Wesmark Funds N-CSRCertified annual shareholder report (management investment company)

United States

Securities and Exchange Commission

Washington, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-07925

(Investment Company Act file number)

WesMark Funds

(Exact name of registrant as specified in charter)

One Bank Plaza, 5th floor

Wheeling, WV 26003

(Address of principal executive offices)

(304) 234-9000

(Registrant’s telephone number)

Sareena Khwaja-Dixon, Esq.

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

(Name and address of agent for service)

Date of fiscal year end:  December 31

Date of reporting period:  January 1 – December 31, 2022

Item 1. Reports to Stockholders.

President’s Message

December 31, 2022

Dear fellow shareholders:

Surging demand and strained supply have caused inflation to hit its highest rate in decades. Now, the Federal Reserve is aggressively tightening its belt at a pace not seen in 40 years. Many forecasters, the Federal Reserve included, have not truly appreciated how severely and persistently the Covid-19 pandemic has disrupted our economy. In December 2021, the consensus forecast called for inflation to average 4.4% during the year. Instead, the Consumer Price Index (CPI) averaged an 8.0% year-over-year increase during 2022. While the Russian invasion of Ukraine drove energy prices higher, the sharp rise in prices was widespread. The cost of used cars, groceries, and durable goods broke records.

The Federal Reserve’s dual mandate of “price stability” and “maximum employment” were in sharp contrast during 2022. Generationally high inflation readings lead to a historic Federal Funds rate. At the start of the year, the upper bound of the Federal Funds rate started at 0.25%. Many, including futures markets, expected that the Federal Reserve would execute three 0.25% rate increases throughout the year. As inflation readings accelerated and proved persistent, the Federal Reserve accelerated its plan.

Federal Funds rates ended 2022 at 4.50% and saw four 0.75% increases. While Federal Reserve policy adjustments take time to inform financial markets, its aggressive rate increases have moderated inflation. The CPI finished 2022 at 6.5%. This was down from the 9.1% reading reported in June; however, it was still well above the Federal Reserve’s comfort level.

Historically, tight labor markets have contributed to elevated inflation readings. The Bureau of Labor Statistics Job Openings Report tracks job vacancies in U.S. corporations. For most of the year, it reported there were at least two employment openings for every one unemployed person.

Despite the high level of open positions, U.S. employers were hiring at a record pace for 2022. The U.S. Nonfarm Payrolls report showed there was an average of 392,000 persons added to payrolls for the year. That compares favorably to the 30-year average of 123,000 payrolls added per month. The strong level of hiring drove the unemployment rate near its lowest readings in 50 years. This increased competition for employees led to solid wage gains. In March 2022, the average hourly earnings for all private employees rose to 5.6%, its highest annualized increase in the past 30 years (outside of pandemic-related stimulus payments). That reading dropped to 4.6% in December, but it remains well above the longer-term average of 2.9%. Traditionally, higher incomes have led to more persistence in inflation.

Aggressive policy and slowing economic growth led to loss in both equity and fixed-income markets. This marks the first year since 1976 that both stocks and bonds reported negative returns in the same year. The S&P 500 Index recorded its worst year of returns since 2008 and its sixth down year since the turn of the century. For 2022, the S&P 500 Index was down 18.1% while the Russell 2000 Index fell by 20.5%. In a sharp contrast from prior years, international equity market indexes performed better than domestic indexes; however, they were still negative for the year. Developed international equities, as measured by the MSCI EAFA Index, fell 13.9%, and the MSCI Emerging Markets Index dropped 19.9% over the same period.

The sharp increase in yields drove bond prices and indexes lower for the year. The yield on the 10-year Treasury began the year at 1.51%; however, by the end of the second quarter, yields stood at 3.01%. As domestic economic growth accelerated and inflation remained, elevated yields on the 10-yr Treasury continued to rise, closing October above 4.0%. That marked the 10-yr Treasury’s highest level since 2007. As a result, the Bloomberg Barclay’s Government/Credit Index fell by 13.6% for 2022. This was the first time on record that the index has reported consecutive negative annual returns.

Your investment in WesMark Funds is important to us. As always, we thank you. We strive to provide a competitive result to you, our investors. Our investment in the resources necessary to execute a successful investment plan for all our funds is always top of mind. Your support is instrumental to this success.

Should you have any questions or need additional information about the Funds, please visit our website at www.wesmarkfunds.com or call 1-800-864-1013.

Sincerely,
Scott Love, CAIA, CIMA®
President, WesMark Funds

www.wesmarkfunds.com

Table of Contents

December 31, 2022

Annual Report December 31, 2022

During the year, the Russell 2000 Index experienced four double-digit declines and four double-digit recoveries. The net result was a decline of 20.4%.

The negative total return for the year was a driven by a reversion to the long-term average in valuation levels. The forward Price to Earnings ratio for the Russell 2000 Index began the year at 32.2, while the 20-year average was 25.4. This reading closed the year at 22.7, while earnings fell slightly. Trailing 12-month earnings for the Russell 2000 Index dropped by nearly 7%. Smaller companies are generally more impacted by increased competition for labor, rising material costs, and supply chain issues. Despite a lower figure in 2022, earnings for the year were the second highest on record and well above pre-pandemic highs.

Over the past year, the WesMark Small Company Fund (“the Fund”) posted a loss of 20.6% compared to the Russell 2000 Index fell by 20.4% and the Lipper Small-Cap Core Fund (-14.4%). Over the past five years, the Fund earned an average annual total return of 6.8% versus 4.7% for the Lipper Small-Cap Core Fund.

Relative performance can be measured by both sector allocation decisions and stock selection. Sector allocation deviated from the previous year, specifically in the Industrial and Information Technology sectors. The overweight to the Industrial sector provided positive relative performance to the Russell 2000 Index, while the allocation to Information Technology detracted from relative performance. From a sector perspective, returns were positive for the Energy and Utilities sectors. The S&P 600 Energy Index and S&P 600 Utilities Index reported gains of 45.3% and 3.4%, respectively. The Energy sector benefited from higher prices for oil and natural gas. Steady earnings and the defensive nature of the underlying companies helped the Utilities sector.

The Fund’s top four sectors accounted for 75.6% of its overall allocation in 2021. Throughout the year, we lowered our allocation to the Information Technology sector as pandemic-related stimulus wore off. In addition, we began the year with a sizable allocation to Financials. We held a view that as the Federal Reserve began to raise rates, the earnings for banks would improve during the year. The improvement in economic conditions also supported modest loan growth. This helped the Financial sector report positive earnings growth. However, as rate increases from the Federal Reserve accelerated, we used that as an opportunity to reduce our exposure. We moved the proceeds from the sales into other sectors helping to further diversify the holdings.

The Fund’s largest sector allocation, Industrials, posted compelling relative returns for the period. The S&P 600 Industrials Index fell 10.3% for 2022 while the Fund’s holdings declined by 5.90% and the Russell 2000 Index fell by 20.4%. For the year, the Fund’s allocation to the Industrial sector was 24.5% compared to the benchmark weighting of 15.6%. The approved infrastructure spending plans, combined with solid state and local government budgets, has led to a backlog of projects. Approximately half of the portfolio holdings outperformed the sector benchmark return. Quanta Services, Applied Industrial Technologies, and Gibraltar Industries led the sector returns.

The Financials sector remained above the benchmark weight for most of the year and ended the year as the second largest allocation. The Financials sector accounted for 21.8% of the final portfolio weight, compared to the benchmark allocation of 16.7%. Returns for the holdings were slightly below the S&P 600 Financials return, -16.7% compared to -16.6%. Stock selection was positive within the holdings, as 60% of the holdings outperformed the sector returns for the period. Top performers in the sector were Trustmark Corp., Banner Corp., and Old National Bancorp.

The Information Technology sector represented 18.0% of the Fund, down from 20.9% at the beginning of 2022. Despite the decrease, the allocation was still overweight compared to the benchmark weighting of 12.9%. Given the sector allocation, we chose to deploy the proceeds in other areas. In addition, stock selection was difficult with slightly more than half of our holdings reporting returns below the sector benchmark. As a result, the benchmark posted a sector return of -22.6% while the Fund posted a loss of 29.0%. The best performing holdings in the Fund were Extreme Network Inc., Ambarella Inc., and Science Applications International Corp.

We held a sizable allocation to the Health Care sector for the year, but it was below the sector weighting. Throughout the year, we reduced the allocation to the sector as the benefits of COVID-19-related spending moderated and as many companies grew past small capitalization levels. The Health Care sector allocation ended the year at 11.3%, compared to the S&P 600 Health Care weight of 16.8%. While the underweighting in comparison to the benchmark was positive given the weak sector performance, security selection detracted from returns of the Fund. More than half of the holdings underperformed the sector benchmark. While the group was negative for the year, Vocera Communications Inc., Prestige Consumer Healthcare Inc., Optimizerx Corp., AMN Healthcare Services, and Select Medical Holdings Corp. reported positive returns for the holding period.

In terms of absolute performance, the Fund’s Energy sector holdings rose 41.1%; however, that was less than the benchmark and the allocation was underweight for most of the year. In relative performance, the Consumer Staples sector holdings increased 19.10% compared to a decline of 7.9% for the sector.

During 2022, more than half of the Fund’s holdings posted returns that were greater than the Russell 2000 Index. The average performance for these top holdings were compelling for the year. Eight of the top 10 posted returns that exceeded the benchmark. In addition to the strong performers mentioned above, the Fund saw sizable gains in Box Inc. (+18.9%) and Moog (+9.8%). The Fund’s top 10 holdings accounted for 31.3% of the overall market value of the Fund.

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Also see Glossary of Terms on page 77.

Performance data quoted represents past performance which is no guarantee of future results.

Diversification does not eliminate the risk of experiencing investment losses.

An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.

The views in this report were those of the Fund Managers as of the letter’s publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund’s investment methodology and do not constitute investment advice.

Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 10-, 5-, 3- and 1- year periods, the Small Company Fund was ranked 210 out of 557, 125 out of 804, 56 out of 865, and 828 out of 909 as of 12/31/22 in the Small Cap Core Funds category. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.

Annual Report | December 31, 2022

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GROWTH of $10,000 invested in WesMark Small Company Fund

The graph below illustrates the hypothetical investment of $10,000* in the WesMark Small Company Fund (the “Fund”) from December 31, 2012 to December 31, 2022, compared to the Russell 2000® Index (“Russell 2000®”)** and the Lipper Small-Cap Core Funds Average (“LSCCFA”).***

AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022

Total Annual Fund Operating Expense (as of most current Prospectus): 1.24%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

Small-company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

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The S&P 500 Index tracked persistent volatility in 2022.

Six instances were recorded where markets swayed by at least 10%, positively and negatively. The result was the S&P 500 Index recording its worst year since 2008.

For the period, the Index was down 18.1%. This was the sixth year of market loss seen since the turn of the century. The WesMark Large Company Fund (“the Fund”) posted a decline of 21.4% for 2022 compared to the Lipper Large-Cap Core Funds average loss of 18.2%. From a style perspective, value stocks started 2022 off strong, reversing the trend of the past several years. As economic growth showed signs of slowing, largely due to aggressive action from the Federal Reserve, the difference between value and growth stocks accelerated. For the year, the S&P 500 Growth Index fell 29.4% while the S&P 500 Value Index dropped by 5.3%.

The Fund decreased its allocation in the Information Technology sector during the year; however, we remained overweight relative to the benchmark weighting. The decision to modestly decrease the exposure was driven by weakening underlying fundamentals and elevated valuations. The Fund began the year with 29.3% invested in the Information Technology sector. The year-end allocation was 27.1%, compared to the S&P 500 Information Technology’s 25.7% weight in the overall index. For the year, the S&P 500 Information Technology sector fell 28.2%. The decision to overweight the sector detracted from performance while security selection was positive. Holdings declined by 27.0% for the year, slightly ahead of the S&P 500 Information Technology benchmark. For the year, nearly half of the holdings posted returns above the S&P 500 Index, led by Enphase Energy Inc. (+44.5%), F5 Networks Inc. (+0.1%), and Mastercard Inc. (-2.7%).

The allocation to the Health Care sector, the second largest within the Fund, rose throughout the year. At 23.1%, Health Care sector holdings were above the S&P 500 Health Care Index’s weight of 15.8%. The attractive valuation combined with positive earnings led us to increase the allocation to the space. Health care companies are generally viewed as more defensive, as health care is essential for many consumers. During the volatile year, the S&P 500 Health Care Index was one of the best performing sectors, down 2.0% for 2022. The Fund’s holdings in the sector slightly underperformed, down 5.0% for the year. The results for the year were led by Merck & Co. (+49.0%), Cigna Corp. (+46.6%), Abbvie Inc. (+23.7%), and Amgen (+20.4%).

During 2022, one of the more impactful sectors for the Fund was Industrials. The Fund’s allocation to the sector ended the year at 10.6%, compared to the S&P 500 Industrial weight of 8.7%. During the early part of 2022, the sector’s returns were led by military defense companies. This was due to the Russian invasion of Ukraine. In the later part of the year, a weaker U.S. dollar helped many of these multinational companies. The returns for the Fund’s holdings in this sector were -2.8% compared to the S&P 500 Industrial sector’s loss of 5.5%. The majority of the Fund’s holdings outperformed the benchmark, led by Deere & Co (+31.0%), Raytheon Technologies (+19.8%), Howmet Aerospace Inc. (+17.4%), and Cummins Inc. (+13.4%).

The Financial sector also posted returns that were better relative to the S&P 500 Index. The sector reported a decline of 10.5% compared to -18.9% for the Fund’s financial positions. For the year, the Fund maintained exposure to the Financial sector that was slightly underweight relative to the S&P 500 Index. The strong performers were led by LPL Financial Holdings (+18.6%), Metlife Inc. (-2.1%), and KeyCorp (-3.9%).

The Fund increased its allocation to the Energy sector for much of the year, as strong demand and the invasion of Ukraine drove energy prices higher. The price of West Texas Crude Oil began 2022 near $75 per barrel, before jumping to $123 per barrel at the early stages of the war. The higher prices resulted in strong returns for the sector in 2022. The S&P 500 Energy Index rose 65.7%, the best performing sector in 2022. While our allocation continued to increase for the year, the Fund was slightly underweight relative to the benchmark. Our holdings posted a return of 59.4%, slightly below the benchmark. It was led by ConocoPhillips (+72.2%) and Devon Energy (+52.5%).

The top 10 holdings accounted for 38.4% of the overall market value of the Fund. More than two-thirds of these holdings reported total returns for the year that exceeded the S&P 500 Index. In addition to the strong performers mentioned above, the Fund saw sizable gains in Diamondback Energy (+35.2%), Archer Daniels Midland Co. (+26.1%), and Tractor Supply Company (+21.5%).

Annual Report | December 31, 2022

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Also see Glossary of Terms on page 77.

Performance data quoted represents past performance which is no guarantee of future results.

Diversification does not eliminate the risk of experiencing investment losses.

An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.

The views in this report were those of the Fund Managers as of the letter’s publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund’s investment methodology and do not constitute investment advice.

Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total returns with capital gains and dividends reinvested. For the 10-, 5-, 3- and 1- year periods, the Large Company Fund was ranked 346 out of 408, 330 out of 510, 160 out of 563, and 545 out of 628 as of 12/31/22 in the Large Cap Core Funds category. Lipper does not guarantee the accuracy of the information. Lipper rankings are not intended to predict future results.

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GROWTH of $10,000 invested in WesMark Large Company Fund

The graph below illustrates the hypothetical investment of $10,000* in the WesMark Large Company Fund (the “Fund”) from December 31, 2012 to December 31, 2022, compared to the Standard and Poor’s 500® Index (“S&P 500®”)** and Lipper Large-Cap Core Funds Average ("LLCCFA").***

AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022

Total Annual Fund Operating Expense (as of most current Prospectus): 1.12%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

Annual Report | December 31, 2022

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The WesMark Balanced Fund (“the Fund”) provided a total return of -7.2% for the year ended December 31, 2022, compared to the Lipper Balanced Fund’s return of -14.2%. The Fund seeks to achieve capital appreciation and income by allocating its assets primarily among fixed-income and equity securities. The Fund began the year with 30.89% in fixed-income and cash equivalents. Given the move in yields and equity market volatility during the year, we maintained an allocation to the space that was toward the neutral point of our range. The asset allocation at year end was 37.1% in fixed-income, 62.3% in common equity, and 0.6% in cash equivalents.

From a style perspective, value stocks started 2022 off strong, reversing the trend of the past several years. As economic growth showed signs of slowing, largely due to the aggressive action from the Federal Reserve, the difference between value and growth stocks accelerated. For the year, the S&P 500 Growth Index fell 29.4% while the S&P 500 Value Index dropped by 5.3%.

The sharp increase in yields drove bond prices and indexes lower for the year. The yield on the 10-year Treasury began the year at 1.51%; however, by the end of the second quarter, yields stood at 3.01%. As domestic economic growth accelerated and inflation remained, elevated yields on the

10-yr Treasury continued to rise, closing October above 4.0%. That marked the highest level since 2007. As a result, the Bloomberg Barclay’s Government/Credit Index fell by 13.6% for 2022. This was the first time on record that the index reported consecutive negative annual returns.

The Fund continued to maintain a relatively short fixed-income structure with a modified duration of 3.3 years compared to the fixed-income benchmark duration of 6.3 years. All fixed-income securities held in the Fund at year-end remained investment grade as determined by a nationally recognized statistical rating organization. The largest exposure in the fixed-income allocation was corporate debt. This provided a return for the Fund’s fixed-income sector of -7.6% compared to the Bloomberg Barclays U.S. Government/Credit Index’s return of -13.6%. Taxable municipal bonds provided a return of -11.6% for the year. The Fund’s fixed-income structure remained in a position to benefit from a rising interest rate environment and a steeper yield curve.

The Health Care sector was the largest overweight relative to the S&P 500 Index. For the period, the S&P 500 Health Care sector reported a total return that was above the overall index. In addition, the holdings within the Fund were up 12.1% compared to the S&P 500 Index’s return of -18.1% and the S&P 500 Health Care sector decline of 2.0%. The focus on high-quality earnings growth and reasonable relative valuations resulted in positive selection relative to the sector and overall benchmark. The compelling results were led by Merck & Co. (+49.1%), Cigna Corp. (+46.7%), Eli Lilly (+34.1%), and Abbvie Inc. (+23.9%).

The second largest holding relative to the S&P 500 Index was our Financial sector allocation. Of the equity allocation, the S&P 500 Financial sector accounted for 17.5% of the Fund’s holdings compared to 11.6% for the S&P 500 Index. The sector decision was accretive to the Fund with the S&P 500 Financials Index declining 10.5% for the year. However, security selection did not exceed the sector benchmark. The holdings in the sector posted a drop of 15.3% led by Cullen Frost Bankers (+2.6%), Goldman Sachs (-7.7%), and JP Morgan Chase (-12.6%).

The security selection and being underweight to the benchmark were positive qualities for the third largest holding, the S&P 500 Information Technology sector. At year-end, this sector accounted for 17.0% of the equity portfolio, compared to 25.7% in the S&P 500 Index. The Fund’s holdings declined by 25.2%, slightly better than the S&P 500 Information Technology sector’s returns. For the year, Analog Devices (+13.7%) and Hewlett Packard Enterprise Co. (-8.4%) led the Fund’s positive and negative returns in this sector.

The S&P 500 Energy Index was the best performing sector of 2022. The Fund’s holdings in this space rose 60.6% for 2022, led by Valero Energy (+75.0%). Once again, the largest detractor of returns was the S&P Communication Services sector. For the period, our holdings fell by 27.1% compared to the sector’s decline of 40.4%.

The Fund’s top 10 holdings accounted for 33.0% of its overall market value. In addition to the strong performers mentioned above, the Fund saw sizable gains in Chevron Corp. (+58.1%) and PepsiCo Inc. (+6.8%).

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Also see Glossary of Terms on page 77.

Performance data quoted represents past performance which is no guarantee of future results.

Diversification does not eliminate the risk of experiencing investment losses.

An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.

The views in this report were those of the Fund Managers as of the letter’s publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund’s investment methodology and do not constitute investment advice.

Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 10-, 5-, 3-, and 1-year periods, the Balanced Fund was ranked 56 out of 278, 37 out of 361, 33 out of 381, and 15 out of 413 as of 12/31/22 in the Balanced Funds category. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.

Annual Report | December 31, 2022

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GROWTH of $10,000 invested in WesMark Balanced Fund

The graph below illustrates the hypothetical investment of $10,000* in the WesMark Balanced Fund (the “Fund”) from December 31, 2012 to December 31, 2022, compared to the Standard and Poor’s 500® Index (“S&P 500®”)**, the Barclays Capital Intermediate U.S. Government/Credit Index (“BCIGCI”)***, the Lipper Balanced Funds Average (“LBFA”)****, and a combined index consisting of 60% S&P 500® and 40% BCIGCI (“Balanced Composite Index”)*****.

AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022

Total Annual Fund Operating Expense (as of most current Prospectus): 1.25%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

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Conflicting signals and heightened volatility remained persistent across all asset classes in 2022.

On the one hand, there was stubborn inflation and a resolute Federal Reserve. On the other, a resilient consumer and a strong labor market. The Federal Reserve had viewed the inflation spike in 2021 as transitory. In 2022, the Federal Reserve acknowledged inflation was no longer “transitory” but “sticky.” The Consumer Price Index peaked in June 2022 at 9.1% year-over-year, a four-decade high.

Inflationary pressures were influenced by pandemic-era stimulus checks and international events, such as Russia’s invasion of Ukraine. This led to higher energy and global food prices, while China’s “zero COVID” lockdown policy allowed supply chain constraints to persist. The labor market remained resilient, though. The unemployment rate declined from 3.7% to 3.5% as approximately 4.5 million people were hired. Wage inflation remained above 5% as employers sought to attract and retain employees. U.S. economic growth was sluggish in the first half of 2022, contracting by 1.6% in the first quarter and 0.6% in the second quarter. But this improved in the second half of 2022 with growth of 3.2% in the third quarter and 2.9% in the fourth quarter.

The Federal Reserve embarked on a very aggressive monitory policy and increased the Federal Funds Rate seven times in 2022 for a total increase of 425 basis points. Entering the period, the Federal Reserve and markets anticipated rate hikes of approximately 80 basis points to reduce inflation to a long-term target of 2.0%. Fixed-income markets reacted to inflation data and the Federal Reserve’s aggressive monetary policy changes by pushing up interest rates across the U.S. Treasury yield curve. The benchmark 10-year U.S. Treasury yield increased 237 basis points in 2022, its largest annual increase since the 1950s. It finished the year at 3.88% — down modestly from its October peak of 4.25%. The yield on the 2-year U.S. Treasury increased by 369 basis points and finished the year at 4.43%. This resulted in an inverted yield curve during the second half of 2022.

Security spreads relative to the U.S. Treasury yield curve widened for all major fixed-income sectors in 2022. With the increase in interest rates and widening of credit spreads, all major fixed-income sectors declined in 2022. The U.S. Aggregate Index declined 13.0% in 2022, its worst annual decline since its inception in 1977. The U.S. Government Agency RMBS was impacted by historically tight credit spreads, the Federal Reserve discontinuing its asset purchase program, and less demand from banks. In result, it underperformed the U.S. Aggregate Index by 2.2%. U.S. Investment Grade Corporate Index posted a return of -15.7%. Taxable Municipal securities returned -17.9%. The U.S. Treasury Index declined 12.4% and the U.S. Treasury Inflation Protection Index declined 11.9%. With the sharp increase in interest rates in 2022, fixed-income bond funds had record net redemptions of $331 billion and increased market volatility within the period.

Total mortgages securities guaranteed by Fannie Mae and Freddie Mac represented 62.0% of the WesMark Government Bond Fund (“the Fund”) as of December 31, 2022, as compared to 71.0% of the Fund as of December 31, 2021. Within the mortgage allocation, Fannie Mae and Freddie Mac guaranteed mortgage pools (MBS) accounted for 17.0%, Collateralized Mortgage Obligations (CMOs) 21.0%, and Commercial Mortgage Securities (CMBs) 24.0%. Small Business Administration securities accounted for 2.0%. U.S. Government Agency Securities accounted for 2.0%, U.S. Treasury Securities accounted for 4.0%. Investment Grade Corporate Bonds accounted for 4.0% and taxable municipal securities were 17.0%.

The Fund had a total return of -17.1% for calendar year 2022. The Barclay’s U.S. Government Credit Bond Index declined 13.6% and the Lipper General U.S. Government Bond Fund average return was -13.0% for the same period. The duration of the securities within the Fund was 5.9 years as of December 31, 2022, compared to 5.1 year as of December 31, 2021. The duration of the Barclays U.S. Government Credit Index was 6.4 years at the end of the period. The taxable municipal sector accounted for 17.0% of the portfolio, a decline of approximately 3.0% from 2021. In 2022, taxable municipal issuance declined 56.0% compared to 2021. The sector was adversely affected by the decline in advance refunding transactions. In the wake of the Tax Cuts and Jobs Act (2017), advance refunding had generally been executed using federally taxable municipal bonds. As interest rates increased during the period, the strategy of replacing higher-yield, tax-exempt bonds with lower-yielding, taxable debt was no longer feasible.

The weighted average maturity of the taxable municipal securities was 14.8 years with a modified duration of 10.9 years. The average maturity of the Taxable Municipal Bond Index was 13.0 years with a modified duration of 8.3 years. The modified duration of the U.S. Investment Grade Corporate Index was 7.1 years. The additional duration of the taxable municipal allocation, as compared to the duration of the Taxable Municipal Bond Fund Index, and as compared to the duration of the U.S. Investment Grade Corporate Index, diverted attention from the performance of the Fund relative to its benchmark during the rising interest rate environment of 2022.

Annual Report | December 31, 2022

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Also see Glossary of Terms on page 77.

Performance data quoted represents past performance which is no guarantee of future results.

An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.

The views in this report were those of the Fund Managers as of the letter’s publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund’s investment methodology and do not constitute investment advice.

Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 10-, 5-, 3-, and 1-year periods, the Government Bond Fund was ranked 52 out of 55, 61 out of 66, 64 out of 68, and 67 out of 72 as of 12/31/22 in the U.S. Government Bond Funds category. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.

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GROWTH of $10, 000 invested in WesMark Government Bond Fund

The graph below illustrates the hypothetical investment of $10,000* in the WesMark Government Bond Fund (the “Fund”) from December 31, 2012 to December 31, 2022, compared to the Barclays Capital Intermediate U.S. Government/Credit Index (“BCIGCI”)**, the Lipper Intermediate U.S. Government Funds Average (“LIGFA”)***, and the Lipper General U.S. Government Funds Average (“LGUSFA”).****

AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022

Total Annual Fund Operating Expense (as of most current Prospectus): 1.03%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. The value of some mortgage-backed securities may be particularly sensitive to changes in prevailing interest rates, and although the securities are generally supported by some form of government or private insurance, there is no assurance that private guarantors or insurers will meet their obligations.

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The aggressive effort from the Federal Reserve to curb generational high inflation reading also affected the municipal fixed income markets. The year began with Russia’s invasion of Ukraine, which led to higher energy and global food prices. In addition, the Chinese government’s response to COVID was to lockdown the region in order to drive COVID cases to zero. This policy allowed supply chain constraints to persist. However, domestic demand placed further upward pressure on prices. During 2022, the U.S. unemployment rate declined from 3.7% to 3.5% as approximately 4.5 million people were hired. Wage inflation remained above 5% as employers sought to attract and retain employees.

The result was inflation readings that peaked at a four-decade high. The Consumer Price Index began the year at 7.0% and steadily rose to 9.1% in June 2022. This reading steadily fell for the reminder of the year to close at a year-over-year increase of 6.5%. Part of the decrease can be traced to the moderation in prices as supply chains issues improved throughout the year. However, the bulk of the decline is due to the aggressive actions of the Federal Reserve.

The Federal Reserve began to increase the Federal Funds Rate in March 2022. The change was a result of the Federal Reserve acknowledgment that inflation was no longer “transitory” but “sticky.” The pace of change accelerated as the Consumer Price Index gathered momentum over the course of the year. The Federal Funds Rate was raised seven times in 2022 for a total increase of 425 basis points.

Entering the period, the Federal Reserve and markets anticipated rate hikes of approximately 80 basis points to reduce inflation to a long-term target of 2.0%. Fixed-income markets reacted to inflation data and the Federal Reserve’s aggressive monetary policy changes by pushing up interest rates across the U.S. Treasury yield curve. The benchmark 10-year U.S. Treasury yield increased 237 basis points in 2022, its largest annual increase since the 1950s. It finished the year at 3.88% — down modestly from its October peak of 4.25%. The yield on the 2-year U.S. Treasury increased by 369 basis points and finished the year at 4.43%. This resulted in an inverted yield curve during the second half of 2022.

The yield on a one-year, AAA rated, tax-exempt municipal increased 263 basis points while 10-year and 30-year yields increased 159 basis points and 209 basis points, respectively. The magnitude of the move in short-term interest rates created an inverted yield curve between the 1-year and

10-year, AAA-rated, tax-exempt municipals. For 2022, short-term maturities (1-5 years) out-performed longer maturities (22+ years), and wider credit spreads led to AAA-rated, tax-exempt municipals outperforming lower quality issues. For 2022, the Bloomberg Municipal Bond Index return was -8.5%, AAA-rated municipal bonds had a return of -7.9%, and BBB-rated securities had a return of -11.6%.

The duration of the West Virginia Municipal Bond Fund (“the Fund”) was 5.9 years as of December 31, 2022, compared to 3.8 years on December 31, 2021. The net-investment income (excluding capital gain distributions) was $0.18 per share for the period, compared to $0.18 for the prior period. Approximately 97% of the dividend was derived from West Virginia Municipal securities and is exempt from federal and state income tax for West Virginia residents. At the end of the period, 86% of the securities within the fund were A-rated or higher with 7% being AAA-rated.

The Fund had a total return of -7.9%. The Lipper Other States Municipal Debt Fund return was -9.6%. The Bloomberg Barclay’s Municipal 5-year index return was -5.3%. The Fund’s higher credit quality, shorter duration, and maturity structure enhanced its performance relative to the Lipper Other States Municipal benchmark.

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TOP 10 BOND HOLDINGS

Also see Glossary of Terms on page 77.

Performance data quoted represents past performance which is no guarantee of future results.

An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.

The views in this report were those of the Fund Managers as of the letter’s publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund’s investment methodology and do not constitute investment advice.

Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 10-, 5-, 3-, and 1-year periods, the West Virginia Municipal Bond Fund was ranked 99 out of 152, 144 out of 205, 93 out of 220, and 45 out of 221 as of 12/31/22 in the Other States Municipal Debt Funds category. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.

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GROWTH of $10,000 invested in WesMark West Virginia Municipal Bond Fund

The graph below illustrates the hypothetical investment of $10,000* in the WesMark West Virginia Municipal Bond Fund (the “Fund”) from December 31, 2012 to December 31, 2022, compared to the Bloomberg Barclays Capital Municipal Bond 5 Year Total Return Index (“BCM5I”)**, the Lipper Intermediate Municipal Debt Funds Average (“LIMDFA”)*** and the Lipper Other States Muni Debt Fund Average ("LOSMFA").****

AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022

Total Annual Fund Operating Expense (as of most current Prospectus): 1.11%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

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The WesMark Tactical Opportunity Fund (‘the Fund”) began 2022 with an allocation to equity markets that was toward the upper end of our target, largely due to our belief that the U.S. economy would continue to post solid growth rates. Supply chain constraints led to the U.S. economy reporting negative GDP growth rates in the first and second quarter. With improvements in the supply chain and steadfast demand, economic growth recovered in the second half of the year. However, these conditions resulted in inflation shooting to its highest rate in decades. The upper bound of the Federal Funds rate started 2022 at 0.25%. As inflation readings accelerated and proved more persistent than initially expected, the Federal Reserve’s rate and pace quickened. Federal Funds rates ended 2022 at 4.50% and saw four 0.75% increases. The aggressive actions from the Federal Reserve caused many investors to become concerned that the rapid increase in rates would slow economic activity.

In the first half of 2022, the Fund’s holdings were skewed toward the upper end of the range in equities. Within this asset class, we held positions that were value-focused and held a slight tilt toward more cyclical sectors. The fixed-income allocation was slightly below the neutral weighting with a duration that was in line with the benchmark.

The yield on the 10-year Treasury began the year at 1.51%; however, by the end of the second quarter, yields stood at 3.01%. As domestic economic growth accelerated and inflation remained, elevated yields on the 10-yr Treasury continued to rise, closing October above 4.0%. That marked the highest level since 2007. As a result, by the start of the fourth quarter, we had moved our fixed-income allocation well above the neutral weighting. In addition, equities were slightly underweight with a basis toward more defensive sectors.

As we closed out 2022, the Fund was 48.9% invested in equities, 42% in fixed income, and 5.3% in alternatives. This focused primarily on domestic assets with a preference for value and defensive holdings. The Fund’s fixed-income allocation remained near the neutral level of our target, given our view on interest rates over the next several quarters. The year-end allocation was focused on corporate debt with a smaller holding in inflation-protected securities.

For the year, the Fund posted a total return of -12.38% compared to the Lipper Flexible Funds category return of -13.4%. On a trailing five-year, the Fund reported a 3.7% annualized return compared to the Lipper category’s 2.9% annualized return. Since the Fund’s inception, March 1, 2017, the WesMark Tactical Opportunity Fund has posted an annualized total return of 4.6%. That compares to the MSCI All World Index’s return of 9.0% and the U.S. BarCap Aggregate Bond Index’s return of 1.0% for the same period.

The Russian invasion of Ukraine drove commodity prices higher. As a result, the Fund’s position in the Invesco Optimum Yield Diversified Commodity Strategy ETF was accretive to performance. This holding rose 19.3% while equity and fixed-income markets declined for the year. During this period of equity market volatility, allocations to defensive sectors were also positive for performance. The SPDR Consumer Staples Select Sector Fund and the SPDR Utilities Select Sector Fund rose 8.4% and 1.3%, respectively. In addition, the SPDR Gold ETF fell by 1.0%. From a size and style perspective, the focus on value stocks helped returns for the year. The Vanguard Mega Cap Value ETF fell 1.2% for the year while the iShares Russell 2000 Index ETF declined by 21.8% and trailed the broad benchmark.

Within the Fund’s fixed-income allocation, the focus on shorter-duration holdings helped performance for the period. The iShares Barclays 1-3 year Treasury Bond ETF was unchanged for the holding period, while the Invesco Senior Loan ETF was down 1.4%. Tactical allocations to traditional fixed income provided positive relative returns. The iShares Core U.S. Agg. Bond ETF and Vanguard Total Bond ETF dropped 4.6% and 9.6%, respectively. For 2022, the Bloomberg U.S. BarCap Aggregate Bond Index fell 13.0%.

The top 10 holdings accounted for 77.0% of the overall market value of the Fund.

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TOP 10 EQUITY HOLDINGS

Also see Glossary of Terms on page 77.

Performance data quoted represents past performance which is no guarantee of future results.

Diversification does not eliminate the risk of experiencing investment losses.

An investment in the Fund involves risk, including loss of principal. Investment in the Fund is subject to investment risks, including, without limitation, market risk, credit risk, interest rate risk, risks related to ETF net asset value and market price, foreign securities risk, commodity risk, manager risks, risks of investing in real estate investment trust (REITs), and risks related to company size.

The views in this report were those of the Fund Managers as of the letter’s publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund’s investment methodology and do not constitute investment advice.

Lipper, Inc., a Reuters company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested. For the 5-, 3-, and 1-year periods, the Tactical Opportunity Fund was ranked 129 out of 379, 172 out of 423, and 194 out of 477 as of 12/31/22 in the Flexible Portfolio Funds category. Lipper does not guarantee the accuracy of this information. Lipper rankings are not intended to predict future results.

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GROWTH of $10,000 invested in WesMark Tactical Opportunity Fund

The graph below illustrates the hypothetical investment of $10,000* in the WesMark Tactical Opportunity Fund (the “Fund”) from March 1, 2017 to December 31, 2022, compared to the Tactical Composite Index (“Composite”)**, The Hedge Fund Research, Inc. (HFRI) Fund of Funds Composite Index ***, and the Lipper Flexible Portfolio Funds****

AVERAGE ANNUAL TOTAL RETURN for the periods ended December 31, 2022

Total Annual Fund Operating Expense (as of most current Prospectus): 1.66%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance and after-tax returns call 1-800-864-1013. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

Annual Report | December 31, 2022

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