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)

Nicholas Adams, Esq.

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

(Name and address of agent for service)

Date of fiscal year end: December 31

Date of reporting period: January 1 – December 31, 2023

Item 1. Reports to Stockholders.

President’s Message

December 31, 2023

Dear fellow shareholders:

During 2023, the US economy continued to expand in the face of tightening monetary conditions. While declining from the near-term highs, inflation readings remained well above the Federal Reserve’s long-term target. In January 2023, the Consumer Price Index (CPI) was up 6.4% compared to the same period a year earlier. The Federal Reserve’s favorite measure for inflation, the Personal Consumption Expenditure (PCE) Core Index, was up 4.9% compared to January 2022. The year-over-year increase remained above the long-term target of 2.0%. As a result, the Federal Reserve continued to increase rates for much of 2023.

As a reminder, the Federal Reserve has a dual mandate of “price stability” and “maximum employment.” Since March 2022, the Federal Reserve has increased rates to bring inflation down. Over this period, Fed Funds rates have increased 11 times, raising the top end of their range to 5.5%. During 2023, the rate of change slowed with respect to increases. In 2022, the Federal Reserve aggressively increased rates by 0.50% and 0.75%. As inflation moderated in 2023, the pace of change slowed to 0.25% increases. These finally paused following the Federal Reserve’s July meeting. During the final three meetings of the year, the Federal Reserve reiterated their commitment on remaining data dependent.

The aggressive actions by the Federal Reserve did not negatively affect employment readings during the year. The pace of hiring slowed throughout 2023, with January’s 472,000 new jobs added marking the highest reading of the year. Through November, the US added 2.48 million nonfarm jobs. However, the unemployment rate ticked up slightly for the year, beginning at 3.4% and briefly touching 3.80% in October. The increase in the unemployment rate was largely due to an increase in the labor force participation. In addition to fewer hirings during the year, the number of job openings also declined throughout much of 2023. As measured by the Bureau of Labor Statistics, the number of job openings fell from 11.2 million to 9.0 million during the year.

Despite elevated inflation readings, aggressive rate hikes, and a slowing labor market, the US economy continued to expand during 2024. The third quarter Gross Domestic Product (GDP) increased by 4.9%, its highest reading since the fourth quarter of 2021. Strong consumer spending and business investment led third quarter GDP growth. Spending levels were supported by solid wage gains and excess stimulus savings, both of which moderated during the year.

Despite a resilient US economy and consumer, earnings growth for S&P 500 Index companies was below historical averages for 2023. As a result, much of the gain for the year was driven by an expansion of the multiple that investors were willing to pay. The S&P 500 Index began 2023 trading at a trailing price-to-earnings multiple of 18.2 and finished the year at 22.9. For 2023, the S&P 500 Index was up by 26.3% while the Russell 2000 Index rose by 16.9%. Domestic equity markets once again produced returns that were higher than their international peers. Developed international equities, as measured by the MSCI EAFA Index, rose 18.9%, and the MSCI Emerging Markets Index gained 10.1% over the same period.

The yield on the 10 year Treasury began and ended the year around 3.80%. However, that does not mean that fixed-income markets were unchanged for the year. The 10-year Treasury yield rose above 4.00% in early March, as the Federal Reserve reiterated its commitment on fighting inflation. The early March level was the first time the 10 year Treasury was above 4.00% going back to 2008. However, as concerns about regional banks’ liquidity positions gathered momentum, the benchmark yield dropped to 3.30%. As these concerns moderated and the Federal Reserve continued to raise rates, the 10 year Treasury yield moved higher. After briefly touching 5.00% in October, the highest reading in 16 years, it drifted back to 3.88% by the end of the year. For the full year, the Bloomberg Barclay’s Government/Credit Index rose by 5.72%.

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, 2023

Annual Report » December 31, 2023

Management’s Discussion of Fund Performance

The Russell 2000 Index finished 2023 up 16.9%, marking the strongest year for domestic small-caps since 2020. However, volatility was abound, especially in the second half of the year.

The year was defined by higher-than-expected rate increases, as the Federal Reserve steadily raised rates to combat inflation. Initial consensus expectations pegged the Fed Funds Target Rate at 4.5% to exit 2023, well-below the year-end realized reading of 5.5%. The increase in rates disproportionately impacted small-cap companies, as they tend to carry more leverage and have higher floating-rate exposure.

By the end of 2023, the Russell 2000 Index had a net debt to EBITDA of 4.5, notably higher than the S&P 500’s 1.4. As the US Treasury 10-year yield eclipsed 5% in October, the Russell 2000 dropped nearly 19% from its peak in July. However, as the recovery in rates faded, the Index rallied back over 19% from trough to peak.

Earnings fell sharply in the second quarter, down over 20% year-over-year, but returned to growth in the second half. The forward price to earnings ratio averaged 26.6 in 2023, near the long-term average of 25.4. As the year finished, the Russell 2000 Index closed with a forward price to earnings ratio of 32.6.

Over the past year, the WesMark Small Company Fund (“the Fund”) posted a gain of 19.5%, outperforming the Russell 2000 Index (+16.9%) and the Lipper Small-Cap Core Fund category (+15.7%). Over the past five years, the Fund earned an average annual total return of 14.0% versus 9.9% for the Russell 2000 Index and 10.9% for the Lipper Small-Cap Core Fund category.

Relative performance can be measured by both sector allocation decisions and stock selection. Despite the outperformance in the year, sector allocation detracted from overall performance. The Fund remained overweight to the Financials sector through the downturn in the first half of 2023.

An underweight allocation to the Consumer Discretionary sector also impacted returns, as the sector rebounded more strongly after October lows. From a sector perspective, security selection was strongest in the Consumer Staples and Technology sectors. M&A played an important role in performance and pricing power remained steady. The Industrial sector within the Fund also performed well, supported by continued fiscal spending and a focus on end markets with long-term tailwinds.

Over the past several years, individual holding performance, coupled with our near-term investment views, have resulted in several sectors having allocations that were above the benchmark.

During 2023, we shifted allocations to better reflect our near-term views. As a result, the allocation to Industrials decreased from 28.2% to 22.4%, and the allocation to Financials decreased from 23.5% to 17.3%. To take advantage of the strong US consumer and falling inflation, we increased exposure to Consumer Discretionary from 1.9% to 8.8% and increased exposure to the Consumer Staples sector from 2.2% to 6.1%.

The Fund’s largest sector allocation in 2023 remained Industrials. The Fund’s allocation returned 30.8%, outperforming the Russell 2000 Industrial sector( 27.0%) and the index overall.

The weighting to the sector in the Fund was 22.4%, above the Russell 2000 Index weighting of 18.4%. The continued disbursement of infrastructure spending supported the sector overall, as well as increased global defense spend with the Russian/Ukraine and Israel/Hamas conflicts. Defense supplier and commercial airline supplier Moog Inc. led returns for the sector, followed by Quanta Services, Evoqua Water Technologies, and AAON Inc.

The Financials sector was the second largest weighting in the Fund, returning 4.8% for the year. It underperformed the Russell 2000 Financial sector performance of 11.2%. Overweight positions in regional banks led to the bulk of underperformance, as BankUnited Inc., TrustMark Corp. and Ameris Bancorp all finished the first quarter down more than 20%.

The regional banking crisis, led by concerns about the impact of the swift increase in interest rates, ultimately fueled contracting deposits for regional banks in the first half of 2023. As the year progressed, the Fund increased allocations to capital markets and insurance exposure, which led returns with Stifel Financial Corp. and Jackson Financial Inc..

The Information Technology sector represented 17.9% of the Fund, well-above the Russell 2000 Index weighting of 12.6%. Performance in the sector for the Fund outpaced the benchmark, up 34.9% on the year versus the Russell 2000 technology up 28.1%. Two notable trends led the Technology sector in 2023: (1) the adoption of artificial intelligence for both commercial and enterprise use and (2) the increase in demand for security software as cyber attacks continued to increase. The best performing holdings were Varonis Systems Inc., Celestica Inc., and Qualys Inc.

The largest sector allocation increase for the Fund during 2023 was in the Consumer Staples sector, which represented over 6% weighting. This is well-above the Russell 2000 Index weighting of 2.8%. Total return for the sector in the fund was the most significant versus the benchmark, up 70.6% versus 19.3% for the Russell 2000 Consumer Staples sector.

Performance was led by Elf Beauty Inc., Hostess Brands, Inc., and Sovos Brands Inc. The latter two were both acquired by larger competitors for sizeable premiums.

In terms of absolute performance, the Health Care sector for the Fund returned 8.5%. This was above the benchmark return of 7.8%. The Energy sector exhibited a 0.9% loss for the year for the Fund, underperforming the benchmark, which rose 12.1%. Energy prices remained weak throughout 2023.

The top 10 holdings accounted for nearly two-thirds of the total return. The Fund saw sizeable gains in Varonis Systems Inc. (88.6%) and Moog Inc. (66.6%). The Fund’s top 10 holdings accounted for 28.3% of its overall market value.

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Management’s Discussion of Fund Performance

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 10-, 5-, 3- and 1- year periods, the Small Company Fund was ranked 223 out of 657, 70 out of 893, 676 out of 956, and 171 out of 994 as of 12/31/2023 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, 2023

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Management’s Discussion of Fund Performance

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, 2013 to December 31, 2023, 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, 2023

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.

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

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Management’s Discussion of Fund Performance

The WesMark Large Company (“the Fund”) returned 21.9% for the period compared to the Lipper Large-Cap Core Funds category average return of 24.3%.

Growth stocks outpaced the market with the S&P 500 Growth Index up 30.0% ahead of the S&P 500 Value Index up 22.2%. Returns were led by seven of the larger market capitalization names within the S&P 500 Index, often referred to as the “Magnificent Seven.” Apple, Alphabet, Amazon, Meta Platforms, Microsoft, Nvidia, and Tesla. They collectively accounted for roughly 60% of the S&P 500 Index’s return in 2023.

The S&P 500 Index performance was led by three sectors: Information Technology (+57.8%), Communication Services (+55.8%), and Consumer Discretionary (+42.4%). The worst performing sectors included Utilities (-5.2%), Energy (-1.3%), and Consumer Staples (+0.5%).

The Fund’s overweight allocation relative to the S&P 500 Index Information Technology sector contributed to performance. The Fund ended 2023 with a 28.8% weighting equal to that of the S&P 500 Information Technology weight.

For the year, information technology stocks in the Fund gained 56.0%, though this was slightly below the 57.8% return of the S&P 500 Information Technology Index.

Several positions rebounded from weak performance in 2022. Crowdstrike (+145.1%), Advanced Micro Devices (+131.8%), Broadcom (+104.7%), and Salesforce (+98.5%) led the way. Investors looked for the potential return in artificial intelligence, as the subject captured the public’s attention last spring. Enphase Energy (-51%) negatively impacted performance, as the outlook for solar companies has become more uncertain.

The Fund’s allocation to the Communication Services sector increased from 4.5% to 8.1% due to strong performance and new positions. The S&P 500 Communications Services Index gained 55.8% over the past twelve months. The Fund underperformed with a return of 42.2%. Match Group (-26.5%) and ZoomInfo Technologies (-14.8%) contributed to the underperformance. Both stocks were sold over the year. The proceeds were re-allocated to Spotify and Meta Platforms.

The Consumer Discretionary sector saw underperformance. The Fund returned 39.8% compared to 42.2% for the S&P 500 Consumer Discretionary Index. Stocks performed well as consumers sustained retail spending. The Fund had solid performance from overweight positions in Amazon (+80.9%), Chipotle Mexican Grill (+64.0%), and Lululemon (+61.5%). The Fund’s holdings in LKQ Corp and Tractor Supply Company negatively affected performance.

In the Health Care sector, stock selection was positive to overall performance. The Fund gained 4.6% compared to the 2.1% return of the S&P 500 Health Care Index. The above benchmark allocation to the sector at the beginning of 2023 was reduced during the year. The Fund began the year with a 22.4% stake in the sector, moving to a 15.8% exposure as of December 31, 2023. The year-end allocation remained above the 12.6% Health Care sector weight within the S&P 500 Index. Health Care remains the Fund’s largest overweight as valuations remain attractive with potential for above market earnings growth over the next several years. Zoetis (+35.7%) and Vertex Pharmaceuticals (+23.3%) were the Fund’s best performers.

The Fund added value in Consumer Staples by being underweight and from stock selection for the year. Consumer Staples underperformed the S&P 500 Index for 2023. Historically, the sector is more interest rate sensitive. In a rising rate environment, these companies can trail the overall benchmark. The Fund was positively impacted by selection as the Fund’s holdings posted a total return of 4.1%. Mondelez International (+11.3%) and Constellation Brands (+5.9%) were the top performers.

In Financials, an underweight relative to the benchmark helped performance while stock selection distracted. The Fund’s holdings in the financial sector returned 5.8% versus the S&P 500 Financial Index gain of 12.1%. Offsetting the negative returns was strong performance from Fifth Third (+33.3%), Marsh & McClendon (+27.1%), and JP Morgan (+22.8%).

The top 10 names accounted for 41.4% of the overall market value of the Fund. The benchmark S&P 500 Index saw much higher return from mega-cap stocks and approached record levels as we closed out 2023.

During 2023, the Fund made limited use of derivatives, such as options. As a result, derivatives had no material impact on the Fund’s performance.

Annual Report | December 31, 2023

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Management’s Discussion of Fund Performance

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 returns with capital gains and dividends reinvested. For the 10-, 5-, 3- and 1- year periods, the Large Company Fund was ranked 390 out of 431, 379 out of 557, 570 out of 613, and 480 out of 672 as of 12/31/2023 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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Management’s Discussion of Fund Performance

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, 2013 to December 31, 2023, 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, 2023

Total Annual Fund Operating Expense (as of most current Prospectus): 1.14%

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, 2023

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Management’s Discussion of Fund Performance

The WesMark Balanced Fund (the Fund) provided a total return of 5.0% for the year ended December 31, 2023, compared to the Lipper Balanced Fund category average return of 15.6%.

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 37.7% in fixed-income and cash equivalents. Given the move in yields and equity market volatility during the year, we reduced our equity allocation as long-term yields increased in the second and third quarter. The asset allocation at year end was 39.3% in fixed-income, 60.3% in common equity, and 0.5% in cash equivalents. From a style perspective, value stocks underperformed the broad markets for much of the year. For 2023, the S&P 500 Growth Index gained 30.0% while the S&P 500 Value Index increased by 22.2%.

With 5.25% in cumulative rate increases since March 2022, The Federal Reserve pivoted in the second half of 2023. It indicated that the battle to tame inflation was progressing and further rate hikes were less likely needed. In October, the 10-year US Treasury bond rose to 5.00% as investors and the Federal Reserve remained concerned that inflation may reaccelerate, resulting in further increases in rates. Bond market investors and the Federal Reserve would later signal an end to rate hikes, as well as suggest potential rate cuts in 2024. The bond market rallied leaving the 10-year Treasury yield at 3.88% by year end. The reading was unchanged from where yields began the year.

During 2023, yields on the 10-year Treasury reached their highest readings since 2007. The fixed income allocation gained 6.3%, outperforming the Bloomberg Intermediate Government/Credit Index, which rose by 5.2% within 2023. The Fund extended duration in the second half of the year as higher rates became more compelling. The Fund’s fixed-income duration was 4.9 years at the end of 2023 compared to 3.3 years on December 31, 2022. That compares to the fixed-income benchmark duration of 3.8 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 7.0%. taxable municipal bonds provided a return of 7.4% for the year. The Fund’s fixed-income structure moved to a position to benefit from a falling interest rate environment and a steeper yield curve.

The equity allocation returned 6.3%, underperforming the S&P 500 Index’s full-year return of 26.3%. The Fund’s bias towards high-dividend yield stocks negatively affected performance. An index of higher yielding stocks, the S&P 500 High Dividend Index, reported a total return of 4.0% during 2023.

The Health Care sector was the largest overweight relative to the S&P 500 Index. For the period, the Fund return 2.0% compared to 2.1% in the S&P 500 Health Care sector. The performance was mixed. Eli Lilly (+60.2%) benefited from sales of a new weight loss drug while Pfizer (–41.2%) took a Covid-related write-off and lowered sales expectations. The fund reduced its health care allocation, ending 2023 with a 21.6% equity allocation. This compares to the 12.6% in the S&P 500 Health care sector.

Of the equity allocation, the S&P 500 Financial sector started the year at 17.5% of the Fund’s equity holdings and ended the year at 11.0%. This was compared to 12.9% for the S&P 500 Index on December 31, 2023. The move was based on our forecast for more difficult earnings as short-term rates moved higher. The S&P 500 Financial Sector Index returned 12.1% compared to the funds 8.2% return, security selection did not exceed the sector benchmark. Underperformance came from holdings in Cullen Frost (-20.7%) and Discover Financial Services (-6.6%). This was partially offset by gains in JP Morgan (+30.5%) and Goldman Sachs (+15.9%).

At year-end, the S&P 500 Information Technology sector accounted for 20.2% of the equity portfolio, compared to 28.8% in the S&P 500 Index. The Fund’s holdings gained 28.2%, underperforming the S&P 500 Information Technology sector’s returns of 57.8%. For the year, Apple (+48.6%) was the best performing stock in the sector.

The Fund’s top 10 holdings accounted for 30.4% of its overall market value. In addition to the strong performers mentioned above, the Fund saw sizable gains in RPM Inc. (+35.4%) and Caterpillar (+26.0%).

During 2023, the Fund made limited use of derivatives, such as options. As a result, derivatives had no material impact on the Fund’s performance.

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www.wesmarkfunds.com

Management’s Discussion of Fund Performance

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 10-, 5-, 3-, and 1-year periods, the Balanced Fund was ranked 108 out of 297, 194 out of 377, 90 out of 402, and 417 out of 423 as of 12/31/2023 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, 2023

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Management’s Discussion of Fund Performance

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, 2013 to December 31, 2023, 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, 2023

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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Management’s Discussion of Fund Performance

The Federal Reserve slowed and has likely ended its most aggressive tightening campaign since the 1980s. Following the Federal Reserve’s seven consecutive interest rate increases throughout 2022, it imposed another four rate hikes in 2023.

This brought the top end of the federal funds target range to 5.50%. This was its highest level since 2000. Within the report period, inflation slowed at a steady pace while economic growth remained strong. The Federal Reserve’s preferred inflation measure, the core PCE Index, declined to 2.9% in December from 4.9% to start 2023. The US economy remained resilient within the period as GDP expanded 2.5%. Approximately 2.7 million jobs were created, and unemployment averaged 3.6%.

Despite the resilient U.S. economy, favorable inflation backdrop, and the Federal Reserve pivoting toward a more dovish stance, the US Treasury interest rate curve remained inverted. The interest rate differential between the 2 year US Treasury and the 10 year US Treasury started the period at -55 basis points. The inversion of the US Treasury Yield curve deepened to -107 basis points in March 2023 amid regional banking concerns. This was the deepest inversion of the US Treasury yield curve since 1980. It then ended the year at -37 basis points.

Last year was characterized by interest rate volatility. At the beginning of the period, the yield on the 10 year US Treasury was 3.88%. The yield declined 57 basis points to 3.31% in April with the collapse of Silicon Valley Bank and Signature Bank. Given the significant amount of US Treasury issuance, waning foreign demand, and the Federal Reserve’s declining balance sheet, the yield on the 10 year U.S. Treasury increased 168 basis points. It peaked mid-October at 4.99%, the highest level since 2007.

The elevated interest rate environment was short-lived. The yield on the 10 year US Treasury declined 111 basis points to end the period at 3.88%, the same yield at which it began the year. The year-end rally was a result of improving inflation data.

The U.S. Treasury also deceided to shift its debt issuance in its quarterly refunding. This would go toward U.S. Treasury bills rather than longer-dated U.S. Treasury bonds. These caused anxiety in the US Treasury auction market.

With on-going, elevated fiscal deficits, Fitch Rating Agency lowered its credit rating on the U.S. government debt to AA+ in August. This change was over deficit and governance concerns. Moody’s maintained the U.S. rating at AAA, but it revised its outlook to Negative in November.

Investors returned to the bond market in 2023. Fixed income fund/ETF flows were positive by $159 billion, reversing the record outflow of $345 billion in 2022. Despite interest rate volatility, fixed-income returns were positive within the period. Longer-maturity securities performed better relative to intermediate and shorter maturities in each fixed-income subsectors. Lower credit quality, fixed-income subsectors generated excess returns. The market anticipated the Federal Reserve easing monetary policy and the U.S. economy avoiding a recession.

The benchmark Bloomberg U.S. Treasury Index returned 4.05% in 2023. High yield corporates and emerging market debt generated returns of 13.44% and 13.10%, respectively. Taxable Municipal Bonds generated returns of 8.85% compared with Investment Grade Corporate (+8.52%) and Mortgage Backed Securities (+5.05%).

Total mortgage securities guaranteed by Fannie Mae and Freddie Mac represented 58% of the Fund as of December 31, 2023. Within the mortgage allocation, Fannie Mae and Freddie Mac guaranteed Mortgage pools (MBS) accounted for 39%, Collateralized Mortgage Obligations (CMOs) accounted for 12%, and Commercial Mortgage Backed Securities (CMBs) accounted for 7%. U.S. Treasury Securities accounted for 16%, Investment Grade Corporate Bonds accounted for 8%, Taxable Municipals accounted for 7%, U.S. Government Agency Securities accounted for 7%, and cash accounted for 4%.

The Fund’s allocation decisions reflected the dynamic domestic economic data released in 2023. During the first quarter, the Fund increased the allocation to investment grade corporate bonds. The spreads relative to U.S. treasuries widened during the regional banking crisis in the first quarter. However, overall corporate earnings remained positive, the U.S. consumer continued to spend, and inflation trends improved. The Fund ended the year with 8% of overall value invested in investment grade corporate bonds. In order to fund the purchases, Taxable Municipal bonds were sold. For 2023, the investment grade corporate bonds returned 8.0%, with 4.5% coming in the final month of the year. The Fund’s taxable municipal bond holdings reported a total return of 7.6% for the year.

Given the overall trends in the commercial real estate space, the Fund reduced its CMBs position during the year. Following the regional banking crisis, there was an increased focus on commercial real estate values and the expected impact of work‐from‐home policies. The Fund began the year with 24% of the overall assets invested in this fixed income category, and closed the year at 7%. The proceeds of the sales were used to increase the U.S. Treasury holdings.

The WesMark Government Bond Fund had a total return of 2.6% the year. The Lipper General US Government Bond Fund average return was 3.38% and the Barclay’s US Government Credit Bond Index return was 5.72%.

The duration of the securities within the fund was 5.96 years on December 31, 2023. This compared to 5.91 years as of December 31, 2022. The duration of the Barclays US Government Credit Bond Index was 6.44 years at the end of the report period.

The credit quality of the fund at the end of the report period was 89% AA, 4% A, and 7% BBB. The credit quality of the Barclay’s US Government Credit Bond Index was 2% AAA, 62% AA, 16% A, 18% BBB, and 2% BB.

Annual Report | December 31, 2023

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Management’s Discussion of Fund Performance

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 Government Bond Fund was ranked 51 out of 55, 66 out of 67, 66 out of 67, and 61 out of 73 as of 12/31/2023 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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Management’s Discussion of Fund Performance

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, 2013 to December 31, 2023, 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, 2023

Total Annual Fund Operating Expense (as of most current Prospectus): 1.01%

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.

Annual Report | December 31, 2023

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Management’s Discussion of Fund Performance

Despite the resilient US economy, favorable inflation backdrop, and the Federal Reserve pivoting toward a more dovish stance, the US Treasury interest rate curve remained inverted. The interest rate differential between the 2 year US Treasury and the 10 year US Treasury started the period at -55 basis points. The inversion of the US Treasury Yield curve deepened to -107 basis points in March 2023 amid regional banking concerns. This was the deepest inversion of the US Treasury yield curve since 1980. It then ended the year at -37 basis points.

Last year was characterized by interest rate volatility. At the beginning of the period, the yield on the 10 year US Treasury was 3.88%. The yield declined 57 basis points to 3.31% in April with the collapse of Silicon Valley Bank and Signature Bank. Given the significant amount of US Treasury issuance, waning foreign demand, and the Federal Reserve’s declining balance sheet, the yield on the 10 year US Treasury increased 168 basis points. It peaked mid-October at 4.99%, the highest level since 2007.

The elevated interest rate environment was short-lived. The yield on the 10 year US Treasury declined 111 basis points to end the period at 3.88%, the same yield at which it began the year. The year-end rally was a result of improving inflation data.

The US Treasury also decided to shift its debt issuance in its quarterly refunding. This would go toward US Treasury bills rather than longer-dated US Treasury bonds. These caused anxiety in the US Treasury auction market.

With on-going, elevated fiscal deficits, Fitch Rating Agency lowered its credit rating on the US government debt to AA+ in August. This change was over deficit and governance concerns. Moody’s maintained the US rating at AAA, but it revised its outlook to Negative in November.

Volatility in the tax-exempt municipal market followed a similarly volatile US Treasury market.

The 10-year AAA-rated municipal began the period yielding 2.64%. With the concerns in the Financial sector, the yield on the 10-year AAA-rated municipal reached a low of 2.08% in April 2023. It then rose 159 basis points to peak at 3.65% in late October. The tax-exempt municipal market followed suit with a rally in the US Treasury Market going into year end. The 10-year AAA-rated tax-exempt municipal ended the period at 2.27%.

Lower credit quality municipals outperformed intermediate and shorter maturities. Lower credit quality municipals generated excess returns. Markets anticipated the Federal Reserve easing monetary policy and the US economy avoiding a recession. For 2023, the Bloomberg Municipal Bond Index returned 6.40%, AAA-rated municipal bonds returned 5.80%, and BBB-rated securities returned 8.93%.

Following the sharp rise in rates, the overall issuance was modest during the year. However, the Fund was able to be 100% invested in West Virginia municipal securities. During the year the small holdings in Ohio and Pennsylvania municipal securities were sold, or matured.

The duration of the fund was 4.02 years as of December 31, 2023. The net investment income (excluding capital gain distributions) was $0.20 per share for the period, compared to $0.18 for the prior period. Approximately 97.5% of the dividend was derived from West Virginia Municipal securities. It is exempt from Federal and State income tax for West Virginia residents. At the end of the period, 84% of the securities within the fund were A-rated or better with 10% being AAA-rated.

The WesMark West Virginia Municipal Bond Fund had a total return of 4.27% in 2023. The Lipper Other States Municipal Debt Fund return was 5.38%. The Bloomberg Barclay’s Municipal 5-year Index return was 4.31%. The funds higher credit quality and shorter maturity structure limited its performance in the period relative to its benchmark.

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Management’s Discussion of Fund Performance

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 129 out of 150, 164 out of 212, 107 out of 213, and 180 out of 215 as of 12/31/2023 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.

Annual Report | December 31, 2023

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Management’s Discussion of Fund Performance

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, 2013 to December 31, 2023, 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, 2023

Total Annual Fund Operating Expense (as of most current Prospectus): 1.10%

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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Management’s Discussion of Fund Performance

The WesMark Tactical Opportunity Fund (“the Fund”) began 2023 with an allocation to equity markets of 48.9%, above the fixed-income allocation of 41.7%.

The decision was primarily based on the view that equity markets would recover from the downturn experienced in 2022. The S&P 500 Index and the MSCI All-World Index were both down over 18% in 2022, leaving the S&P 500 forward price to earnings below the long-term average at 17.3x.

The Federal Reserve increased the Fed Funds Rate target more quickly than the consensus expectation, leading to increased financial markets volatility throughout the year. However, economic indicators continued to improve, economic growth outpaced expectations, inflation decelerated, and labor market readings remained near historic lows. Nevertheless, 2023 proved to be a year of positive performance for equity and fixed income markets.

In the first half of 2023, equities began to rebound as interest rates began to rise. This led to a shift in allocation from equities to fixed income. Ending the first quarter, the fixed-income allocation had increased to 47.1%; the equity allocation decreased to 43.9%. Fixed-income exposure was largely concentrated in the short-end of the yield curve, where rates had increased the most dramatically and provided attractive yields.

The equity allocation in the first half was more growth oriented than the second half. It took advantage of the recovery, as the S&P 500 Index was up more than 16% by June. The allocation to alternatives increased, starting the year at 5.3% and finishing the first half at 7.5%. This was an effort to take advantage of depressed energy prices and the inflation-hedging properties of commodities.

The second half of 2023 exhibited more volatility across equities and fixed income.

The 10-year Treasury yield began the second half at 3.83%, relatively unchanged on the year, then rallied to over 5% in October. It eventually settling unchanged at 3.88% by the end of 2023. Over the same time frame, the S&P 500 contracted 7.5% from the end of the second quarter to October lows, then rallied 15.9% to finish the year. The Fund finished the third quarter with an allocation of 46.3% to fixed income, 40.5% to equities, and 7.4% to alternatives to reduce risk as volatility increased.

As we finished 2023, the Fund had an increased exposure to alternatives at 8.7%, a lower fixed-income allocation at 42.2%, and a higher equity allocation at 42.8%. The duration within the fixed-income exposure was extended as long-term rates appeared to peak with inflation continuing to trend lower. For most of the year, a concentrated group of growth-focused equities accounted for most S&P 500 Index returns. The rally from October lows was led by a broader stock performance. As a result, we shifted our equity exposure to more value-focused holdings in November and December.

For the year, the Fund posted a total return of 7.1% compared to the Lipper Flexible Funds category return of 11.8%.

On a trailing five-year basis, the Fund reported an annualized return of 6.2% compared to the Lipper Flexible Funds category annualized return of 6.7%.

Since the Fund’s inception, March 1, 2017, the WesMark Tactical Opportunity Fund has posted an annualized total return of 5.0%, compared to the MSCI All-World Index return of 9.9% and the U.S. Bloomberg Aggregate Bond Index return of 1.2% for the same period.

The exposure to large-cap growth in the Fund through the SPDR S&P 500 ETF and increased allocation to the Russell 2000 through the iShares Russell 2000 ETF both accounted for nearly half of the returns in the year, up 26.0% and 18.2%, respectively.

Additionally, the increased alternatives allocation by purchasing the SPDR Gold Shares ETF was incremental to performance as the fund increased 12.3% on the year.

Leading to the underperformance, the allocation to the Invesco Optimum Yield Diversified Commodity Strategy and the SPDR Energy Select Fund ETF was a drag on performance for the Fund. WTI Crude finished 2023 down 10.7% and natural gas was down 43.8%.

The top 10 holdings accounted for 81.4% of the overall market value of the Fund.

During 2023, the Fund made limited use of derivatives, such as options. As a result, derivatives had no material impact on the Fund's performance.

Annual Report | December 31, 2023

17

Management’s Discussion of Fund Performance

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 194 out of 378, 228 out of 416, and 359 out of 452 as of 12/31/2023 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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Management’s Discussion of Fund Performance

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, 2023, 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, 2023

Total Annual Fund Operating Expense (as of most current Prospectus): 1.61%

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, 2023

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Portfolio of Investments Summary Table

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Portfolio of Investments

Annual Report | December 31, 2023

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Portfolio of Investments

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Portfolio of Investments

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Portfolio of Investments

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Portfolio of Investments Summary Table

Annual Report | December 31, 2023

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Portfolio of Investments

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Portfolio of Investments

Annual Report | December 31, 2023

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Portfolio of Investments

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Portfolio of Investments Summary Table

Annual Report | December 31, 2023

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Portfolio of Investments