UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File number: 811-07925
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)
Scott Fuchs
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: June 30, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission, not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Reports to Stockholders. |
(a)
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about WesMark Balanced Fund for the period of January 1, 2024 to June 30, 2024, as well as certain changes to the Fund.
You can find additional information about the Fund at www.wesmarkfunds.com. You can also request this information by contacting us at
1-800-864-1013.
What were the Fund's cost for the six months?
(based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
| WesMark Balanced Fund | $67 | 1.34% |
How did the Fund perform for the last six months?
The year began optimistically with global recovery signs, but inflation, geopolitical tensions, and central bank actions introduced volatility. Large-cap growth drove an outsized proportion of overall returns led by the technology sector. We continue to favor companies with robust growth potential, although we are remaining cognizant of valuations. Short-term interest rates remained flat while long-term rates were volatile as economic data was released. We will continue to seek growth opportunities while prioritizing capital preservation in potentially volatile conditions.
How did the Fund perform over the past 10 years?
The WesMark Balanced Fund Fund returned 8.75% for the 12 months ended June 30, 2024. This is in contrast to the S&P 500 Total Return Index, which had a 24.56% return for the same time period. Please see below tables for additional indexes.
Total Return Based on a $10,000 Investment
| WesMark Balanced Fund - $17,268 | 60% S&P 500 and 40% Bloomberg Int Gov/Cred - $22,560 | 60% S&P 500 and 40% Bloomberg US Aggregate - $22,354 | Bloomberg US Aggregate Bond Index - $11,430 | Bloomberg US Intermediate Government/Credit Index - $11,657 | S&P 500 Total Return Index - $33,521 |
|---|
| 2024 | $17,268 | $22,560 | $22,354 | $11,430 | $11,657 | $33,521 |
| 2023 | $15,879 | $19,419 | $19,367 | $11,137 | $11,188 | $26,912 |
| 2022 | $15,171 | $17,388 | $17,410 | $11,243 | $11,199 | $22,503 |
| 2021 | $16,077 | $19,109 | $19,397 | $12,533 | $12,078 | $25,175 |
| 2020 | $13,041 | $15,501 | $15,768 | $12,575 | $12,055 | $17,881 |
| 2019 | $12,795 | $14,363 | $14,522 | $11,564 | $11,254 | $16,633 |
| 2018 | $11,978 | $13,120 | $13,218 | $10,720 | $10,525 | $15,064 |
| 2017 | $11,316 | $12,119 | $12,200 | $10,763 | $10,586 | $13,170 |
| 2016 | $10,500 | $10,981 | $11,058 | $10,797 | $10,608 | $11,171 |
| 2015 | $10,143 | $10,520 | $10,528 | $10,186 | $10,168 | $10,742 |
| 2014 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
| WesMark Balanced Fund | WesMark Balanced Fund |
|---|
| Total Net Assets | $98,316,284 |
| # of Portfolio Holdings | 123 |
| Portfolio Turnover Rate | 6% |
| Advisory Fees Paid | $367,649 |
Average Annual Total Returns
| WesMark Balanced Fund | 1 Year | 5 Year | 10 Year |
|---|
| WesMark Balanced Fund | 8.75% | 6.18% | 5.61% |
| S&P 500 Total Return Index | 24.56% | 15.05% | 12.86% |
| Bloomberg US Aggregate Bond Index | 2.63% | | 1.35% |
| 60% S&P 500 and 40% Bloomberg US Aggregate | 15.42% | 9.01% | 8.38% |
| Bloomberg US Intermediate Government/Credit Index | 4.19% | 0.71% | 1.55% |
| 60% S&P 500 and 40% Bloomberg Int Gov/Cred | 16.17% | 9.45% | 8.48% |
Past performance does not guarantee future results. Call 1-800-864-1013 for current month-end performance.
What did the Fund invest in?
Sector Weighting (% of Fund's net assets)
| Value | Value |
|---|
| Cash, Cash Equivalents, & Other Net Assets | 0.6% |
| Short Term Security | 0.4% |
| Equity - Materials | 0.9% |
| Equity - Real Estate | 0.9% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Equity - Communication Services | 1.6% |
| Equity - Utilities | 1.7% |
| Taxable Municipal Bonds | 2.5% |
| Equity - Energy | 4.6% |
| Equity - Consumer Discretionary | 4.7% |
| Equity - Consumer Staples | 7.4% |
| Equity - Industrials | 7.5% |
| Equity - Financials | 7.5% |
| U.S. Government Securities | 8.8% |
| Equity - Health Care | 12.4% |
| Equity - Information Technology | 13.8% |
| Corporate Bond | 23.2% |
| Top 10 | Top 10 |
|---|
| Apple, Inc. | 6.3% |
| Eli Lilly & Co. | 3.5% |
| Chevron Corp. | 3.5% |
| AbbVie, Inc. | 2.9% |
| Cisco Systems, Inc. | 2.8% |
| JPMorgan Chase & Co. | 2.8% |
| Texas Instruments, Inc. | 2.7% |
| Caterpillar, Inc. | 2.5% |
| PepsiCo, Inc. | 2.5% |
| Emerson Electric Co. | 2.5% |
| Total % of Top 10 Holdings | 32.0% |
* Holdings are subject to change.
Asset Weighting (% of Fund's net assets)
| Value | Value |
|---|
| COMMON STOCK | 63.0% |
| CORPORATE BONDS | 23.2% |
| U.S. GOVERNMENT SECURITIES | 5.4% |
| U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES | 2.9% |
| TAXABLE MUNICIPAL BONDS | 2.5% |
| COMMERCIAL MORTGAGE-BACKED SECURITIES | 1.5% |
| U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS | 0.5% |
| SHORT TERM INVESTMENTS | 0.4% |
| CASH, CASH EQUIVALENTS, & OTHER NET ASSETS | 0.6% |
There have been no material fund changes during the reporting period.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent registered public accounting firm during the reporting period.
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.
Semi-Annual Shareholder Report
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.wesmarkfunds.com/resources.
Distributor, ALPS Distributors, Inc. Not affiliated with WesBanco.
WesMark Government Bond Fund
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about WesMark Government Bond Fund for the period of January 1, 2024 to June 30, 2024, as well as certain changes to the Fund.
You can find additional information about the Fund at www.wesmarkfunds.com. You can also request this information by contacting us at
1-800-864-1013.
What were the Fund's cost for the six months?
(based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
| WesMark Government Bond Fund | $54 | 1.09% |
How did the Fund perform for the last six months?
Performance expectations for small-cap at the start of 2024 were highlighted by a sense of potential broadening; however, the sustained higher interest rate environment weighed on both value and growth, with higher variable-rate exposure and longer time horizons versus large-cap growth. Looking ahead, we maintain a cautiously optimistic stance, guided by our commitment to disciplined investment processes and risk management, focusing on higher quality investments.
How did the Fund perform over the past 10 years?
The WesMark Government Bond Fund Fund returned 1.91% for the 12 months ended June 30, 2024. This is in contrast to the Bloomberg US Aggregate Bond Index, which had a 2.63% return for the same time period. Please see below tables for additional indexes.
Total Return Based on a $10,000 Investment
| WesMark Government Bond Fund - $9,556 | Bloomberg US Aggregate Bond Index - $11,430 | Bloomberg US Intermediate Government/Credit Index - $11,657 |
|---|
| 2024 | $9,556 | $11,430 | $11,657 |
| 2023 | $9,377 | $11,137 | $11,188 |
| 2022 | $10,036 | $11,243 | $11,199 |
| 2021 | $11,390 | $12,533 | $12,078 |
| 2020 | $11,422 | $12,575 | $12,055 |
| 2019 | $10,967 | $11,564 | $11,254 |
| 2018 | $10,341 | $10,720 | $10,525 |
| 2017 | $10,444 | $10,763 | $10,586 |
| 2016 | $10,590 | $10,797 | $10,608 |
| 2015 | $10,187 | $10,186 | $10,168 |
| 2014 | $10,000 | $10,000 | $10,000 |
The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
| WesMark Government Bond Fund | WesMark Government Bond Fund |
|---|
| Total Net Assets | $173,999,162 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 15% |
| Advisory Fees Paid | $527,841 |
Average Annual Total Returns
| WesMark Government Bond Fund | 1 Year | 5 Year | 10 Year |
|---|
| WesMark Government Bond Fund | 1.91% | | |
| Bloomberg US Aggregate Bond Index | 2.63% | | 1.35% |
| Bloomberg US Intermediate Government/Credit Index | 4.19% | 0.71% | 1.55% |
Past performance does not guarantee future results. Call 1-800-864-1013 for current month-end performance.
What did the Fund invest in?
| Top 10 | Top 10 |
|---|
Freddie Mac Pool 02/01/2053 5.00Footnote Reference | 2.6% |
Fannie Mae Pool 02/01/2053 5.00Footnote Reference | 2.5% |
Freddie Mac Pool 01/01/2053 5.00Footnote Reference | 2.5% |
Fannie Mae Pool 07/01/2052 4.50Footnote Reference | 2.4% |
Freddie Mac Pool 10/01/2052 4.50Footnote Reference | 2.4% |
Fannie Mae Pool 10/01/2042 4.50Footnote Reference | 2.3% |
Fannie Mae Pool 11/01/2042 4.50Footnote Reference | 2.3% |
Fannie Mae Pool 06/01/2052 4.00Footnote Reference | 2.3% |
Freddie Mac Pool 06/01/2052 4.00Footnote Reference | 2.3% |
Freddie Mac Pool 09/01/2053 6.00Footnote Reference | 2.1% |
| Total % of Top 10 Holdings | 23.7% |
* Holdings are subject to change.
Sector Weighting (% of Fund's net assets)
| Value | Value |
|---|
| Cash, Cash Equivalents, & Other Net Assets | 0.5% |
| Broad Domestic Fixed Income | 1.9% |
| Taxable Municipal Bonds | 2.2% |
| Short Term Investments | 5.2% |
| Corporate Bond | 10.3% |
| U.S. Government Securities | 79.9% |
Asset Weighting (% of Fund's net assets)
| Value | Value |
|---|
| U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES | 37.6% |
| U.S. GOVERNMENT SECURITIES | 27.0% |
| U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS | 15.3% |
| CORPORATE BONDS | 10.3% |
| SHORT TERM INVESTMENTS | 5.2% |
| TAXABLE MUNICIPAL BONDS | 2.2% |
| EXCHANGE TRADED FUNDS | 1.9% |
| CASH, CASH EQUIVALENTS, & OTHER NET ASSETS | 0.5% |
There have been no material fund changes during the reporting period.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent registered public accounting firm during the reporting period.
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.
WesMark Government Bond Fund
Semi-Annual Shareholder Report
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.wesmarkfunds.com/resources.
Distributor, ALPS Distributors, Inc. Not affiliated with WesBanco.
WesMark Large Company Fund
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about WesMark Large Company Fund for the period of January 1, 2024 to June 30, 2024, as well as certain changes to the Fund.
You can find additional information about the Fund at www.wesmarkfunds.com. You can also request this information by contacting us at
1-800-864-1013.
What were the Fund's cost for the six months?
(based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
| WesMark Large Company Fund | $59 | 1.19% |
How did the Fund perform for the last six months?
The year has started strongly for large-cap after above-average returns in 2023, with large-cap growth driving an outsized proportion of overall returns. Sector allocations have provided alpha while security selection has also become more pronounced. We continue to favor companies with robust growth potential, although we are remaining cognizant of valuations.
How did the Fund perform over the past 10 years?
The WesMark Large Company Fund Fund returned 21.03% for the 12 months ended June 30, 2024. This is in contrast to the S&P 500 Total Return Index, which had a 24.56% return for the same time period. Please see below tables for additional indexes.
Total Return Based on a $10,000 Investment
| WesMark Large Company Fund - $25,541 | S&P 500 Total Return Index - $33,521 |
|---|
| 2024 | $25,541 | $33,521 |
| 2023 | $21,102 | $26,912 |
| 2022 | $18,390 | $22,503 |
| 2021 | $21,810 | $25,175 |
| 2020 | $15,284 | $17,881 |
| 2019 | $14,011 | $16,633 |
| 2018 | $13,185 | $15,064 |
| 2017 | $11,417 | $13,170 |
| 2016 | $9,702 | $11,171 |
| 2015 | $10,542 | $10,742 |
| 2014 | $10,000 | $10,000 |
The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
| WesMark Large Company Fund | WesMark Large Company Fund |
|---|
| Total Net Assets | $334,809,866 |
| # of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 6% |
| Advisory Fees Paid | $1,223,524 |
Average Annual Total Returns
| WesMark Large Company Fund | 1 Year | 5 Year | 10 Year |
|---|
| WesMark Large Company Fund | 21.03% | 12.76% | 9.83% |
| S&P 500 Total Return Index | 24.56% | 15.05% | 12.86% |
Past performance does not guarantee future results. Call 1-800-864-1013 for current month-end performance.
What did the Fund invest in?
| Top 10 | Top 10 |
|---|
| Apple, Inc. | 7.7% |
| Microsoft Corp. | 6.9% |
| Amazon.com, Inc. | 5.7% |
| Alphabet, Inc. | 5.6% |
| Broadcom, Inc. | 4.3% |
| Mastercard, Inc. | 3.4% |
| Meta Platforms, Inc. | 2.6% |
| Thermo Fisher Scientific, Inc. | 2.3% |
| UnitedHealth Group, Inc. | 2.3% |
| Abbott Laboratories | 2.2% |
| Total % of Top 10 Holdings | 43.0% |
* Holdings are subject to change.
Sector Weighting (% of Fund's net assets)
| Value | Value |
|---|
| Cash, Cash Equivalents, & Other Net Assets | (0.4)% |
| Short Term Investments | 0.9% |
| Materials | 1.2% |
| Utilities | 2.0% |
| Energy | 4.9% |
| Consumer Staples | 6.7% |
| Consumer Discretionary | 9.7% |
| Industrials | 9.8% |
| Communication Services | 9.9% |
| Financials | 10.9% |
| Health Care | 14.1% |
| Information Technology | 30.3% |
Asset Weighting (% of Fund's net assets)
| Value | Value |
|---|
| COMMON STOCK | 99.5% |
| SHORT TERM INVESTMENTS | 0.9% |
| CASH, CASH EQUIVALENTS, & OTHER NET ASSETS | (0.4)% |
There have been no material fund changes during the reporting period.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent registered public accounting firm during the reporting period.
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.
WesMark Large Company Fund
Semi-Annual Shareholder Report
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.wesmarkfunds.com/resources.
Distributor, ALPS Distributors, Inc. Not affiliated with WesBanco.
WesMark Small Company Fund
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about WesMark Small Company Fund for the period of January 1, 2024 to June 30, 2024, as well as certain changes to the Fund.
You can find additional information about the Fund at www.wesmarkfunds.com. You can also request this information by contacting us at
1-800-864-1013.
What were the Fund's cost for the six months?
(based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
| WesMark Small Company Fund | $63 | 1.27% |
How did the Fund perform for the last six months?
Performance expectations for small-cap at the start of 2024 were highlighted by a sense of potential broadening; however, the sustained higher interest rate environment weighed on both value and growth, with higher variable-rate exposure and longer time horizons versus large-cap growth. Looking ahead, we maintain a cautiously optimistic stance, guided by our commitment to disciplined investment processes and risk management, focusing on higher quality investments.
How did the Fund perform over the past 10 years?
The WesMark Small Company Fund Fund returned 19.68% for the 12 months ended June 30, 2024. This is in contrast to the Russell 2000® Index TR, which had a 10.06% return for the same time period. Please see below tables for additional indexes.
Total Return Based on a $10,000 Investment
| WesMark Small Company Fund - $21,522 | Russell 2000® Index TR - $19,677 |
|---|
| 2024 | $21,522 | $19,677 |
| 2023 | $17,983 | $17,879 |
| 2022 | $16,853 | $15,920 |
| 2021 | $19,966 | $21,283 |
| 2020 | $12,819 | $13,135 |
| 2019 | $11,981 | $14,067 |
| 2018 | $12,482 | $14,549 |
| 2017 | $11,056 | $12,375 |
| 2016 | $9,320 | $9,932 |
| 2015 | $10,300 | $10,649 |
| 2014 | $10,000 | $10,000 |
The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
| WesMark Small Company Fund | WesMark Small Company Fund |
|---|
| Total Net Assets | $119,057,307 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 11% |
| Advisory Fees Paid | $422,374 |
Average Annual Total Returns
| WesMark Small Company Fund | 1 Year | 5 Year | 10 Year |
|---|
| WesMark Small Company Fund | 19.68% | 12.43% | 7.97% |
Russell 2000® Index TR | 10.06% | 6.94% | 7.00% |
Past performance does not guarantee future results. Call 1-800-864-1013 for current month-end performance.
What did the Fund invest in?
Sector Weighting (% of Fund's net assets)
| Value | Value |
|---|
| Cash, Cash Equivalents, & Other Net Assets | 0.2% |
| Real Estate | 1.2% |
| Short Term Investments | 1.3% |
| Exchange Traded Funds | 1.4% |
| Utilities | 1.5% |
| Communication Services | 1.5% |
| Materials | 3.3% |
| Energy | 7.1% |
| Consumer Staples | 7.4% |
| Consumer Discretionary | 8.1% |
| Health Care | 11.9% |
| Financials | 16.0% |
| Information Technology | 18.3% |
| Industrials | 20.8% |
| Top 10 | Top 10 |
|---|
| Stifel Financial Corp. | 4.1% |
| Varonis Systems, Inc. | 3.8% |
| Quanta Services, Inc. | 3.3% |
| Moog, Inc. | 2.9% |
| Pure Storage, Inc. | 2.5% |
| Sprouts Farmers Market, Inc. | 2.5% |
| AAON, Inc. | 2.4% |
| Applied Industrial Technologies, Inc. | 2.4% |
| Celestica, Inc. | 2.1% |
| Korn Ferry | 1.9% |
| Total % of Top 10 Holdings | 27.9% |
* Holdings are subject to change.
Asset Weighting (% of Fund's net assets)
| Value | Value |
|---|
| COMMON STOCK | 97.1% |
| EXCHANGE TRADED FUNDS | 1.4% |
| SHORT TERM INVESTMENTS | 1.3% |
| CASH, CASH EQUIVALENTS, & OTHER NET ASSETS | 0.2% |
There have been no material fund changes during the reporting period.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent registered public accounting firm during the reporting period.
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.
WesMark Small Company Fund
Semi-Annual Shareholder Report
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.wesmarkfunds.com/resources.
Distributor, ALPS Distributors, Inc. Not affiliated with WesBanco.
WesMark Tactical Opportunity Fund
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about WesMark Tactical Opportunity Fund for the period of January 1, 2024 to June 30, 2024, as well as certain changes to the Fund.
You can find additional information about the Fund at www.wesmarkfunds.com. You can also request this information by contacting us at
1-800-864-1013.
What were the Fund's cost for the six months?
(based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
| WesMark Tactical Opportunity Fund | $75 | 1.47% |
How did the Fund perform for the last six months?
The year began optimistically with global recovery signs, but inflation, geopolitical tensions, and central bank actions introduced volatility. Large-cap US growth drove an outsized proportion of overall returns led by the technology sector. Short-term interest rates remained flat while long-term rates were volatile as economic data was released. Alternative assets provided diversification. We will continue to seek growth opportunities while prioritizing capital preservation in potentially volatile conditions.
How did the Fund perform since inception?
The WesMark Tactical Opportunity Fund Fund returned 8.20% for the 12 months ended June 30, 2024. This is in contrast to the HFRI Fund of Funds Index, which had a 8.55% return for the same time period. Please see below tables for additional indexes.
Total Return Based on a $10,000 Investment
| Investor - $14,433 | 60% MSCI ACWI 30% Bloomberg US Aggregare 10% HFRI FoF - $16,924 | Bloomberg US Aggregate Bond Index - $11,430 | HFRI Fund of Funds Index - $14,082 | S&P 500 Total Return Index - $33,521 |
|---|
| 2024 | $14,433 | $16,862 | $10,828 | $13,614 | $25,909 |
| 2023 | $13,339 | $14,863 | $10,551 | $12,542 | $20,801 |
| 2022 | $12,669 | $13,472 | $10,651 | $12,096 | $17,393 |
| 2021 | $14,246 | $15,438 | $11,873 | $12,800 | $19,459 |
| 2020 | $11,071 | $12,391 | $11,912 | $10,820 | $13,821 |
| 2019 | $11,254 | $11,835 | $10,955 | $10,773 | $12,856 |
| 2018 | $10,915 | $11,103 | $10,156 | $10,650 | $11,643 |
| 2017 | $10,260 | $10,362 | $10,196 | $10,125 | $10,180 |
| 2017 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
| WesMark Tactical Opportunity Fund | WesMark Tactical Opportunity Fund |
|---|
| Total Net Assets | $45,787,518 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 9% |
| Advisory Fees Paid | $169,190 |
Average Annual Total Returns
| WesMark Tactical Opportunity Fund | 1 Year | 5 Year | Since Inception |
|---|
| Investor (Incep. March 1, 2017) | 8.20% | 5.10% | 5.13% |
| HFRI Fund of Funds Index | 8.55% | 4.79% | 4.30% |
| S&P 500 Total Return Index | 24.56% | 15.05% | 13.87% |
| Bloomberg US Aggregate Bond Index | 2.63% | | 1.09% |
| 60% MSCI ACWI 30% Bloomberg US Aggregare 10% HFRI FoF | 13.45% | 7.34% | 7.44% |
Past performance does not guarantee future results. Call 1-800-864-1013 for current month-end performance.
What did the Fund invest in?
| Top 10 | Top 10 |
|---|
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 13.8% |
iShares® Core U.S. Aggregate Bond ETF | 13.6% |
| iShares 1-3 Year Treasury Bond ETF | 13.0% |
| Vanguard Mega Cap Value ETF | 11.0% |
| SPDR S&P 500 ETF Trust | 9.3% |
| iShares Russell 2000 ETF | 8.0% |
| SPDR Gold Shares | 5.9% |
| iShares MSCI ACWI ex U.S. ETF | 4.9% |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 4.8% |
Industrial Select Sector SPDR® Fund | 2.7% |
| Total % of Top 10 Holdings | 87.0% |
* Holdings are subject to change.
Sector Weighting (% of Fund's net assets)
| Value | Value |
|---|
| Cash, Cash Equivalents, & Other Net Assets | 0.2% |
| Short Term Investments | 2.6% |
| International (ex. U.S.) Equity | 4.9% |
| U.S. Small and Mid Cap Equity | 8.0% |
| Broad Domestic Equity | 9.3% |
| Commodities | 10.7% |
| U.S. Value Company Focused Equity | 11.0% |
| U.S. Sector Focused Equity | 12.9% |
| Broad Domestic Fixed Income | 40.4% |
Asset Weighting (% of Fund's net assets)
| Value | Value |
|---|
| EXCHANGE TRADED FUNDS | 97.2% |
| SHORT TERM INVESTMENTS | 2.6% |
| CASH, CASH EQUIVALENTS, & OTHER NET ASSETS | 0.2% |
There have been no material fund changes during the reporting period.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent registered public accounting firm during the reporting period.
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.
WesMark Tactical Opportunity Fund
Semi-Annual Shareholder Report
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.wesmarkfunds.com/resources.
Distributor, ALPS Distributors, Inc. Not affiliated with WesBanco.
WesMark West Virginia Municipal Bond Fund
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about WesMark WV Muni Bond Fund for the period of January 1, 2024 to June 30, 2024, as well as certain changes to the Fund.
You can find additional information about the Fund at www.wesmarkfunds.com. You can also request this information by contacting us at
1-800-864-1013.
What were the Fund's cost for the six months?
(based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
|---|
| WesMark WV Muni Bond Fund | $60 | 1.20% |
How did the Fund perform for the last six months?
The year began optimistically with global recovery signs, but inflation, geopolitical tensions, and central bank actions introduced volatility. Short-term interest rates remained flat while long-term rates were volatile as economic data was released. Quality and duration management were effective. Supply of new issue West Virginia tax-exempt bonds have been limited.
How did the Fund perform over the past 10 years?
The WesMark WV Muni Bond Fund Fund returned 1.64% for the 12 months ended June 30, 2024. This is in contrast to the Bloomberg Municipal Bond Index, which had a 3.21% return for the same time period. Please see below tables for additional indexes.
Total Return Based on a $10,000 Investment
| WesMark WV Muni Bond Fund - $11,246 | Bloomberg Municipal Bond Index - $12,669 | Bloomberg US Municipal Bond: 5 Year (4-6) Index - $11,678 |
|---|
| 2024 | $11,246 | $12,669 | $11,678 |
| 2023 | $11,064 | $12,274 | $11,420 |
| 2022 | $10,868 | $11,895 | $11,257 |
| 2021 | $11,834 | $13,011 | $11,892 |
| 2020 | $11,663 | $12,490 | $11,631 |
| 2019 | $11,271 | $11,958 | $11,205 |
| 2018 | $10,748 | $11,207 | $10,648 |
| 2017 | $10,710 | $11,034 | $10,619 |
| 2016 | $10,749 | $11,088 | $10,573 |
| 2015 | $10,200 | $10,300 | $10,148 |
| 2014 | $10,000 | $10,000 | $10,000 |
The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
| WesMark West Virginia Municipal Bond Fund | WesMark West Virginia Municipal Bond Fund |
|---|
| Total Net Assets | $85,953,465 |
| # of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 4% |
| Advisory Fees Paid | $259,811 |
Average Annual Total Returns
| WesMark West Virginia Municipal Bond Fund | 1 Year | 5 Year | 10 Year |
|---|
| WesMark WV Muni Bond Fund | 1.64% | | 1.18% |
| Bloomberg Municipal Bond Index | 3.21% | 1.16% | 2.39% |
| Bloomberg US Municipal Bond: 5 Year (4-6) Index | 2.26% | 0.83% | 1.56% |
Past performance does not guarantee future results. Call 1-800-864-1013 for current month-end performance.
What did the Fund invest in?
| Top 10 | Top 10 |
|---|
| Ohio County Board of Education | 3.2% |
| West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program) | 3.1% |
| Jefferson County Board of Education | 2.7% |
| Hancock, WV | 2.5% |
| Monongalia County Building Commission | 2.2% |
| West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities) | 2.1% |
| Mason County Public Service District Water Revenue | 2.0% |
| West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot) | 1.9% |
| Hampshire County, West Virginia, Building Commission Revenue Bonds | 1.9% |
| Cabell County Board of Education | 1.9% |
| Total % of Top 10 Holdings | 23.5% |
* Holdings are subject to change.
Sector Weighting (% of Fund's net assets)
| Value | Value |
|---|
| Cash, Cash Equivalents, & Other Net Assets | 0.4% |
| Non-Taxable Municipal Bonds | 99.6% |
Asset Weighting (% of Fund's net assets)
| Value | Value |
|---|
| NON-TAXABLE MUNICIPAL BONDS | 99.6% |
| CASH, CASH EQUIVALENTS, & OTHER NET ASSETS | 0.4% |
There have been no material fund changes during the reporting period.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent registered public accounting firm during the reporting period.
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.
WesMark West Virginia Municipal Bond Fund
Semi-Annual Shareholder Report
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.wesmarkfunds.com/resources.
Distributor, ALPS Distributors, Inc. Not affiliated with WesBanco.
Not applicable to semi-annual report.
| Item 3. | Audit Committee Financial Expert. |
Not applicable to semi-annual report.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable to semi-annual report.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
| (a) | Schedule of Investments as of the close of the reporting period is included in the financial statements filed under Item 7 of this Report. |
| (b) | Not applicable to Registrant. |
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Table of Contents
| | June 30, 2024 |
| Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies | 1 |
| Small Company Fund | |
| Schedule of Investments | 2 |
| Large Company Fund | |
| Schedule of Investments | 5 |
| Balanced Fund | |
| Schedule of Investments | 8 |
| Government Bond Fund | |
| Schedule of Investments | 14 |
| West Virginia Municipal Bond Fund | |
| Schedule of Investments | 18 |
| Tactical Opportunity Fund | |
| Schedule of Investments | 21 |
| Statements of Assets and Liabilities | 22 |
| Statements of Operations | 23 |
| Statements of Changes in Net Assets | 24 |
| Financial Highlights | 27 |
| Notes to Financial Statements and Financial Highlights | 33 |
| Additional Information | 45 |
| Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies | 46 |
| Item 9 – Proxy Disclosures for Open-End Management Investment Companies | 47 |
| Item 10 – Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies | 48 |
| Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract | 49 |
| Semi-Annual Report » June 30, 2024 |  |
WesMark Funds
ITEM 7 – Financial Statements and Financial Highlights
for Open-End Management Investment Companies
| Semi-Annual Report | June 30, 2024 |  | 1 |
| Schedule of Investments | |
| WesMark Small Company Fund | June 30, 2024 (Unaudited) |
| Shares | | | | | Value | |
| COMMON STOCKS-97.1% | | | |
| COMMUNICATION SERVICES-1.5% | | | |
| | | | | Interactive Media & Services-0.9% | | | | |
| | 18,946 | | | Ziff Davis, Inc.(1) | | $ | 1,042,977 | |
| | | | | | | | | |
| | | | | Movies & Entertainment-0.6% | | | | |
| | 150,500 | | | Eventbrite, Inc.(1) | | | 728,420 | |
| | | | | | | | | |
| TOTAL COMMUNICATION SERVICES | | | 1,771,397 | |
| | | | | | | | | |
| CONSUMER DISCRETIONARY-8.1% | | | |
| | | | | Apparel, Accessories & Luxury Goods-0.5% | | | | |
| | 6,535 | | | Oxford Industries, Inc. | | | 654,480 | |
| | | | | | | | | |
| | | | | Auto Parts & Equipment-0.5% | | | | |
| | 13,000 | | | Fox Factory Holding Corp.(1) | | | 626,470 | |
| | | | | | | | | |
| | | | | Automotive Retail-1.1% | | | | |
| | 21,022 | | | Advance Auto Parts, Inc. | | | 1,331,323 | |
| | | | | | | | | |
| | | | | Home Furnishings-0.3% | | | | |
| | 13,500 | | | Lovesac Co.(1) | | | 304,830 | |
| | | | | | | | | |
| | | | | Hotels, Resorts & Cruise Lines-1.1% | | | | |
| | 32,122 | | | Hilton Grand Vacations, Inc.(1) | | | 1,298,693 | |
| | | | | | | | | |
| | | | | Restaurants-4.1% | | | | |
| | 7,600 | | | Cava Group, Inc.(1) | | | 704,900 | |
| | 44,285 | | | Dutch Bros, Inc., Class A(1) | | | 1,833,399 | |
| | 48,699 | | | First Watch Restaurant Group, Inc.(1) | | | 855,155 | |
| | 3,411 | | | Wingstop, Inc. | | | 1,441,693 | |
| | | | | | | | 4,835,147 | |
| | | | | Retail-0.5% | | | | |
| | 14,187 | | | Urban Outfitters, Inc.(1) | | | 582,376 | |
| | | | | | | | | |
| TOTAL CONSUMER DISCRETIONARY | | 9,633,319 | |
| | | | | | | | | |
| CONSUMER STAPLES-7.4% | | | | |
| | | | | Food Distributors-0.7% | | | | |
| | 17,479 | | | Andersons, Inc. | | | 866,958 | |
| | | | | | | | | |
| | | | | Food Retail-2.5% | | | | |
| | 35,238 | | | Sprouts Farmers Market, Inc.(1) | | | 2,948,011 | |
| | | | | | | | | |
| | | | | Packaged Foods & Meats-2.1% | | | | |
| | 154,000 | | | BRC, Inc.(1) | | | 944,020 | |
| Shares | | | | | Value | |
| | 41,946 | | | Simply Good Foods Co.(1) | | $ | 1,515,509 | |
| | | | | | | | 2,459,529 | |
| | | | | Personal Care Products-2.1% | | | | |
| | 8,824 | | | elf Beauty, Inc.(1) | | | 1,859,393 | |
| | 18,600 | | | Oddity Tech, Ltd.(1) | | | 730,236 | |
| | | | | | | | 2,589,629 | |
| TOTAL CONSUMER STAPLES | | | 8,864,127 | |
| | | | | | | | | |
| ENERGY-7.1% | | | | |
| | | | | Oil & Gas Equipment & Services-1.2% | | | | |
| | 42,571 | | | ChampionX Corp. | | | 1,413,783 | |
| | | | | | | | | |
| | | | | Oil & Gas Exploration & Production-5.9% | | | | |
| | 14,678 | | | Civitas Resources, Inc. | | | 1,012,782 | |
| | 149,549 | | | Comstock Resources, Inc. | | | 1,552,319 | |
| | 4,900 | | | Gulfport Energy Corp.(1) | | | 739,900 | |
| | 56,538 | | | Magnolia Oil & Gas Corp., Class A | | | 1,432,673 | |
| | 20,494 | | | Matador Resources Co. | | | 1,221,442 | |
| | 27,934 | | | SilverBow Resources, Inc.(1) | | | 1,056,743 | |
| | | | | | | | 7,015,859 | |
| TOTAL ENERGY | | | 8,429,642 | |
| | | | | | | | | |
| FINANCIALS-16.0% | | | |
| | | | | Asset Management & Custody Banks-1.2% | | | | |
| | 28,962 | | | Victory Capital Holdings, Inc., Class A | | | 1,382,356 | |
| | | | | | | | | |
| | | | | Insurance Brokers-0.7% | | | | |
| | 14,458 | | | Goosehead Insurance, Inc., Class A(1) | | | 830,468 | |
| | | | | | | | | |
| | | | | Investment Banking & Brokerage-5.2% | | | | |
| | 11,704 | | | PJT Partners, Inc. | | | 1,262,979 | |
| | 58,128 | | | Stifel Financial Corp. | | | 4,891,471 | |
| | | | | | | | 6,154,450 | |
| | | | | Property & Casualty Insurance-0.9% | | | | |
| | 25,600 | | | Employers Holdings, Inc. | | | 1,091,328 | |
| | | | | | | | | |
| | | | | Regional Banks-6.8% | | | | |
| | 27,827 | | | Ameris Bancorp | | | 1,401,090 | |
| | 45,665 | | | Atlantic Union Bankshares Corp. | | | 1,500,095 | |
| | 22,169 | | | Banner Corp. | | | 1,100,469 | |
| | 46,816 | | | Cadence Bank | | | 1,323,957 | |
| | 60,108 | | | First Bancorp/Southern Pines, NC | | | 1,918,647 | |
| | 52,504 | | | Old National Bancorp | | | 902,544 | |
| | | | | | | | 8,146,802 | |
| 2 | | www.wesmarkfunds.com |
| | Schedule of Investments |
| June 30, 2024 (Unaudited) | WesMark Small Company Fund |
| Shares | | | | | Value | |
| | | | | Transaction & Payment Processing Services-1.2% | | | | |
| | 64,947 | | | I3 Verticals, Inc., Class A(1) | | $ | 1,434,030 | |
| | | | | | | | | |
| TOTAL FINANCIALS | | | 19,039,434 | |
| | | | | | | | | |
| HEALTH CARE-11.9% | | | | |
| | | | | Biotechnology-1.4% | | | | |
| | 51,800 | | | ACADIA Pharmaceuticals, Inc.(1) | | | 841,750 | |
| | 111,200 | | | Recursion Pharmaceuticals, Inc.(1) | | | 834,000 | |
| | | | | | | | 1,675,750 | |
| | | | | Health Care Distributors-0.8% | | | | |
| | 38,036 | | | Patterson Cos., Inc. | | | 917,428 | |
| | | | | | | | | |
| | | | | Health Care Equipment-1.9% | | | | |
| | 15,525 | | | AtriCure, Inc.(1) | | | 353,504 | |
| | 16,318 | | | Integer Holdings Corp.(1) | | | 1,889,461 | |
| | | | | | | | 2,242,965 | |
| | | | | Health Care Facilities-1.9% | | | | |
| | 37,733 | | | Select Medical Holdings Corp. | | | 1,322,919 | |
| | 39,363 | | | Surgery Partners, Inc.(1) | | | 936,446 | |
| | | | | | | | 2,259,365 | |
| | | | | Health Care Supplies-0.8% | | | | |
| | 59,696 | | | Neogen Corp.(1) | | | 933,049 | |
| | | | | | | | | |
| | | | | Health Care Technology-0.3% | | | | |
| | 69,000 | | | Definitive Healthcare Corp.(1) | | | 376,740 | |
| | | | | | | | | |
| | | | | Life Sciences Tools & Services-0.8% | | | | |
| | 18,000 | | | Azenta, Inc.(1) | | | 947,160 | |
| | | | | | | | | |
| | | | | Managed Health Care-0.7% | | | | |
| | 28,169 | | | Progyny, Inc.(1) | | | 805,915 | |
| | | | | | | | | |
| | | | | Pharmaceuticals-3.3% | | | | |
| | 13,300 | | | Axsome Therapeutics, Inc.(1) | | | 1,070,650 | |
| | 149,706 | | | Elanco Animal Health, Inc.(1) | | | 2,160,258 | |
| | 11,109 | | | Prestige Brands Holdings, Inc.(1) | | | 764,855 | |
| | | | | | | | 3,995,763 | |
| TOTAL HEALTH CARE | | | 14,154,135 | |
| | | | | | | | | |
| INDUSTRIALS -20.8% | | | | |
| | | | | Aerospace & Defense-2.9% | | | | |
| | 20,500 | | | Moog, Inc., Class A | | | 3,429,650 | |
| | | | | | | | | |
| | | | | Building Products-4.3% | | | | |
| | 32,839 | | | AAON, Inc. | | | 2,864,874 | |
| Shares | | | | | Value | |
| | 8,797 | | | Armstrong World Industries, Inc. | | $ | 996,172 | |
| | 18,028 | | | Gibraltar Industries, Inc.(1) | | | 1,235,819 | |
| | | | | | | | 5,096,865 | |
| | | | | Construction & Engineering-6.3% | | | | |
| | 19,274 | | | Argan, Inc. | | | 1,410,086 | |
| | 35,422 | | | Granite Construction, Inc. | | | 2,195,101 | |
| | 15,500 | | | Quanta Services, Inc. | | | 3,938,395 | |
| | | | | | | | 7,543,582 | |
| | | | | Construction Machinery & Heavy Transportation
Equipment-1.2% | | | | |
| | 48,400 | | | Atmus Filtration Technologies, Inc.(1) | | | 1,392,952 | |
| | | | | | | | | |
| | | | | Heavy Electrical Equipment-0.6% | | | | |
| | 62,000 | | | Bloom Energy Corp., Class A(1) | | | 758,880 | |
| | | | | | | | | |
| | | | | Human Resource & Employment Services-1.9% | | | | |
| | 32,945 | | | Korn Ferry | | | 2,211,927 | |
| | | | | | | | | |
| | | | | Research & Consulting Services-1.2% | | | | |
| | 12,363 | | | Science Applications International Corp. | | | 1,453,271 | |
| | | | | | | | | |
| | | | | Trading Companies & Distributors-2.4% | | | | |
| | 14,705 | | | Applied Industrial Technologies, Inc. | | | 2,852,770 | |
| | | | | | | | | |
| TOTAL INDUSTRIALS | | | 24,739,897 | |
| | | | | | | | | |
| INFORMATION TECHNOLOGY-18.3% | | | | |
| | | | | Application Software-3.2% | | | | |
| | 81,254 | | | Box, Inc., Class A(1) | | | 2,148,356 | |
| | 78,000 | | | Mitek Systems, Inc.(1) | | | 872,040 | |
| | 186,266 | | | Olo, Inc.(1) | | | 823,296 | |
| | | | | | | | 3,843,692 | |
| | | | | Communications Equipment-0.6% | | | | |
| | 51,472 | | | Extreme Networks, Inc.(1) | | | 692,298 | |
| | | | | | | | | |
| | | | | Electronic Components-0.9% | | | | |
| | 59,096 | | | Knowles Corp.(1) | | | 1,019,997 | |
| | | | | | | | | |
| | | | | Electronic Equipment & Instruments-1.6% | | | | |
| | 13,427 | | | OSI Systems, Inc.(1) | | | 1,846,481 | |
| | | | | | | | | |
| | | | | Electronic Manufacturing Services-3.1% | | | | |
| | 44,009 | | | Celestica, Inc.(1) | | | 2,523,036 | |
| | 64,291 | | | TTM Technologies, Inc.(1) | | | 1,249,174 | |
| | | | | | | | 3,772,210 | |
| Semi-Annual Report | June 30, 2024 | | 3 |
| Schedule of Investments | |
| WesMark Small Company Fund | June 30, 2024 (Unaudited) |
| Shares | | | | | Value | |
| | | | | IT Consulting & Other Services-0.8% | | | | |
| | 42,656 | | | Hackett Group, Inc. | | $ | 926,488 | |
| | | | | | | | | |
| | | | | Systems Software-5.6% | | | | |
| | 6,656 | | | Qualys, Inc.(1) | | | 949,146 | |
| | 56,896 | | | SentinelOne, Inc., Class A(1) | | | 1,197,661 | |
| | 95,161 | | | Varonis Systems, Inc.(1) | | | 4,564,873 | |
| | | | | | | | 6,711,680 | |
| | | | | Technology Hardware, Storage & Peripherals-
2.5% | | | | |
| | 46,383 | | | Pure Storage, Inc., Class A(1) | | | 2,978,253 | |
| | | | | | | | | |
| TOTAL INFORMATION TECHNOLOGY | | | 21,791,099 | |
| | | | | | | | | |
| MATERIALS-3.3% | | | | |
| | | | | Commodity Chemicals-1.4% | | | | |
| | 18,350 | | | Hawkins, Inc. | | | 1,669,850 | |
| | | | | | | | | |
| | | | | Metal, Glass & Plastic Containers-0.4% | | | | |
| | 9,839 | | | Greif, Inc., Class A | | | 565,447 | |
| | | | | | | | | |
| | | | | Specialty Chemicals-0.6% | | | | |
| | 9,000 | | | HB Fuller Co. | | | 692,640 | |
| | | | | | | | | |
| | | | | Steel-0.9% | | | | |
| | 9,682 | | | Carpenter Technology Corp. | | | 1,060,954 | |
| | | | | | | | | |
| TOTAL MATERIALS | | | 3,988,891 | |
| | | | | | | | | |
| REAL ESTATE-1.2% | | | | |
| | | | | Health Care REITs-0.6% | | | | |
| | 46,985 | | | Sabra Health Care REIT, Inc. | | | 723,569 | |
| | | | | | | | | |
| | | | | Self-Storage REITs-0.6% | | | | |
| | 17,700 | | | National Storage Affiliates Trust | | | 729,594 | |
| | | | | | | | | |
| TOTAL REAL ESTATE | | | 1,453,163 | |
| | | | | | | | | |
| UTILITIES-1.5% | | | | |
| | | | | Electric Utilities-0.6% | | | | |
| | 8,547 | | | Otter Tail Corp. | | | 748,632 | |
| Shares | | | | | Value | |
| | | | | Multi-Utilities-0.9% | | | | |
| | 30,000 | | | Avista Corp. | | $ | 1,038,300 | |
| | | | | | | | | |
| TOTAL UTILITIES | | | 1,786,932 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | |
| (Cost $72,664,943) | | | 115,652,036 | |
| | | | | | | | | |
| EXCHANGE TRADED FUNDS-1.4% | | | | |
| | 15,476 | | | iShares® Core S&P Small-Cap® ETF | | | 1,650,670 | |
| | | | | | | | | |
| TOTAL EXCHANGE TRADED FUNDS | | | |
| (Cost $1,468,019) | | | 1,650,670 | |
| | | | | | | | | |
| SHORT TERM INVESTMENTS-1.3% | | | | |
| | | | | Mutual Funds-1.3% | | | | |
| | 1,527,455 | | | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 5.246% (at net asset value) | | | 1,527,455 | |
| | | | | | | | | |
| TOTAL SHORT TERM INVESTMENTS | | | | |
| (Cost $1,527,455) | | | 1,527,455 | |
| | | | | | | | | |
| TOTAL INVESTMENTS-99.8% | | | | |
| (Cost $75,660,417) | | | 118,830,161 | |
| OTHER ASSETS AND LIABILITIES-NET(2)-0.2% | | | 227,146 | |
| NET ASSETS-100.0% | | $ | 119,057,307 | |
| (1) | Non-income producing security. |
| (2) | Assets, other than investments in securities, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of June 30, 2024.
See Notes to Financial Statements which are an integral part of the Financial Statements.
| 4 | | www.wesmarkfunds.com |
| | Schedule of Investments |
| June 30, 2024 (Unaudited) | WesMark Large Company Fund |
| Shares | | | | | Value | |
| COMMON STOCKS-99.5% | | | |
| COMMUNICATION SERVICES-9.9% | | |
| | | | | Interactive Media & Services-8.2% | | | | |
| | 103,260 | | | Alphabet, Inc., Class A | | $ | 18,808,809 | |
| | 17,000 | | | Meta Platforms, Inc., Class A | | | 8,571,740 | |
| | | | | | | | 27,380,549 | |
| | | | | Movies & Entertainment-1.7% | | | | |
| | 5,326 | | | Spotify Technology SA(1) | | | 1,671,246 | |
| | 40,000 | | | Walt Disney Co. | | | 3,971,600 | |
| | | | | | | | 5,642,846 | |
| TOTAL COMMUNICATION SERVICES | | 33,023,395 | |
| | | | | | | | | |
| CONSUMER DISCRETIONARY-9.7% | | | | |
| | | | | Apparel, Accessories & Luxury Goods-0.9 % | | | | |
| | 10,396 | | | Lululemon Athletica, Inc.(1) | | | 3,105,285 | |
| | | | | | | | | |
| | | | | Broadline Retail-5.7% | | | | |
| | 98,196 | | | Amazon.com, Inc.(1) | | | 18,976,377 | |
| | | | | | | | | |
| | | | | Footwear-1.4% | | | | |
| | 120,586 | | | On Holding AG(1) | | | 4,678,737 | |
| | | | | | | | | |
| | | | | Home Improvement Retail-1.0% | | | | |
| | 9,950 | | | Home Depot, Inc. | | | 3,425,188 | |
| | | | | | | | | |
| | | | | Restaurants-0.7% | | | | |
| | 38,250 | | | Chipotle Mexican Grill, Inc.(1) | | | 2,396,362 | |
| | | | | | | | | |
| TOTAL CONSUMER DISCRETIONARY | | 32,581,949 | |
| | | | | | | | | |
| CONSUMER STAPLES-6.7% | | | | |
| | | | | Distillers & Vintners-2.0% | | | | |
| | 26,361 | | | Constellation Brands, Inc., Class A | | | 6,782,158 | |
| | | | | | | | | |
| | | | | Household Products-2.1% | | | | |
| | 42,664 | | | Procter & Gamble Co. | | | 7,036,147 | |
| | | | | | | | | |
| | | | | Hypermarkets & Super Centers-1.1% | | | | |
| | 51,400 | | | Walmart, Inc. | | | 3,480,294 | |
| | | | | | | | | |
| | | | | Packaged Foods & Meats-1.0% | | | | |
| | 52,742 | | | Mondelez International, Inc., Class A | | | 3,451,436 | |
| Shares | | | | | Value | |
| | | | | Soft Drinks & Non-alcoholic Beverages-0.5% | | | | |
| | 48,058 | | | Keurig Dr Pepper, Inc. | | $ | 1,605,137 | |
| | | | | | | | | |
| TOTAL CONSUMER STAPLES | | | 22,355,172 | |
| | | | | | | | | |
| ENERGY-4.9% | | | | |
| | | | | Integrated Oil & Gas-1.5% | | | | |
| | 42,626 | | | Exxon Mobil Corp. | | | 4,907,105 | |
| | | | | | | | | |
| | | | | Oil & Gas Exploration & Production-3.4% | | | | |
| | 42,274 | | | ConocoPhillips | | | 4,835,300 | |
| | 60,843 | | | Devon Energy Corp. | | | 2,883,958 | |
| | 19,000 | | | Diamondback Energy, Inc. | | | 3,803,610 | |
| | | | | | | | 11,522,868 | |
| TOTAL ENERGY | | | 16,429,973 | |
| | | | | | | | | |
| FINANCIALS-10.9% | | | | |
| | | | | Asset Management & Custody Banks-1.9% | | | | |
| | 6,669 | | | BlackRock, Inc. | | | 5,250,637 | |
| | 61,800 | | | Blue Owl Capital, Inc. | | | 1,096,950 | |
| | | | | | | | 6,347,587 | |
| | | | | Diversified Banks-2.7% | | | | |
| | 65,900 | | | Fifth Third Bancorp | | | 2,404,691 | |
| | 33,130 | | | JP Morgan Chase & Co. | | | 6,700,874 | |
| | | | | | | | 9,105,565 | |
| | | | | Investment Banking & Brokerage-2.4% | | | | |
| | 9,747 | | | The Goldman Sachs Group, Inc. | | | 4,408,763 | |
| | 36,221 | | | Morgan Stanley | | | 3,520,319 | |
| | | | | | | | 7,929,082 | |
| | | | | Transaction & Payment Processing Services-3.9% | | | | |
| | 25,662 | | | Mastercard, Inc., Class A | | | 11,321,048 | |
| | 31,251 | | | PayPal Holdings, Inc.(1) | | | 1,813,496 | |
| | | | | | | | 13,134,544 | |
| TOTAL FINANCIALS | | | 36,516,778 | |
| | | | | | | | | |
| HEALTH CARE- 14.1% | | | | |
| | | | | Biotechnology-3.7% | | | | |
| | 29,978 | | | AbbVie, Inc. | | | 5,141,828 | |
| | 23,491 | | | Amgen, Inc. | | | 7,339,763 | |
| | | | | | | | 12,481,591 | |
| | | | | Health Care Equipment-2.2% | | | | |
| | 71,604 | | | Abbott Laboratories | | | 7,440,372 | |
| | | | | | | | | |
| | | | | Life Sciences Tools & Services-3.2% | | | | |
| | 14,514 | | | IQVIA Holdings, Inc.(1) | | | 3,068,840 | |
| Semi-Annual Report | June 30, 2024 | | 5 |
| Schedule of Investments | |
| WesMark Large Company Fund | June 30, 2024 (Unaudited) |
| Shares | | | | | Value | |
| | 13,979 | | | Thermo Fisher Scientific, Inc. | | $ | 7,730,387 | |
| | | | | | | | 10,799,227 | |
| | | | | Managed Health Care-2.3% | | | | |
| | 14,956 | | | UnitedHealth Group, Inc. | | | 7,616,493 | |
| | | | | | | | | |
| | | | | Pharmaceuticals-2.7% | | | | |
| | 55,904 | | | Merck & Co., Inc. | | | 6,920,915 | |
| | 13,200 | | | Novo Nordisk A/S, ADR | | | 1,884,168 | |
| | | | | | | | 8,805,083 | |
| TOTAL HEALTH CARE | | | 47,142,766 | |
| | | | | | | | | |
| INDUSTRIALS-9.8% | | | | |
| | | | | Aerospace & Defense-3.4% | | | | |
| | 64,178 | | | RTX Corp. | | | 6,442,829 | |
| | 56,532 | | | Textron, Inc. | | | 4,853,838 | |
| | | | | | | | 11,296,667 | |
| | | | | Agricultural & Farm Machinery-1.2% | | | | |
| | 11,164 | | | Deere & Co. | | | 4,171,205 | |
| | | | | | | | | |
| | | | | Industrial Machinery & Supplies & Components-
2.6% | | | | |
| | 15,600 | | | Chart Industries, Inc.(1) | | | 2,251,704 | |
| | 12,438 | | | Parker-Hannifin Corp. | | | 6,291,265 | |
| | | | | | | | 8,542,969 | |
| | | | | Passenger Ground Transportation-0.8% | | | | |
| | 38,000 | | | Uber Technologies, Inc.(1) | | | 2,761,840 | |
| | | | | | | | | |
| | | | | Research & Consulting Services-1.8% | | | | |
| | 29,946 | | | Jacobs Solutions, Inc. | | | 4,183,756 | |
| | 6,747 | | | Verisk Analytics, Inc. | | | 1,818,654 | |
| | | | | | | | 6,002,410 | |
| TOTAL INDUSTRIALS | | | 32,775,091 | |
| | | | | | | | | |
| INFORMATION TECHNOLOGY-30.3% | | | | |
| | | | | Application Software-5.3% | | | | |
| | 4,736 | | | Adobe, Inc.(1) | | | 2,631,037 | |
| | 17,500 | | | Datadog, Inc., Class A(1) | | | 2,269,575 | |
| | 9,822 | | | Roper Technologies, Inc. | | | 5,536,268 | |
| | 28,090 | | | Salesforce, Inc. | | | 7,221,939 | |
| | | | | | | | 17,658,819 | |
| | | | | Communications Equipment-0.5% | | | | |
| | 10,662 | | | F5 Networks, Inc.(1) | | | 1,836,316 | |
| | | | | | | | | |
| | | | | Internet Services & Infrastructure-0.6% | | | | |
| | 31,600 | | | Shopify, Inc., Class A(1) | | | 2,087,180 | |
| Shares | | | | | Value | |
| | | | | Semiconductors-6.4% | | | | |
| | 35,468 | | | Advanced Micro Devices, Inc.(1) | | $ | 5,753,264 | |
| | 9,064 | | | Broadcom, Inc. | | | 14,552,524 | |
| | 17,092 | | | Marvell Technology Group, Ltd. | | | 1,194,731 | |
| | | | | | | | 21,500,519 | |
| | | | | Systems Software-9.8% | | | | |
| | 11,632 | | | Crowdstrike Holdings, Inc., Class A(1) | | | 4,457,266 | |
| | 51,564 | | | Microsoft Corp. | | | 23,046,530 | |
| | 37,879 | | | Oracle Corp. | | | 5,348,515 | |
| | | | | | | | 32,852,311 | |
| | | | | Technology Hardware, Storage & Peripherals- 7.7% | | | | |
| | 122,021 | | | Apple, Inc. | | | 25,700,063 | |
| | | | | | | | | |
| TOTAL INFORMATION TECHNOLOGY | | 101,635,208 | |
| | | | | | | | | |
| MATERIALS-1.2% | | | | |
| | | | | Specialty Chemicals-1.2% | | | | |
| | 31,455 | | | PPG Industries, Inc. | | | 3,959,870 | |
| | | | | | | | | |
| TOTAL MATERIALS | | | 3,959,870 | |
| | | | | | | | | |
| UTILITIES-2.0% | | | |
| | | | | Electric Utilities-1.0% | | | | |
| | 47,669 | | | NextEra Energy, Inc. | | | 3,375,442 | |
| | | | | | | | | |
| | | | | Water Utilities-1.0% | | | | |
| | 24,662 | | | American Water Works Co., Inc. | | | 3,185,344 | |
| | | | | | | | | |
| TOTAL UTILITIES | | | 6,560,786 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | |
| (Cost $132,964,269) | | | 332,980,988 | |
| | | | | | | | | |
| SHORT TERM INVESTMENTS-0.9% | | | | |
| | | | | Mutual Funds-0.9% | | | | |
| | 3,012,041 | | | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 5.246% (at net asset value) | | | 3,012,041 | |
| | | | | | | | | |
| TOTAL SHORT TERM INVESTMENTS | | | | |
| (Cost $3,012,041) | | | 3,012,041 | |
| | | | | | | | | |
| TOTAL INVESTMENTS-100.4% | | | | |
| (Cost $135,976,310) | | 335,993,029 | |
| 6 | | www.wesmarkfunds.com |
| | Schedule of Investments |
| June 30, 2024 (Unaudited) | WesMark Large Company Fund |
| Shares | | Value | |
| OTHER ASSETS AND LIABILITIES-NET(2)-(0.4)% | | | (1,183,163 | ) |
| NET ASSETS-100.0% | | $ | 334,809,866 | |
| (1) | Non-income producing security. |
| (2) | Assets, other than investments in securities, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of June 30, 2024.
See Notes to Financial Statements which are an integral part of the Financial Statements.
| Semi-Annual Report | June 30, 2024 | | 7 |
| Schedule of Investments | |
| WesMark Balanced Fund | June 30, 2024 (Unaudited) |
| Shares/Principal Amount | | Value | |
| COMMON STOCKS-63.0% |
| COMMUNICATION SERVICES-1.6% |
| | | | | Integrated Telecommunication Services-1.6% | | | | |
| | 82,000 | | | AT&T, Inc. | | $ | 1,567,020 | |
| | | | | | | | | |
| TOTAL COMMUNICATION SERVICES | | | 1,567,020 | |
| | | | | | | | | |
| CONSUMER DISCRETIONARY-4.7% | | | |
| | | | | Footwear-0.6% | | | | |
| | 7,500 | | | NIKE, Inc., Class B | | | 565,275 | |
| | | | | | | | | |
| | | | | Home Improvement Retail-1.8% | | | | |
| | 7,773 | | | Lowe's Cos, Inc. | | | 1,713,636 | |
| | | | | | | | | |
| | | | | Other Specialty Retail-0.9% | | | | |
| | 4,314 | | | Dick's Sporting Goods, Inc. | | | 926,863 | |
| | | | | | | | | |
| | | | | Restaurants-1.4% | | | | |
| | 3,487 | | | McDonald's Corp. | | | 888,627 | |
| | 6,500 | | | Starbucks Corp. | | | 506,025 | |
| | | | | | | | 1,394,652 | |
| TOTAL CONSUMER DISCRETIONARY | | | 4,600,426 | |
| | | | | | | | | |
| CONSUMER STAPLES-7.4% | | | | |
| | | | | Consumer Staples Merchandise Retail-3.2% | | | | |
| | 12,954 | | | Target Corp. | | | 1,917,710 | |
| | 18,987 | | | Walmart, Inc. | | | 1,285,610 | |
| | | | | | | | 3,203,320 | |
| | | | | Distillers & Vintners-0.7% | | | | |
| | 2,500 | | | Constellation Brands, Inc., Class A | | | 643,200 | |
| | | | | | | | | |
| | | | | Household Products-1.0% | | | | |
| | 6,200 | | | Procter & Gamble Co. | | | 1,022,504 | |
| | | | | | | | | |
| | | | | Soft Drinks & Non-alcoholic Beverages-2.5% | | | | |
| | 14,886 | | | PepsiCo, Inc. | | | 2,455,148 | |
| | | | | | | | | |
| TOTAL CONSUMER STAPLES | | | 7,324,172 | |
| | | | | | | | | |
| ENERGY-4.6% | | | | |
| | | | | Integrated Oil & Gas-3.5% | | | | |
| | 21,913 | | | Chevron Corp. | | | 3,427,631 | |
| | | | | | | | | |
| | | | | Oil & Gas Exploration & Production- 0.3% | | | | |
| | 2,099 | | | EOG Resources, Inc. | | | 264,201 | |
| Shares/Principal Amount | | Value | |
| | | | | Oil & Gas Refining & Marketing-0.8% | | | | |
| | 5,117 | | | Valero Energy Corp. | | $ | 802,141 | |
| | | | | | | | | |
| TOTAL ENERGY | | | 4,493,973 | |
| | | | | | | | | |
| FINANCIALS-7.5% | | | |
| | | | | Asset Management & Custody Banks-1.2% | | | | |
| | 15,471 | | | State Street Corp. | | | 1,144,854 | |
| | | | | | | | | |
| | | | | Diversified Banks-4.6% | | | | |
| | 13,409 | | | JPMorgan Chase & Co. | | | 2,712,104 | |
| | 8,000 | | | PNC Financial Services Group, Inc. | | | 1,243,840 | |
| | 14,609 | | | US Bancorp | | | 579,977 | |
| | | | | | | | 4,535,921 | |
| | | | | Investment Banking & Brokerage-1.7% | | | | |
| | 3,805 | | | The Goldman Sachs Group, Inc. | | | 1,721,078 | |
| | | | | | | | | |
| TOTAL FINANCIALS | | | 7,401,853 | |
| | | | | | | | | |
| HEALTH CARE-12.4% | | | | |
| | | | | Biotechnology-2.9% | | | | |
| | 16,500 | | | AbbVie, Inc. | | | 2,830,080 | |
| | | | | | | | | |
| | | | | Health Care Services-1.8% | | | | |
| | 30,000 | | | CVS Health Corp. | | | 1,771,800 | |
| | | | | | | | | |
| | | | | Pharmaceuticals-7.7% | | | | |
| | 3,792 | | | Eli Lilly & Co. | | | 3,433,201 | |
| | 17,956 | | | Merck & Co., Inc. | | | 2,222,953 | |
| | 4,100 | | | Novo Nordisk A/S, ADR | | | 585,234 | |
| | 47,725 | | | Pfizer, Inc. | | | 1,335,345 | |
| | | | | | | | 7,576,733 | |
| TOTAL HEALTH CARE | | | 12,178,613 | |
| | | | | | | | | |
| INDUSTRIALS-7.5% | | | | |
| | | | | Aerospace & Defense-0.6% | | | | |
| | 2,600 | | | L3Harris Technologies, Inc. | | | 583,908 | |
| | | | | | | | | |
| | | | | Agricultural & Farm Machinery-0.6% | | | | |
| | 1,599 | | | Deere & Co. | | | 597,434 | |
| | | | | | | | | |
| | | | | Air Freight & Logistics-1.3% | | | | |
| | 9,508 | | | United Parcel Service, Inc., Class B | | | 1,301,170 | |
| 8 | | www.wesmarkfunds.com |
| | Schedule of Investments |
| June 30, 2024 (Unaudited) | WesMark Balanced Fund |
| Shares/Principal Amount | | Value | |
| | | | | Construction Machinery & Heavy Equipment- 2.5% | | | | |
| | 7,525 | | | Caterpillar, Inc. | | $ | 2,506,577 | |
| | | | | | | | | |
| | | | | Electrical Components & Equipment-2.5% | | | | |
| | 22,000 | | | Emerson Electric Co. | | | 2,423,520 | |
| | | | | | | | | |
| TOTAL INDUSTRIALS | | | 7,412,609 | |
| | | | | | | | | |
| INFORMATION TECHNOLOGY-13.8% | | | | |
| | | | | Communications Equipment-2.8% | | | | |
| | 58,222 | | | Cisco Systems, Inc. | | | 2,766,127 | |
| | | | | | | | | |
| | | | | IT Consulting & Other Services-1.1% | | | | |
| | 6,400 | | | International Business Machines
Corp. | | | 1,106,880 | |
| | | | | | | | | |
| | | | | Semiconductors-3.5% | | | | |
| | 3,432 | | | Analog Devices, Inc. | | | 783,388 | |
| | 13,545 | | | Texas Instruments, Inc. | | | 2,634,909 | |
| | | | | | | | 3,418,297 | |
| | | | | Technology Hardware, Storage & Peripherals-
6.4% | | | | |
| | 29,567 | | | Apple, Inc. | | | 6,227,402 | |
| | | | | | | | | |
| TOTAL INFORMATION TECHNOLOGY | | | 13,518,706 | |
| | | | | | | | | |
| MATERIALS- 0.9% | | | |
| | | | | Industrial Gases-0.6% | | | | |
| | 2,326 | | | Air Products & Chemicals, Inc. | | | 600,224 | |
| | | | | | | | | |
| | | | | Specialty Chemicals-0.3% | | | | |
| | 2,907 | | | RPM International, Inc. | | | 313,026 | |
| | | | | | | | | |
| TOTAL MATERIALS | | | 913,250 | |
| | | | | | | | | |
| REAL ESTATE-0.9% | | | | |
| | | | | Data Center REITs-0.4% | | | | |
| | 2,400 | | | Digital Realty Trust, Inc. REIT | | | 364,920 | |
| | | | | | | | | |
| | | | | Self-Storage REITs-0.5% | | | | |
| | 11,408 | | | CubeSmart REIT | | | 515,299 | |
| | | | | | | | | |
| TOTAL REAL ESTATE | | | 880,219 | |
| Shares/Principal Amount | | Value | |
| UTILITIES-1.7% | | | |
| | | | | Electric Utilities-1.0% | | | | |
| | 9,886 | | | Duke Energy Corp. | | $ | 990,874 | |
| | | | | | | | | |
| | | | | Multi-Utilities-0.7% | | | | |
| | 14,099 | | | Dominion Energy, Inc. | | | 690,851 | |
| | | | | | | | | |
| TOTAL UTILITIES | | | 1,681,725 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | |
| (Cost $32,727,724) | | | 61,972,566 | |
| | | | | | | | | |
| CORPORATE BONDS-23.2% | | | | |
| | | | | Auto Manufacturers-0.5% | | | | |
| $ | 550,000 | | | American Honda Finance Corp., 1.800%, 1/13/2031 | | | 451,036 | |
| | | | | | | | | |
| | | | | Banks-1.2% | | | | |
| | 500,000 | | | Fifth Third Bank NA, 3.850%, 3/15/2026 | | | 485,411 | |
| | 150,000 | | | PNC Bank NA, 2.700%, 10/22/2029 | | | 130,957 | |
| | 500,000 | | | PNC Financial Services Group, Inc., 1D US SOFR + 2.284%, 10/20/2034(1) | | | 545,185 | |
| | | | | | | | 1,161,553 | |
| | | | | | | | | |
| | | | | Chemicals-0.5% | | | | |
| | 500,000 | | | Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co LP, 5.125%, 4/1/2025(2) | | | 498,521 | |
| | | | | | | | | |
| | | | | Commercial Services-0.5% | | | | |
| | 500,000 | | | PayPal Holdings, Inc., 4.400%, 6/1/2032 | | | 475,966 | |
| | | | | | | | | |
| | | | | Computers-0.5% | | | | |
| | 500,000 | | | Dell International LLC / EMC Corp., 5.750%, 2/1/2033 | | | 514,311 | |
| | | | | | | | | |
| | | | | Diversified Financial Services-1.5% | | | | |
| | 500,000 | | | American Express Co., 1D US SOFR + 1.835%, 5/1/2034(1) | | | 489,192 | |
| | 250,000 | | | BlackRock, Inc., 2.400%, 4/30/2030 | | | 218,349 | |
| | 500,000 | | | Charles Schwab Corp., 1D US SOFR + 2.50%, 5/19/2034(1) | | | 510,033 | |
| Semi-Annual Report | June 30, 2024 | | 9 |
| Schedule of Investments | |
| WesMark Balanced Fund | June 30, 2024 (Unaudited) |
| Shares/Principal Amount | | Value | |
| $ | 250,000 | | | Legg Mason, Inc., 4.750%, 3/15/2026 | | $ | 248,590 | |
| | | | | | | | 1,466,164 | |
| | | | | Diversified Manufacturing-0.5% | | | | |
| | 500,000 | | | 3M Co., 3.375%, 3/1/2029 | | | 464,149 | |
| | | | | | | | | |
| | | | | Electric-2.9% | | | | |
| | 500,000 | | | CenterPoint Energy Houston Electric LLC, 4.450%, 10/1/2032 | | | 473,783 | |
| | 500,000 | | | Duke Energy Corp., 4.300%, 3/15/2028 | | | 485,271 | |
| | 500,000 | | | National Rural Utilities Cooperative Finance Corp., 5.000%, 2/7/2031 | | | 495,237 | |
| | 500,000 | | | NextEra Energy Capital Holdings, Inc., 3.550%, 5/1/2027 | | | 477,543 | |
| | 500,000 | | | NextEra Energy Capital Holdings, Inc., 5.000%, 7/15/2032 | | | 487,128 | |
| | 500,000 | | | Wisconsin Electric Power Co., 4.750%, 9/30/2032 | | | 488,521 | |
| | | | | | | | 2,907,483 | |
| | | | | Electronics-0.7% | | | | |
| | 500,000 | | | Honeywell International, Inc., 4.500%, 1/15/2034 | | | 480,215 | |
| | 175,000 | | | Honeywell International, Inc., 5.700%, 3/15/2037 | | | 181,573 | |
| | | | | | | | 661,788 | |
| | | | | Engineering&Construction-0.5% | | | | |
| | 500,000 | | | Jacobs Engineering Group, Inc., 5.900%, 3/1/2033 | | | 500,170 | |
| | | | | | | | | |
| | | | | Environmental Control-1.0% | | | | |
| | 500,000 | | | Republic Services, Inc., 3.200%, 3/15/2025 | | | 491,413 | |
| | 500,000 | | | Republic Services, Inc., 5.700%, 5/15/2041 | | | 503,436 | |
| | | | | | | | 994,849 | |
| | | | | Healthcare-Products-0.5% | | | | |
| | 500,000 | | | GE HealthCare Technologies, Inc., 5.650%, 11/15/2027 | | | 506,736 | |
| | | | | | | | | |
| | | | | Industrial Gases-0.8% | | | | |
| | 835,000 | | | Air Products & Chemicals, Inc., Sr. Unsecured Notes, 3.350%, 7/31/2024 | | | 833,247 | |
| Shares/Principal Amount | | Value | |
| | | | | Insurance-1.8% | | | | |
| $ | 500,000 | | | Berkshire Hathaway Finance Corp., 2.875%, 3/15/2032 | | $ | 438,118 | |
| | 400,000 | | | Marsh & McLennan Cos., Inc., 2.375%, 12/15/2031 | | | 331,935 | |
| | 500,000 | | | MetLife, Inc., 5.875%, 2/6/2041 | | | 511,887 | |
| | 500,000 | | | Progressive Corp., 4.950%, 6/15/2033 | | | 495,084 | |
| | | | | | | | 1,777,024 | |
| | | | | Internet-0.2% | | | | |
| | 250,000 | | | Expedia Group, Inc., 3.800%, 2/15/2028 | | | 238,029 | |
| | | | | | | | | |
| | | | | Lodging-0.5% | | | | |
| | 500,000 | | | Marriott International, Inc., 4.900%, 4/15/2029 | | | 494,874 | |
| | | | | | | | | |
| | | | | Machinery-Constr&Mining-0.5% | | | | |
| | 500,000 | | | Caterpillar Financial Services Corp., 3.600%, 8/12/2027 | | | 481,424 | |
| | | | | | | | | |
| | | | | Machinery-Diversified-0.5% | | | | |
| | 500,000 | | | Ingersoll Rand, Inc., 5.700%, 8/14/2033 | | | 511,393 | |
| | | | | | | | | |
| | | | | Oil&Gas-0.8% | | | | |
| | 500,000 | | | Marathon Oil Corp., 6.600%, 10/1/2037 | | | 542,070 | |
| | 250,000 | | | Phillips 66, 4.650%, 11/15/2034 | | | 232,734 | |
| | | | | | | | 774,804 | |
| | | | | Pharmaceuticals-1.1% | | | | |
| | 500,000 | | | AbbVie, Inc., 3.200%, 11/21/2029(2) | | | 460,039 | |
| | 175,000 | | | AbbVie, Inc., 4.550%, 3/15/2035 | | | 166,067 | |
| | 250,000 | | | Bristol-Myers Squibb Co., 3.900%, 2/20/2028 | | | 241,474 | |
| | 175,000 | | | GlaxoSmithKline Capital, Inc., 6.375%, 5/15/2038 | | | 193,082 | |
| | | | | | | | 1,060,662 | |
| | | | | Pipelines-0.5% | | | | |
| | 500,000 | | | ONEOK, Inc., 5.800%, 11/1/2030 | | | 512,091 | |
| | | | | | | | | |
| | | | | Regional Banks-1.0% | | | | |
| | 1,000,000 | | | PNC Bank NA, Sr. Unsecured Notes, 3.250%, 6/1/2025 | | | 979,734 | |
| 10 | | www.wesmarkfunds.com |
| | Schedule of Investments |
| June 30, 2024 (Unaudited) | WesMark Balanced Fund |
| Shares/Principal Amount | | Value | |
| | | | | REITS-0.5% | | | | |
| $ | 500,000 | | | Prologis Targeted US Logistics Fund LP, 5.250%, 4/1/2029(2) | | $ | 500,522 | |
| | | | | | | | | |
| | | | | Retail-2.4% | | | | |
| | 250,000 | | | Dollar Tree, Inc., 4.200%, 5/15/2028 | | | 240,074 | |
| | 175,000 | | | Home Depot, Inc., 5.875%, 12/16/2036 | | | 185,503 | |
| | 500,000 | | | O'Reilly Automotive, Inc., 4.350%, 6/1/2028 | | | 486,634 | |
| | 500,000 | | | Target Corp., 4.400%, 1/15/2033 | | | 480,229 | |
| | 500,000 | | | Walmart, Inc., 5.250%, 9/1/2035 | | | 513,641 | |
| | 500,000 | | | Walmart, Inc., 3.950%, 6/28/2038 | | | 448,626 | |
| | | | | | | | 2,354,707 | |
| | | | | Software-0.5% | | | | |
| | 500,000 | | | Activision Blizzard, Inc., 3.400%, 9/15/2026 | | | 474,588 | |
| | | | | | | | | |
| | | | | Software & Services-0.8% | | | | |
| | 750,000 | | | Oracle Corp., Sr. Unsecured Notes, 3.400%, 7/8/2024 | | | 749,669 | |
| | | | | | | | | |
| | | | | Transportation Services-0.5% | | | | |
| | 500,000 | | | FedEx Corp., 4.250%, 5/15/2030 | | | 480,373 | |
| | | | | | | | | |
| TOTAL CORPORATE BONDS | | | | |
| (Cost $23,441,332) | | | 22,825,867 | |
| | | | | | | | | |
| U.S. GOVERNMENT AGENCY – COLLATERALIZED |
| MORTGAGE OBLIGATIONS-0.5% | | | | |
| | | | | Federal Home Loan Mortgage Corp.-0.1% | | | | |
| | 123,241 | | | Freddie Mac REMICS, Series 2015- 4517, Class PC, 2.500%, 5/15/2044 | | | 114,444 | |
| | | | | | | | | |
| | | | | Government National Mortgage Association- 0.4% | | | | |
| | 422,633 | | | Government National Mortgage Association, Series 2018-126, Class DA, 3.500%, 1/20/2048 | | | 395,407 | |
| | | | |
TOTAL U.S. GOVERNMENT AGENCY -
COLLATERALIZED MORTGAGE OBLIGATIONS | | | | |
| (Cost $545,158) | | | 509,851 | |
| Shares/Principal Amount | | Value | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES-1.5% | |
| | | | | Commercial Mortgage-Backed Securities- 1.5% | | | | |
| $ | 1,500,000 | | | Morgan Stanley Capital I Trust, Series 2015-UBS8, Class A4, 3.809%, 11/15/2025 | | $ | 1,451,578 | |
| | | | | | | | | |
TOTAL COMMERCIAL MORTGAGE-BACKED
SECURITIES | | | | |
| (Cost $1,534,752) | | | 1,451,578 | |
| | | | | | | | | |
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED
SECURITIES-2.9% |
| | | | | Federal Home Loan Mortgage Corp.-0.3% | | | | |
| | 51,119 | | | Freddie Mac Gold, Pool G18527, 3.000%, 10/1/2029 | | | 48,997 | |
| | 218,697 | | | Freddie Mac Gold, Pool 18707, 3.500%, 9/1/2033 | | | 209,244 | |
| | | | | | | | 258,241 | |
| | | | | Federal National Mortgage Association-1.8% | | | | |
| | 701,003 | | | Fannie Mae, Pool BL5389, 2.710%, 5/1/2027 | | | 660,566 | |
| | 571,303 | | | Fannie Mae, Pool AM6756, 3.570%, 10/1/2029 | | | 541,871 | |
| | 139,737 | | | Fannie Mae, Pool MA3621, 3.500%, 3/1/2039 | | | 130,184 | |
| | 43,800 | | | Fannie Mae, Pool BN4896, 4.000%, 1/1/2049 | | | 40,590 | |
| | 116,747 | | | Fannie Mae, Pool MA3592, 4.000%, 2/1/2049 | | | 108,318 | |
| | 349,478 | | | Fannie Mae, Pool BP4338, 1Y US TI + 1.67%, 3/1/2049(1) | | | 345,884 | |
| | | | | | | | 1,827,413 | |
| | | | | Small Business Administration Pools-0.4% | | | | |
| | 146,114 | | | Small Business Administration Pools, PRIME - 3.50%, 1/25/2042(1) | | | 147,829 | |
| | 210,453 | | | Small Business Administration Pools, PRIME - 3.50%, 7/25/2042(1) | | | 212,348 | |
| | | | | | | | 360,177 | |
| Semi-Annual Report | June 30, 2024 | | 11 |
| Schedule of Investments | |
| WesMark Balanced Fund | June 30, 2024 (Unaudited) |
| Shares/Principal Amount | | Value | |
| | | | UMBS Collateral-0.4% | | | |
| $ | 450,472 | | | Fannie Mae Pool, 5.000%, 12/1/2052 | | $ | 436,682 | |
| | | | | | | | | |
TOTAL U.S. GOVERNMENT AGENCY -
MORTGAGE-BACKED SECURITIES | | | |
| (Cost $3,040,514) | | | 2,882,513 | |
| | | | | | | | | |
| U.S. GOVERNMENT SECURITIES-5.4% | | | | |
| | | | | Federal Home Loan Banks-0.8% | | | | |
| | 750,000 | | | 4.625%, 11/17/2026 | | | 749,413 | |
| | | | | | | | | |
| | | | | U.S. Treasury Bond-1.7% | | | | |
| | 150,000 | | | 4.500%, 2/15/2036 | | | 152,883 | |
| | 150,000 | | | 4.750%, 2/15/2037 | | | 155,760 | |
| | 500,000 | | | 3.500%, 2/15/2039 | | | 450,058 | |
| | 500,000 | | | 2.875%, 8/15/2028 | | | 471,162 | |
| | 500,000 | | | 4.125%, 11/15/2032 | | | 491,680 | |
| | | | | | | | 1,721,543 | |
| | | | | U.S. Treasury Note-2.9% | | | | |
| | 1,500,000 | | | 4.500%, 11/30/2024 | | | 1,495,036 | |
| | 100,000 | | | 3.875%, 11/30/2027 | | | 98,111 | |
| | 500,000 | | | 4.000%, 12/15/2025 | | | 493,623 | |
| | 750,000 | | | 3.500%, 1/31/2030 | | | 718,389 | |
| | | | | | | | 2,805,159 | |
| TOTAL U.S. GOVERNMENT SECURITIES | | | | |
| (Cost $5,399,535) | | | 5,276,115 | |
| | | | | | | | | |
| TAXABLE MUNICIPAL BONDS-2.5% | | | | |
| | | | | California-0.2% | | | | |
| | 200,000 | | | Charter Oak Unified School District, 2.681%, 8/1/2036 | | | 157,386 | |
| | | | | | | | | |
| | | | | Michigan-0.3% | | | | |
| | 270,000 | | | Belding Area Schools, General Obligation Unlimited Bonds, 6.700%, 5/1/2027 | | | 270,434 | |
| | | | | | | | | |
| | | | | Ohio-0.7% | | | | |
| | 660,000 | | | Columbus-Franklin County Finance Authority, 4.490%, 11/15/2032 | | | 641,103 | |
| | | | | | | | | |
| | | | | Pennsylvania-0.4% | | | | |
| | 450,000 | | | Commonwealth Financing Authority, 4.014%, 6/1/2033 | | | 423,941 | |
| Shares/Principal Amount | | Value | |
| | | | | Utah-0.4% | | | | |
| $ | 450,000 | | | Utah Transit Authority, 3.393%, 12/15/2036 | | $ | 381,670 | |
| | | | | | | | | |
| | | | | West Virginia-0.5% | | | | |
| | 575,000 | | | Marshall University, 3.177%, 5/1/2029 | | | 534,684 | |
| | | | | | | | | |
| TOTAL TAXABLE MUNICIPAL BONDS | | | | |
| (Cost $2,617,747) | | | 2,409,218 | |
| | | | | | | | | |
| SHORT TERM INVESTMENTS-0.4% | | | | |
| | | | | Mutual Funds-0.4% | | | | |
| | 399,654 | | | Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 5.246% (at net asset value) | | | 399,654 | |
| | | | | | | | | |
| TOTAL SHORT TERM INVESTMENTS | | | | |
| (Cost $399,654) | | | 399,654 | |
| | | | | | | | | |
| TOTAL INVESTMENTS-99.4% | | | | |
| (Cost $69,706,416) | | | 97,727,362 | |
| OTHER ASSETS AND LIABILITIES-NET(3)-0.6% | | | 588,922 | |
| NET ASSETS-100.0% | | $ | 98,316,284 | |
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
TI – Treasury Index
Reference Rates:
1D US SOFR - 1 Day SOFR as of June 30, 2024 was 5.33%
1Y US TI - 1 Year US TI as of June 30, 2024 was 5.09%
PRIME - US Prime Rate as of June 30, 2024 was 8.50%
| 12 | | www.wesmarkfunds.com |
| | Schedule of Investments |
| June 30, 2024 (Unaudited) | WesMark Balanced Fund |
| (1) | Floating or variable rate security. The reference rate is described above. The Rate in effect as of June 30, 2024 is based on the reference rate plus the displayed spread as of the security's last reset date. |
| (2) | Security exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2024, these securities amounted to a value of $1,459,083 or 1.48% of net assets. These Securities have been determined to be liquid pursuant to procedures adopted by the board. |
| (3) | Assets, other than investments in securities, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of June 30, 2024.
See Notes to Financial Statements which are an integral part of the Financial Statements.
| Semi-Annual Report | June 30, 2024 | | 13 |
| Schedule of Investments | |
| WesMark Government Bond Fund | June 30, 2024 (Unaudited) |
| Shares/Principal Amount | | Value | |
| EXCHANGE TRADED FUNDS-1.9% | | | | |
| | 4,602 | | | iShares® 20+ Year Treasury Bond ETF | | $ | 422,372 | |
| | 26,648 | | | iShares® iBoxx $ Investment Grade Corporate Bond ETF | | | 2,854,534 | |
| | | | | | | | | |
| TOTAL EXCHANGE TRADED FUNDS | | | | |
| (Cost $3,422,787) | | | 3,276,906 | |
| | | | | | | | | |
| CORPORATE BONDS-10.3% | | | | |
| | | | | Banks-7.4% | | | | |
| $ | 1,000,000 | | | Citigroup, Inc., 5.400%, 1/20/2026 | | | 995,484 | |
| | 1,000,000 | | | Comerica, Inc., 4.000%, 2/1/2029 | | | 917,651 | |
| | 1,000,000 | | | Fifth Third Bank NA, 3.850%, 3/15/2026 | | | 970,821 | |
| | 1,000,000 | | | First Citizens BancShares, Inc., 3M CME TERM SOFR + 2.465%, 3/15/2030(1) | | | 957,599 | |
| | 3,000,000 | | | First Horizon Bank, 5.750%, 5/1/2030 | | | 2,860,993 | |
| | 500,000 | | | FNB Corp., 4.875%, 10/2/2025 | | | 488,458 | |
| | 1,000,000 | | | KeyBank NA/Cleveland OH, 3.400%, 5/20/2026 | | | 950,173 | |
| | 1,000,000 | | | KeyCorp, 2.250%, 4/6/2027 | | | 909,161 | |
| | 500,000 | | | Morgan Stanley, 1D US SOFR + 2.62%, 4/20/2037(1) | | | 479,004 | |
| | 500,000 | | | PNC Financial Services Group, Inc., SOFRINDX + 1.73%, 10/20/2027(1) | | | 512,274 | |
| | 1,000,000 | | | PNC Financial Services Group, Inc., SOFRINDX + 2.14%, 10/28/2033(1) | | | 1,030,816 | |
| | 1,000,000 | | | US Bancorp, 1D US SOFR + 1.60%, 2/1/2034(1) | | | 948,489 | |
| | 1,000,000 | | | Wintrust Financial Corp., 4.850%, 6/6/2029 | | | 914,215 | |
| | | | | | | | 12,935,138 | |
| | | | | Biotechnology-1.2% | | | | |
| | 2,000,000 | | | Amgen, Inc., 5.250%, 3/2/2033 | | | 1,995,155 | |
| | | | | | | | | |
| | | | | Pipelines-0.6% | | | | |
| | 1,000,000 | | | Kinder Morgan, Inc., 5.200%, 6/1/2033 | | | 970,870 | |
| | | | | | | | | |
| | | | | Retail-1.1% | | | | |
| | 2,000,000 | | | AutoZone, Inc., 4.750%, 2/1/2033 | | | 1,913,583 | |
| | | | | | | | | |
| TOTAL CORPORATE BONDS | | | |
| (Cost $17,789,263) | | | 17,814,746 | |
| Shares/Principal Amount | | Value | |
| U.S. GOVERNMENT AGENCY - COLLATERALIZED | | | | |
| MORTGAGE OBLIGATIONS-15.3% | | | | |
| | | | | Agency Collat CMO-9.5% | | | | |
| $ | 203,949 | | | Freddie Mac Structured Pass-Through Certificates, Series 2003-55, Class 1A3A, 30D US SOFR + 0.51448%, 3/25/2043(1) | | $ | 203,335 | |
| | 587,100 | | | Fannie Mae REMIC Trust 2004-W14, Series 2004-W14, Class 1AF, 30D US SOFR + 0.51448%, 7/25/2044(1) | | | 552,404 | |
| | 568,487 | | | Government National Mortgage Association, Series 2010-59, Class FL, 1M CME TERM SOFR + 0.61448%, 5/20/2040(1) | | | 563,459 | |
| | 2,145,431 | | | Freddie Mac Strips, Series 2014-330, Class F4, 30D US SOFR + 0.46448%, 10/15/2037(1) | | | 2,109,179 | |
| | 2,496,872 | | | Fannie Mae REMICS, Series 2022-76, Class D, 5.500%, 8/25/2045 | | | 2,463,484 | |
| | 3,226,565 | | | Fannie Mae REMICS, Series 2022-83, Class DA, 6.000%, 1/25/2048 | | | 3,240,038 | |
| | 1,459,345 | | | Freddie Mac REMICS, Series 2023-5374, Class AV, 5.500%, 11/25/2034 | | | 1,464,829 | |
| | 2,931,964 | | | Fannie Mae REMICS, Series 2024-6, Class BV, 5.500%, 2/25/2035 | | | 2,948,046 | |
| | 2,946,694 | | | Freddie Mac REMICS, Series 2024-5386, Class CV, 5.500%, 2/25/2037 | | | 2,966,176 | |
| | | | | | | | 16,510,950 | |
| | | | | | | | | |
| | | | | Agency Collat PAC CMO-1.7% | | | | |
| | 3,807,480 | | | Freddie Mac REMICS, Series 2020-5020, Class TP, 2.000%, 10/25/2050 | | | 2,954,148 | |
| | | | | | | | | |
| | | | | Commercial MBS-2.6% | | | | |
| | 2,509,043 | | | Government National Mortgage Association, Series 2020-177, Class DA, 1.250%, 6/16/2062 | | | 1,566,608 | |
| | 5,000,000 | | | Government National Mortgage Association, Series 2021-203, Class B, 2.000%, 4/16/2062 | | | 2,934,686 | |
| | | | | | | | 4,501,294 | |
| | | | | | | | | |
| | | | | Federal Home Loan Mortgage Corp.- 0.3% | | | | |
| | 617,893 | | | Freddie Mac REMICS, Series 2016-4629, Class QG, 2.500%, 11/15/2046, REMIC | | | 523,720 | |
| 14 | | www.wesmarkfunds.com |
| | Schedule of Investments |
| June 30, 2024 (Unaudited) | WesMark Government Bond Fund |
| Shares/Principal Amount | | Value | |
| | | | | Federal National Mortgage Association-0.9% | | | | |
| $ | 594,504 | | | Fannie Mae REMICS, Series 2003-W18, Class 2A, 4.575%, 6/25/2043, REMIC (1) | | $ | 577,772 | |
| | 760,187 | | | Fannie Mae REMICS, Series 2016-90, Class DA, 3.000%, 8/25/2046, REMIC | | | 672,768 | |
| | 434,798 | | | Fannie Mae REMICS, Series 2019-74, Class LB, 3.000%, 10/25/2049 | | | 390,389 | |
| | | | | | | | 1,640,929 | |
| | | | | Government National Mortgage Association- 0.3% | | | | |
| | 488,098 | | | Government National Mortgage Association, Series 2013-38, Class KA, 1.250%, 2/20/2042 | | | 432,001 | |
| | | | | | | | | |
| TOTAL U.S. GOVERNMENT AGENCY - | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS | | | | |
| (Cost $30,689,495) | | | 26,563,042 | |
| | | | | | | | | |
| U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED |
| SECURITIES-37.6% | | | | |
| | | | | Federal Home Loan Mortgage Corp.- 0.5% | | | | |
| | 1,047,967 | | | Freddie Mac Pool, Pool QA6315, 3.500%, 1/1/2050 | | | 950,253 | |
| | | | | | | | | |
| | | | | FNMA Collateral-0.9% | | | | |
| | 1,773,396 | | | Fannie Mae Pool, Pool MA2711, 3.000%, 8/1/2046 | | | 1,516,974 | |
| | | | | | | | | |
| | | | | GNMA2 Collateral-3.9% | | | | |
| | 2,605,541 | | | Ginnie Mae II Pool, 4.000%, 8/20/2052 | | | 2,366,236 | |
| | 2,901,522 | | | Ginnie Mae II Pool, 5.500%, 11/20/2052 | | | 2,857,168 | |
| | 1,600,932 | | | Ginnie Mae II Pool, 5.500%, 12/20/2052 | | | 1,576,459 | |
| | | | | | | | 6,799,863 | |
| Government National Mortgage Association- 0.1% |
| | 92,918 | | | Ginnie Mae I Pool, Pool 589693, 4.500%, 7/15/2029 | | | 91,175 | |
| | | | | | | | | |
| | | | | UMBS Collateral-32.2% | | | | |
| | 4,405,054 | | | Freddie Mac Pool, 4.000%, 6/1/2052 | | | 4,035,514 | |
| | 4,490,210 | | | Freddie Mac Pool, 4.500%, 10/1/2052 | | | 4,238,267 | |
| | 2,770,973 | | | Freddie Mac Pool, 4.000%, 11/1/2052 | | | 2,537,803 | |
| | 4,551,822 | | | Freddie Mac Pool, 5.000%, 1/1/2053 | | | 4,405,653 | |
| Shares/Principal Amount | | Value | |
| $ | 4,635,477 | | | Freddie Mac Pool, 5.000%, 2/1/2053 | | $ | 4,486,311 | |
| | 945,820 | | | Freddie Mac Pool, 5.500%, 9/1/2053 | | | 933,327 | |
| | 3,709,010 | | | Freddie Mac Pool, 6.000%, 9/1/2053 | | | 3,721,881 | |
| | 1,901,653 | | | Fannie Mae Pool, 4.500%, 7/1/2042 | | | 1,826,044 | |
| | 4,121,423 | | | Fannie Mae Pool, 4.500%, 10/1/2042 | | | 3,969,309 | |
| | 4,232,232 | | | Fannie Mae Pool, 4.500%, 11/1/2042 | | | 4,076,085 | |
| | 1,910,459 | | | Fannie Mae Pool, 4.500%, 1/1/2043 | | | 1,839,969 | |
| | 2,381,779 | | | Fannie Mae Pool, 5.500%, 1/1/2043 | | | 2,386,823 | |
| | 4,389,418 | | | Fannie Mae Pool, 4.000%, 6/1/2052 | | | 4,021,369 | |
| | 4,390,538 | | | Fannie Mae Pool, 4.500%, 7/1/2052 | | | 4,146,882 | |
| | 2,607,156 | | | Fannie Mae Pool, 5.500%, 11/1/2052 | | | 2,580,241 | |
| | 2,491,555 | | | Fannie Mae Pool, 6.000%, 11/1/2052 | | | 2,510,022 | |
| | 4,543,817 | | | Fannie Mae Pool, 5.000%, 2/1/2053 | | | 4,397,643 | |
| | | | | | | | 56,113,143 | |
| TOTAL U.S. GOVERNMENT AGENCY - | | | | |
| MORTGAGE-BACKED SECURITIES | | | | |
| (Cost $68,510,863) | | | 65,471,408 | |
| | | | | |
| U.S. GOVERNMENT SECURITIES-27.0% | | | | |
| | | | | Federal Farm Credit Banks Funding Corp.-3.1% | | | | |
| | 2,000,000 | | | 3.730%, 10/22/2032 | | | 1,877,190 | |
| | 2,000,000 | | | 1.910%, 5/17/2034 | | | 1,568,364 | |
| | 2,000,000 | | | 4.000%, 2/9/2033 | | | 1,912,788 | |
| | | | | | | | 5,358,342 | |
| | | | | Federal Home Loan Banks-1.1% | | | | |
| | 2,000,000 | | | 3.700%, 6/22/2035 | | | 1,840,778 | |
| | | | | | | | | |
| | | | | Federal Home Loan Mortgage Corp.-1.2% | | | | |
| | 2,161,000 | | | 5.650%, 4/30/2027 | | | 2,157,131 | |
| | | | | | | | | |
| | | | | Tennessee Valley Authority-0.6% | | | | |
| | 1,000,000 | | | 5.880%, 4/1/2036 | | | 1,101,230 | |
| | | | | | | | | |
| | | | | U.S. Treasury Bond-6.2% | | | | |
| | 1,000,000 | | | 3.750%, 11/15/2043 | | | 884,141 | |
| | 1,000,000 | | | 1.125%, 8/15/2040 | | | 609,258 | |
| | 2,000,000 | | | 1.750%, 8/15/2041 | | | 1,322,148 | |
| | 2,000,000 | | | 2.000%, 11/15/2041 | | | 1,374,766 | |
| | 2,000,000 | | | 2.375%, 2/15/2042 | | | 1,456,562 | |
| | 3,000,000 | | | 2.875%, 5/15/2028 | | | 2,834,531 | |
| | 2,500,000 | | | 2.875%, 8/15/2028 | | | 2,355,811 | |
| | | | | | | | 10,837,217 | |
| | | | | U.S. Treasury Note-6.7% | | | | |
| | 2,000,000 | | | 1.500%, 2/15/2030 | | | 1,717,031 | |
| | 2,000,000 | | | 0.625%, 8/15/2030 | | | 1,603,281 | |
| | 2,500,000 | | | 2.750%, 5/31/2029 | | | 2,322,851 | |
| Semi-Annual Report | June 30, 2024 | | 15 |
| Schedule of Investments | |
| WesMark Government Bond Fund | June 30, 2024 (Unaudited) |
| Shares/Principal Amount | | Value | |
| | 1,000,000 | | | 3.875%, 12/31/2027 | | | 981,016 | |
| | 1,000,000 | | | 3.875%, 1/15/2026 | | | 985,098 | |
| | 3,000,000 | | | 4.000%, 2/15/2026 | | | 2,959,863 | |
| | 1,000,000 | | | 4.625%, 3/15/2026 | | | 996,641 | |
| | | | | | | | 11,565,781 | |
| | | | | United States Treasury Strip Coupon-8.1% | | | | |
| | 2,200,000 | | | –%, 2/15/2040(2) | | | 1,057,203 | |
| | 2,150,000 | | | –%, 5/15/2040(2) | | | 1,018,621 | |
| | 2,200,000 | | | –%, 11/15/2040(2) | | | 1,013,438 | |
| | 2,300,000 | | | –%, 2/15/2041(2) | | | 1,046,965 | |
| | 2,200,000 | | | –%, 5/15/2041(2) | | | 987,992 | |
| | 2,275,000 | | | –%, 8/15/2041(2) | | | 1,006,338 | |
| | 2,220,000 | | | –%, 2/15/2042(2) | | | 955,398 | |
| | 4,565,000 | | | –%, 5/15/2042(2) | | | 1,939,196 | |
| | 2,265,000 | | | –%, 8/15/2042(2) | | | 949,857 | |
| | 2,400,000 | | | –%, 11/15/2042(2) | | | 993,186 | |
| | 3,000,000 | | | –%, 5/15/2043(2) | | | 1,210,451 | |
| | 2,500,000 | | | –%, 8/15/2043(2) | | | 996,661 | |
| | 2,500,000 | | | –%, 11/15/2043(2) | | | 984,541 | |
| | | | | | | | 14,159,847 | |
| TOTAL U.S. GOVERNMENT SECURITIES | | | | |
| (Cost $48,485,145) | | | 47,020,326 | |
| | | | | | | | | |
| TAXABLE MUNICIPAL BONDS-2.2% | | | | |
| | | | | California-0.3% | | | | |
| | 500,000 | | | Pasadena Public Financing Authority, Build America Revenue Bonds, Series B, 6.998%, 3/1/2034 | | | 562,404 | |
| | | | | | | | | |
| | | | | Michigan-0.6% | | | | |
| | 1,400,000 | | | Michigan State Building Authority, 2.705%, 10/15/2040 | | | 1,062,859 | |
| | | | | | | | | |
| | | | | New York-0.4% | | | | |
| | 700,000 | | | City of New York NY, 5.985%, 12/1/2036 | | | 725,881 | |
| | | | | | | | | |
| | | | | Ohio-0.3% | | | | |
| | 565,000 | | | Summit County Development Finance Authority, 3.201%, 11/15/2036 | | | 471,609 | |
| | | | | | | | | |
| | | | | Pennsylvania-0.0%(3) | | | | |
| | 50,000 | | | Borough of Columbia PA, 2.540%,6/15/2038 | | | 37,450 | |
| Shares/Principal Amount | | Value | |
| | | | West Virginia-0.6% | | | |
| $ | 1,000,000 | | | Wheeling Municipal Building Commission,
5.558%, 8/1/2037 | | $ | 1,014,459 | |
| | | | | | | | | |
| TOTAL TAXABLE MUNICIPAL BONDS | | | | |
| (Cost $4,408,819) | | | 3,874,662 | |
| | | | | | | | | |
| SHORT TERM INVESTMENTS-5.2% | | | | |
| | | | | Mutual Funds-5.2% | | | | |
| | 9,112,186 | | | Federated Hermes Government Obligations Fund, Premier Class, 7- Day Yield 5.246% (at net asset value) | | | 9,112,186 | |
| | | | | | | | | |
| TOTAL SHORT TERM INVESTMENTS | | | | |
| (Cost $9,112,186) | | | 9,112,186 | |
| | | | | | | | | |
| TOTAL INVESTMENTS-99.5% | | | | |
| (Cost $182,418,558) | | | 173,133,276 | |
| OTHER ASSETS AND LIABILITIES-NET(4)-0.5% | | | 865,886 | |
| NET ASSETS-100.0% | | $ | 173,999,162 | |
Investment Abbreviations:
LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
SOFRINDX - US SOFR Secured Overnight Financing Rate Compounded Index
Reference Rates:
1D US SOFR - 1 Day SOFR as of June 30, 2024 was 5.33%
30D US SOFR - 30 Day SOFR as of June 30, 2024 was 5.34%
1M CME TERM SOFR – 1 Month CME TERM SOFR as of June 30, 2024 was 5.34%
3M CME TERM SOFR – 3 Month CME TERM SOFR as of June 30, 2024 was 5.32%
| (1) | Floating or variable rate security. The reference rate is described above. The Rate in effect as of June 30, 2024 is based on the reference rate plus the displayed spread as of the security's last reset date. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (3) | Amount represents less than 0.05% of net assets. |
| 16 | | www.wesmarkfunds.com |
| | Schedule of Investments |
| June 30, 2024 (Unaudited) | WesMark Government Bond Fund |
| (4) | Assets, other than investments in securities, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of June 30, 2024.
See Notes to Financial Statements which are an integral part of the Financial Statements.
| Semi-Annual Report | June 30, 2024 | | 17 |
| Schedule of Investments | |
| WesMark West Virginia Municipal Bond Fund | June 30, 2024 (Unaudited) |
| Shares/Principal Amount | | Value | |
| NON-TAXABLE MUNICIPAL BONDS-99.6% | | | | |
| | | | | Pennsylvania-0.4% | | | | |
| $ | 335,000 | | | Quakertown Community School District, 4.000%, 9/1/2039 | | $ | 334,620 | |
| | | | | | | | | |
| | | | | West Virginia-99.2% | | | | |
| | | | | Berkeley County Building Commission: | | | | |
| | 580,000 | | | 2.000%, 6/1/2035 | | | 459,779 | |
| | 750,000 | | | 2.000%, 6/1/2040 | | | 526,847 | |
| | 400,000 | | | 4.000%, 6/1/2040 | | | 400,554 | |
| | 1,500,000 | | | Berkeley County Public Service Sewer District, 4.500%, 10/1/2032 | | | 1,499,966 | |
| | | | | Berkeley County, West Virginia, Public Service District Revenue Bonds: | | | | |
| | 370,000 | | | Series C, 3.000%, 12/1/2029 | | | 353,732 | |
| | 450,000 | | | Series C, 3.400%, 12/1/2034 | | | 438,838 | |
| | 380,000 | | | Berkeley County, West Virginia, Public | | | | |
| | | | | Service District Water Revenue Bonds, Series A, 4.500%, 12/1/2033 | | | 380,249 | |
| | | | | Berkeley County, West Virginia, Public Service Sewer District Revenue Bonds: | | | | |
| | 275,000 | | | 5.000%, 6/1/2027 | | | 282,870 | |
| | 950,000 | | | 5.000%, 6/1/2028 | | | 977,364 | |
| | 655,000 | | | 5.000%, 6/1/2029 | | | 673,499 | |
| | 620,000 | | | Series A, 5.300%, 3/1/2029 | | | 621,257 | |
| | 950,000 | | | Brooke County Building Commission, 3.000%, 12/1/2036 | | | 870,720 | |
| | 965,000 | | | Brooke County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2027 | | | 933,584 | |
| | 2,000,000 | | | Cabell County Board of Education, 2.000%, 6/1/2033 | | | 1,650,843 | |
| | 265,000 | | | City of Buckhannon, West Virginia, Commercial Development Revenue Bonds, Series A, 3.700%, 12/1/2028 | | | 254,023 | |
| | 595,000 | | | City of Buckhannon, West Virginia, Waterworks Revenue Bonds, Series A, 4.000%, 3/1/2029 | | | 585,549 | |
| | | | | City of Charles Town WV Waterworks & Sewerage System Revenue: | | | | |
| | 400,000 | | | 2.250%, 6/1/2035 | | | 329,223 | |
| | 315,000 | | | 3.000%, 6/1/2041 | | | 267,263 | |
| Shares/Principal Amount | | Value | |
| | | | City of Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds: | | | |
| $ | 620,000 | | | Series A, 4.000%, 3/1/2029 | | $ | 626,328 | |
| | 310,000 | | | Series B, 4.000%, 6/1/2031 | | | 313,315 | |
| | | | | City of Charleston, West Virginia, Sewage System Revenue Bonds: | | | | |
| | 310,000 | | | 4.000%, 7/1/2031 | | | 312,775 | |
| | 275,000 | | | 4.000%, 7/1/2032 | | | 276,818 | |
| | 300,000 | | | City of Clarksburg WV Water Revenue, 2.000%, 6/1/2034 | | | 243,518 | |
| | 600,000 | | | City of Saint Albans, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds, Series B, 4.000%, 12/1/2027 | | | 583,664 | |
| | | | | City of Wheeling WV Waterworks & Sewerage System Revenue: | | | | |
| | 500,000 | | | 4.000%, 6/1/2035 | | | 514,214 | |
| | 500,000 | | | 4.000%, 6/1/2036 | | | 513,298 | |
| | | | | Claywood Park Public Service District WV Water Revenue: | | | | |
| | 950,000 | | | 3.000%, 11/1/2036 | | | 859,919 | |
| | 680,000 | | | 3.000%, 11/1/2041 | | | 571,226 | |
| | | | | Claywood Park Public Service District, West Virginia, Water Revenue Bonds: | | | | |
| | 110,000 | | | Series C, 3.200%, 11/1/2029 | | | 99,336 | |
| | 225,000 | | | Series C, 3.400%, 11/1/2031 | | | 201,365 | |
| | 380,000 | | | Corporation of Shepherdstown, West | | | | |
| | | | | Virginia, Water Revenue Bonds, 3.300%, 3/1/2032 | | | 361,529 | |
| | 545,000 | | | Fayette County Board of Education: 2.250%, 10/1/2030 | | | 469,675 | |
| | 500,000 | | | 2.000%, 10/1/2031 | | | 418,099 | |
| | 640,000 | | | 2.250%, 10/1/2032 | | | 532,785 | |
| | 565,000 | | | 2.500%, 10/1/2033 | | | 477,347 | |
| | 750,000 | | | Greenbrier County Public Service, Series A, 5.000%, 10/1/2037 | | | 818,504 | |
| | | | | Hampshire County, West Virginia, Building Commission Revenue Bonds: | | | | |
| | 355,000 | | | Series A, 3.000%, 1/1/2029 | | | 320,646 | |
| | 380,000 | | | Series A, 3.000%, 1/1/2031 | | | 333,186 | |
| | 1,660,000 | | | Series A, 4.250%, 1/1/2035 | | | 1,660,084 | |
| | 2,265,000 | | | Hancock, WV, 3.250%, 5/1/2036(1)(2) | | | 2,135,998 | |
| | 1,000,000 | | | Harrison County Building Commission, 3.500%, 10/1/2035 | | | 904,289 | |
| 18 | | www.wesmarkfunds.com |
| | Schedule of Investments |
| June 30, 2024 (Unaudited) | WesMark West Virginia Municipal Bond Fund |
| Shares/Principal Amount | | Value | |
| $ | 3,000,000 | | | Jefferson County Board of Education, 2.000%, 6/1/2036 | | $ | 2,327,877 | |
| | 850,000 | | | Lewis County Building Commission, 4.750%, 2/1/2038 | | | 865,398 | |
| | 1,910,000 | | | Mason County Public Service District Water Revenue, 3.000%, 12/1/2036 | | | 1,742,456 | |
| | 2,320,000 | | | Monongalia County Building Commission, 2.000%, 2/1/2034 | | | 1,904,222 | |
| | | | | Morgantown Utility Board, Inc.: | | | | |
| | 500,000 | | | 3.250%, 12/1/2032 | | | 487,360 | |
| | 500,000 | | | 4.000%, 12/1/2034 | | | 518,989 | |
| | 1,500,000 | | | 3.000%, 12/1/2040 | | | 1,300,375 | |
| | 1,430,000 | | | Morgantown, West Virginia, Combined Utility System Revenue Bonds,Series A, 3.500%, 12/1/2035 | | | 1,402,751 | |
| | 200,000 | | | Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.750%, 10/1/2032 | | | 198,805 | |
| | | | | Morgantown, West Virginia, Utility Board Revenue Bonds: | | | | |
| | 1,000,000 | | | Series A, 4.000%, 12/1/2029 | | | 1,013,425 | |
| | 1,210,000 | | | Series A, 4.000%, 12/1/2030 | | | 1,225,063 | |
| | 1,000,000 | | | Series A, 4.000%, 12/1/2031 | | | 1,010,848 | |
| | 1,030,000 | | | Moundsville Building Commission, 4.000%, 8/1/2037 | | | 1,034,680 | |
| | | | | Ohio County Board of Education: | | | | |
| | 3,000,000 | | | 3.000%, 6/1/2033 | | | 2,761,966 | |
| | 635,000 | | | 3.000%, 6/1/2034 | | | 582,671 | |
| | 500,000 | | | Putnam County Building Commission, 4.000%, 5/1/2037 | | | 512,642 | |
| | | | | Putnam Public Service District: | | | | |
| | 1,000,000 | | | 4.000%, 12/1/2039 | | | 933,216 | |
| | 1,150,000 | | | 3.000%, 11/1/2040 | | | 998,258 | |
| | 1,000,000 | | | 3.000%, 4/1/2041 | | | 853,688 | |
| | 1,000,000 | | | 3.000%, 6/1/2041 | | | 851,822 | |
| | 1,000,000 | | | 3.625%, 12/1/2045 | | | 828,070 | |
| | 1,000,000 | | | Raleigh County Public Service District, 3.000%, 6/1/2037 | | | 907,850 | |
| | 880,000 | | | Salem, West Virginia Sewer Revenue Bonds, Series A, 4.000%, 12/1/2032 | | | 868,520 | |
| | | | | State of West Virginia: | | | | |
| | 500,000 | | | 5.000%, 6/1/2035 | | | 529,765 | |
| | 1,000,000 | | | 5.000%, 12/1/2040 | | | 1,044,212 | |
| Shares/Principal Amount | | Value | |
| $ | 795,000 | | | Wayne County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2026 | | $ | 785,719 | |
| | 500,000 | | | West Virginia Commissioner Of Highways Special Obligation Surface Transportation Improvements Bonds, Series A, 5.000%, 9/1/2029 | | | 526,919 | |
| | 670,000 | | | West Virginia Economic Development Authority Lease Revenue Bonds (Clarksburg Office Building), 3.500%, 6/1/2030 | | | 662,690 | |
| | 1,650,000 | | | West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot), Series A, 4.750%, 8/1/2029 | | | 1,651,557 | |
| | | | | West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building): | | | | |
| | 310,000 | | | Series C, 3.500%, 6/1/2030 | | | 306,618 | |
| | 600,000 | | | Series D, 3.250%, 6/1/2028 | | | 593,347 | |
| | 355,000 | | | Series D, 3.500%, 6/1/2030 | | | 351,127 | |
| | 1,000,000 | | | West Virginia Economic Development Authority Lottery Revenue Bonds, Series A, 5.000%, 7/1/2032 | | | 1,046,324 | |
| | 100,000 | | | West Virginia Higher Education Policy Commission, 4.000%, 4/1/2034 | | | 99,638 | |
| | | | | West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities): | | | | |
| | 1,730,000 | | | 5.000%, 7/1/2034 | | | 1,798,589 | |
| | 400,000 | | | Series B, 3.600%, 4/1/2027 | | | 396,452 | |
| | 1,000,000 | | | West Virginia Hospital Finance Authority Revenue Bonds (ARCs Improvement), Series D, 4.000%, 6/1/2029 | | | 1,006,833 | |
| | 585,000 | | | West Virginia Hospital Finance Authority Revenue Bonds (West Virginia University Health System), Series A, 3.375%, 6/1/2029 | | | 574,482 | |
| | | | | West Virginia Housing Development Fund: | | | | |
| | 500,000 | | | 3.450%, 5/1/2030 | | | 489,972 | |
| | 1,100,000 | | | 3.450%, 11/1/2030 | | | 1,080,241 | |
| | 500,000 | | | 2.000%, 11/1/2032 | | | 412,876 | |
| | 1,500,000 | | | 3.700%, 11/1/2032 | | | 1,495,117 | |
| Semi-Annual Report | June 30, 2024 | | 19 |
| Schedule of Investments | |
| WesMark West Virginia Municipal Bond Fund | June 30, 2024 (Unaudited) |
| Shares/Principal Amount | Value | |
| $ | 1,000,000 | | | 4.100%, 11/1/2033 | | $ | 1,016,901 | |
| | 375,000 | | | 3.800%, 5/1/2034 | | | 374,079 | |
| | 500,000 | | | 3.375%, 11/1/2034 | | | 476,278 | |
| | 370,000 | | | 3.850%, 11/1/2034 | | | 370,249 | |
| | 500,000 | | | 4.375%, 5/1/2035 | | | 508,716 | |
| | 800,000 | | | 2.050%, 11/1/2035 | | | 644,756 | |
| | 575,000 | | | 3.800%, 11/1/2037 | | | 573,710 | |
| | 1,500,000 | | | 4.150%, 11/1/2038 | | | 1,519,564 | |
| | 1,000,000 | | | 4.150%, 11/1/2038 | | | 1,013,043 | |
| | 1,000,000 | | | 4.000%, 11/1/2039 | | | 999,089 | |
| | 500,000 | | | 4.450%, 11/1/2043 | | | 503,373 | |
| | 500,000 | | | 4.700%, 11/1/2044 | | | 504,688 | |
| | | | | West Virginia School Building Authority Lottery Revenue Capital Improvement Bonds: | | | | |
| | 515,000 | | | Series A, 5.000%, 7/1/2026 | | | 515,664 | |
| | 535,000 | | | Series A, 5.000%, 7/1/2027 | | | 535,662 | |
| | 300,000 | | | West Virginia State Bonds, Series A, 3.250%, 6/1/2033 | | | 287,389 | |
| | 500,000 | | | West Virginia State Economic Development Authority Lottery Revenue Bonds, 3.000%, 6/15/2031 | | | 482,948 | |
| | 500,000 | | | West Virginia State Hospital Finance Authority Refunding West Virginia United Health System, Series A, 4.000%, 6/1/2034 | | | 496,671 | |
| | 500,000 | | | West Virginia State Housing Development Fund Revenue Bonds, Series A, 3.450%, 11/1/2033 | | | 483,744 | |
| | 630,000 | | | West Virginia State University Revenues Revenue Bonds, Series A, 5.250%, 4/1/2028 | | | 647,754 | |
| | 1,000,000 | | | West Virginia University, 4.000%, 10/1/2037 | | | 1,006,459 | |
| | 500,000 | | | West Virginia Water Development Authority, 4.000%, 10/1/2041 | | | 491,668 | |
| | 500,000 | | | West Virginia Water Development Authority Infrastructure Revenue Bonds, Series A, 5.000%, 10/1/2032 | | | 514,805 | |
| | 2,605,000 | | | West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program), Series A, 5.000%, 10/1/2029 | | | 2,690,683 | |
| Shares/Principal Amount | Value | |
| | | | | West Virginia Water Development Authority Revenue Bonds (Loan Program II): | | | | |
| $ | 800,000 | | | Series A-II, 3.000%, 11/1/2027 | | $ | 785,360 | |
| | 300,000 | | | Series A-II, 3.125%, 11/1/2028 | | | 296,210 | |
| | 725,000 | | | Series B-II, 4.000%, 11/1/2025 | | | 725,300 | |
| | 1,000,000 | | | Wood County, West Virginia, Board of Education Public School General Obligation Unlimited Bonds, 3.000%, 6/1/2029 | | | 975,880 | |
| | 860,000 | | | Wood County, West Virginia, Building Commission Lease Revenue Bonds, 4.000%, 1/1/2032 | | | 814,495 | |
| | | | | | | | 85,292,646 | |
| TOTAL NON-TAXABLE MUNICIPAL BONDS | | | | |
| (Cost $91,605,537) | | | 85,627,266 | |
| | | | | | | | | |
| TOTAL INVESTMENTS-99.6% | | | | |
| (Cost $91,605,537) | | | 85,627,266 | |
| OTHER ASSETS AND LIABILITIES-NET(3)-0.4% | | | 326,199 | |
| NET ASSETS-100.0% | | $ | 85,953,465 | |
| (1) | Floating or variable rate security. The reference rate is described above. The Rate in effect as of June 30, 2024 is based on the reference rate plus the displayed spread as of the security's last reset date. |
| (2) | Security exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2024, these securities amounted to a value of $2,135,998 or 2.49% of net assets. |
These Securities have been determined to be liquid pursuant to procedures adopted by the board.
| (3) | Assets, other than investments in securities, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of June 30, 2024.
See Notes to Financial Statements which are an integral part of the Financial Statements.
| 20 | | www.wesmarkfunds.com |
| | Schedule of Investments |
| June 30, 2024 (Unaudited) | WesMark Tactical Opportunity Fund |
| Shares/Principal Amount | | Value | |
| EXCHANGE TRADED FUNDS-97.2% | | | |
| BROAD DOMESTIC EQUITY-9.3% | | | |
| | 7,839 | | | SPDR S&P 500® ETF Trust | | $ | 4,266,141 | |
| | | | | | | | | |
| TOTAL BROAD DOMESTIC EQUITY | | | 4,266,141 | |
| | | | | | |
| BROAD DOMESTIC FIXED INCOME-40.4% | | | |
| | 72,791 | | | iShares® 1-3 Year Treasury Bond ETF | | | 5,943,385 | |
| | 59,038 | | | iShares® iBoxx $ Investment Grade Corporate Bond ETF | | | 6,324,150 | |
| | 63,952 | | | iShares® Core U.S. Aggregate Bond ETF | | | 6,207,821 | |
| | | | | | | | | |
| TOTAL BROAD DOMESTIC FIXED INCOME | | | 18,475,356 | |
| | | | | |
| COMMODITIES-10.7% | | | | |
| | 156,995 | | | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | | | 2,205,780 | |
| | 12,476 | | | SPDR® Gold Shares(1) | | | 2,682,465 | |
| | | | | | | | | |
| TOTAL COMMODITIES | | | 4,888,245 | |
| | | | | |
| INTERNATIONAL (EX. U.S.) EQUITY-4.9% | | | | |
| | 42,137 | | | iShares® MSCI ACWI ex U.S. ETF | | | 2,238,739 | |
| | | | | | | | | |
| TOTAL INTERNATIONAL (EX. U.S.) EQUITY | | | 2,238,739 | |
| | | | | |
| U.S. SECTOR FOCUSED EQUITY-12.9% | | | | |
| | 14,252 | | | Consumer Staples Select Sector SPDR® Fund | | | 1,091,418 | |
| | 12,894 | | | Energy Select Sector SPDR® Fund | | | 1,175,288 | |
| | 29,478 | | | Financial Select Sector SPDR® Fund | | | 1,211,841 | |
| | 10,326 | | | Industrial Select Sector SPDR® Fund | | | 1,258,430 | |
| | 8,647 | | | iShares® Biotechnology ETF | | | 1,186,887 | |
| | | | | | | | | |
| TOTAL U.S. SECTOR FOCUSED EQUITY | | | 5,923,864 | |
| | | | | |
| U.S. SMALL AND MID CAP EQUITY-8.0% | | | | |
| | 18,132 | | | iShares® Russell 2000® ETF | | | 3,678,801 | |
| | | | | | | | | |
| TOTAL U.S. SMALL AND MID CAP EQUITY | | | 3,678,801 | |
| | | | | |
| U.S. VALUE COMPANY FOCUSED EQUITY-11.0% | | | | |
| | 42,341 | | | Vanguard® Mega Cap Value ETF | | | 5,017,408 | |
| Shares/Principal Amount | | Value | |
| | | | | |
| TOTAL U.S. VALUE COMPANY FOCUSED EQUITY | | $ | 5,017,408 | |
| | | | | | | | | |
| TOTAL EXCHANGE TRADED FUNDS | | | | |
| (Cost $39,317,651) | | | 44,488,554 | |
| | | | | | | | | |
| SHORT TERM INVESTMENTS-2.6% | | | | |
| | | | | Mutual Funds-2.6% | | | | |
| | 1,198,881 | | | Federated Hermes Government Obligations Fund, Premier Class, 7- Day Yield 5.246% (at net asset value) | | | 1,198,881 | |
| | | | | | | | | |
| TOTAL SHORT TERM INVESTMENTS | | | | |
| (Cost $1,198,881) | | | 1,198,881 | |
| | | | | | | | | |
| TOTAL INVESTMENTS-99.8% | | | | |
| (Cost $40,516,532) | | | 45,687,435 | |
| OTHER ASSETS AND LIABILITIES-NET(2)-0.2% | | | 100,083 | |
| NET ASSETS-100.0% | | $ | 45,787,518 | |
Investment Abbreviations:
SPDR - Standard and Poor's Depository Receipt
| (1) | Non-income producing security. |
| (2) | Assets, other than investments in securities, less liabilities. |
Note - The categories of investments are shown as a percentage of net assets as of June 30, 2024.
See Notes to Financial Statements which are an integral part of the Financial Statements.
| Semi-Annual Report | June 30, 2024 | | 21 |
| Statements of Assets and Liabilities | |
| | June 30, 2024 (Unaudited) |
| | | WesMark Small Company Fund | | | WesMark Large Company Fund | | | WesMark Balanced Fund | | | WesMark Government Bond Fund | | | WesMark West Virginia Municipal Bond Fund | | | WesMark Tactical Opportunity Fund | |
| ASSETS: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Investments in securities, at value (cost - see below) | | $ | 118,830,161 | | | $ | 335,993,029 | | | $ | 97,727,362 | | | $ | 173,133,276 | | | $ | 85,627,266 | | | $ | 45,687,435 | |
| Cash | | | 12,539 | | | | 23,926 | | | | 36,014 | | | | – | | | | – | | | | – | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| RECEIVABLE FOR: | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends and interest | | | 58,115 | | | | 180,322 | | | | 378,227 | | | | 977,908 | | | | 656,559 | | | | 50,879 | |
| Fund shares sold | | | 401,647 | | | | 541,752 | | | | 621,359 | | | | 935,661 | | | | 59,741 | | | | 180,203 | |
| Prepaid expenses | | | 1,499 | | | | 16,054 | | | | 11,346 | | | | 11,846 | | | | 9,032 | | | | 16,349 | |
| Total Assets | | | 119,303,961 | | | | 336,755,083 | | | | 98,774,308 | | | | 175,058,691 | | | | 86,352,598 | | | | 45,934,866 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| PAYABLE FOR: | | | | | | | | | | | | | | | | | | | | | | | | |
| Payable due to custodian | | | – | | | | – | | | | – | | | | – | | | | 25,526 | | | | – | |
| Fund shares redeemed | | | 170,132 | | | | 1,791,784 | | | | 374,204 | | | | 427,830 | | | | 184,000 | | | | 101,662 | |
| Income distribution payable | | | – | | | | – | | | | – | | | | 528,053 | | | | 114,287 | | | | – | |
| Fund Accounting and Administration fees (Note 5) | | | 25,820 | | | | 50,859 | | | | 34,521 | | | | 40,333 | | | | 29,944 | | | | 14,343 | |
| Audit, Tax, and Legal expenses | | | 10,274 | | | | 10,274 | | | | 10,274 | | | | 10,274 | | | | 15,488 | | | | 10,274 | |
| Shareholder services fee (Note 5) | | | 24,073 | | | | 68,278 | | | | 20,152 | | | | 35,899 | | | | 17,608 | | | | 9,402 | |
| Transfer agency expenses (Note 5) | | | 5,554 | | | | 8,256 | | | | 6,181 | | | | 5,235 | | | | 4,087 | | | | 4,524 | |
| Printing and Postage expenses | | | 7,787 | | | | 9,983 | | | | 8,494 | | | | 7,955 | | | | 5,186 | | | | 4,878 | |
| Trustees' fees and expenses | | | 2,760 | | | | 5,518 | | | | 2,753 | | | | 3,723 | | | | 2,795 | | | | 2,045 | |
| Chief compliance officer fees | | | 212 | | | | 212 | | | | 212 | | | | 212 | | | | 212 | | | | 212 | |
| Other accrued liabilities and expenses | | | 42 | | | | 53 | | | | 1,233 | | | | 15 | | | | – | | | | 8 | |
| Total Liabilities | | | 246,654 | | | | 1,945,217 | | | | 458,024 | | | | 1,059,529 | | | | 399,133 | | | | 147,348 | |
| Net Assets | | $ | 119,057,307 | | | $ | 334,809,866 | | | $ | 98,316,284 | | | $ | 173,999,162 | | | $ | 85,953,465 | | | $ | 45,787,518 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| NET ASSETS CONSIST OF: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 71,607,730 | | | $ | 109,397,318 | | | $ | 67,224,873 | | | $ | 226,506,434 | | | $ | 91,971,014 | | | $ | 42,124,914 | |
| Total distributable earnings | | | 47,449,577 | | | | 225,412,548 | | | | 31,091,411 | | | | (52,507,272 | ) | | | (6,017,549 | ) | | | 3,662,604 | |
| Net Assets | | $ | 119,057,307 | | | $ | 334,809,866 | | | $ | 98,316,284 | | | $ | 173,999,162 | | | $ | 85,953,465 | | | $ | 45,787,518 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Outstanding, No Par Value, Unlimited Shares Authorized | | | 8,452,132 | | | | 13,936,631 | | | | 7,206,923 | | | | 22,428,123 | | | | 8,909,042 | | | | 4,050,974 | |
| Net asset value, offering price & redemption price per share | | $ | 14.09 | | | $ | 24.02 | | | $ | 13.64 | | | $ | 7.76 | | | $ | 9.65 | | | $ | 11.30 | |
| Investments, at identified cost | | $ | 75,660,417 | | | $ | 135,976,310 | | | $ | 69,706,416 | | | $ | 182,418,558 | | | $ | 91,605,537 | | | $ | 40,516,532 | |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| 22 | | www.wesmarkfunds.com |
| | Statements of Operations |
| For the Six Months Ended June 30, 2024 (Unaudited) | |
| | | WesMark Small Company Fund | | | WesMark Large Company Fund | | | WesMark Balanced Fund | | | WesMark Government Bond Fund | | | WesMark West Virginia Municipal Bond Fund | | | WesMark Tactical Opportunity Fund | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | |
| Dividends, net of foreign taxes* | | $ | 608,201 | | | $ | 2,073,269 | | | $ | 837,313 | | | $ | 65,255 | | | $ | – | | | $ | 517,036 | |
| Interest | | | 30,951 | | | | 68,014 | | | | 775,488 | | | | 3,895,617 | | | | 1,384,088 | | | | 60,336 | |
| Total Investment Income | | | 639,152 | | | | 2,141,283 | | | | 1,612,801 | | | | 3,960,872 | | | | 1,384,088 | | | | 577,372 | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment adviser fee (Note 5) | | | 422,374 | | | | 1,223,524 | | | | 367,649 | | | | 527,841 | | | | 259,811 | | | | 169,190 | |
| Fund Accounting and | | | | | | | | | | | | | | | | | | | | | | | | |
| Administration fees (Note 5) | | | 61,758 | | | | 125,888 | | | | 67,736 | | | | 89,806 | | | | 60,575 | | | | 40,935 | |
| Custodian fees (Note 5) | | | 9,693 | | | | 19,169 | | | | 9,467 | | | | 8,680 | | | | 7,287 | | | | 3,733 | |
| Transfer agency expenses (Note 5) | | | 15,523 | | | | 24,308 | | | | 17,570 | | | | 15,142 | | | | 11,412 | | | | 11,107 | |
| Trustees' fees and expenses (Note 8) | | | 17,302 | | | | 32,049 | | | | 16,446 | | | | 22,025 | | | | 16,112 | | | | 12,792 | |
| Audit and tax expenses | | | 6,691 | | | | 6,691 | | | | 6,691 | | | | 6,691 | | | | 6,691 | | | | 6,691 | |
| Legal expenses | | | 7,297 | | | | 7,297 | | | | 7,297 | | | | 7,297 | | | | 16,668 | | | | 7,297 | |
| Shareholder services fee (Note 5) | | | 160,479 | | | | 464,640 | | | | 142,411 | | | | 255,276 | | | | 126,580 | | | | 65,096 | |
| Registration expenses | | | 5,370 | | | | 10,137 | | | | 8,495 | | | | 8,956 | | | | 5,492 | | | | 8,854 | |
| Printing and Postage expenses | | | 6,764 | | | | 9,316 | | | | 7,418 | | | | 7,187 | | | | 4,033 | | | | 3,940 | |
| Insurance premiums | | | 2,959 | | | | 8,714 | | | | 2,779 | | | | 4,901 | | | | 2,525 | | | | 1,189 | |
| Miscellaneous fees | | | 1,551 | | | | 4,729 | | | | 1,545 | | | | 2,747 | | | | 1,420 | | | | 659 | |
| Net Expenses | | | 717,761 | | | | 1,936,462 | | | | 655,504 | | | | 956,549 | | | | 518,606 | | | | 331,483 | |
| Net Investment Income (Loss) | | | (78,609 | ) | | | 204,821 | | | | 957,297 | | | | 3,004,323 | | | | 865,482 | | | | 245,889 | |
| REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on investments | | | 3,718,162 | | | | 13,971,245 | | | | 2,691,263 | | | | (6,227,461 | ) | | | 17,085 | | | | 422,906 | |
| Net change in unrealized appreciation (depreciation) of investments | | | 3,823,674 | | | | 20,404,134 | | | | 940,455 | | | | 2,029,405 | | | | (2,156,243 | ) | | | 1,078,610 | |
| Net realized and unrealized gain (loss) on investments | | | 7,541,836 | | | | 34,375,379 | | | | 3,631,718 | | | | (4,198,056 | ) | | | (2,139,158 | ) | | | 1,501,516 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 7,463,227 | | | $ | 34,580,200 | | | $ | 4,589,015 | | | $ | (1,193,733 | ) | | $ | (1,273,676 | ) | | $ | 1,747,405 | |
| *Foreign tax withholding | | $ | – | | | $ | 12,692 | | | $ | – | | | $ | – | | | $ | – | | | $ | – | |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| Semi-Annual Report | June 30, 2024 | | 23 |
Statements of Changes in Net Assets
| | | WesMark Small Company Fund | | | WesMark Large Company Fund | |
| | | For the Six
Months Ended
June 30, 2024
(Unaudited) | | | For the
Year Ended
December 31, 2023 | | | For the Six
Months Ended
June 30, 2024
(Unaudited) | | | For the
Year Ended
December 31, 2023 | |
| INCREASE (DECREASE) IN NET ASSETS FROM: | | | | | | | | | | | | |
| OPERATIONS | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net investment income (loss) | | $ | (78,609 | ) | | $ | 344,618 | | | $ | 204,821 | | | $ | 1,432,640 | |
| Net realized gain | | | 3,718,162 | | | | 6,643,343 | | | | 13,971,245 | | | | 33,482,556 | |
| Net change in unrealized appreciation | | | 3,823,674 | | | | 11,456,677 | | | | 20,404,134 | | | | 25,550,732 | |
| Net increase in net assets resulting from operations | | | 7,463,227 | | | | 18,444,638 | | | | 34,580,200 | | | | 60,465,928 | |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| From distributable earnings | | | – | | | | (6,371,428 | ) | | | (213,579 | ) | | | (23,307,125 | ) |
| Decrease in net assets from distributions to shareholders | | | – | | | | (6,371,428 | ) | | | (213,579 | ) | | | (23,307,125 | ) |
| | | | | | | | | | | | | | | | | |
| BENEFICIAL INTEREST TRANSACTIONS (NOTE 3) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | 6,213,875 | | | | 11,594,119 | | | | 4,991,665 | | | | 13,465,804 | |
| Shares issued in reinvestment of distributions | | | – | | | | 1,234,669 | | | | 60,669 | | | | 6,769,137 | |
| Cost of shares redeemed | | | (4,275,571 | ) | | | (10,172,347 | ) | | | (18,871,373 | ) | | | (31,760,296 | ) |
| Net increase (decrease) resulting from beneficial interest transactions | | | 1,938,304 | | | | 2,656,441 | | | | (13,819,039 | ) | | | (11,525,355 | ) |
| Net Increase in Net Assets | | | 9,401,531 | | | | 14,729,651 | | | | 20,547,582 | | | | 25,633,448 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of Period | | | 109,655,776 | | | | 94,926,125 | | | | 314,262,284 | | | | 288,628,836 | |
| End of Period | | $ | 119,057,307 | | | $ | 109,655,776 | | | $ | 334,809,866 | | | $ | 314,262,284 | |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| 24 | | www.wesmarkfunds.com |
Statements of Changes in Net Assets
| | | WesMark Balanced Fund | | | WesMark Government Bond Fund | |
| | | For the Six
Months Ended
June 30, 2024
(Unaudited) | | | For the
Year Ended
December 31, 2023 | | | For the Six
Months Ended
June 30, 2024
(Unaudited) | | | For the
Year Ended
December 31, 2023 | |
| INCREASE (DECREASE) IN NET ASSETS FROM: | | | | | | | | | | | | |
| OPERATIONS | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net investment income | | $ | 957,297 | | | $ | 1,973,019 | | | $ | 3,004,323 | | | $ | 5,854,649 | |
| Net realized gain (loss) | | | 2,691,263 | | | | 2,404,833 | | | | (6,227,461 | ) | | | (19,936,600 | ) |
| Net change in unrealized appreciation | | | 940,455 | | | | 373,808 | | | | 2,029,405 | | | | 18,708,493 | |
| Net increase (decrease) in net assets resulting from operations | | | 4,589,015 | | | | 4,751,660 | | | | (1,193,733 | ) | | | 4,626,542 | |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| From distributable earnings | | | (954,164 | ) | | | (4,637,257 | ) | | | (3,022,162 | ) | | | (5,960,206 | ) |
| Decrease in net assets from distributions to shareholders | | | (954,164 | ) | | | (4,637,257 | ) | | | (3,022,162 | ) | | | (5,960,206 | ) |
| | | | | | | | | | | | | | | | | |
| BENEFICIAL INTEREST TRANSACTIONS (NOTE 3) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | 2,668,035 | | | | 10,122,385 | | | | 9,898,153 | | | | 22,244,916 | |
| Shares issued in reinvestment of distributions | | | 154,905 | | | | 757,350 | | | | 202,276 | | | | 446,257 | |
| Cost of shares redeemed | | | (6,739,811 | ) | | | (11,866,048 | ) | | | (14,437,850 | ) | | | (26,306,097 | ) |
| Net decrease resulting from beneficial interest transactions | | | (3,916,871 | ) | | | (986,313 | ) | | | (4,337,421 | ) | | | (3,614,924 | ) |
| Net Decrease in Net Assets | | | (282,020 | ) | | | (871,910 | ) | | | (8,553,316 | ) | | | (4,948,588 | ) |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of Period | | | 98,598,304 | | | | 99,470,214 | | | | 182,552,478 | | | | 187,501,066 | |
| End of Period | | $ | 98,316,284 | | | $ | 98,598,304 | | | $ | 173,999,162 | | | $ | 182,552,478 | |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| Semi-Annual Report | June 30, 2024 | | 25 |
Statements of Changes in Net Assets
| | | WesMark West Virginia Municipal Bond Fund | | | WesMark Tactical Opportunity Fund | |
| | | For the Six
Months Ended
June 30, 2024
(Unaudited) | | | For the
Year Ended
December 31,
2023 | | | For the Six
Months Ended
June 30, 2024
(Unaudited) | | | For the
Year Ended
December 31, 2023 | |
| INCREASE (DECREASE) IN NET ASSETS FROM: | | | | | | | | | | | | |
| OPERATIONS | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Net investment income | | $ | 865,482 | | | $ | 1,895,220 | | | $ | 245,889 | | | $ | 639,562 | |
| Net realized gain (loss) | | | 17,085 | | | | (84,646 | ) | | | 422,906 | | | | (179,528 | ) |
| Net change in unrealized appreciation (depreciation) | | | (2,156,243 | ) | | | 2,106,308 | | | | 1,078,610 | | | | 2,456,577 | |
| Net increase (decrease) in net assets resulting from operations | | | (1,273,676 | ) | | | 3,916,882 | | | | 1,747,405 | | | | 2,916,611 | |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| From distributable earnings | | | (838,072 | ) | | | (1,894,987 | ) | | | (560,464 | ) | | | (362,269 | ) |
| Decrease in net assets from distributions to shareholders | | | (838,072 | ) | | | (1,894,987 | ) | | | (560,464 | ) | | | (362,269 | ) |
| | | | | | | | | | | | | | | | | |
| BENEFICIAL INTEREST TRANSACTIONS (NOTE 3) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | 2,176,400 | | | | 4,305,299 | | | | 2,073,844 | | | | 5,018,229 | |
| Shares issued in reinvestment of distributions | | | 67,726 | | | | 234,375 | | | | 5,021 | | | | 4,362 | |
| Cost of shares redeemed | | | (3,761,021 | ) | | | (12,576,715 | ) | | | (2,248,454 | ) | | | (3,938,959 | ) |
| Net increase (decrease) resulting from beneficial interest transactions | | | (1,516,895 | ) | | | (8,037,041 | ) | | | (169,589 | ) | | | 1,083,632 | |
| Net Increase (Decrease) in Net Assets | | | (3,628,643 | ) | | | (6,015,146 | ) | | | 1,017,352 | | | | 3,637,974 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of Period | | | 89,582,108 | | | | 95,597,255 | | | | 44,770,166 | | | | 41,132,192 | |
| End of Period | | $ | 85,953,465 | | | $ | 89,582,109 | | | $ | 45,787,518 | | | $ | 44,770,166 | |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| 26 | | www.wesmarkfunds.com |
Financial Highlights
WesMark Small Company Fund
| | | For the
Six Months
Ended
June 30, 2024
(Unaudited) | | | For the
Year Ended
December 31,
2023 | | | For the
Year Ended
December 31,
2022 | | | For the
Year Ended
December 31,
2021 | | | For the
Year Ended December 31,
2020 | | | For the
Year Ended
December 31,
2019 | |
| PER COMMON SHARE OPERATING PERFORMANCE | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | $ | 13.19 | | | $ | 11.71 | | | $ | 15.66 | | | $ | 16.12 | | | $ | 12.79 | | | $ | 10.63 | |
| Income (Loss) from | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | | 0.00 | (1) | | | 0.06 | | | | 0.00 | (1) | | | (0.07 | ) | | | (1.36 | ) | | | (0.05 | ) |
| Net Realized and Unrealized Gain (Loss) on Investments | | | 0.90 | | | | 2.20 | | | | (3.22 | ) | | | 3.64 | | | | 6.01 | | | | 2.21 | |
| Total from Investment Operations | | | 0.90 | | | | 2.26 | | | | (3.22 | ) | | | 3.57 | | | | 4.65 | | | | 2.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Net Investment Income | | | – | | | | (0.04 | ) | | | – | | | | – | | | | – | | | | – | |
| From Net Realized Gain on Investments | | | – | | | | (0.74 | ) | | | (0.73 | ) | | | (4.03 | ) | | | (1.32 | ) | | | – | |
| Total Distributions | | | – | | | | (0.78 | ) | | | 0.73 | | | | (4.03 | ) | | | (1.32 | ) | | | – | |
| Net Asset Value, End of Period | | $ | 14.09 | | | $ | 13.19 | | | $ | 11.71 | | | $ | 15.66 | | | $ | 16.12 | | | $ | 12.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return | | | 6.82 | %(2) | | | 19.46 | % | | | (20.56 | )% | | | 23.23 | % | | | 36.61 | % | | | 20.32 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| RATIOS TO AVERAGE NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Expenses | | | 1.27 | %(3) | | | 1.22 | % | | | 1.24 | % | | | 1.23 | % | | | 1.27 | % | | | 1.26 | % |
| Net Investment Income/(Loss) | | | (0.14 | )%(3) | | | 0.34 | % | | | (0.04 | )% | | | (0.47 | )% | | | (0.37 | )% | | | (0.46 | )% |
| Net Assets Value End of Period (000 omitted) | | $ | 119,057 | | | $ | 109,656 | | | $ | 94,926 | | | $ | 119,737 | | | $ | 116,105 | | | $ | 96,185 | |
| Portfolio Turnover Rate | | | 11 | %(4) | | | 48 | % | | | 52 | % | | | 42 | % | | | 52 | % | | | 50 | % |
| (1) | Less than $0.005 per share. |
| (2) | Total return not annualized for periods less than one full year. |
| (3) | Ratios for periods of less than a year are annualized. |
| (1) | Less than $0.005 per share. |
| (2) | Total return not annualized for periods less than one full year. |
| (3) | Ratios for periods of less than a year are annualized. |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| Semi-Annual Report | June 30, 2024 | | 27 |
Financial Highlights
WesMark Large Company Fund
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | | | For the Year Ended December 31, 2022 | | | For the Year Ended December 31, 2021 | | | For the Year Ended December 31, 2020 | | | For the Year Ended December 31, 2019 | |
| PER COMMON SHARE OPERATING PERFORMANCE |
| | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | $ | 21.63 | | | $ | 19.12 | | | $ | 27.41 | | | $ | 23.41 | | | $ | 19.95 | | | $ | 16.80 | |
| Income (Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | | 0.00 | (1) | | | 0.11 | | | | 0.09 | | | | (0.02 | ) | | | (1.66 | ) | | | 0.04 | |
| Net Realized and Unrealized Gain (Loss) on Investments | | | 2.40 | | | | 4.06 | | | | (5.93 | ) | | | 6.08 | | | | 6.89 | | | | 4.40 | |
| Total from Investment Operations | | | 2.40 | | | | 4.17 | | | | (5.84 | ) | | | 6.06 | | | | 5.23 | | | | 4.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Net Investment Income | | | (0.01 | ) | | | (0.10 | ) | | | (0.09 | ) | | | (0.00 | )(1) | | | (0.02 | ) | | | (0.04 | ) |
| From Net Realized Gain on | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | – | | | | (1.56 | ) | | | (2.35 | ) | | | (2.06 | ) | | | (1.75 | ) | | | (1.25 | ) |
| From Tax Return of Capital | | | — | | | | — | | | | (0.01 | ) | | | — | | | | — | | | | — | |
| Total Distributions | | | (0.01 | ) | | | (1.66 | ) | | | (2.45 | ) | | | (2.06 | ) | | | (1.77 | ) | | | (1.29 | ) |
| Net Asset Value, End of Period | | $ | 24.02 | | | $ | 21.63 | | | $ | 19.12 | | | $ | 27.41 | | | $ | 23.41 | | | $ | 19.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return | | | 11.12 | %(2) | | | 21.94 | % | | | (21.42 | )% | | | 26.06 | % | | | 26.31 | % | | | 26.53 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| RATIOS TO AVERAGE NET ASSETS |
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Expenses | | | 1.19 | %(3) | | | 1.12 | % | | | 1.13 | % | | | 1.12 | % | | | 1.14 | % | | | 1.14 | % |
| Net Investment Income/(Loss) | | | 0.13 | %(3) | | | 0.48 | % | | | 0.33 | % | | | (0.09 | )% | | | 0.07 | % | | | 0.23 | % |
| Net Assets Value End of Period (000 omitted) | | $ | 334,810 | | | $ | 314,262 | | | $ | 288,629 | | | $ | 402,773 | | | $ | 364,086 | | | $ | 331,238 | |
| Portfolio Turnover Rate | | | 6 | %(4) | | | 24 | % | | | 34 | % | | | 14 | % | | | 27 | % | | | 55 | % |
| (1) | Less than $0.005 per share. |
| (2) | Total return not annualized for periods less than one full year. |
| (3) | Ratios for periods of less than a year are annualized. |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| 28 | | www.wesmarkfunds.com |
Financial Highlights
WesMark Balanced Fund
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | | | For the Year Ended December 31, 2022 | | | For the Year Ended December 31, 2021 | | | For the Year Ended December 31, 2020 | | | For the Year Ended December 31, 2019 | |
| PER COMMON SHARE OPERATING PERFORMANCE |
| | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | $ | 13.15 | | | $ | 13.13 | | | $ | 14.68 | | | $ | 13.45 | | | $ | 13.31 | | | $ | 11.77 | |
| Income (Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income (Loss) | | | 0.13 | | | | 0.27 | | | | 0.19 | | | | 0.16 | | | | (0.08 | ) | | | 0.23 | |
| Net Realized and Unrealized Gain (Loss) on Investments | | | 0.49 | | | | 0.37 | | | | (1.24 | ) | | | 1.96 | | | | 0.72 | | | | 2.14 | |
| Total from Investment Operations | | | 0.62 | | | | 0.64 | | | | (1.05 | ) | | | 2.12 | | | | 0.64 | | | | 2.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Net Investment Income | | | (0.13 | ) | | | (0.27 | ) | | | (0.22 | ) | | | (0.17 | ) | | | (0.22 | ) | | | (0.23 | ) |
| From Net Realized Gain on Investments | | | – | | | | (0.35 | ) | | | (0.28 | ) | | | (0.72 | ) | | | (0.28 | ) | | | (0.60 | ) |
| Total Distributions | | | (0.13 | ) | | | (0.62 | ) | | | (0.50 | ) | | | (0.89 | ) | | | (0.50 | ) | | | (0.83 | ) |
| Net Asset Value, End of Period | | $ | 13.64 | | | $ | 13.15 | | | $ | 13.13 | | | $ | 14.68 | | | $ | 13.45 | | | $ | 13.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return | | | 4.73 | %(1) | | | 4.98 | % | | | (7.19 | )% | | | 15.85 | % | | | 5.05 | % | | | 20.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| RATIOS TO AVERAGE NET ASSETS |
|
| Net Expenses | | | 1.34 | %(2) | | | 1.24 | % | | | 1.24 | % | | | 1.25 | % | | | 1.27 | % | | | 1.25 | % |
| Net Investment Income | | | 1.95 | %(2) | | | 2.01 | % | | | 1.36 | % | | | 1.03 | % | | | 1.66 | % | | | 1.74 | % |
| Net Assets Value End of Period (000 omitted) | | $ | 98,316 | | | $ | 98,598 | | | $ | 99,470 | | | $ | 121,852 | | | $ | 114,766 | | | $ | 112,171 | |
| Portfolio Turnover Rate | | | 6 | %(3) | | | 24 | % | | | 18 | % | | | 23 | % | | | 29 | % | | | 31 | % |
| (1) | Total return not annualized for periods less than one full year. |
| (2) | Ratios for periods of less than a year are annualized. |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| Semi-Annual Report | June 30, 2024 | | 29 |
Financial Highlights
WesMark Government Bond Fund
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | | | For the Year Ended December 31, 2022 | | | For the Year Ended December 31, 2021 | | | For the Year Ended December 31, 2020 | | | For the Year Ended December 31, 2019 | |
| PER COMMON SHARE OPERATING PERFORMANCE |
| | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | $ | 7.94 | | | $ | 7.99 | | | $ | 9.81 | | | $ | 10.08 | | | $ | 9.93 | | | $ | 9.68 | |
| Income (Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | 0.12 | | | | 0.25 | | | | 0.13 | | | | 0.07 | | | | 0.11 | | | | 0.19 | |
| Net Realized and Unrealized Gain (Loss) on Investments | | | (0.17 | ) | | | (0.04 | ) | | | (1.80 | ) | | | (0.21 | ) | | | 0.23 | | | | 0.27 | |
| Total from Investment Operations | | | (0.05 | ) | | | 0.21 | | | | (1.67 | ) | | | (0.14 | ) | | | 0.34 | | | | 0.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Net Investment Income | | | (0.13 | ) | | | (0.26 | ) | | | (0.15 | ) | | | (0.13 | ) | | | (0.19 | ) | | | (0.21 | ) |
| Total Distributions | | | (0.13 | ) | | | (0.26 | ) | | | (0.15 | ) | | | (0.13 | ) | | | (0.19 | ) | | | (0.21 | ) |
| Net Asset Value, End of Period | | $ | 7.76 | | | $ | 7.94 | | | $ | 7.99 | | | $ | 9.81 | | | $ | 10.08 | | | $ | 9.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return | | | (0.58 | )%(1) | | | 2.71 | % | | | (17.11 | )% | | | (1.35 | )% | | | 3.46 | % | | | 4.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| RATIOS TO AVERAGE NET ASSETS |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Expenses | | | 1.09 | %(2) | | | 1.01 | % | | | 1.01 | % | | | 1.02 | % | | | 1.03 | % | | | 1.01 | % |
| Net Investment Income | | | 3.42 | %(2) | | | 3.24 | % | | | 1.51 | % | | | 0.72 | % | | | 1.09 | % | | | 1.72 | % |
| Net Assets Value End of Period (000 omitted) | | $ | 173,999 | | | $ | 182,552 | | | $ | 187,501 | | | $ | 242,733 | | | $ | 232,565 | | | $ | 231,959 | |
| Portfolio Turnover Rate | | | 15 | %(3) | | | 72 | % | | | 56 | % | | | 40 | % | | | 51 | % | | | 37 | % |
| (1) | Total return not annualized for periods less than one full year. |
| (2) | Ratios for periods of less than a year are annualized. |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| 30 | | www.wesmarkfunds.com |
Financial Highlights
WesMark West Virginia Municipal Bond Fund
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | | | For the Year Ended December 31, 2022 | | | For the Year Ended December 31, 2021 | | | For the Year Ended December 31, 2020 | | | For the Year Ended December 31, 2019 | |
| PER COMMON SHARE OPERATING PERFORMANCE |
| | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | $ | 9.88 | | | $ | 9.67 | | | $ | 10.69 | | | $ | 10.84 | | | $ | 10.67 | | | $ | 10.38 | |
| Income (Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | 0.09 | | | | 0.20 | | | | 0.18 | | | | 0.17 | | | | 0.18 | | | | 0.20 | |
| Net Realized and Unrealized Gain (Loss) on Investments | | | (0.23 | ) | | | 0.21 | | | | (1.02 | ) | | | (0.13 | ) | | | 0.18 | | | | 0.30 | |
| Total from Investment Operations | | | (0.14 | ) | | | 0.41 | | | | (0.84 | ) | | | 0.04 | | | | 0.36 | | | | 0.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Net Investment Income | | | (0.09 | ) | | | (0.20 | ) | | | (0.18 | ) | | | (0.17 | ) | | | (0.19 | ) | | �� | (0.21 | ) |
| From Net Realized Gain on Investments | | | – | | | | – | | | | (0.00 | )(1) | | | (0.02 | ) | | | (0.00 | )(1) | | | (0.00 | )(1) |
| Total Distributions | | | (0.09 | ) | | | (0.20 | ) | | | (0.18 | ) | | | (0.19 | ) | | | (0.19 | ) | | | (0.21 | ) |
| Net Asset Value, End of Period | | $ | 9.65 | | | $ | 9.88 | | | $ | 9.67 | | | $ | 10.69 | | | $ | 10.84 | | | $ | 10.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return | | | (1.38 | )%(2) | | | 4.29 | % | | | (7.84 | )% | | | 0.43 | % | | | 3.48 | % | | | 4.83 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| RATIOS TO AVERAGE NET ASSETS |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Expenses | | | 1.20 | %(3) | | | 1.10 | % | | | 1.10 | % | | | 1.11 | % | | | 1.10 | % | | | 1.08 | % |
| Net Investment Income | | | 2.00 | %(3) | | | 2.05 | % | | | 1.84 | % | | | 1.61 | % | | | 1.81 | % | | | 1.94 | % |
| Net Assets Value End of Period (000 omitted) | | $ | 85,953 | | | $ | 89,582 | | | $ | 95,597 | | | $ | 114,698 | | | $ | 119,454 | | | $ | 117,868 | |
| Portfolio Turnover Rate | | | 4 | %(4) | | | 6 | % | | | 9 | % | | | 15 | % | | | 10 | % | | | 9 | % |
| (1) | Less than $0.005 per share. |
| (2) | Total return not annualized for periods less than one full year. |
| (3) | Ratios for periods of less than a year are annualized. |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| Semi-Annual Report | June 30, 2024 | | 31 |
Financial Highlights
WesMark Tactical Opportunity Fund
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | | | For the Year Ended December 31, 2022 | | | For the Year Ended December 31, 2021 | | | For the Year Ended December 31, 2020 | | | For the Year Ended December 31, 2019 | |
| PER COMMON SHARE OPERATING PERFORMANCE |
| | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | $ | 11.01 | | | $ | 10.37 | | | $ | 12.16 | | | $ | 11.95 | | | $ | 11.25 | | | $ | 10.01 | |
| Income (Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | 0.06 | | | | 0.16 | | | | 0.14 | | | | 0.19 | | | | 0.04 | | | | 0.10 | |
| Net Realized and Unrealized Gain (Loss) on Investments | | | 0.37 | | | | 0.57 | | | | (1.64 | ) | | | 1.45 | | | | 0.91 | | | | 1.56 | |
| Total from Investment Operations | | | 0.43 | | | | 0.73 | | | | (1.50 | ) | | | 1.64 | | | | 0.95 | | | | 1.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Net Investment Income | | | (0.14 | ) | | | (0.09 | ) | | | (0.02 | ) | | | (0.13 | ) | | | (0.04 | ) | | | (0.11 | ) |
| From Net Realized Gain on Investments | | | – | | | | – | | | | (0.07 | ) | | | (1.30 | ) | | | (0.21 | ) | | | (0.31 | ) |
| Total Distributions | | | (0.14 | ) | | | (0.09 | ) | | | (0.29 | ) | | | (1.43 | ) | | | (0.25 | ) | | | (0.42 | ) |
| Net Asset Value, End of Period | | $ | 11.30 | | | $ | 11.01 | | | $ | 10.37 | | | $ | 12.16 | | | $ | 11.95 | | | $ | 11.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return | | | 3.90 | %(1) | | | 7.10 | % | | | (12.38 | )% | | | 13.94 | % | | | 8.48 | % | | | 16.61 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| RATIOS TO AVERAGE NET ASSETS |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Expenses(2) | | | 1.47 | %(3) | | | 1.39 | % | | | 1.43 | % | | | 1.44 | % | | | 1.50 | % | | | 1.46 | % |
| Net Investment Income(2)(4) | | | 1.09 | %(3) | | | 1.52 | % | | | 1.29 | % | | | 1.45 | % | | | 0.36 | % | | | 0.91 | % |
| Net Assets Value End of Period (000 omitted) | | $ | 45,788 | | | $ | 44,770 | | | $ | 41,132 | | | $ | 47,979 | | | $ | 45,762 | | | $ | 41,452 | |
| Portfolio Turnover Rate | | | 9 | %(5) | | | 39 | % | | | 85 | % | | | 78 | % | | | 169 | % | | | 152 | % |
| (1) | Total return not annualized for periods less than one full year. |
| (2) | The ratios shown do not include the Fund's proportionate shares of the expenses of the underlying investment companies in which the Fund invests. |
| (3) | Ratios for periods of less than a year are annualized. |
| (4) | Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
See Notes to Financial Statements which are an integral part of the Financial Statements.
| 32 | | www.wesmarkfunds.com |
Notes to Financial Statements and Financial Highlights
| June 30, 2024 (Unaudited) | |
1. ORGANIZATION
WesMark Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of six portfolios (individually referred to as the “Fund”, or collectively as the “Funds”), which are presented herein:
| Portfolio Name | Diversification | Investment Objective |
WesMark Small Company Fund (“Small Company Fund”) | Diversified | To achieve capital appreciation |
| WesMark Large Company Fund (“Large Company Fund”) | Diversified | To achieve capital appreciation |
| WesMark Balanced Fund (“Balanced Fund”) | Diversified | To achieve capital appreciation and income |
| WesMark Government Bond Fund (“Government Bond Fund”) | Diversified | To achieve high current income consistent with preservation of capital |
| WesMark West Virginia Municipal Bond Fund (“West Virginia Municipal Bond Fund”) | Non-diversified | To achieve current income which is exempt from federal income tax and income taxes imposed by the State of West Virginia |
| WesMark Tactical Opportunity Fund (“Tactical Opportunity Fund”) | Diversified | To achieve capital appreciation |
The assets of each Fund are segregated and a shareholder’s interest is limited to the Fund in which shares are held.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles (“GAAP”) in the United States of America.
The accompanying financial statements were prepared in accordance with GAAP in the United States, which require the use of estimates made by management of the Funds. Actual results could differ from those estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codifications Topic 946 Financial Services - Investment Companies.
Investment Valuation – In calculating their net asset value (NAV), the Funds generally value investments as follows:
| ›› | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price on their principal exchange or market. |
| ›› | Fixed-income securities acquired with remaining maturities greater than 60 days are valued using price evaluations provided by a pricing service approved by the Board of Trustees (the “Trustees”). |
| ›› | Fixed-income securities acquired with remaining maturities of 60 days or less may be valued using price evaluations provided by a pricing service approved by the Trustees. They may also be valued at their cost (adjusted for the accretion of any discount or amortization of any premium), which approximates value. |
| ›› | Options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. |
| ›› | Shares of other mutual funds are valued based upon their reported NAVs. |
If the Funds cannot obtain a price or price evaluation from a pricing service for an investment, the Funds may attempt to value the investment based upon the mean of bid and asked quotations or fair value the investment based on price evaluations, from one or more dealers. If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, the Funds use the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Funds could purchase or sell an investment at the price used to calculate the Funds’ NAVs.
| Semi-Annual Report | June 30, 2024 | | 33 |
Notes to Financial Statements and Financial Highlights
| | | June 30, 2024 (Unaudited) |
Fair Valuation and Significant Events Procedures – The Trustees have authorized the use of pricing services to provide evaluations of the current fair value of certain investments for purposes of calculating the NAV. Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers, and general market conditions. The Funds normally use mean evaluations (a price evaluation indicative of a price between the bid and asked prices for an investment) for fixed-income securities. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
| ›› | With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures or options contracts; |
| ›› | With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets; and |
| ›› | Corporate announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry. |
The Funds may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Funds will determine the fair value of the investment using another method approved by the Trustees.
A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation approach used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation approach. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
| Level 1 — | Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date. |
| | |
| Level 2 — | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| | |
| Level 3 — | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
| 34 | | www.wesmarkfunds.com |
Notes to Financial Statements and Financial Highlights
| June 30, 2024 (Unaudited) |
The following is a summary of the inputs used as of June 30, 2024 in valuing the Funds’ investments carried at fair value:
Small Company Fund
| Investments in Securities at Value* | | Level 1 – Quoted Prices | | | Level 2 – Other Significant Observable Inputs | | | Level 3 – Significant Unobservable Inputs | | | Total | |
| Common Stocks | | $ | 115,652,036 | | | $ | – | | | $ | – | | | $ | 115,652,036 | |
| Exchange Traded Funds | | | 1,650,670 | | | | – | | | | – | | | | 1,650,670 | |
| Short Term Investments | | | 1,527,455 | | | | – | | | | – | | | | 1,527,455 | |
| Total | | $ | 118,830,161 | | | $ | – | | | $ | – | | | $ | 118,830,161 | |
Large Company Fund
| Investments in Securities at Value* | | Level 1 – Quoted Prices | | | Level 2 – Other Significant Observable Inputs | | | Level 3 – Significant Unobservable Inputs | | | Total | |
| Common Stocks | | $ | 332,980,988 | | | $ | – | | | $ | – | | | $ | 332,980,988 | |
| Short Term Investments | | | 3,012,041 | | | | – | | | | – | | | | 3,012,041 | |
| Total | | $ | 335,993,029 | | | $ | – | | | $ | – | | | $ | 335,993,029 | |
Balanced Fund
| Investments in Securities at Value* | | Level 1 – Quoted Prices | | | Level 2 – Other Significant Observable Inputs | | | Level 3 – Significant Unobservable Inputs | | | Total | |
| Common Stocks | | $ | 61,972,566 | | | $ | – | | | $ | – | | | $ | 61,972,566 | |
| Corporate Bonds | | | – | | | | 22,825,867 | | | | – | | | | 22,825,867 | |
| U.S. Government Agency - Collateralized Mortgage Obligations | | | – | | | | 509,851 | | | | – | | | | 509,851 | |
| Commercial Mortgage-Backed Securities | | | – | | | | 1,451,578 | | | | – | | | | 1,451,578 | |
| U.S. Government Agency - Mortgage-Backed Securities | | | – | | | | 2,882,513 | | | | – | | | | 2,882,513 | |
| U.S. Government Securities | | | – | | | | 5,276,115 | | | | – | | | | 5,276,115 | |
| Taxable Municipal Bonds | | | — | | | | 2,409,218 | | | | – | | | | 2,409,218 | |
| Short Term Investments | | | 399,654 | | | | – | | | | – | | | | 399,654 | |
| Total | | $ | 62,372,220 | | | $ | 35,355,142 | | | $ | – | | | $ | 97,727,362 | |
| Semi-Annual Report | June 30, 2024 | | 35 |
Notes to Financial Statements and Financial Highlights
| | June 30, 2024 (Unaudited) |
Government Bond Fund
| Investments in Securities at Value* | | Level 1 – Quoted Prices | | | Level 2 – Other Significant Observable Inputs | | | Level 3 – Significant Unobservable Inputs | | | Total | |
| Exchange Traded Funds | | $ | 3,276,906 | | | $ | – | | | $ | – | | | $ | 3,276,906 | |
| Corporate Bonds | | | – | | | | 17,814,746 | | | | – | | | | 17,814,746 | |
| U.S. Government Agency - Collateralized Mortgage Obligations | | | – | | | | 26,563,042 | | | | – | | | | 26,563,042 | |
| U.S. Government Agency - Mortgage-Backed Securities | | | — | | | | 65,471,408 | | | | – | | | | 65,471,408 | |
| U.S. Government Securities | | | – | | | | 47,020,326 | | | | – | | | | 47,020,326 | |
| Taxable Municipal Bonds | | | – | | | | 3,874,662 | | | | – | | | | 3,874,662 | |
| Short Term Investments | | | 9,112,186 | | | | — | | | | – | | | | 9,112,186 | |
| Total | | $ | 12,389,092 | | | $ | 160,744,184 | | | $ | – | | | $ | 173,133,276 | |
West Virginia Municipal Bond Fund
| Investments in Securities at Value* | | Level 1 – Quoted Prices | | | Level 2 – Other Significant Observable Inputs | | | Level 3 – Significant Unobservable Inputs | | | Total | |
| Non-Taxable Municipal Bonds | | $ | – | | | $ | 85,627,266 | | | $ | – | | | $ | 85,627,266 | |
| Total | | $ | – | | | $ | 85,627,266 | | | $ | – | | | $ | 85,627,266 | |
Tactical Opportunity Fund
| Investments in Securities at Value* | | Level 1 – Quoted Prices | | | Level 2 – Other Significant Observable Inputs | | | Level 3 – Significant Unobservable Inputs | | | Total | |
| Exchange Traded Funds | | $ | 44,488,554 | | | $ | – | | | $ | – | | | $ | 44,488,554 | |
| Short Term Investments | | | 1,198,881 | | | | – | | | | – | | | | 1,198,881 | |
| Total | | $ | 45,687,435 | | | $ | – | | | $ | – | | | $ | 45,687,435 | |
All securities of the Funds were valued using either Level 1 or Level 2 inputs during the six months ended June 30, 2024. Thus, a reconciliation of assets in which unobservable inputs (Level 3) were used is not applicable for the Funds.
| * | For detailed descriptions of sector and/or geography classifications, see the accompanying Portfolios of Investments. |
Investment Income, Expenses and Distributions – Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Trust level expenses are allocated to each Fund based on net assets, equally across all Funds, or to a specific Fund, whichever is deemed most appropriate for a particular expense. Each Fund pays its own expenses.
Distributions of net investment income, if any, for the Small Company Fund, Large Company Fund, and Tactical Opportunity Fund are declared and paid quarterly. Distributions of net investment income for the Balanced Fund are declared and paid monthly, and distributions of net investment income for the Government Bond Fund and West Virginia Municipal Bond Fund are declared daily and paid monthly. Distributions of capital gains, if any, for Small Company Fund, Large Company Fund, Balanced Fund, Government Bond Fund, West Virginia Municipal Bond Fund, and Tactical Opportunity Fund are declared and paid annually.
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Notes to Financial Statements and Financial Highlights
| June 30, 2024 (Unaudited) | |
Premium and Discount Amortization/Paydown Gains and Losses – All premiums and discounts on fixed-income securities are amortized/accreted over the estimated lives of such securities for financial statement purposes using the effective interest method. Gains and losses realized on principal payments of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.
Federal Taxes – It is each Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, (the “Code”) and to distribute to shareholders each year substantially all of its income. As of and during the period ended June 30, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have not incorporated uncertain tax positions that require a provision for income taxes and federal and state taxing authorities.
The Funds may be subject to taxes imposed by governments of countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income is earned.
Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
When-Issued and Delayed Delivery Transactions – The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Restricted Securities – Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Funds will not incur any registration costs upon such resales. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.
Derivative Instruments and Hedging Activities – The following discloses the Funds’ use of derivative instruments and hedging activities.
The Funds’ exposure to derivative contracts and hybrid instruments, either directly or indirectly through another investment company, may involve risks different from or possibly greater than the risk associated with investing directly in a security instead of the derivative. Risks include: 1) the value of the derivative may not correlate with the value of the underlying security or may correlate inversely; 2) any potential risk reduction may be offset with gain limitations; 3) derivatives may be difficult to price; 4) possible adverse tax consequences; and 5) other risks, such as but not limited to, stock market, interest rate, credit, currency, liquidity, and leverage risks.
Market Risk Factors: In pursuit of their investment objectives, certain Funds may use derivatives that increase or decrease a Fund’s exposure to the following market risk factors:
Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Interest Rate Risk: Changes in interest rates will affect the value of a Fund’s investments. In general, as interest rates rise, bond prices fall, and as interest rates fall, bond prices rise. Interest rate risk is generally greater for funds that invest a significant portion of their assets in high yield securities.
Writing Covered Call Options and Purchasing Put Options
The Funds will not write call options on securities unless the securities are held in the Fund’s portfolio or unless the Fund is entitled to them in deliverable forms without further payment or after segregating cash in the amount of any further payment.
The Funds will not purchase a put option on an individual security unless the security is held in the Fund’s portfolio.
| Semi-Annual Report | June 30, 2024 | | 37 |
Notes to Financial Statements and Financial Highlights
| | June 30, 2024 (Unaudited) |
Option contracts (options) - are rights to buy or sell a security for a specified price within a specified period. The seller of the option receives a payment, or premium, from the buyer, which the seller keeps regardless of whether the buyer uses (or exercises) the option. Options can trade on exchanges or in the over the counter (OTC) market and may be bought or sold on a wide variety of securities. There were no options held as of or for the six months ended June 30, 2024.
A Fund may buy and/or sell the following types of options:
Call Options – A call option gives the holder (buyer) the right to buy the underlying security from the seller (writer) of the option. A Fund may use call options in the following ways:
| ›› | Buy call options on a security in anticipation of an increase in the value of the security; or |
| ›› | Sell call options on a security to generate income from premiums, and in anticipation of a decrease or only limited increase in the value of the underlying security. If a Fund writes a call option on a security that it owns and that call option is exercised, a Fund must deliver the security to the buyer and foregoes any possible profit from an increase in the market price of the security over the exercise price plus the premium received. |
Put Options – A put option gives the holder the right to sell the security to the writer of the option. A Fund may use put options in the following ways:
| ›› | Buy put options on a security in anticipation of a decrease in the value of the security; or |
| ›› | Write put options on a security to generate income from premiums, and in anticipation of an increase or only limited decrease in the value of the security. In writing puts, there is a risk that a Fund may be required to take delivery of the security when its current market price is lower than the exercise price. |
A Fund may also buy or write options, as needed, to close out existing option positions. Finally, a Fund may enter into combinations of options contracts in an attempt to benefit from changes in the prices of those options contracts (without regard to changes in the value of the security).
Market Risk – The Funds may incur losses due to political, regulatory, market, economic or social developments affecting the market(s) generally. Local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health crises, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on economic and market conditions.
3. SHARES OF BENEFICIAL INTEREST
The following tables summarize share activity:
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | |
| Small Company Fund | | | | | | |
| Shares sold | | | 452,935 | | | | 931,375 | |
| Shares issued to shareholders in payment of distributions declared | | | – | | | | 95,274 | |
| Shares redeemed | | | (314,144 | ) | | | (816,551 | ) |
| Net increase resulting from share transactions | | | 138,791 | | | | 210,098 | |
| Common shares outstanding, end of period | | | 8,452,132 | | | | 8,313,341 | |
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Notes to Financial Statements and Financial Highlights
| June 30, 2024 (Unaudited) | |
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | |
| Large Company Fund | | | | | | |
| Shares sold | | | 215,415 | | | | 643,610 | |
| Shares issued to shareholders in payment of distributions declared | | | 2,584 | | | | 317,619 | |
| Shares redeemed | | | (813,238 | ) | | | (1,528,935 | ) |
| Net decrease resulting from share transactions | | | (595,239 | ) | | | (567,706 | ) |
| Common shares outstanding, end of period | | | 13,936,631 | | | | 14,531,870 | |
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | |
| Balanced Fund | | | | | | |
| Shares sold | | | 197,085 | | | | 775,327 | |
| Shares issued to shareholders in payment of distributions declared | | | 11,571 | | | | 58,117 | |
| Shares redeemed | | | (501,127 | ) | | | (910,314 | ) |
| Net decrease resulting from share transactions | | | (292,471 | ) | | | (76,870 | ) |
| Common shares outstanding, end of period | | | 7,206,923 | | | | 7,499,394 | |
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | |
| Government Bond Fund | | | | | | |
| Shares sold | | | 1,267,988 | | | | 2,843,550 | |
| Shares issued to shareholders in payment of distributions declared | | | 26,046 | | | | 57,071 | |
| Shares redeemed | | | (1,855,531 | ) | | | (3,368,684 | ) |
| Net decrease resulting from share transactions | | | (561,497 | ) | | | (468,063 | ) |
| Common shares outstanding, end of period | | | 22,428,123 | | | | 22,989,620 | |
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | |
| West Virginia Municipal Bond Fund | | | | | | |
| Shares sold | | | 223,747 | | | | 452,772 | |
| Shares issued to shareholders in payment of distributions declared | | | 6,999 | | | | 24,390 | |
| Shares redeemed | | | (386,262 | ) | | | (1,297,883 | ) |
| Net decrease resulting from share transactions | | | (155,516 | ) | | | (820,721 | ) |
| Common shares outstanding, end of period | | | 8,909,042 | | | | 9,064,558 | |
| Semi-Annual Report | June 30, 2024 | | 39 |
Notes to Financial Statements and Financial Highlights
| June 30, 2024 (Unaudited) |
| | | For the Six Months Ended June 30, 2024 (Unaudited) | | | For the Year Ended December 31, 2023 | |
| Tactical Opportunity Fund | | | | | | |
| Shares sold | | | 184,390 | | | | 474,685 | |
| Shares issued to shareholders in payment of distributions declared | | | 447 | | | | 417 | |
| Shares redeemed | | | (200,601 | ) | | | (373,408 | ) |
| Net increase/(decrease) resulting from share transactions | | | (15,764 | ) | | | 101,694 | |
| Common shares outstanding, end of period | | | 4,050,974 | | | | 4,066,738 | |
4. FEDERAL TAX INFORMATION AND TAX BASIS
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences were primarily attributable to non-deductible excise taxes paid. For the Funds’ most recent period ended June 30, 2024, permanent differences identified and reclassified among the components of net assets were as follows:
| Fund Name | | Paid-in Capital | | | Total Distributable earnings | |
| Small Company Fund | | $ | – | | | $ | – | |
| Large Company Fund | | $ | – | | | $ | – | |
| Balanced Fund | | $ | – | | | $ | – | |
| Government Bond Fund | | $ | – | | | $ | – | |
| West Virginia Municipal Bond Fund | | $ | (640 | ) | | $ | 640 | |
| Tactical Opportunity Fund | | $ | – | | | $ | – | |
For federal income tax purposes, the following amounts apply as of June 30, 2024:
| Fund Name | | Gross Appreciation (excess of value over tax cost) | | | Gross Depreciation (excess of tax cost over value) | | | Net Unrealized Appreciation (Depreciation) | | | Cost of Investments for Income Tax Purposes (includes cost of derivatives) | |
| Small Company Fund | | $ | 46,536,538 | | | $ | (3,366,794 | ) | | $ | 43,169,744 | | | $ | 75,660,417 | |
| Large Company Fund | | $ | 201,650,682 | | | $ | (1,787,123 | ) | | $ | 199,863,559 | | | $ | 136,129,470 | |
| Balanced Fund | | $ | 29,979,509 | | | $ | (1,958,564 | ) | | $ | 28,020,945 | | | $ | 69,706,416 | |
| Government Bond Fund | | $ | 233,070 | | | $ | (9,651,397 | ) | | $ | (9,418,327 | ) | | $ | 182,551,603 | |
| West Virginia Municipal Bond Fund | | $ | 164,174 | | | $ | (6,142,445 | ) | | $ | (5,978,271 | ) | | $ | 91,605,537 | |
| Tactical Opportunity Fund | | $ | 5,897,953 | | | $ | (739,022 | ) | | $ | 5,158,931 | | | $ | 40,528,503 | |
| 40 | | www.wesmarkfunds.com |
Notes to Financial Statements and Financial Highlights
| June 30, 2024 (Unaudited) | |
The difference between book and tax basis for unrealized appreciation/(depreciation) for the Funds is attributable to wash sales, deferred dividends, premium amortization accruals, and commodity grantor trusts.
| | | For Year Ended December 31, 2023 | |
| Fund Name | | Tax-Exempt Income | | | Ordinary Income | | | Long-Term Capital Gain | | | Total | |
| Small Company Fund | | $ | – | | | $ | 362,902 | | | $ | 6,008,526 | | | $ | 6,371,428 | |
| Large Company Fund | | $ | – | | | $ | 1,427,369 | | | $ | 21,879,756 | | | $ | 23,307,125 | |
| Balanced Fund | | $ | – | | | $ | 2,001,991 | | | $ | 2,635,266 | | | $ | 4,637,257 | |
| Government Bond Fund | | $ | – | | | $ | 5,960,206 | | | $ | – | | | $ | 5,960,206 | |
| West Virginia Municipal Bond Fund | | $ | 1,882,105 | | | $ | 12,882 | | | $ | – | | | $ | 1,894,987 | |
| Tactical Opportunity Fund | | $ | – | | | $ | 362,269 | | | $ | – | | | $ | 362,269 | |
| | | For Year Ended December 31, 2022 | |
| Fund Name | | Tax-Exempt Income | | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Total | |
| Small Company Fund | | $ | – | | | $ | – | | | $ | 5,747,960 | | | $ | – | | | $ | 5,747,960 | |
| Large Company Fund | | $ | – | | | $ | 1,093,149 | | | $ | 33,187,657 | | | $ | 206,360 | | | $ | 34,487,166 | |
| Balanced Fund | | $ | – | | | $ | 1,684,615 | | | $ | 2,122,314 | | | $ | – | | | $ | 3,806,929 | |
| Government Bond Fund | | $ | – | | | $ | 3,641,903 | | | $ | – | | | $ | – | | | $ | 3,641,903 | |
| West Virginia Municipal Bond Fund | | $ | 1,862,599 | | | $ | 3,899 | | | $ | 7,469 | | | $ | – | | | $ | 1,873,967 | |
| Tactical Opportunity Fund | | $ | – | | | $ | 866,192 | | | $ | 282,704 | | | $ | – | | | $ | 1,148,896 | |
As of December 31, 2023, the Funds' most recent year end, the components of distributable earnings on a tax basis was as follows:
| Fund Name | | Undistributed net investment income | | | Undistributed tax-
exempt income | | | Accumulated net realized gain (loss) on investments | | | Other cumulative effect of timing differences | | | Net unrealized appreciation (depreciation) on investments | | | Total | |
| Small Company Fund | | $ | 261,307 | | | $ | – | | | $ | 355,229 | | | $ | – | | | $ | 39,369,814 | | | $ | 39,986,350 | |
| Large Company Fund | | $ | 5,271 | | | $ | – | | | $ | 11,581,231 | | | $ | – | | | $ | 179,459,425 | | | $ | 191,045,927 | |
| Balanced Fund | | $ | – | | | $ | – | | | $ | 390,924 | | | $ | 2,928 | | | $ | 27,062,708 | | | $ | 27,456,560 | |
| Government Bond Fund | | $ | 120,522 | | | $ | – | | | $ | (36,959,998 | ) | | $ | – | | | $ | (11,451,901 | ) | | $ | (48,291,377 | ) |
| West Virginia Municipal Bond Fund | | $ | 6 | | | $ | 867 | | | $ | (84,646 | ) | | $ | – | | | $ | (3,822,028 | ) | | $ | (3,905,801 | ) |
| Tactical Opportunity Fund | | $ | 322,503 | | | $ | – | | | $ | (1,948,474 | ) | | $ | – | | | $ | 4,101,634 | | | $ | 2,475,663 | |
Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of December 31, 2023, the following amounts are available as carry forwards to the next tax year:
| | | Non expiring | |
| Fund Name | | ST | | | LT | |
| Government Bond Fund | | $ | 7,458,093 | | | $ | 29,501,905 | |
| West Virginia Municipal Bond Fund | | $ | – | | | $ | 84,646 | |
| Tactical Opportunity Fund | | $ | 1,693,878 | | | $ | 254,596 | |
| Semi-Annual Report | June 30, 2024 | | 41 |
Notes to Financial Statements and Financial Highlights
| | June 30, 2024 (Unaudited) |
5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee – WesBanco Investment Department is the Funds’ investment adviser (the “Adviser”). The Advisory Agreement between the Funds and the Adviser provides for an annual fee, accrued daily and paid monthly, equal to the percentage of each Fund’s average daily net assets as follows:
| Fund Name | Investment Adviser Fee Percentage |
| Small Company Fund | 0.75% |
| Large Company Fund | 0.75% |
| Balanced Fund | 0.75% |
| Government Bond Fund | 0.60% |
| West Virginia Municipal Bond Fund | 0.60% |
| Tactical Opportunity Fund | 0.75% |
The Adviser is contractually obligated to waive a portion of its fees and reimburse other expenses until February 28, 2023 in amounts necessary to limit the Tactical Opportunity Fund's operating expenses (including the organizational expenses of the Fund, but excluding interest expense, fees on borrowings and expenses associated with the Fund's investment in other investment companies, if any, extraordinary expenses, tax reclaim recovery expenses and proxy-related expenses) to an annual rate (as a percentage of the Fund's average daily net assets) of 1.75%. This expense limitation arrangement was not renewed upon its expiration on February 28, 2023. The Adviser is not entitled to recoup any of the fees or expenses waived or reimbursed within this expense limitation arrangement.
For the period ended June 30, 2024, the Adviser did not waive any fees due to expenses being under the limit.
Administrative Fee – ALPS Fund Services, Inc. (“ALPS”) provides the Funds with certain administrative personnel and services. The fees paid to ALPS are based on the daily average aggregate net assets of the Trust for the period, subject to an annual minimum (on the Trust level). The annual minimum fee will be allocated among the Funds using an equal per-Fund allocation. Any remaining amounts of the minimum fee after the per-Fund allocation will be allocated among the Funds based upon the relative net assets of each Fund.
Transfer Agent Fee – ALPS is the Transfer Agent and Dividend Disbursing Agent for the Funds. ALPS receives an annual base fee per Fund in addition to certain out-of-pocket expenses.
Distribution (12b-1) Fee – ALPS Distributors, Inc. (“ADI”), an affiliate of ALPS, serves as the Funds’ distributor. The Funds currently have no active distribution plan pursuant to Rule 12b-1 under the Act.
Shareholder Services Fee – Under the terms of Shareholder Services Agreements with WesBanco Bank ("WesBanco", an affiliate of the Adviser) and other financial institutions, the Funds may pay WesBanco as well as other financial institutions, up to 0.25% of average daily net assets. The fee is used to finance certain services for shareholders and to maintain shareholder accounts. WesBanco and other financial institutions may voluntarily choose to waive any portion of their fee, which arrangement they can modify or terminate at any time at their sole discretion.
Recordkeeping Fee – The Funds may pay recordkeeping fees on an average net assets basis or on a per account per year basis to financial intermediaries for providing recordkeeping services to the Funds and shareholders.
Custodian Fees – WesBanco is the Funds’ custodian. The custodian fee paid to WesBanco is based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses. WesBanco may voluntarily choose to waive any portion of its fee. WesBanco can modify or terminate this voluntary waiver at any time at its sole discretion.
General – Certain Officers and Trustees of the Funds are Officers and Directors or Trustees of the above companies.
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Notes to Financial Statements and Financial Highlights
| June 30, 2024 (Unaudited) | |
6. INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the period ended June 30, 2024 were as follows:
| Fund | | Purchases | | | Sales | |
| Small Company Fund | | $ | 13,727,972 | | | $ | 12,852,487 | |
| Large Company Fund | | | 20,422,147 | | | | 30,537,071 | |
| Balanced Fund | | | 5,302,550 | | | | 8,561,037 | |
| Government Bond Fund | | | 13,915,923 | | | | 14,769,663 | |
| West Virginia Municipal Bond Fund | | | 3,330,206 | | | | 3,975,837 | |
| Tactical Opportunity Fund | | | 5,024,545 | | | | 3,956,090 | |
Purchases and Sales of U.S. Government Securities, other than short-term securities, for the period ended June 30, 2024 were as follows:
| Fund | | Purchases | | | Sales | |
| Balanced Fund | | $ | – | | | $ | 698,320 | |
| Government Bond Fund | | | 11,173,050 | | | | 15,610,716 | |
| West Virginia Municipal Bond Fund | | | 3,330,206 | | | | 3,975,837 | |
7. CONCENTRATION OF RISK
Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it is more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, as of June 30, 2024, 30% of the securities in the portfolio were backed by letters of credit, bond insurance of various financial institutions, or financial guaranty assurance agencies.
Additionally, the Funds may invest a portion of their assets in securities of companies that are deemed by the Funds’ management to be classified in similar business sectors. The economic developments within a particular sector may have an adverse effect on the ability of issuers to meet their obligations. Additionally, economic developments may have an effect on the liquidity and volatility of portfolio securities.
8. COMPENSATION OF TRUSTEES
None of the Trustees are entitled to receive any retirement, pension plan or deferred compensation benefits from the Trust. Interested Trustees receive the same compensation as Independent Trustees. No officers of the Funds are compensated by the Funds, but officers may be reimbursed by the Funds for travel and related expenses incurred in performing their duties.
9. RECENT ACCOUNTING PRONOUNCEMENT
In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 and can be applied through the deferred sunset date of December 31, 2024. Management has evaluated the impact of applying ASU 2020-04 and believes there will be no material impact to financial statements.
| Semi-Annual Report | June 30, 2024 | | 43 |
Notes to Financial Statements and Financial Highlights
| | June 30, 2024 (Unaudited) |
10. SUBSEQUENT EVENTS
In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Shareholder Distributions for the Balanced Fund: On July 31, 2024, the Balanced Fund paid a monthly distribution of $0.08231 per share to common shareholders of record as of July 22, 2024.
Shareholder Distributions for Government Bond Fund and West Virginia Municipal Bond Fund: On August 1, 2024, the Government Bond Fund and the West Virginia Municipal Bond Fund paid daily distributions declared from July 1, 2024 to July 31, 2024 totaling $0.00071 and $0.00058 per share, respectively, to common shareholders.
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Additional Information
| June 30, 2024 (Unaudited) | |
NOTICE TO STOCKHOLDERS
For the year ended December 31, 2023, 100% of the distributions from net investment income for West Virginia Municipal Bond Fund are exempt from federal income tax.
Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended December 31, 2023, the percentages qualifying for the dividend received deduction available to corporate shareholders are as follows:
| Fund Name | Percentage |
| Small Company Fund | 100.00% |
| Large Company Fund | 100.00% |
| Balanced Fund | 85.38% |
| Tactical Opportunity Fund | 66.25% |
For the year ended December 31, 2023, the following percentages of total ordinary dividends paid by the Funds are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information will be reported in conjunction with the reporting of your distributions on Form 1099-DIV. The percentages were as follows:
| Fund Name | Percentage |
| Small Company Fund | 100.00% |
| Large Company Fund | 100.00% |
| Balanced Fund | 85.38% |
| Tactical Opportunity Fund | 87.61% |
Pursuant to Section 852(b)(3) of the Internal Revenue Code, Small Company Growth Fund, Large Company Fund, and Balanced Fund designated $6,008,526, $21,879,756, and $2,635,268, respectively as long-term capital gain dividends.
| Semi-Annual Report | June 30, 2024 | | 45 |
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies | |
| | June 30, 2024 (Unaudited) |
Not applicable for this reporting period.
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| | Item 9 – Proxy Disclosures for Open-End Management Investment Companies |
| June 30, 2024 (Unaudited) | |
Not applicable for this reporting period.
| Semi-Annual Report | June 30, 2024 | | 47 |
Item 10 – Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies | |
| | June 30, 2024 (Unaudited) |
The following chart provides certain information about the Trustee fees paid by the Trust for the period ended June 30, 2024:
| | | Aggregate Regular Compensation From the Trust | | | Aggregate Special Compensation From the Trust | | | Total Compensation From the Trust | |
| Lawrence E. Bandi | | $ | 24,000 | | | $ | — | | | $ | 24,000 | |
| J. Christopher Gardill | | $ | 24,000 | | | $ | — | | | $ | 24,000 | |
| Gary J. Madich | | $ | 24,000 | | | $ | — | | | $ | 24,000 | |
| Jordan A. Miller, Jr. | | $ | 24,000 | | | $ | — | | | $ | 24,000 | |
| Total | | $ | 96,000 | | | $ | — | | | $ | 96,000 | |
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| | Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract |
| June 30, 2024 (Unaudited) | |
As required by the 1940 Act, the Board of Trustees (“Board” or “Trustees”) of the WesMark Funds (“Funds”) has reviewed, at its May 2024 meeting, the Funds’ investment advisory contract with WesBanco Investment Department (“Adviser”). Prior to the May meeting the Board considered the materials to be requested from the Adviser in connection with their consideration of the renewal of the investment advisory agreement. Following a review and approval by the Funds’ Independent Trustees in executive session at the May meeting, the Board reviewed and approved the continuation of the Funds’ investment advisory agreement with the Adviser for the one-year period commencing on May 31, 2024. The Board’s decision to approve the investment advisory agreement reflects the exercise of its business judgment on whether to continue the existing arrangements.
The Board is aware that various courts, including the United States Supreme Court, have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an Adviser’s fiduciary duty with respect to its receipt of compensation: the nature, extent and quality of the services provided by the Adviser, including the investment performance of a Fund; the Adviser’s cost of providing the services; the extent to which the Adviser may realize “economies of scale” as a Fund grows larger and whether fee levels reflect these economies of scale; any profits or indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser’s relationship with a Fund; performance and expenses of comparable funds; and the extent to which the independent Board members are fully informed about all facts bearing on the Adviser’s services and fees. The Funds’ Board is aware of these factors and is guided by them in its review of the Funds’ advisory contract to the extent they are appropriate and relevant, as discussed further below.
In connection with its review, the Board requests and receives a significant amount of detailed information about the Funds and the WesBanco organization. The Adviser and other service providers of the Funds provide much of this information at each regular meeting of the Board, and furnish additional material in connection with the particular meeting at which the Board’s formal review of the advisory contract occurs. In between regularly scheduled meetings, the Board receives additional information on particular matters as the need arises. Thus, the Board’s evaluation of an advisory contract is informed by information covering such matters as: the Adviser’s investment philosophy, personnel, and processes; a Fund’s short-and long-term performance (in absolute terms, and when compared to certain competitor or “peer group” funds and/or market benchmarks, as appropriate), and comments on the reasons for performance; a Fund’s expenses (including the advisory fee itself and the overall expense structure of a Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for any expense limitations); the use and allocation of brokerage commissions derived from trading a Fund’s portfolio securities; the nature and extent of the advisory and other services provided to a Fund by the Adviser and its affiliates; compliance and audit reports concerning the Funds; and relevant developments in the mutual fund industry and how the Funds and/or the Adviser are responding to them. The evaluation process is evolutionary, reflecting continually developing considerations. Changing circumstances drive the criteria considered and the emphasis placed on relevant criteria.
With respect to the nature, extent and quality of the services provided by the Adviser, the Board received and considered information concerning the nature, extent and quality of the services provided to the Funds. The Trustees considered the background and experience of the members of the portfolio management teams responsible for the day-to-day management of the Funds and considered the functioning of the portfolio management teams for the Funds. In addition, the Board received and considered information concerning the research function of the Adviser that supports its portfolio management teams. In particular, the Board discussed the Adviser’s recent addition of a senior investment professional and the accompanying reallocation of responsibilities. The Board discussed the Funds’ positioning in the marketplace and the Adviser’s execution on the investment strategy for each Fund. The Board concluded it was satisfied with the nature, extent and quality of the advisory capabilities (and related administrative services) and the commitment of the Adviser to provide high quality service to the Funds.
With respect to a Fund’s performance and expenses in particular, the Board has found the use of comparisons to other mutual funds with comparable investment programs to be useful, given the high degree of competition within the mutual fund business. While mindful that courts have cautioned against giving such comparisons too much weight, the Board focuses on comparisons with other similar mutual funds (rather than non-mutual fund products or services) because it is believed that they are more relevant. For example, other mutual funds are the products most like the Funds, and they are readily available as alternative investment vehicles. The range of their fees and expenses therefore appears to be a generally reliable indication of what consumers have found to be reasonable in the precise marketplace in which the Funds compete. A Fund’s ability to deliver competitive performance when compared to its peer group may, depending upon the Fund’s investment strategy and positioning in the marketplace, be a useful indicator of how the Adviser is executing on the Fund’s investment program. The Funds are the only advisory clients of the Adviser. However, personnel of the Adviser assist in the provision of asset management services for clients of affiliates of the Adviser. The Board is aware of these arrangements and is briefed on any material changes to these arrangements.
The Board reviewed the one-year and three-year periods ending in March 31, 2024 of each Fund in comparison to the performance of the average of each Fund’s respective peer group. For the one-year period, the performance of the WesMark Large Company Fund and WesMark Small Company Fund were above the average of its respective peer group. The performance of the WesMark Balanced Fund, the WesMark Government Bond Fund, the WesMark Tactical Opportunity Fund and the WesMark West Virginia Municipal Bond Fund was below each respective peer group average for the one-year period. For the three-year period, the performance of the WesMark Balanced Fund, the WesMark Large Company Fund and the WesMark Small Company Fund was above the average of its peer group. The performance of the WesMark Government Bond Fund, the WesMark Tactical Opportunity Fund and the WesMarkWest Virginia Municipal Bond Fund was below each respective peer group average for the three-year period. The Board also reviewed the performance of the Funds for the first quarter of 2024 and for longer performance periods. The Board also noted that the peer performance comparisons for the WesMark West Virginia Municipal Bond Fund were of limited value because of the unique nature of the West Virginia municipal bond market and the limited number of municipal bond funds dedicated to West Virginia. The Board also noted that the peer comparisons to the WesMark Tactical Opportunity Fund were challenging to evaluate given the relatively unique nature of the Fund. Overall the Board concluded that it was satisfied with the performance of the Funds and was satisfied with the Advisor’s capabilities, undertakings and the commitment of the Adviser to provide high quality services to the Funds and to seek to improve the performance of Fund(s) that have underperformed. The Board will continue to monitor these efforts and performance of the Funds.
| Semi-Annual Report | June 30, 2024 | | 49 |
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract | |
| | June 30, 2024 (Unaudited) |
The Board requested and reviewed a report prepared by an independent rating organization which compared each of the Fund’s fees, including gross advisory fees, for the calendar year ending December 31, 2023, to a peer group including the applicable WesMark Fund compiled by the independent rating organization. The report indicated the gross investment advisory fee for the WesMark Government Bond Fund, WesMark Large Company Fund, WesMark Balanced Fund and the WesMark West Virginia Municipal Bond Fund was above the median for each respective peer group. The gross investment advisory fee for the WesMark Small Company Fund and WesMark Tactical Opportunity Fund were below the median for their respective peer group. The Board also reviewed the other information provided in the report such as the Funds’ total expense ratios verses those of the selected peer groups. Based on the review of the report, the Board concluded it was satisfied that the advisory fees and overall expense structure of the Funds remained competitive. The Board will continue to monitor advisory fees and other expenses borne by the Funds.
The Board also considered whether “economies of scale” may exist and whether the Funds benefit from any such economies. The Board noted each of the Funds is of relatively small size relative to many of its peers and had not experienced meaningful asset growth over the past year. Under these circumstances, the Board concluded there were no meaningful “economies of scale” enjoyed by the Adviser in managing the Funds. However, the Board noted shareholders of a Fund may benefit from an increase in size of the Fund due to the fixed expenses of the Fund being spread over a larger asset base potentially resulting in lower expense ratios for the Funds.
The Board also receives financial information about the Adviser, including information on the profitability of the Adviser on a fund-by-fund basis. Although the Board considered the profitability of the Adviser on a fund-by-fund basis, in the Board’s view, the cost of performing advisory services on a fund-specific basis is difficult to estimate satisfactorily as it involves making certain assumptions in the allocation of expenses and is a relatively minor consideration in its overall evaluation. The Board therefore determined that, although the Adviser’s profitability did not seem excessive, the profitability analysis was of limited value.
The Board considered, in addition to the advisory fees, the compensation and benefits received by the Adviser and its affiliates from their relationship with the Funds. This included fees received for services, such as custody and shareholder servicing, provided to the Funds by other entities in the WesBanco organization and research and trading services received by the Adviser from brokers (or from third parties with which these broker-dealers have arrangements) that execute fund trades (“soft dollar arrangements”). The Trustees considered the benefit to the Adviser and its affiliates from such soft dollar arrangements, including that the services received are of value to the Adviser in advising the Funds and that the Adviser might otherwise be required to separately purchase such services. The Trustees concluded that the “soft dollar” arrangements appeared to benefit the Funds and did not seem unreasonable. The Board also concluded that the amounts received by the Advisor or its affiliates for the provision of custody and shareholder servicing did not appear unreasonable.
In assessing the Adviser’s performance of its obligations, the Board also considers whether a circumstance or event has occurred that would constitute a reason for it to not renew an advisory contract. In this regard, the Board is mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an advisory contract. Thus, the Board’s “selection” or approval of the Adviser must reflect the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Funds. The Board concluded that, in light of the factors discussed above, including the nature, extent, quality and scope of the services provided to the Fund by the Adviser and its affiliates, continuation of the advisory contract was appropriate.
The Board based its decision to renew the advisory contracts for another year on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. The Board does not consider any one factor to be determinative and based its decision to approve the Funds’ investment advisory contract with the Adviser on the totality of the circumstances and with a view of past and future long-term considerations. With respect to the factors that were relevant, the Board’s decision to approve the contract reflects its determination that the Adviser’s performance and actions provide a satisfactory basis to support the decision to continue the existing arrangements.
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| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Any Changes in and Disagreements with Accountants information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Any Proxy Disclosures information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Any Remuneration Paid to Directors, Officers, and Others information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Any Statement Regarding Basis for Approval of Investment Advisory Contract information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchases. |
Not applicable.
| Item 15. | Submission of Matters to a Vote of Security Holders. |
No material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors have been implemented after the registrant’s last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
| Item 16. | Controls and Procedures. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | No changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 18. | Recovery of Erroneously Awarded Compensation. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Registrant | WesMark Funds | |
| | | |
| By | /s/Robert McGee | |
| | Robert McGee President and Chief Executive Officer (Principal Executive Officer) | |
| Date | September 6, 2024 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By | /s/Robert McGee | |
| | Robert McGee President and Chief Executive Officer (Principal Executive Officer) | |
| Date | September 6, 2024 | |
| | | |
| By | /s/ Steven Kellas | |
| | Steven Kellas Treasurer and Chief Financial Officer (Principal Financial Officer) | |
| Date | September 6, 2024 | |
