Monongalia County Building Commission, 2.000%, 2/1/2034		2,028,389
		Morgantown Utility Board, Inc.:
	500,000	3.250%, 12/1/2032		503,939
	500,000	4.000%, 12/1/2034		536,190
	1,500,000	3.000%, 12/1/2040		1,291,662
	1,430,000	Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.500%, 12/1/2035		1,436,218
	200,000	Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.750%, 10/1/2032		199,126
		Morgantown, West Virginia, Utility Board Revenue Bonds:
	1,000,000	Series A, 3.000%, 12/1/2028		1,010,209
	1,000,000	Series A, 4.000%, 12/1/2029		1,044,355
	1,210,000	Series A, 4.000%, 12/1/2030		1,263,043
	1,000,000	Series A, 4.000%, 12/1/2031		1,044,138
	1,030,000	Moundsville Building Commission, 4.000%, 8/1/2037		996,086
		Ohio County Board of Education:
	3,000,000	3.000%, 6/1/2033		2,976,107
	635,000	3.000%, 6/1/2034		621,673
	500,000	Putnam County Building Commission, 4.000%, 5/1/2037		501,982
		Putnam Public Service District:
	1,000,000	4.000%, 12/1/2039		962,689
	1,150,000	3.000%, 11/1/2040		995,422
	1,000,000	3.000%, 4/1/2041		852,973
	1,000,000	3.000%, 6/1/2041		852,856
	1,000,000	3.625%, 12/1/2045		854,046
	1,000,000	Raleigh County Public Service District, 3.000%, 6/1/2037		913,637
	960,000	Salem, West Virginia Sewer Revenue Bonds, Series A, 4.000%, 12/1/2032		962,619
		State of West Virginia:
	500,000	5.000%, 6/1/2033		561,855
	500,000	5.000%, 6/1/2035		553,772
	1,000,000	5.000%, 12/1/2040		1,078,677
	795,000	Wayne County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2026		798,547
	500,000	West Virginia Commissioner Of Highways Special Obligation Surface Transportation Improvements Bonds, Series A, 5.000%, 9/1/2029		548,052
	670,000	West Virginia Economic Development Authority Lease Revenue Bonds (Clarksburg Office Building), 3.500%, 6/1/2030		678,083

Shares/Principal Amount			Value
$	755,000	West Virginia Economic Development Authority Lease Revenue Bonds (Department of Environmental Protection), Series B, 3.500%, 11/1/2026	$	755,409
	1,650,000	West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot), Series A, 4.750%, 8/1/2029		1,652,755
		West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building):
	1,525,000	Series A, 5.000%, 6/1/2025		1,527,572
	315,000	Series A, 3.375%, 6/1/2029		319,134
	435,000	Series B, 3.750%, 10/1/2026		435,325
	310,000	Series C, 3.500%, 6/1/2030		313,740
	600,000	Series D, 3.250%, 6/1/2028		607,875
	330,000	Series D, 3.375%, 6/1/2029		334,330
	355,000	Series D, 3.500%, 6/1/2030		359,283
	1,000,000	West Virginia Economic Development Authority Lottery Revenue Bonds, Series A, 5.000%, 7/1/2032		1,098,013
	100,000	West Virginia Higher Education Policy Commission, 4.000%, 4/1/2034		100,035
		West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities):
	1,730,000	5.000%, 7/1/2034		1,865,015
	385,000	Series B, 3.500%, 4/1/2026		385,290
	400,000	Series B, 3.600%, 4/1/2027		400,122
	1,000,000	West Virginia Hospital Finance Authority Revenue Bonds (ARCs Improvement), Series D, 4.000%, 6/1/2029		1,029,946
	585,000	West Virginia Hospital Finance Authority Revenue Bonds (West Virginia University Health System), Series A, 3.375%, 6/1/2029		589,533
		West Virginia Housing Development Fund:
	1,100,000	3.450%, 11/1/2030		1,116,971
	500,000	2.000%, 11/1/2032		440,996
	1,500,000	3.700%, 11/1/2032		1,539,123
	375,000	3.800%, 5/1/2034		381,676
	500,000	3.375%, 11/1/2034		500,413
	370,000	3.850%, 11/1/2034		376,295
	800,000	2.050%, 11/1/2035		665,571
	575,000	3.800%, 11/1/2037		570,840
	700,000	West Virginia School Building Authority Excess Lottery Revenue Bonds, Series A, 3.125%, 7/1/2026		700,260
		West Virginia School Building Authority Lottery Revenue Capital Improvement Bonds:
	515,000	Series A, 5.000%, 7/1/2026		517,926
	535,000	Series A, 5.000%, 7/1/2027		538,132
	300,000	West Virginia State Bonds, Series A, 3.250%, 6/1/2033		302,669

Shares/Principal Amount			Value
$	500,000	West Virginia State Economic Development Authority Lottery Revenue Bonds, 3.000%, 6/15/2031	$	500,782
	500,000	West Virginia State Hospital Finance Authority Refunding West Virginia United Health System, Series A, 4.000%, 6/1/2034		506,135
	500,000	West Virginia State Housing Development Fund Revenue Bonds, Series A, 3.450%, 11/1/2033		500,775
	905,000	West Virginia State University Revenues Revenue Bonds, Series A, 5.250%, 4/1/2028		971,968
	1,000,000	West Virginia University, 4.000%, 10/1/2037		1,028,375
	500,000	West Virginia Water Development Authority, 4.000%, 10/1/2041		498,424
	500,000	West Virginia Water Development Authority Infrastructure Revenue Bonds, Series A, 5.000%, 10/1/2032		536,116
	2,605,000	West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program), Series A, 5.000%, 10/1/2029		2,809,370
	250,000	West Virginia Water Development Authority Revenue Bonds (Loan Program I), Series B-I, 4.000%, 11/1/2024		250,260
	1,395,000	West Virginia Water Development Authority Revenue Bonds (Loan Program), Series B-I, 4.000%, 11/1/2025		1,396,383
		West Virginia Water Development Authority Revenue Bonds (Loan Program II):
	650,000	Series A-II, 5.000%, 11/1/2026		707,098
	800,000	Series A-II, 3.000%, 11/1/2027		805,943
	300,000	Series A-II, 3.125%, 11/1/2028		303,943
	725,000	Series B-II, 4.000%, 11/1/2025		725,719
	250,000	West Virginia Water Development Authority Revenue Bonds (Loan Program IV), Series A-IV, 5.000%, 11/1/2033		275,963
	500,000	West Virginia, State Parkways Authority Senior Turnpike Toll Revenue Bonds, 5.000%, 6/1/2033		558,769
	1,000,000	Wood County, West Virginia, Board of Education Public School General Obligation Unlimited Bonds, 3.000%, 6/1/2029		1,015,907

Shares/Principal Amount			Value
$	860,000	Wood County, West Virginia, Building Commission Lease Revenue Bonds, 4.000%, 1/1/2032	$	784,786
				91,992,399
TOTAL NON-TAXABLE MUNICIPAL BONDS
(Cost $99,073,479)				94,624,616
SHORT TERM INVESTMENTS-0.0%(3)
		Mutual Funds-0.0%
	29,181	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		29,181
TOTAL SHORT TERM INVESTMENTS
(Cost $29,181)				29,181
TOTAL INVESTMENTS-99.0%
(Cost $99,102,660)				94,653,797
OTHER ASSETS AND LIABILITIES-NET(4)-1.0%				969,736
NET ASSETS-100.0%			$	95,623,533

⁽¹⁾ Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 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 March 31, 2023, these securities amounted to a value of $2,197,524 or 2.30% of net assets. These Securities have been determined to be liquid pursuant to procedures adopted by the board.

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

⁽⁴⁾ 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, 2023.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK TACTICAL OPPORTUNITY FUND

March 31, 2023 (Unaudited)

Shares/Principal Amount			Value
EXCHANGE TRADED FUNDS-98.2%
BROAD DOMESTIC EQUITY-8.1%
	8,252	SPDR S&P 500® ETF Trust	$	3,378,286
TOTAL BROAD DOMESTIC EQUITY				3,378,286
BROAD DOMESTIC FIXED INCOME-46.8%
	36,265	iShares® 1-3 Year Treasury Bond ETF		2,979,532
	46,931	iShares® iBoxx $ Investment Grade Corporate Bond ETF		5,144,107
	27,601	iShares® iBoxx High Yield Corporate Bond ETF		2,085,256
	19,370	iShares® TIPS Bond ETF		2,135,542
	50,145	iShares® Trust iShares® 1-5 Year Investment Grade Corporate Bond ETF		2,534,328
	47,093	iShares® Core U.S. Aggregate Bond ETF		4,692,347
TOTAL BROAD DOMESTIC FIXED INCOME				19,571,112
COMMODITIES-11.7%
	114,537	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		1,628,716
	17,726	SPDR® Gold Shares(1)		3,247,758
TOTAL COMMODITIES				4,876,474
INTERNATIONAL (EX. U.S.) EQUITY-2.0%
	16,946	iShares® MSCI ACWI ex US ETF		826,457
TOTAL INTERNATIONAL (EX. U.S.) EQUITY				826,457
U.S. SECTOR FOCUSED EQUITY-10.0%
	14,252	Consumer Staples Select Sector SPDR® Fund		1,064,767
	7,906	Health Care Select Sector SPDR® Fund		1,023,511
	10,326	Industrial Select Sector SPDR® Fund		1,044,785
	15,306	Utilities Select Sector SPDR® Fund		1,036,063
TOTAL U.S. SECTOR FOCUSED EQUITY				4,169,126
U.S. SMALL AND MID CAP EQUITY-4.6%
	10,893	iShares® Russell 2000® ETF		1,943,311
TOTAL U.S. SMALL AND MID CAP EQUITY				1,943,311
U.S. VALUE COMPANY FOCUSED EQUITY-15.0%
	62,341	Vanguard® Mega Cap Value ETF		6,297,688

Shares/Principal Amount			Value
TOTAL U.S. VALUE COMPANY FOCUSED EQUITY			$	6,297,688
TOTAL EXCHANGE TRADED FUNDS
(Cost $38,561,656)				41,062,454
SHORT TERM INVESTMENTS-1.2%
		Mutual Funds-1.2%
	518,419	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 4.670% (at net asset value)		518,419
TOTAL SHORT TERM INVESTMENTS
(Cost $518,419)				518,419
TOTAL INVESTMENTS-99.4%
(Cost $39,080,075)				41,580,873
OTHER ASSETS AND LIABILITIES-NET(2)-0.6%				236,200
NET ASSETS-100.0%			$	41,817,073

⁽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, 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 March 31, 2023, 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	$	87,566,419	$	–	$	–	$	87,566,419
Exchange Traded Funds		2,290,264		–		–		2,290,264
Short Term Investments		7,536,478		–		–		7,536,478
Total	$	97,393,161	$	–	$	–	$	97,393,161

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	$	284,156,824	$	–	$	–	$	284,156,824
Exchange Traded Funds		3,016,081		–		–		3,016,081
Short Term Investments		10,216,202		–		–		10,216,202
Total	$	297,389,107	$	–	$	–	$	297,389,107

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	$	61,152,741	$	–	$	–	$	61,152,741
Corporate Bonds		–		20,402,801		–		20,402,801
U.S. Government Agency - Collateralized Mortgage Obligations		–		634,062		–		634,062
Commercial Mortgage-Backed Securities		–		1,433,040		–		1,433,040
U.S. Government Agency - Mortgage-Backed Securities		–		3,647,289		–		3,647,289
U.S. Treasury Securities		–		5,611,422		–		5,611,422
Taxable Municipal Bonds		–		2,517,208		–		2,517,208
Short Term Investments		2,428,284		–		–		2,428,284
Total	$	63,581,025	$	34,245,822	$	–	$	97,826,847

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	$	3,714,679	$	–	$	–	$	3,714,679
Corporate Bonds		–		21,240,339		–		21,240,339
U.S. Government Agency - Collateralized Mortgage Obligations		–		48,669,465		–		48,669,465
U.S. Government Agency - Mortgage-Backed Securities		–		70,912,295		–		70,912,295
U.S. Treasury Securities		–		20,467,041		–		20,467,041
Taxable Municipal Bonds		–		13,225,445		–		13,225,445
Short Term Investments		7,579,246		–		–		7,579,246
Total	$	11,293,925	$	174,514,585	$	–	$	185,808,510

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	$	–	$	94,624,616	$	–	$	94,624,616
Short Term Investments		29,181		–		–		29,181
Total	$	29,181	$	94,624,616	$	–	$	94,653,797

Tactical Opportunity Fund
Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant  Unobservable Inputs		Total
Common Stocks	$	826,457	$	–	$	–	$	826,457
Exchange Traded Funds		40,235,997		–		–		40,235,997
Short Term Investments		518,419		–		–		518,419
Total	$	41,580,873	$	–	$	–	$	41,580,873

All securities of the Funds were valued using either Level 1 or Level 2 inputs during the three months ended March 31, 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 March 31, 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.