Wesmark Funds NPORTP WesMark Small Company Fund (Mar 2024 report)

PORTFOLIO OF INVESTMENTS
WESMARK SMALL COMPANY FUND

March 31, 2024 (Unaudited)

Shares			Value
COMMON STOCKS-98.0%
COMMUNICATION SERVICES-1.1%
		Interactive Media & Services-0.7%
	12,746	Ziff Davis, Inc.⁽¹⁾	$	803,508

		Movies & Entertainment-0.4%
	82,500	Eventbrite, Inc.⁽¹⁾		452,100

TOTAL COMMUNICATION SERVICES				1,255,608

CONSUMER DISCRETIONARY-9.5%
		Apparel, Accessories & Luxury Goods-0.6%
	6,535	Oxford Industries, Inc.		734,534

		Automotive Retail-2.3%
	21,022	Advance Auto Parts, Inc.		1,788,762
	3,240	Lithia Motors, Inc., Class A		974,786
				2,763,548
		Hotels, Resorts & Cruise Lines-1.0%
	25,093	Hilton Grand Vacations, Inc.⁽¹⁾		1,184,641

		Restaurants-5.6%
	50,181	Bloomin' Brands, Inc.		1,439,191
	7,600	Cava Group, Inc.⁽¹⁾		532,380
	44,285	Dutch Bros, Inc., Class A⁽¹⁾		1,461,405
	48,699	First Watch Restaurant Group, Inc.⁽¹⁾		1,198,969
	41,832	Wendy's Co.		788,115
	3,411	Wingstop, Inc.		1,249,790
				6,669,850
TOTAL CONSUMER DISCRETIONARY				11,352,573

CONSUMER STAPLES-6.7%
		Food Distributors-0.8%
	17,479	Andersons, Inc.		1,002,770

		Food Retail-1.9%
	35,238	Sprouts Farmers Market, Inc.⁽¹⁾		2,272,146

		Packaged Foods & Meats-1.8%
	154,000	BRC, Inc.⁽¹⁾		659,120
	41,946	Simply Good Foods Co.⁽¹⁾		1,427,422
				2,086,542
		Personal Care Products-2.2%
	8,824	elf Beauty, Inc.⁽¹⁾		1,729,769
	18,600	Oddity Tech, Ltd.⁽¹⁾		808,170
				2,537,939
TOTAL CONSUMER STAPLES				7,899,397

Shares			Value
ENERGY-7.3%
		Oil & Gas Equipment & Services-1.3%
	42,571	ChampionX Corp.	$	1,527,873

		Oil & Gas Exploration & Production-6.0%
	14,678	Civitas Resources, Inc.		1,114,207
	149,549	Comstock Resources, Inc.		1,387,815
	4,900	Gulfport Energy Corp.⁽¹⁾		784,588
	56,538	Magnolia Oil & Gas Corp., Class A		1,467,161
	20,494	Matador Resources Co.		1,368,384
	27,934	SilverBow Resources, Inc.⁽¹⁾		953,667
				7,075,822
TOTAL ENERGY				8,603,695

FINANCIALS-15.8%
		Asset Management & Custody Banks-1.0%
	28,962	Victory Capital Holdings, Inc., Class A		1,228,858

		Insurance Brokers-0.6%
	9,800	Goosehead Insurance, Inc., Class A		652,876

		Investment Banking & Brokerage-4.8%
	11,704	PJT Partners, Inc.		1,103,219
	58,128	Stifel Financial Corp.		4,543,866
				5,647,085
		Property & Casualty Insurance-1.0%
	25,600	Employers Holdings, Inc.		1,161,984

		Regional Banks-7.1%
	27,827	Ameris Bancorp		1,346,270
	45,665	Atlantic Union Bankshares Corp.		1,612,431
	22,169	Banner Corp.		1,064,112
	46,816	Cadence Bank		1,357,664
	60,108	First Bancorp/Southern Pines, NC		2,171,101
	52,504	Old National Bancorp		914,095
				8,465,673
		Transaction & Payment Processing Services-1.3%
	64,947	I3 Verticals, Inc., Class A⁽¹⁾		1,486,637

TOTAL FINANCIALS				18,643,113

HEALTH CARE-11.5%
		Biotechnology-0.9%
	26,800	ACADIA Pharmaceuticals, Inc.⁽¹⁾		495,532
	65,200	Recursion Pharmaceuticals, Inc.⁽¹⁾		650,044
				1,145,576
		Health Care Distributors-0.9%
	38,036	Patterson Cos., Inc.		1,051,695

		Health Care Equipment-2.0%
	15,525	AtriCure, Inc.⁽¹⁾		472,271
	16,318	Integer Holdings Corp.⁽¹⁾		1,903,984
				2,376,255
		Health Care Facilities-1.6%
	37,733	Select Medical Holdings Corp.		1,137,650

Shares			Value
	25,663	Surgery Partners, Inc.⁽¹⁾	$	765,527
				1,903,177
		Health Care Supplies-0.8%
	59,696	Neogen Corp.⁽¹⁾		942,003

		Health Care Technology-0.5%
	69,000	Definitive Healthcare Corp.⁽¹⁾		556,830

		Life Sciences Tools & Services-0.6%
	11,500	Azenta, Inc.⁽¹⁾		693,220

		Managed Health Care-0.9%
	28,169	Progyny, Inc.⁽¹⁾		1,074,647

		Pharmaceuticals-3.3%
	8,300	Axsome Therapeutics, Inc.⁽¹⁾		662,340
	149,706	Elanco Animal Health, Inc.⁽¹⁾		2,437,214
	11,109	Prestige Brands Holdings, Inc.⁽¹⁾		806,069
				3,905,623
TOTAL HEALTH CARE				13,649,026

INDUSTRIALS-22.9%
		Aerospace & Defense-3.2%
	23,932	Moog, Inc., Class A		3,820,744

		Building Products-4.5%
	32,839	AAON, Inc.		2,893,116
	8,797	Armstrong World Industries, Inc.		1,092,763
	18,028	Gibraltar Industries, Inc.⁽¹⁾		1,451,795
				5,437,674
		Construction & Engineering-7.4%
	24,874	Argan, Inc.		1,257,132
	35,422	Granite Construction, Inc.		2,023,659
	20,812	Quanta Services, Inc.		5,406,958
				8,687,749
		Construction Machinery & Heavy Transportation Equipment-1.3%
	48,400	Atmus Filtration Technologies, Inc.⁽¹⁾		1,560,900

		Heavy Electrical Equipment-0.8%
	82,000	Bloom Energy Corp., Class A⁽¹⁾		921,680

		Human Resource & Employment Services-1.8%
	32,945	Korn Ferry		2,166,463

		Research & Consulting Services-1.4%
	12,363	Science Applications International Corp.		1,612,012

		Trading Companies & Distributors-2.5%
	14,705	Applied Industrial Technologies, Inc.		2,904,973

TOTAL INDUSTRIALS				27,112,195

Shares			Value
INFORMATION TECHNOLOGY-17.5%
		Application Software-3.7%
	81,254	Box, Inc., Class A⁽¹⁾	$	2,301,113
	78,000	Mitek Systems, Inc.⁽¹⁾		1,099,800
	186,266	Olo, Inc.⁽¹⁾		1,022,600
				4,423,513
		Communications Equipment-0.5%
	51,472	Extreme Networks, Inc.⁽¹⁾		593,987

		Electronic Components-0.8%
	59,096	Knowles Corp.⁽¹⁾		951,446

		Electronic Equipment & Instruments-1.6%
	13,427	OSI Systems, Inc.⁽¹⁾		1,917,644

		Electronic Manufacturing Services-2.6%
	44,009	Celestica, Inc.⁽¹⁾		1,977,764
	64,291	TTM Technologies, Inc.⁽¹⁾		1,006,154
				2,983,918
		IT Consulting & Other Services-0.9%
	42,656	Hackett Group, Inc.		1,036,541

		Systems Software-5.4%
	6,656	Qualys, Inc.⁽¹⁾		1,110,687
	33,896	SentinelOne, Inc., Class A⁽¹⁾		790,116
	95,161	Varonis Systems, Inc.⁽¹⁾		4,488,744
				6,389,547
		Technology Hardware, Storage & Peripherals-2.0%
	46,383	Pure Storage, Inc., Class A⁽¹⁾		2,411,452

TOTAL INFORMATION TECHNOLOGY				20,708,048

MATERIALS-3.0%
		Commodity Chemicals-1.2%
	18,350	Hawkins, Inc.		1,409,280

		Metal, Glass & Plastic Containers-0.6%
	9,839	Greif, Inc., Class A		679,383

		Specialty Chemicals-0.6%
	9,000	HB Fuller Co.		717,660

		Steel-0.6%
	9,682	Carpenter Technology Corp.		691,488

TOTAL MATERIALS				3,497,811

REAL ESTATE-1.2%
		Health Care REITs-0.6%
	46,985	Sabra Health Care REIT, Inc.		693,968

Shares			Value
		Self-Storage REITs-0.6%
	17,700	National Storage Affiliates Trust	$	693,132

TOTAL REAL ESTATE				1,387,100

UTILITIES-1.5%
		Electric Utilities-0.6%
	8,547	Otter Tail Corp.		738,461

		Multi-Utilities-0.9%
	30,000	Avista Corp.		1,050,600

TOTAL UTILITIES				1,789,061

TOTAL COMMON STOCKS
(Cost $70,394,090)				115,897,627

EXCHANGE TRADED FUNDS-1.4%
	15,476	iShares® Core S&P Small-Cap® ETF		1,710,408

TOTAL EXCHANGE TRADED FUNDS
(Cost $1,468,019)				1,710,408

SHORT TERM INVESTMENTS-0.5%
		Mutual Funds-0.5%
	616,184	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 5.249% (at net asset value)		616,184

TOTAL SHORT TERM INVESTMENTS
(Cost $616,184)				616,184

TOTAL INVESTMENTS-99.9%
(Cost $72,478,293)				118,224,219
OTHER ASSETS AND LIABILITIES-NET⁽²⁾-0.1%				88,815
NET ASSETS-100.0%			$	118,313,034

⁽¹⁾

Non-income producing security.

⁽²⁾

Assets, other than investments in securities, less liabilities.

Note

The categories of investments are shown as a percentage of net assets as of March 31, 2024.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK LARGE COMPANY FUND

March 31, 2024 (Unaudited)

Shares			Value
COMMON STOCKS-99.7%
COMMUNICATION SERVICES-9.0%
		Interactive Media & Services-7.1%
	103,260	Alphabet, Inc., Class A⁽¹⁾	$	15,585,032
	17,000	Meta Platforms, Inc., Class A		8,254,860
				23,839,892
		Movies & Entertainment-1.9%
	5,326	Spotify Technology SA⁽¹⁾		1,405,531
	40,000	Walt Disney Co.		4,894,400
				6,299,931
TOTAL COMMUNICATION SERVICES				30,139,823

CONSUMER DISCRETIONARY-11.0%
		Apparel, Accessories & Luxury Goods-0.8%
	6,996	Lululemon Athletica, Inc.⁽¹⁾		2,732,987

		Broadline Retail-6.2%
	116,093	Amazon.com, Inc.⁽¹⁾		20,940,855

		Footwear-1.3%
	120,586	On Holding AG⁽¹⁾		4,266,333

		Home Improvement Retail-2.0%
	17,950	Home Depot, Inc.		6,885,620

		Restaurants-0.7%
	765	Chipotle Mexican Grill, Inc.⁽¹⁾		2,223,679

TOTAL CONSUMER DISCRETIONARY				37,049,474

CONSUMER STAPLES-6.7%
		Consumer Staples Merchandise Retail-1.0%
	25,868	BJ's Wholesale Club Holdings, Inc.⁽¹⁾		1,956,914
	7,212	Target Corp.		1,278,039
				3,234,953
		Distillers & Vintners-2.1%
	26,361	Constellation Brands, Inc., Class A		7,163,865

		Household Products-2.1%
	42,664	Procter & Gamble Co.		6,922,234

		Packaged Foods & Meats-1.1%
	52,742	Mondelez International, Inc., Class A		3,691,940

		Soft Drinks & Non-alcoholic Beverages-0.4%
	48,058	Keurig Dr Pepper, Inc.		1,473,939

TOTAL CONSUMER STAPLES				22,486,931

Shares			Value
ENERGY-5.1%
		Integrated Oil & Gas-1.5%
	42,626	Exxon Mobil Corp.	$	4,954,846

		Oil & Gas Exploration & Production-3.6%
	42,274	ConocoPhillips		5,380,635
	60,843	Devon Energy Corp.		3,053,102
	19,000	Diamondback Energy, Inc.		3,765,230
				12,198,967
TOTAL ENERGY				17,153,813

FINANCIALS-11.2%
		Asset Management & Custody Banks-2.0%
	6,669	BlackRock, Inc.		5,559,945
	61,800	Blue Owl Capital, Inc.		1,165,548
				6,725,493
		Diversified Banks-2.7%
	65,900	Fifth Third Bancorp		2,452,139
	33,130	JP Morgan Chase & Co.		6,635,939
				9,088,078
		Investment Banking & Brokerage-2.2%
	9,747	The Goldman Sachs Group, Inc.		4,071,224
	36,221	Morgan Stanley		3,410,569
				7,481,793
		Transaction & Payment Processing Services-4.3%
	25,662	Mastercard, Inc., Class A		12,358,049
	31,251	PayPal Holdings, Inc.⁽¹⁾		2,093,505
				14,451,554
TOTAL FINANCIALS				37,746,918

HEALTH CARE-15.6%
		Biotechnology-3.6%
	29,978	AbbVie, Inc.		5,458,995
	23,491	Amgen, Inc.		6,678,961
				12,137,956
		Health Care Equipment-2.4%
	71,604	Abbott Laboratories		8,138,511

		Life Sciences Tools & Services-3.5%
	14,514	IQVIA Holdings, Inc.⁽¹⁾		3,670,445
	13,979	Thermo Fisher Scientific, Inc.		8,124,735
				11,795,180
		Managed Health Care-2.7%
	18,579	UnitedHealth Group, Inc.		9,191,031

		Pharmaceuticals-3.4%
	25,288	Johnson & Johnson		4,000,309
	55,904	Merck & Co., Inc.		7,376,533
				11,376,842
TOTAL HEALTH CARE				52,639,520

INDUSTRIALS-11.0%
		Aerospace & Defense-3.7%
	72,352	RTX Corp.		7,056,491

Shares			Value
	56,532	Textron, Inc.	$	5,423,115
				12,479,606
		Agricultural & Farm Machinery-1.4%
	11,164	Deere & Co.		4,585,501

		Industrial Machinery & Supplies & Components-3.1%
	15,600	Chart Industries, Inc.⁽¹⁾		2,569,632
	13,905	Parker-Hannifin Corp.		7,728,260
				10,297,892
		Passenger Ground Transportation-0.9%
	38,000	Uber Technologies, Inc.⁽¹⁾		2,925,620

		Research & Consulting Services-1.9%
	29,946	Jacobs Solutions, Inc.		4,603,599
	6,747	Verisk Analytics, Inc.		1,590,470
				6,194,069
TOTAL INDUSTRIALS				36,482,688

INFORMATION TECHNOLOGY-27.9%
		Application Software-5.0%
	4,736	Adobe, Inc.⁽¹⁾		2,389,786
	6,200	Datadog, Inc., Class A⁽¹⁾		766,320
	9,822	Roper Technologies, Inc.		5,508,571
	28,090	Salesforce, Inc.		8,460,146
				17,124,823
		Communications Equipment-0.6%
	10,662	F5 Networks, Inc.⁽¹⁾		2,021,409

		Internet Services & Infrastructure-0.7%
	31,600	Shopify, Inc., Class A⁽¹⁾		2,438,572

		IT Consulting & Other Services-1.0%
	9,500	Accenture PLC, Class A		3,292,795

		Semiconductors-5.4%
	27,068	Advanced Micro Devices, Inc.⁽¹⁾		4,885,503
	9,064	Broadcom, Inc.		12,013,516
	17,092	Marvell Technology Group, Ltd.		1,211,481
				18,110,500
		Systems Software-9.0%
	11,632	Crowdstrike Holdings, Inc., Class A⁽¹⁾		3,729,103
	51,564	Microsoft Corp.		21,694,006
	37,879	Oracle Corp.		4,757,981
				30,181,090
		Technology Hardware, Storage & Peripherals-6.2%
	122,021	Apple, Inc.		20,924,161

TOTAL INFORMATION TECHNOLOGY				94,093,350

Shares			Value
MATERIALS-1.4%
		Specialty Chemicals-1.4%
	31,455	PPG Industries, Inc.	$	4,557,830

TOTAL MATERIALS				4,557,830

UTILITIES-0.8%
		Electric Utilities-0.4%
	22,614	NextEra Energy, Inc.		1,445,261

		Water Utilities-0.4%
	10,995	American Water Works Co., Inc.		1,343,699

TOTAL UTILITIES				2,788,960

TOTAL COMMON STOCKS
(Cost $131,384,871)				335,139,307

SHORT TERM INVESTMENTS-0.3%
		Mutual Funds-0.3%
	970,223	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 5.249% (at net asset value)		970,223

TOTAL SHORT TERM INVESTMENTS
(Cost $970,223)				970,223

TOTAL INVESTMENTS-100.0%
(Cost $132,355,094)				336,109,530
OTHER ASSETS AND LIABILITIES-NET⁽²⁾-(0.0)%⁽³⁾				(159,804	)
NET ASSETS-100.0%			$	335,949,726

⁽¹⁾	Non-income producing security.
⁽²⁾	Assets, other than investments in securities, less liabilities.
⁽³⁾	Amount represents less than 0.05% of net assets.

Note

The categories of investments are shown as a percentage of net assets as of March 31, 2024.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK BALANCED FUND

March 31, 2024 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS-62.3%
COMMUNICATION SERVICES-1.4%
		Integrated Telecommunication Services-1.4%
	82,000	AT&T, Inc.	$	1,443,200

TOTAL COMMUNICATION SERVICES				1,443,200

CONSUMER DISCRETIONARY-5.3%
		Footwear-0.7%
	7,500	NIKE, Inc., Class B		704,850

		Home Improvement Retail-2.0%
	7,773	Lowe's Cos, Inc.		1,980,016

		Other Specialty Retail-1.0%
	4,314	Dick's Sporting Goods, Inc.		970,046

		Restaurants-1.6%
	3,487	McDonald's Corp.		983,160
	6,500	Starbucks Corp.		594,035
				1,577,195
TOTAL CONSUMER DISCRETIONARY				5,232,107

CONSUMER STAPLES-7.7%
		Consumer Staples Merchandise Retail-3.4%
	12,954	Target Corp.		2,295,578
	18,987	Walmart, Inc.		1,142,448
				3,438,026
		Distillers & Vintners-0.7%
	2,500	Constellation Brands, Inc., Class A		679,400

		Household Products-1.0%
	6,200	Procter & Gamble Co.		1,005,950

		Soft Drinks & Non-alcoholic Beverages-2.6%
	14,886	PepsiCo, Inc.		2,605,199

TOTAL CONSUMER STAPLES				7,728,575

ENERGY-4.6%
		Integrated Oil & Gas-3.4%
	21,913	Chevron Corp.		3,456,557

		Oil & Gas Exploration & Production-0.3%
	2,099	EOG Resources, Inc.		268,336

		Oil & Gas Refining & Marketing-0.9%
	5,117	Valero Energy Corp.		873,421

TOTAL ENERGY				4,598,314

Shares/Principal Amount			Value
FINANCIALS-7.4%
		Asset Management & Custody Banks-1.2%
	15,471	State Street Corp.	$	1,196,218

		Diversified Banks-4.6%
	13,409	JPMorgan Chase & Co.		2,685,823
	8,000	PNC Financial Services Group, Inc.		1,292,800
	14,609	US Bancorp		653,022
				4,631,645
		Investment Banking & Brokerage-1.6%
	3,805	The Goldman Sachs Group, Inc.		1,589,311

TOTAL FINANCIALS				7,417,174

HEALTH CARE-12.8%
		Biotechnology-3.0%
	16,500	AbbVie, Inc.		3,004,650

		Health Care Services-2.4%
	30,000	CVS Health Corp.		2,392,800

		Pharmaceuticals-7.4%
	1,444	Cigna Group		524,446
	4,345	Eli Lilly & Co.		3,380,236
	17,956	Merck & Co., Inc.		2,369,294
	47,725	Pfizer, Inc.		1,324,369
				7,598,345
TOTAL HEALTH CARE				12,995,795

INDUSTRIALS-7.7%
		Aerospace & Defense-0.5%
	2,600	L3Harris Technologies, Inc.		554,060

		Agricultural & Farm Machinery-0.6%
	1,599	Deere & Co.		656,773

		Air Freight & Logistics-1.4%
	9,508	United Parcel Service, Inc., Class B		1,413,174

		Construction Machinery & Heavy Equipment-2.7%
	7,525	Caterpillar, Inc.		2,757,386

		Electrical Components & Equipment-2.5%
	22,000	Emerson Electric Co.		2,495,240

TOTAL INDUSTRIALS				7,876,633

INFORMATION TECHNOLOGY-12.1%
		Communications Equipment-2.9%
	58,222	Cisco Systems, Inc.		2,905,860

		IT Consulting & Other Services-1.2%
	6,400	International Business Machines Corp.		1,222,144

Shares/Principal Amount			Value
		Semiconductors-3.0%
	3,432	Analog Devices, Inc.	$	678,815
	13,545	Texas Instruments, Inc.		2,359,674
				3,038,489
		Technology Hardware, Storage & Peripherals-5.0%
	29,567	Apple, Inc.		5,070,149

TOTAL INFORMATION TECHNOLOGY				12,236,642

MATERIALS-0.9%
		Industrial Gases-0.6%
	2,326	Air Products & Chemicals, Inc.		563,520

		Specialty Chemicals-0.3%
	2,907	RPM International, Inc.		345,788

TOTAL MATERIALS				909,308

REAL ESTATE-0.8%
		Data Center REITs-0.3%
	2,400	Digital Realty Trust, Inc. REIT		345,696

		Self-Storage REITs-0.5%
	11,408	CubeSmart REIT		515,870

TOTAL REAL ESTATE				861,566

UTILITIES-1.6%
		Electric Utilities-0.9%
	9,886	Duke Energy Corp.		956,075

		Multi-Utilities-0.7%
	14,099	Dominion Energy, Inc.		693,530

TOTAL UTILITIES				1,649,605

TOTAL COMMON STOCKS
(Cost $32,588,167)				62,948,919

CORPORATE BONDS-23.7%
		Auto Manufacturers-0.4%
$	550,000	American Honda Finance Corp., 1.800%, 1/13/2031		455,700

		Banks-1.6%
	500,000	Fifth Third Bank NA, 3.850%, 3/15/2026		481,822
	500,000	Morgan Stanley, 1D US SOFR + 0.525%, 5/30/2025⁽¹⁾		495,387
	150,000	PNC Bank NA, 2.700%, 10/22/2029		130,322
	500,000	PNC Financial Services Group, Inc., 1D US SOFR + 2.284%, 10/20/2034⁽¹⁾		547,800
				1,655,331

Shares/Principal Amount			Value
		Chemicals-0.5%
$	500,000	Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co LP, 5.125%, 4/1/2025⁽²⁾	$	498,178

		Commercial Services-0.5%
	500,000	PayPal Holdings, Inc., 4.400%, 6/1/2032		484,499

		Computers-0.5%
	500,000	Dell International LLC / EMC Corp., 5.750%, 2/1/2033		517,783

		Diversified Financial Services-1.4%
	500,000	American Express Co., 1D US SOFR + 1.835%, 5/1/2034⁽¹⁾		494,380
	250,000	BlackRock, Inc., 2.400%, 4/30/2030		219,146
	500,000	Charles Schwab Corp., 1D US SOFR + 2.50%, 5/19/2034⁽¹⁾		512,346
	250,000	Legg Mason, Inc., 4.750%, 3/15/2026		248,495
				1,474,367
		Diversified Manufacturing-0.5%
	500,000	3M Co., 3.375%, 3/1/2029		464,637

		Electric-2.9%
	500,000	CenterPoint Energy Houston Electric LLC, 4.450%, 10/1/2032		480,088
	500,000	Duke Energy Corp., 4.300%, 3/15/2028		488,700
	500,000	National Rural Utilities Cooperative Finance Corp., 5.000%, 2/7/2031		496,955
	500,000	NextEra Energy Capital Holdings, Inc., 3.550%, 5/1/2027		477,113
	500,000	NextEra Energy Capital Holdings, Inc., 5.000%, 7/15/2032		497,481
	500,000	Wisconsin Electric Power Co., 4.750%, 9/30/2032		492,783
				2,933,120
		Electronics-0.7%
	500,000	Honeywell International, Inc., 4.500%, 1/15/2034		486,316
	175,000	Honeywell International, Inc., 5.700%, 3/15/2037		185,151
				671,467
		Engineering&Construction-0.5%
	500,000	Jacobs Engineering Group, Inc., 5.900%, 3/1/2033		506,578

		Environmental Control-1.5%
	500,000	Republic Services, Inc., 3.200%, 3/15/2025		489,418
	500,000	Republic Services, Inc., 5.700%, 5/15/2041		518,400

Shares/Principal Amount			Value
$	500,000	Waste Management, Inc., 3.500%, 5/15/2024	$	498,696
				1,506,514
		Healthcare-Products-0.5%
	500,000	GE HealthCare Technologies, Inc., 5.650%, 11/15/2027		509,337

		Industrial Gases-0.8%
	835,000	Air Products & Chemicals, Inc., Sr. Unsecured Notes, 3.350%, 7/31/2024		829,059

		Insurance-1.8%
	500,000	Berkshire Hathaway Finance Corp., 2.875%, 3/15/2032		442,263
	400,000	Marsh & McLennan Cos., Inc., 2.375%, 12/15/2031		334,341
	500,000	MetLife, Inc., 5.875%, 2/6/2041		526,654
	500,000	Progressive Corp., 4.950%, 6/15/2033		499,621
				1,802,879
		Internet-0.2%
	250,000	Expedia Group, Inc., 3.800%, 2/15/2028		237,904

		Lodging-0.5%
	500,000	Marriott International, Inc., 4.900%, 4/15/2029		496,254

		Machinery-Constr&Mining-0.5%
	500,000	Caterpillar Financial Services Corp., 3.600%, 8/12/2027		482,120

		Machinery-Diversified-0.5%
	500,000	Ingersoll Rand, Inc., 5.700%, 8/14/2033		513,131

		Oil&Gas-0.7%
	500,000	Marathon Oil Corp., 6.600%, 10/1/2037		526,541
	250,000	Phillips 66, 4.650%, 11/15/2034		238,152
				764,693
		Pharmaceuticals-1.1%
	500,000	AbbVie, Inc., 3.200%, 11/21/2029⁽²⁾		461,665
	175,000	AbbVie, Inc., 4.550%, 3/15/2035		169,224
	250,000	Bristol-Myers Squibb Co., 3.900%, 2/20/2028		242,869
	175,000	GlaxoSmithKline Capital, Inc., 6.375%, 5/15/2038		198,008
				1,071,766
		Pipelines-0.5%
	500,000	ONEOK, Inc., 5.800%, 11/1/2030		515,499

Shares/Principal Amount			Value
		Regional Banks-1.0%
$	1,000,000	PNC Bank NA, Sr. Unsecured Notes, 3.250%, 6/1/2025	$	975,215

		REITS-0.5%
	500,000	Prologis Targeted US Logistics Fund LP, 5.250%, 4/1/2029⁽²⁾		498,917

		Retail-2.4%
	250,000	Dollar Tree, Inc., 4.200%, 5/15/2028		241,737
	175,000	Home Depot, Inc., 5.875%, 12/16/2036		188,053
	500,000	O'Reilly Automotive, Inc., 4.350%, 6/1/2028		491,127
	500,000	Target Corp., 4.400%, 1/15/2033		487,288
	500,000	Walmart, Inc., 5.250%, 9/1/2035		524,994
	500,000	Walmart, Inc., 3.950%, 6/28/2038		457,203
				2,390,402
		Software-0.5%
	500,000	Activision Blizzard, Inc., 3.400%, 9/15/2026		470,256

		Software & Services-0.7%
	750,000	Oracle Corp., Sr. Unsecured Notes, 3.400%, 7/8/2024		745,255

		Transportation Services-0.5%
	500,000	FedEx Corp., 4.250%, 5/15/2030		484,068

TOTAL CORPORATE BONDS
(Cost $24,444,825)				23,954,929

U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-0.5%
		Federal Home Loan Mortgage Corp.-0.1%
	127,466	Freddie Mac REMICS, Series 2015-4517, Class PC, 2.500%, 5/15/2044		119,598

		Government National Mortgage Association-0.4%
	433,413	Government National Mortgage Association, Series 2018-126, Class DA, 3.500%, 1/20/2048		406,876

TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $560,169)				526,474

Shares/Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES-1.4%
		Commercial Mortgage-Backed Securities-1.4%
$	1,500,000	Morgan Stanley Capital I Trust, Series 2015-UBS8, Class A4, 3.809%, 11/15/2025	$	1,447,923

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,534,970)				1,447,923

U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-2.9%
		Federal Home Loan Mortgage Corp.-0.3%
	54,951	Freddie Mac Gold Pool, G18527, 3.000%, 10/1/2029		52,641
	231,133	Freddie Mac Gold Pool, G18707, 3.500%, 9/1/2033		222,263
				274,904
		Federal National Mortgage Association-1.8%
	704,020	Fannie Mae Pool, BL5389, 2.710%, 5/1/2027		662,917
	575,344	Fannie Mae Pool, AM6756, 3.570%, 10/1/2029		547,205
	142,807	Fannie Mae Pool, MA3621, 3.500%, 3/1/2039		133,104
	44,025	Fannie Mae Pool, BN4896, 4.000%, 1/1/2049		41,190
	119,856	Fannie Mae Pool, MA3592, 4.000%, 2/1/2049		112,452
	354,784	Fannie Mae Pool, BP4338, 1Y US TI + 1.67%, 3/1/2049⁽¹⁾		349,904
				1,846,772
		Small Business Administration Pools-0.4%
	146,886	Small Business Administration Pools, PRIME - 3.50%, 1/25/2042⁽¹⁾		148,284
	218,538	Small Business Administration Pools, PRIME - 3.50%, 7/25/2042⁽¹⁾		220,025
				368,309
		UMBS Collateral-0.4%
	460,235	Fannie Mae Pool, 5.000%, 12/1/2052		449,517

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES
(Cost $3,096,116)				2,939,502

U.S. TREASURY SECURITIES-5.9%
		Federal Home Loan Banks-0.7%
	750,000	4.625%, 11/17/2026		752,113

		U.S. Treasury Bond-2.4%
	150,000	4.500%, 2/15/2036		156,088
	150,000	4.750%, 2/15/2037		159,586
	500,000	3.500%, 2/15/2039		459,531
	500,000	2.875%, 8/15/2028		472,227
	500,000	4.125%, 11/15/2032		496,670
	750,000	3.500%, 2/15/2033		710,449
				2,454,551
		U.S. Treasury Note-2.8%
	1,500,000	4.500%, 11/30/2024		1,492,841
	100,000	3.875%, 11/30/2027		98,400
	500,000	4.000%, 12/15/2025		493,926

Shares/Principal Amount			Value
$	750,000	3.500%, 1/31/2030	$	721,831
				2,806,998
TOTAL U.S. TREASURY SECURITIES
(Cost $6,140,749)				6,013,662

TAXABLE MUNICIPAL BONDS-2.4%
		California-0.2%
	200,000	Charter Oak Unified School District, 2.681%, 8/1/2036		158,244

		Michigan-0.3%
	270,000	Belding Area Schools, General Obligation Unlimited Bonds, 6.700%, 5/1/2027		270,431

		Ohio-0.6%
	660,000	Columbus-Franklin County Finance Authority, 4.490%, 11/15/2032		641,343

		Pennsylvania-0.4%
	450,000	Commonwealth Financing Authority, 4.014%, 6/1/2033		427,567

		Utah-0.4%
	450,000	Utah Transit Authority, 3.393%, 12/15/2036		385,612

		West Virginia-0.5%
	575,000	Marshall University, 3.177%, 5/1/2029		533,644

TOTAL TAXABLE MUNICIPAL BONDS
(Cost $2,618,471)				2,416,841

SHORT TERM INVESTMENTS-0.4%
		Mutual Funds-0.4%
	382,763	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 5.249% (at net asset value)		382,763

TOTAL SHORT TERM INVESTMENTS
(Cost $382,763)				382,763

TOTAL INVESTMENTS-99.5%
(Cost $71,366,230)				100,631,013
OTHER ASSETS AND LIABILITIES-NET⁽³⁾-0.5%				535,721
NET ASSETS-100.0%			$	101,166,734

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

Reference Rates:

1D US SOFR - 1 Day SOFR as of March 31, 2024 was 5.34%

1Y US TI - 1 Year US Treasury Bill as of March 31, 2024 was 5.03%

PRIME - US Prime Rate as of March 31, 2024 was 8.50%

⁽¹⁾	Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 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 March 31, 2024, these securities amounted to a value of $1,458,760 or 1.44% 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 March 31, 2024.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS
WESMARK GOVERNMENT BOND FUND

March 31, 2024 (Unaudited)

Shares/Principal Amount			Value
EXCHANGE TRADED FUNDS-2.0%
	4,602	iShares^® 20+ Year Treasury Bond ETF	$	435,441
	28,924	iShares^® iBoxx $ Investment Grade Corporate Bond ETF		3,150,402

TOTAL EXCHANGE TRADED FUNDS
(Cost $3,674,430)				3,585,843

CORPORATE BONDS-11.5%
		Banks-7.5%
$	1,000,000	Citigroup, Inc., 5.400%, 1/20/2026		995,292
	1,000,000	Comerica, Inc., 4.000%, 2/1/2029		918,013
	1,000,000	Fifth Third Bank NA, 3.850%, 3/15/2026		963,645
	1,000,000	First Citizens BancShares, Inc., 3M CME TERM SOFR + 2.465%, 3/15/2030⁽¹⁾		956,641
	3,000,000	First Horizon Bank, 5.750%, 5/1/2030		2,841,101
	500,000	FNB Corp., 4.875%, 10/2/2025		479,909
	1,000,000	KeyBank NA/Cleveland OH, 3.400%, 5/20/2026		943,157
	1,000,000	KeyCorp, 2.250%, 4/6/2027		900,446
	500,000	Morgan Stanley, 1D US SOFR + 2.62%, 4/20/2037⁽¹⁾		480,048
	500,000	PNC Financial Services Group, Inc., SOFRINDX + 1.73%, 10/20/2027⁽¹⁾		514,913
	1,000,000	PNC Financial Services Group, Inc., SOFRINDX + 2.14%, 10/28/2033⁽¹⁾		1,034,481
	1,000,000	US Bancorp, 1D US SOFR + 1.60%, 2/1/2034⁽¹⁾		950,055
	500,000	Wells Fargo Bank NA, 6.180%, 2/15/2036		504,226
	1,000,000	Wintrust Financial Corp., 4.850%, 6/6/2029		911,258
				13,393,185
		Biotechnology-1.1%
	2,000,000	Amgen, Inc., 5.250%, 3/2/2033		2,017,729

		Healthcare-Services-1.2%
	2,000,000	Aetna, Inc., 6.750%, 12/15/2037		2,233,962

		Pipelines-0.6%
	1,000,000	Kinder Morgan, Inc., 5.200%, 6/1/2033		985,346

		Retail-1.1%
	2,000,000	AutoZone, Inc., 4.750%, 2/1/2033		1,936,946

TOTAL CORPORATE BONDS
(Cost $20,565,996)				20,567,168

Shares/Principal Amount			Value
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-18.7%
		Agency Collat CMO-5.3%
$	208,298	Freddie Mac Structured Pass-Through Certificates, Series 2003-55, Class 1A3A, 30D US SOFR + 0.51448%, 3/25/2043⁽¹⁾	$	207,462
	602,079	Fannie Mae REMIC, Series 2004-W14, Class 1AF, 30D US SOFR + 0.51448%, 7/25/2044⁽¹⁾		566,251
	584,020	Government National Mortgage Association, Series 2010-59, Class FL, 1M CME TERM SOFR + 0.61448%, 5/20/2040⁽¹⁾		579,410
	2,241,862	Freddie Mac Strips, Series 2014-330, Class F4, 30D US SOFR + 0.46448%, 10/15/2037⁽¹⁾		2,201,735
	2,578,120	Fannie Mae REMICS, Series 2022-76, Class D, 5.500%, 8/25/2045		2,551,533
	3,330,172	Fannie Mae REMICS, Series 2022-83, Class DA, 6.000%, 1/25/2048		3,353,658
				9,460,049

		Agency Collat PAC CMO-3.1%
	3,865,383	Freddie Mac REMICS, Series 2020-5020, Class TP, 2.000%, 10/25/2050		3,021,635
	3,390,680	Government National Mortgage Association, Series 2021-23, Class TE, 1.000%, 2/20/2051		2,483,142
				5,504,777

		Commercial MBS-4.1%
	2,519,758	Government National Mortgage Association, Series 2020-177, Class DA, 1.250%, 6/16/2062		1,592,226
	5,000,000	Government National Mortgage Association, Series 2021-181, Class B, 1.900%, 1/16/2063		2,865,895
	5,000,000	Government National Mortgage Association, Series 2021-203, Class B, 2.000%, 4/16/2062		2,885,486
				7,343,607

		Federal Home Loan Mortgage Corp.-0.3%
	629,910	Freddie Mac REMICS, Series 2016-4629, Class QG, 2.500%, 11/15/2046, REMIC		537,129

		Federal National Mortgage Association-0.9%
	622,778	Fannie Mae REMICS, Series 2003-W18, Class 2A, 4.446%, 6/25/2043, REMIC ⁽¹⁾		606,099
	796,532	Fannie Mae REMICS, Series 2016-90, Class DA, 3.000%, 8/25/2046, REMIC		708,692
	454,963	Fannie Mae REMICS, Series 2019-74, Class LB, 3.000%, 10/25/2049		404,736
				1,719,527

		Government National Mortgage Association-0.2%
	513,950	Government National Mortgage Association, Series 2013-38, Class KA, 1.250%, 2/20/2042		455,191

		Sovereign-4.8%
	2,000,000	3.560%, 11/30/2043		1,636,861
	2,000,000	3.330%, 9/5/2045		1,531,734
	2,000,000	3.730%, 10/22/2032		1,899,557
	2,000,000	1.910%, 5/17/2034		1,589,104
	2,000,000	4.000%, 2/9/2033		1,940,288
				8,597,544

Shares/Principal Amount			Value

TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $41,085,132)			$	33,617,824

U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES-38.9%
		Federal Home Loan Mortgage Corp.-0.6%
	1,136,684	Freddie Mac Pool, QA6315, 3.500%, 1/1/2050		1,044,174

		FNMA Collateral-0.9%
	1,806,018	Fannie Mae Pool, MA2711, 3.000%, 8/1/2046		1,562,229

		GNMA2 Collateral-4.0%
	2,688,677	Ginnie Mae II Pool, 4.000%, 8/20/2052		2,472,001
	3,126,631	Ginnie Mae II Pool, 5.500%, 11/20/2052		3,099,417
	1,709,103	Ginnie Mae II Pool, 5.500%, 12/20/2052		1,694,227
				7,265,645
		Government National Mortgage Association-0.1%
	100,771	Ginnie Mae I Pool, 589693, 4.500%, 7/15/2029		99,014

		Sovereign-1.0%
	2,000,000	Federal Home Loan Banks, 3.700%, 6/22/2035		1,865,516

		UMBS Collateral-32.3%
	4,496,248	Freddie Mac Pool, 4.000%, 6/1/2052		4,172,184
	4,569,560	Freddie Mac Pool, 4.500%, 10/1/2052		4,353,056
	2,813,250	Freddie Mac Pool, 4.000%, 11/1/2052		2,606,279
	4,661,977	Freddie Mac Pool, 5.000%, 1/1/2053		4,553,032
	4,712,136	Freddie Mac Pool, 5.000%, 2/1/2053		4,599,860
	959,194	Freddie Mac Pool, 5.500%, 9/1/2053		954,733
	3,783,650	Freddie Mac Pool, 6.000%, 9/1/2053		3,819,358
	1,989,851	Fannie Mae Pool, 4.500%, 7/1/2042		1,929,331
	4,235,696	Fannie Mae Pool, 4.500%, 10/1/2042		4,119,003
	4,342,137	Fannie Mae Pool, 4.500%, 11/1/2042		4,222,518
	1,978,559	Fannie Mae Pool, 4.500%, 1/1/2043		1,924,050
	2,530,420	Fannie Mae Pool, 5.500%, 1/1/2043		2,544,805
	4,482,432	Fannie Mae Pool, 4.000%, 6/1/2052		4,159,439
	4,480,692	Fannie Mae Pool, 4.500%, 7/1/2052		4,268,402
	2,670,819	Fannie Mae Pool, 5.500%, 11/1/2052		2,666,095
	2,553,144	Fannie Mae Pool, 6.000%, 11/1/2052		2,585,604
	4,656,270	Fannie Mae Pool, 5.000%, 2/1/2053		4,547,227
				58,024,976
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES
(Cost $72,412,432)				69,861,554

U.S. TREASURY SECURITIES-19.1%
		Tennessee Valley Authority-0.6%
	1,000,000	5.880%, 4/1/2036		1,115,030

Shares/Principal Amount				Value
		*Tennessee Valley Authority Generic Strip-0.2%*
$	1,000,000	–%, 1/15/2047⁽²⁾	$	309,770

		*U.S. Treasury Bond-6.1%*
	1,000,000	3.750%, 11/15/2043		904,902
	1,000,000	1.125%, 8/15/2040		619,336
	2,000,000	1.750%, 8/15/2041		1,350,469
	2,000,000	2.000%, 11/15/2041		1,403,750
	2,000,000	2.375%, 2/15/2042		1,488,203
	3,000,000	2.875%, 5/15/2028		2,839,570
	2,500,000	2.875%, 8/15/2028		2,361,133
				10,967,363
		*U.S. Treasury Note-4.8%*
	2,000,000	1.500%, 2/15/2030		1,719,922
	2,000,000	0.625%, 8/15/2030		1,602,109
	2,500,000	2.750%, 5/31/2029		2,329,150
	1,000,000	3.875%, 12/31/2027		984,063
	2,000,000	4.000%, 2/15/2026		1,975,469
				8,610,713
		*United States Treasury Strip Coupon-7.4%*
	2,150,000	–%, 5/15/2040⁽²⁾		1,034,009
	2,200,000	–%, 11/15/2040⁽²⁾		1,027,738
	2,300,000	–%, 2/15/2041⁽²⁾		1,060,332
	2,200,000	–%, 5/15/2041⁽²⁾		1,001,567
	2,275,000	–%, 8/15/2041⁽²⁾		1,021,597
	2,220,000	–%, 2/15/2042⁽²⁾		971,248
	4,565,000	–%, 5/15/2042⁽²⁾		1,973,650
	2,265,000	–%, 8/15/2042⁽²⁾		967,620
	2,400,000	–%, 11/15/2042⁽²⁾		1,013,536
	3,000,000	–%, 5/15/2043⁽²⁾		1,238,262
	2,500,000	–%, 8/15/2043⁽²⁾		1,020,420
	2,500,000	–%, 11/15/2043⁽²⁾		1,011,261
				13,341,240
TOTAL U.S. TREASURY SECURITIES
(Cost $35,000,855)				34,344,116

TAXABLE MUNICIPAL BONDS-7.3%
		*Arkansas-0.7%*
		University of Arkansas:
	500,000	3.382%, 9/1/2037		425,398
	1,000,000	3.301%, 11/1/2039		824,723
				1,250,121
		*California-1.9%*
	500,000	Bonita Unified School District, 2.619%, 8/1/2035		401,337
	1,000,000	Contra Costa Community College District, 2.926%, 8/1/2038		812,474
	500,000	Desert Community College District, 2.978%, 8/1/2037		410,751
	500,000	Kings Canyon Unified School District, 3.212%, 8/1/2040		402,852
	500,000	Pasadena Public Financing Authority, Build America Revenue Bonds, Series B, 6.998%, 3/1/2034		584,631

Shares/Principal Amount			Value
$	910,000	Santa Paula Utility Authority, 2.870%, 2/1/2034	$	775,765
				3,387,810
		Hawaii-0.5%
	1,000,000	University of Hawaii, 3.850%, 10/1/2038		879,131

		Massachusetts-1.1%
	1,000,000	City of Quincy MA, 2.788%, 12/15/2035		800,145
	1,500,000	Massachusetts School Building Authority, 2.950%, 5/15/2043		1,135,651
				1,935,796
		Michigan-0.6%
	1,400,000	Michigan State Building Authority, 2.705%, 10/15/2040		1,063,807

		New York-0.4%
	700,000	City of New York NY, 5.985%, 12/1/2036		734,458

		Ohio-0.5%
	565,000	Summit County Development Finance Authority, 3.201%, 11/15/2036		471,295
	500,000	Warrensville Heights City School District, 3.406%, 12/1/2040		405,851
				877,146
		Pennsylvania-0.2%
	550,000	Borough of Columbia PA, 2.540%, 6/15/2038		414,247

		Texas-0.2%
	500,000	Round Rock Transportation & Economic Development Corp., 3.000%, 8/15/2039		382,671

		Virginia-0.6%
	1,395,000	Virginia Housing Development Authority, 3.050%, 8/1/2038		1,095,644

		West Virginia-0.6%
	1,000,000	Wheeling Municipal Building Commission, 5.558%, 8/1/2037		1,000,668

TOTAL TAXABLE MUNICIPAL BONDS
(Cost $15,911,581)				13,021,499

SHORT TERM INVESTMENTS-0.8%
		Mutual Funds-0.8%
	1,466,797	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 5.249% (at net asset value)		1,466,797

TOTAL SHORT TERM INVESTMENTS
(Cost $1,466,797)				1,466,797

Shares/Principal Amount	Value
TOTAL INVESTMENTS-98.3%
(Cost $190,117,223)	$	176,464,801
OTHER ASSETS AND LIABILITIES-NET⁽³⁾-1.7%		3,122,224
NET ASSETS-100.0%	$	179,587,025

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

SOFRINDX - US SOFR Secured Overnight Financing Rate Compounded Index

Reference Rates:

1D US SOFR - 1 Day SOFR as of March 31, 2024 was 5.34%

30D US SOFR - 30 Days SOFR as of March 31, 2024 was 5.32%

1M CME TERM SOFR - 1 Month CME TERM SOFR as of March 31, 2024 was 5.33%

3M CME TERM SOFR - 3 Month CME TERM SOFR as of March 31, 2024 was 5.30%

⁽¹⁾	Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 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.
⁽²⁾	Is Zero Coupon
⁽³⁾	Assets, other than investments in securities, less liabilities.

Note	-	The categories of investments are shown as a percentage of net assets as of March 31, 2024.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK WEST VIRGINIA MUNICIPAL BOND FUND

March 31, 2024 (Unaudited)

Shares/Principal Amount			Value
NON-TAXABLE MUNICIPAL BONDS-96.9%
		Pennsylvania-0.4%
$	335,000	Quakertown Community School District, 4.000%, 9/1/2039	$	334,992

		West Virginia-96.5%
		Berkeley County Building Commission:
	580,000	2.000%, 6/1/2035		472,398
	750,000	2.000%, 6/1/2040		532,059
	400,000	4.000%, 6/1/2040		402,343
	1,500,000	Berkeley County Public Service Sewer District, 4.500%, 10/1/2032		1,500,357
		Berkeley County, West Virginia, Public Service District Revenue Bonds:
	370,000	Series C, 3.000%, 12/1/2029		364,412
	450,000	Series C, 3.400%, 12/1/2034		445,202
	380,000	Berkeley County, West Virginia, Public Service District Water Revenue Bonds, Series A, 4.500%, 12/1/2033		380,328
		Berkeley County, West Virginia, Public Service Sewer District Revenue Bonds:
	275,000	5.000%, 6/1/2027		284,730
	950,000	5.000%, 6/1/2028		983,814
	655,000	5.000%, 6/1/2029		677,897
	620,000	Series A, 5.300%, 3/1/2029		621,325
	950,000	Brooke County Building Commission, 3.000%, 12/1/2036		886,903
	965,000	Brooke County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2027		941,122
	2,000,000	Cabell County Board of Education, 2.000%, 6/1/2033		1,708,297
	265,000	City of Buckhannon, West Virginia, Commercial Development Revenue Bonds, Series A, 3.700%, 12/1/2028		252,509
	595,000	City of Buckhannon, West Virginia, Waterworks Revenue Bonds, Series A, 4.000%, 3/1/2029		594,053
		City of Charles Town WV Waterworks & Sewerage System Revenue:
	400,000	2.250%, 6/1/2035		338,381
	315,000	3.000%, 6/1/2041		270,039
		City of Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds:
	620,000	Series A, 4.000%, 3/1/2029		630,161
	310,000	Series B, 4.000%, 6/1/2031		315,464

Shares/Principal Amount			Value
		City of Charleston, West Virginia, Sewage System Revenue Bonds:
$	310,000	4.000%, 7/1/2031	$	315,385
	275,000	4.000%, 7/1/2032		279,092
	300,000	City of Clarksburg WV Water Revenue, 2.000%, 6/1/2034		249,329
	600,000	City of Saint Albans, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds, Series B, 4.000%, 12/1/2027		598,413
		City of Wheeling WV Waterworks & Sewerage System Revenue:
	500,000	4.000%, 6/1/2035		524,707
	500,000	4.000%, 6/1/2036		521,712
		Claywood Park Public Service District WV Water Revenue:
	950,000	3.000%, 11/1/2036		870,741
	680,000	3.000%, 11/1/2041		573,261
		Claywood Park Public Service District, West Virginia, Water Revenue Bonds:
	110,000	Series C, 3.200%, 11/1/2029		101,436
	225,000	Series C, 3.400%, 11/1/2031		207,137
	380,000	Corporation of Shepherdstown, West Virginia, Water Revenue Bonds, 3.300%, 3/1/2032		369,944
		Fayette County Board of Education:
	545,000	2.250%, 10/1/2030		481,554
	500,000	2.000%, 10/1/2031		429,939
	640,000	2.250%, 10/1/2032		549,704
	565,000	2.500%, 10/1/2033		494,099
	750,000	Greenbrier County Public Service, Series A, 5.000%, 10/1/2037		828,632
		Hampshire County, West Virginia, Building Commission Revenue Bonds:
	355,000	Series A, 3.000%, 1/1/2029		325,744
	380,000	Series A, 3.000%, 1/1/2031		341,768
	1,660,000	Series A, 4.250%, 1/1/2035		1,663,864
	2,265,000	Hancock, WV, 3.250%, 5/1/2036⁽¹⁾⁽²⁾		2,220,253
	1,000,000	Harrison County Building Commission, 3.500%, 10/1/2035		916,879
	3,000,000	Jefferson County Board of Education, 2.000%, 6/1/2036		2,396,095
	850,000	Lewis County Building Commission, 4.750%, 2/1/2038		861,612
	1,910,000	Mason County Public Service District Water Revenue, 3.000%, 12/1/2036		1,787,141
	2,320,000	Monongalia County Building Commission, 2.000%, 2/1/2034		1,973,549
		Morgantown Utility Board, Inc.:
	500,000	3.250%, 12/1/2032		500,715
	500,000	4.000%, 12/1/2034		529,860
	1,500,000	3.000%, 12/1/2040		1,305,152
	1,430,000	Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.500%, 12/1/2035		1,431,077

Shares/Principal Amount			Value
$	200,000	Morgantown, West Virginia, Combined Utility System Revenue Bonds, Series A, 3.750%, 10/1/2032	$	200,031
		Morgantown, West Virginia, Utility Board Revenue Bonds:
	1,000,000	Series A, 4.000%, 12/1/2029		1,021,408
	1,210,000	Series A, 4.000%, 12/1/2030		1,234,954
	1,000,000	Series A, 4.000%, 12/1/2031		1,018,871
	1,030,000	Moundsville Building Commission, 4.000%, 8/1/2037		1,029,954
		Ohio County Board of Education:
	3,000,000	3.000%, 6/1/2033		2,872,025
	635,000	3.000%, 6/1/2034		606,352
	500,000	Putnam County Building Commission, 4.000%, 5/1/2037		518,727
		Putnam Public Service District:
	1,000,000	4.000%, 12/1/2039		947,179
	1,150,000	3.000%, 11/1/2040		1,002,256
	1,000,000	3.000%, 4/1/2041		861,809
	1,000,000	3.000%, 6/1/2041		859,521
	1,000,000	3.625%, 12/1/2045		845,365
	1,000,000	Raleigh County Public Service District, 3.000%, 6/1/2037		926,479
	880,000	Salem, West Virginia Sewer Revenue Bonds, Series A, 4.000%, 12/1/2032		880,065
		State of West Virginia:
	500,000	5.000%, 6/1/2035		539,668
	1,000,000	5.000%, 12/1/2040		1,059,297
	795,000	Wayne County, West Virginia, Board of Education General Obligation Unlimited Bonds, 3.000%, 6/1/2026		788,773
	500,000	West Virginia Commissioner Of Highways Special Obligation Surface Transportation Improvements Bonds, Series A, 5.000%, 9/1/2029		534,903
	670,000	West Virginia Economic Development Authority Lease Revenue Bonds (Clarksburg Office Building), 3.500%, 6/1/2030		671,568
	1,650,000	West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot), Series A, 4.750%, 8/1/2029		1,651,232
		West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building):
	310,000	Series C, 3.500%, 6/1/2030		310,726
	600,000	Series D, 3.250%, 6/1/2028		600,197
	355,000	Series D, 3.500%, 6/1/2030		355,831
	1,000,000	West Virginia Economic Development Authority Lottery Revenue Bonds, Series A, 5.000%, 7/1/2032		1,062,271
	100,000	West Virginia Higher Education Policy Commission, 4.000%, 4/1/2034		100,017

Shares/Principal Amount			Value
		West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities):
$	1,730,000	5.000%, 7/1/2034	$	1,820,537
	400,000	Series B, 3.600%, 4/1/2027		399,023
	1,000,000	West Virginia Hospital Finance Authority Revenue Bonds (ARCs Improvement), Series D, 4.000%, 6/1/2029		1,014,260
	585,000	West Virginia Hospital Finance Authority Revenue Bonds (West Virginia University Health System), Series A, 3.375%, 6/1/2029		583,473
		West Virginia Housing Development Fund:
	500,000	3.450%, 5/1/2030		496,414
	1,100,000	3.450%, 11/1/2030		1,089,028
	500,000	2.000%, 11/1/2032		426,288
	1,500,000	3.700%, 11/1/2032		1,498,760
	375,000	3.800%, 5/1/2034		377,027
	500,000	3.375%, 11/1/2034		488,333
	370,000	3.850%, 11/1/2034		372,674
	500,000	4.375%, 5/1/2035		515,856
	800,000	2.050%, 11/1/2035		649,801
	575,000	3.800%, 11/1/2037		564,092
	1,500,000	4.150%, 11/1/2038		1,510,060
	1,000,000	4.150%, 11/1/2038		1,006,707
	500,000	4.000%, 11/1/2039		494,554
	500,000	4.450%, 11/1/2043		500,157
		West Virginia School Building Authority Lottery Revenue Capital Improvement Bonds:
	515,000	Series A, 5.000%, 7/1/2026		515,468
	535,000	Series A, 5.000%, 7/1/2027		535,447
	300,000	West Virginia State Bonds, Series A, 3.250%, 6/1/2033		298,687
	500,000	West Virginia State Economic Development Authority Lottery Revenue Bonds, 3.000%, 6/15/2031		493,917
	500,000	West Virginia State Hospital Finance Authority Refunding West Virginia United Health System, Series A, 4.000%, 6/1/2034		502,482
	500,000	West Virginia State Housing Development Fund Revenue Bonds, Series A, 3.450%, 11/1/2033		489,018
	770,000	West Virginia State University Revenues Revenue Bonds, Series A, 5.250%, 4/1/2028		794,855
	1,000,000	West Virginia University, 4.000%, 10/1/2037		1,015,568
	500,000	West Virginia Water Development Authority, 4.000%, 10/1/2041		494,021

Shares/Principal Amount			Value
$	500,000	West Virginia Water Development Authority Infrastructure Revenue Bonds, Series A, 5.000%, 10/1/2032	$	519,658
	2,605,000	West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program), Series A, 5.000%, 10/1/2029		2,717,585
		West Virginia Water Development Authority Revenue Bonds (Loan Program II):
	800,000	Series A-II, 3.000%, 11/1/2027		795,300
	300,000	Series A-II, 3.125%, 11/1/2028		300,379
	725,000	Series B-II, 4.000%, 11/1/2025		725,319
	1,000,000	Wood County, West Virginia, Board of Education Public School General Obligation Unlimited Bonds, 3.000%, 6/1/2029		998,555
	860,000	Wood County, West Virginia, Building Commission Lease Revenue Bonds, 4.000%, 1/1/2032		807,902
				84,561,272
TOTAL NON-TAXABLE MUNICIPAL BONDS
(Cost $89,876,163)				84,896,264

SHORT TERM INVESTMENTS-2.0%
		Mutual Funds-2.0%
	1,763,327	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 5.249% (at net asset value)		1,763,327

TOTAL SHORT TERM INVESTMENTS
(Cost $1,763,327)				1,763,327

TOTAL INVESTMENTS-98.9%
(Cost $91,639,490)				86,659,591
OTHER ASSETS AND LIABILITIES-NET⁽³⁾-1.1%				994,915
NET ASSETS-100.0%			$	87,654,506

⁽¹⁾	Floating or variable rate security. The reference rate is described above. The Rate in effect as of March 31, 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 March 31, 2024, these securities amounted to a value of $2,220,253 or 2.53% 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 March 31, 2024.

See accompanying Notes to Quarterly Portfolio of Investments.

PORTFOLIO OF INVESTMENTS

WESMARK TACTICAL OPPORTUNITY FUND

March 31, 2024 (Unaudited)

Shares/Principal Amount			Value
EXCHANGE TRADED FUNDS-94.3%
BROAD DOMESTIC EQUITY-10.5%
	9,293	SPDR S&P 500^® ETF Trust	$	4,860,889

TOTAL BROAD DOMESTIC EQUITY				4,860,889

BROAD DOMESTIC FIXED INCOME-40.4%
	47,058	iShares^® 1-3 Year Treasury Bond ETF		3,848,403
	27,601	iShares^® iBoxx $ High Yield Corporate Bond ETF		2,145,426
	59,038	iShares^® iBoxx $ Investment Grade Corporate Bond ETF		6,430,419
	63,952	iShares^® Core U.S. Aggregate Bond ETF		6,263,459

TOTAL BROAD DOMESTIC FIXED INCOME				18,687,707

COMMODITIES-9.0%
	114,537	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		1,588,628
	12,476	SPDR^®Gold Shares⁽¹⁾		2,566,563

TOTAL COMMODITIES				4,155,191

INTERNATIONAL (EX. U.S.) EQUITY-3.2%
	27,835	iShares^® MSCI ACWI ex U.S. ETF		1,486,111

TOTAL INTERNATIONAL (EX. U.S.) EQUITY				1,486,111

U.S. SECTOR FOCUSED EQUITY-13.0%
	14,252	Consumer Staples Select Sector SPDR^® Fund		1,088,283
	12,894	Energy Select Sector SPDR^® Fund		1,217,323
	29,478	Financial Select Sector SPDR^® Fund		1,241,613
	7,906	Health Care Select Sector SPDR^® Fund		1,167,953
	10,326	Industrial Select Sector SPDR^® Fund		1,300,663

TOTAL U.S. SECTOR FOCUSED EQUITY				6,015,835

U.S. SMALL AND MID CAP EQUITY-7.2%
	15,910	iShares^® Russell 2000^® ETF		3,345,873

TOTAL U.S. SMALL AND MID CAP EQUITY				3,345,873

U.S. VALUE COMPANY FOCUSED EQUITY-11.0%
	42,341	Vanguard^® Mega Cap Value ETF		5,060,173

Shares/Principal Amount			Value

TOTAL U.S. VALUE COMPANY FOCUSED EQUITY			$	5,060,173

TOTAL EXCHANGE TRADED FUNDS
(Cost $37,826,291)				43,611,779

SHORT TERM INVESTMENTS-4.9%
		Mutual Funds-4.9%
	2,251,682	Federated Hermes Government Obligations Fund, Premier Class, 7-Day Yield 5.249% (at net asset value)		2,251,682

TOTAL SHORT TERM INVESTMENTS
(Cost $2,251,682)				2,251,682

TOTAL INVESTMENTS-99.2%
(Cost $40,077,973)				45,863,461
OTHER ASSETS AND LIABILITIES-NET⁽²⁾-0.8%				378,114
NET ASSETS-100.0%			$	46,241,575


⁽¹⁾	Non-income producing security.
⁽²⁾	Assets, other than investments in securities, less liabilities.

Note	-	The categories of investments are shown as a percentage of net assets as of March 31, 2024.

Investment Abbreviations:
SPDR - Standard and Poor's Depository Receipt

See accompanying Notes to Quarterly Portfolio of Investments.

Notes to Quarterly Portfolio of Investments

March 31, 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 estimated. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services - Investment Companies.

Investment Valuation – In calculating its net asset value (NAV), the Funds generally value investments as follows:

››

Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price on their principal exchange or market.

››

Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Board of Trustees (the “Trustees”).

››

Fixed-income securities acquired with remaining maturities of 60 days or less may be valued at their cost (adjusted for the accretion of any discount or amortization of any premium).

››

Options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges.

››

Shares of other mutual funds are valued based upon their reported NAVs.

If the Funds cannot obtain a price or price evaluation from a pricing service for an investment, the Funds may attempt to value the investment based upon the mean of bid and asked quotations or fair value the investment based on price evaluations, from one or more dealers. If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, the Funds use the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Funds could purchase or sell an investment at the price used to calculate the Funds’ NAVs.

Fair Valuation and Significant Events Procedures

The Trustees have authorized the use of pricing services to provide evaluations of the current fair value of certain investments for purposes of calculating the NAV. Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers, and general market conditions. The Funds normally use mid evaluations (a price evaluation indicative of a price between the bid and asked prices for an investment) for fixed-income securities. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.

The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

››

With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures or options contracts;

››

With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets; and

››

Corporate announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.

The Funds may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Funds will determine the fair value of the investment using another method approved by the Trustees.

A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy is summarized in the three broad Levels listed below:

●

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date.

●

Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

●

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the inputs used as of March 31, 2024, in valuing the Funds’ investments carried at value:

Balanced Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	62,948,919	$	–	$	–	$	62,948,919
Corporate Bonds		–		23,954,929		–		23,954,929
U.S. Government Agency - Collateralized Mortgage Obligations		–		526,474		–		526,474
Commercial Mortgage-Backed Securities		–		1,447,923		–		1,447,923
U.S. Government Agency - Mortgage-Backed Securities		–		2,939,502		–		2,939,502
U.S. Treasury Securities		–		6,013,662		–		6,013,662
Taxable Municipal Bonds		–		2,416,841		–		2,416,841
Short Term Investments		382,763		–		–		382,763
Total	$	63,331,682	$	37,299,331	$	–	$	100,631,013

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	$	3,585,843	$	–	$	–	$	3,585,843
Corporate Bonds		–		20,567,168		–		20,567,168
U.S. Government Agency - Collateralized Mortgage Obligations		–		33,617,824		–		33,617,824
U.S. Government Agency - Mortgage-Backed Securities		–		69,861,554		–		69,861,554
U.S. Treasury Securities		–		34,344,116		–		34,344,116
Taxable Municipal Bonds		–		13,021,499		–		13,021,499
Short Term Investments		1,466,797		–		–		1,466,797
Total	$	5,052,640	$	171,412,161	$	–	$	176,464,801

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	$	–	$	84,896,264	$	–	$	84,896,264
Short Term Investments		1,763,327		–		–		1,763,327
Total	$	1,763,327	$	84,896,264	$	–	$	86,659,591

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	$	43,611,779	$	–	$	–	$	43,611,779
Short Term Investments		2,251,682		–		–		2,251,682
Total	$	45,863,461	$	–	$	–	$	45,863,461

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	$	335,139,307	$	–	$	–	$	335,139,307
Short Term Investments		970,223		–		–		970,223
Total	$	336,109,530	$	–	$	–	$	336,109,530

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	$	115,897,627	$	–	$	–	$	115,897,627
Exchange Traded Funds		1,710,408		–		–		1,710,408
Short Term Investments		616,184		–		–		616,184
Total	$	118,224,219	$	–	$	–	$	118,224,219

All securities of the Funds were valued using either Level 1 or Level 2 inputs during the nine months ended March 31, 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 Fund is informed of the ex-dividend date. Trust level expenses are allocated to each Fund based on net assets, equally across all Funds, or to a specific Fund, whichever is deemed most appropriate for a particular expense. Each Fund pays its own expenses.

Distributions of net investment income, if any, for the Small Company Fund, Large Company Fund and Tactical Opportunity Fund are declared and paid quarterly. Distributions of net investment income for the Balanced Fund are declared and paid monthly, and distributions of net investment income for the Government Bond Fund and West Virginia Municipal Bond Fund are declared daily and paid monthly. Distributions of capital gains, if any, for Small Company Fund, Large Company Fund, Balanced Fund, and Tactical Opportunity Fund are declared and paid annually.

Premium and Discount Amortization/Paydown Gains and Losses – All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.

When-Issued and Delayed Delivery Transactions – The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Restricted Securities – Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Funds will not incur any registration costs upon such resales. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

3. Derivative Instruments and Hedging Activities:

The following discloses the Funds’ use of derivative instruments and hedging activities.

The Funds’ exposure to derivative contracts and hybrid instruments, either directly or indirectly through another investment company, may involve risks different from or possibly greater than the risk associated with investing directly in a security instead of the derivative. Risks include: 1) the value of the derivative may not correlate with the value of the underlying security or may correlate inversely; 2) any potential risk reduction may be offset with gain limitations; 3) derivatives may be difficult to price; 4) possible adverse tax consequences; 5) other risks, such as but not limited to, stock market, interest rate, credit, currency, liquidity, and leverage risks.

Market Risk Factors: In pursuit of their investment objectives, certain Funds may use derivatives that increase or decrease a Fund’s exposure to the following market risk factors:

Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Interest Rate Risk: Changes in interest rates will affect the value of a Fund’s investments. In general, as interest rates rise, bond prices fall, and as interest rates fall, bond prices rise. Interest rate risk is generally greater for funds that invest a significant portion of their assets in high yield securities.

Writing Covered Call Options and Purchasing Put Options

The Funds will not write call options on securities unless the securities are held in the Fund’s portfolio or unless the Fund is entitled to them in deliverable forms without further payment or after segregating cash in the amount of any further payment.

The Funds will not purchase put options on securities unless the securities are held in the Fund’s portfolio.

Option contracts (options) - are rights to buy or sell usually a security for a specified price within a specified period. The seller of the option receives a payment, or premium, from the buyer, which the seller keeps regardless of whether the buyer uses (or exercises) the option. Options can trade on exchanges or in the over the counter (OTC) market and may be bought or sold on a wide variety of securities.

A Fund may buy and/or sell the following types of options:

Call Options

A call option gives the holder (buyer) the right to buy the underlying security from the seller (writer) of the option. A Fund may use call options in the following ways:

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Buy call options on a security in anticipation of an increase in the value of the security; and

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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:

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Buy put options on a security in anticipation of a decrease in the value of the security; and

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Write put options on a security to generate income from premiums, and in anticipation of an increase or only limited decrease in the value of the security. In writing puts, there is a risk that a Fund may be required to take delivery of the security when its current market price is lower than the exercise price.

A Fund may also buy or write options, as needed, to close out existing option positions. Finally, a Fund may enter into combinations of options contracts in an attempt to benefit from changes in the prices of those options contracts (without regard to changes in the value of the security).

4. Concentration of Risk

Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, as of March 31, 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.

Wesmark Funds NPORT-PWesMark Small Company Fund (Mar 2024 report)