| 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) |
(Zip
code) |
| Corporation
Trust Company |
| 1209
Orange Street |
| Wilmington,
Delaware 19808 |
| (Name
and address of agent for service) |
| Registrant’s
telephone number, including area code: |
304-234-9000 |
| Date
of fiscal year end: |
12/31 |
| Date
of reporting period: |
6/30/26 |
Item
1. Reports to Stockholders.
(a)
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Semi-Annual Shareholder Report June 30, 2026
This semi-annual shareholder report contains important information about WesMark Balanced Fund for the period of January 1, 2026 to June 30, 2026.
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 costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
WesMark Balanced Fund | $63 | 1.22%Footnote Reference* |
|---|
| Footnote | Description |
Footnote* | Annualized |
Table SummaryNet Assets | $103,682,085 |
|---|
Number of Portfolio Holdings | 130 |
|---|
Advisory Fee | $375,178 |
|---|
Portfolio Turnover | 10% |
|---|
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Other Assets in Excess of Liabilities | 1.4% |
U.S. Government & Agency Obligations | 0.1% |
Local | 0.3% |
Local Authority | 0.4% |
Money Market Funds | 0.5% |
Industrial | 0.5% |
Special Tax | 0.5% |
Education | 0.5% |
Materials | 0.9% |
Information Technology | 1.4% |
Mbs Passthrough | 2.1% |
U.S. Government & Agencies | 2.6% |
Real Estate | 2.8% |
Consumer Staples | 4.4% |
Utilities | 4.5% |
Energy | 5.2% |
Communications | 6.1% |
U.S. Treasury Obligations | 6.3% |
Consumer Discretionary | 6.6% |
Health Care | 8.6% |
Industrials | 11.5% |
Financials | 14.0% |
Technology | 18.8% |
What did the Fund invest in?
Top 10 Holdings (% of net assets)
Table SummaryHolding Name | % of Net Assets |
|---|
Apple, Inc. | 4.9% |
|---|
Cisco Systems, Inc. | 3.0% |
|---|
Alphabet, Inc., Class A | 2.9% |
|---|
JPMorgan Chase & Co. | 2.7% |
|---|
Microsoft Corp. | 2.7% |
|---|
Caterpillar, Inc. | 2.4% |
|---|
AbbVie, Inc. | 2.5% |
|---|
Chevron Corp. | 2.1% |
|---|
Texas Instruments, Inc. | 2.0% |
|---|
Eli Lilly & Co. | 2.0% |
|---|
* Holdings are subject to change.
Asset Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Common Stocks | 63.6% |
Corporate Bonds | 22.9% |
Money Market Funds | 0.5% |
Municipal Bonds | 1.8% |
U.S. Government & Agencies | 11.2% |
No material changes occurred during the period ended June 30, 2026.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent 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 June 30, 2026
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting
www.wesmarkfunds.com
Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.
WesMark Government Bond Fund
Semi-Annual Shareholder Report June 30, 2026
This semi-annual shareholder report contains important information about WesMark Government Bond Fund for the period of January 1, 2026 to June 30, 2026.
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 costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
WesMark Government Bond Fund | $51 | 1.03%Footnote Reference* |
|---|
| Footnote | Description |
Footnote* | Annualized |
Table SummaryNet Assets | $172,088,401 |
|---|
Number of Portfolio Holdings | 101 |
|---|
Advisory Fee | $503,489 |
|---|
Portfolio Turnover | 7% |
|---|
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Other Assets in Excess of Liabilities | 3.3% |
Money Market Funds | 0.5% |
Lease | 0.6% |
Energy | 0.6% |
Treasury | 0.6% |
Abs | 1.0% |
Cmo | 1.1% |
Health Care | 1.2% |
Cmbs | 1.6% |
Consumer Discretionary | 1.7% |
U.S. Government & Agencies | 2.3% |
Financials | 8.2% |
U.S. Treasury Obligations | 17.9% |
CMO | 21.5% |
Mbs Passthrough | 37.9% |
What did the Fund invest in?
Top 10 Holdings (% of net assets)
Table SummaryHolding Name | % of Net Assets |
|---|
FIRST TENNESSEE BANK | 2.9% |
|---|
Government National Mortgage Association, AE | 2.8% |
|---|
UMBS Freddie Mac Pool | 2.2% |
|---|
Freddie Mac Pool | 2.2% |
|---|
Fannie Mae Pool | 2.2% |
|---|
UMBS Freddie Mac Pool | 2.1% |
|---|
Fannie Mae Pool | 2.1% |
|---|
Freddie Mac Pool | 2.0% |
|---|
Fannie Mae Pool | 2.0% |
|---|
Fannie Mae Pool | 1.8% |
|---|
* Holdings are subject to change.
Asset Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Asset Backed Securities | 3.8% |
Collateralized Mortgage Obligations | 22.3% |
Corporate Bonds | 12.1% |
Money Market Funds | 0.5% |
Municipal Bonds | 0.6% |
U.S. Government & Agencies | 60.7% |
No material changes occurred during the period ended June 30, 2026.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent 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 June 30, 2026
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting
www.wesmarkfunds.com
Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.
WesMark Large Company Fund
Semi-Annual Shareholder Report June 30, 2026
This semi-annual shareholder report contains important information about WesMark Large Company Fund for the period of January 1, 2026 to June 30, 2026.
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 costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
WesMark Large Company Fund | $59 | 1.13%Footnote Reference* |
|---|
| Footnote | Description |
Footnote* | Annualized |
Table SummaryNet Assets | $363,985,654 |
|---|
Number of Portfolio Holdings | 60 |
|---|
Advisory Fee | $1,273,210 |
|---|
Portfolio Turnover | 16% |
|---|
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Other Assets in Excess of Liabilities | 1.4% |
Money Market Funds | 0.3% |
Real Estate | 1.0% |
Materials | 2.1% |
Information Technology | 2.8% |
Utilities | 2.8% |
Energy | 2.9% |
Consumer Staples | 3.9% |
Consumer Discretionary | 9.3% |
Health Care | 9.7% |
Industrials | 9.8% |
Financials | 9.9% |
Communications | 12.1% |
Technology | 32.0% |
What did the Fund invest in?
Top 10 Holdings (% of net assets)
Table SummaryHolding Name | % of Net Assets |
|---|
Alphabet, Inc., Class A | 6.7% |
|---|
Apple, Inc. | 6.0% |
|---|
NVIDIA Corp. | 5.5% |
|---|
Microsoft Corp. | 5.3% |
|---|
Amazon.com, Inc. | 4.5% |
|---|
Advanced Micro Devices, Inc. | 3.7% |
|---|
Meta Platforms, Inc., Class A | 3.1% |
|---|
Micron Technology, Inc. | 2.8% |
|---|
JPMorgan Chase & Co. | 2.5% |
|---|
Marvell Technology, Inc. | 2.4% |
|---|
* Holdings are subject to change.
Asset Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Common Stocks | 99.7% |
Money Market Funds | 0.3% |
No material changes occurred during the period ended June 30, 2026.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent 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 June 30, 2026
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting
www.wesmarkfunds.com
Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.
WesMark Small Company Fund
Semi-Annual Shareholder Report June 30, 2026
This semi-annual shareholder report contains important information about WesMark Small Company Fund for the period of January 1, 2026 to June 30, 2026.
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 costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
WesMark Small Company Fund | $66 | 1.18%Footnote Reference* |
|---|
| Footnote | Description |
Footnote* | Annualized |
Table SummaryNet Assets | $183,888,913 |
|---|
Number of Portfolio Holdings | 93 |
|---|
Advisory Fee | $606,753 |
|---|
Portfolio Turnover | 36% |
|---|
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -1.2% |
Communication Services | 1.0% |
Information Technology | 2.5% |
Real Estate | 2.6% |
Money Market Funds | 2.7% |
Consumer Staples | 3.0% |
Utilities | 4.4% |
Energy | 5.7% |
Materials | 6.3% |
Consumer Discretionary | 9.9% |
Technology | 12.3% |
Financials | 13.1% |
Health Care | 15.7% |
Industrials | 22.1% |
What did the Fund invest in?
Top 10 Holdings (% of net assets)
Table SummaryHolding Name | % of Net Assets |
|---|
Moog, Inc., Class A | 2.8% |
|---|
Federated Hermes Government Obligations Fund | 2.7% |
|---|
Granite Construction, Inc. | 2.5% |
|---|
Applied Industrial Technologies, Inc. | 2.2% |
|---|
First Bancorp | 2.1% |
|---|
Garrett Motion, Inc. | 2.1% |
|---|
Varonis Systems, Inc. | 2.0% |
|---|
Argan, Inc. | 1.9% |
|---|
Valvoline, Inc. | 1.9% |
|---|
Powell Industries, Inc. | 1.8% |
|---|
* Holdings are subject to change.
Asset Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Common Stocks | 97.4% |
Money Market Funds | 2.6% |
No material changes occurred during the period ended June 30, 2026.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent 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 June 30, 2026
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting
www.wesmarkfunds.com
Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.
WesMark Tactical Opportunity Fund
Semi-Annual Shareholder Report June 30, 2026
This semi-annual shareholder report contains important information about WesMark Tactical Opportunity Fund for the period of January 1, 2026 to June 30, 2026.
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 costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
WesMark Tactical Opportunity Fund | $69 | 1.36%Footnote Reference* |
|---|
| Footnote | Description |
Footnote* | Annualized |
Table SummaryNet Assets | $52,842,696 |
|---|
Number of Portfolio Holdings | 19 |
|---|
Advisory Fee | $191,366 |
|---|
Portfolio Turnover | 9% |
|---|
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Other Assets in Excess of Liabilities | 0.5% |
Fixed Income | 1.0% |
Money Market Funds | 1.4% |
Equity | 12.4% |
Commodity | 12.6% |
Exchange-Traded Funds | 72.1% |
What did the Fund invest in?
Top 10 Holdings (% of net assets)
Table SummaryHolding Name | % of Net Assets |
|---|
iShares Core U.S. Aggregate Bond ETF | 14.2% |
|---|
iShares iBoxx $ Investment Grade Corporate Bond ETF | 14.1% |
|---|
Vanguard Mega Cap Value ETF | 8.8% |
|---|
Ishares Msci Acwi Index Fund | 8.0% |
|---|
iShares Russell 2000 Index Fund | 6.6% |
|---|
iShares Bloomberg Roll Select Commodity Strategy | 6.3% |
|---|
SPDR® Gold Shares | 6.3% |
|---|
Vanguard Short-Term Corporate Bond ETF | 5.1% |
|---|
iShares Core S&P Small-Cap ETF | 4.8% |
|---|
Invesco S&P 500 Equal Weight ETF | 4.4% |
|---|
* Holdings are subject to change.
Asset Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Exchange-Traded Funds | 98.6% |
Money Market Funds | 1.4% |
No material changes occurred during the period ended June 30, 2026.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent 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 June 30, 2026
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting
www.wesmarkfunds.com
Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.
WesMark West Virginia Municipal Bond Fund
Semi-Annual Shareholder Report June 30, 2026
This semi-annual shareholder report contains important information about WesMark West Virginia Municipal Bond Fund for the period of January 1, 2026 to June 30, 2026.
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 costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
WesMark West Virginia Municipal Bond Fund | $56 | 1.12%Footnote Reference* |
|---|
| Footnote | Description |
Footnote* | Annualized |
Table SummaryNet Assets | $88,758,234 |
|---|
Number of Portfolio Holdings | 117 |
|---|
Advisory Fee | $261,037 |
|---|
Portfolio Turnover | 4% |
|---|
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Other Assets in Excess of Liabilities | 0.6% |
Cmo | 0.6% |
Special Tax | 1.7% |
Other | 2.9% |
State | 3.4% |
Money Market Funds | 3.8% |
Education | 4.3% |
Health Care | 5.0% |
Local | 10.8% |
Housing | 16.5% |
Lease | 21.1% |
Utilities | 29.4% |
What
did the Fund invest in?
Top 10 Holdings (% of net assets)
Table SummaryHolding Name | % of Net Assets |
|---|
Federated Hermes Government Obligations Fund | 3.8% |
|---|
Ohio County Board of Education | 3.3% |
|---|
Hancock County Board of Education | 2.5% |
|---|
Monongalia County Building Commission | 2.2% |
|---|
Mason County Public Service District Water Revenue | 2.1% |
|---|
Hampshire County Building Commission | 1.9% |
|---|
West Virginia Housing Development Fund | 1.7% |
|---|
West Virginia Economic Development Authority | 1.5% |
|---|
Morgantown Utility Board Inc | 1.5% |
|---|
West Virginia Water Development Authority | 1.3% |
|---|
* Holdings are subject to change.
Asset Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Asset Backed Securities | 0.6% |
Money Market Funds | 3.8% |
Municipal Bonds | 95.6% |
No material changes occurred during the period ended June 30, 2026.
Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent 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 June 30, 2026
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting
www.wesmarkfunds.com
Distributor, Northern Lights Distributors, LLC. Not affiliated with WesBanco.
(b) Not
applicable
Item
2. Code of Ethics. Not applicable.
Item
3. Audit Committee Financial Expert. Not applicable.
Item
4. Principal Accountant Fees and Services. Not applicable.
Item
5. Audit Committee of Listed Registrants. Not applicable to open-end investment companies.
Item
6. Investments.
The
Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.
Item
7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) Long
Form Financial Statements
Table
of Contents
| 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 |
8 |
| Balanced
Fund |
|
| Schedule
of Investments |
13 |
| Government
Bond Fund |
|
| Schedule
of Investments |
22 |
| West
Virginia Municipal Bond Fund |
|
| Schedule
of Investments |
27 |
| Tactical
Opportunity Fund |
|
| Schedule
of Investments |
32 |
| Statements
of Assets and Liabilities |
34 |
| Statements
of Operations |
35 |
| Statements
of Changes in Net Assets |
36 |
| Financial
Highlights |
42 |
| Notes
to Financial Statements and Financial Highlights |
48 |
| Additional
Information |
56 |
| Item
8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
56 |
| Item
9 – Proxy Disclosures for Open-End Management Investment Companies |
56 |
| Item
10 – Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies |
56 |
| Item
11 – Statement Regarding Basis for Approval of Investment Advisory Contract |
56 |
| |
|
| Semi-Annual
Report » June 30, 2026 |
 |
ITEM
7 – Financial Statements and Financial Highlights
for Open-End Management Investment Companies
| WESMARK
SMALL COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 98.5% |
|
|
|
|
| |
|
|
|
AEROSPACE & DEFENSE - 3.0% |
|
|
|
|
| |
86,887 |
|
|
Butler National Corporation(a) |
|
$ |
362,319 |
|
| |
12,000 |
|
|
Moog, Inc., Class A |
|
|
5,086,080 |
|
| |
|
|
|
|
|
|
5,448,399 |
|
| |
|
|
|
AUTO COMPONENTS - 2.1% |
|
|
|
|
| |
105,000 |
|
|
Garrett Motion, Inc. |
|
|
3,804,150 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
BANKS - 2.0% |
|
|
|
|
| |
23,300 |
|
|
Lakeland Financial Corp. |
|
|
1,438,076 |
|
| |
36,900 |
|
|
Unity Bancorp, Inc. |
|
|
2,165,661 |
|
| |
|
|
|
|
|
|
3,603,737 |
|
| |
|
|
|
BEVERAGES - 0.4% |
|
|
|
|
| |
23,000 |
|
|
National Beverage
Corporation(a) |
|
|
717,600 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
BIOTECH & PHARMA - 2.2% |
|
|
|
|
| |
62,700 |
|
|
Nurix Therapeutics, Inc.(a) |
|
|
1,521,102 |
|
| |
14,000 |
|
|
Tarsus Pharmaceuticals, Inc.(a) |
|
|
881,160 |
|
| |
24,400 |
|
|
TransMedics Group,
Inc.(a) |
|
|
1,620,648 |
|
| |
|
|
|
|
|
|
4,022,910 |
|
| |
|
|
|
BIOTECHNOLOGY - 6.5% |
|
|
|
|
| |
78,200 |
|
|
ACADIA Pharmaceuticals, Inc.(a) |
|
|
1,978,460 |
|
| |
81,100 |
|
|
Arcutis Biotherapeutics, Inc.(a) |
|
|
2,126,442 |
|
| |
22,300 |
|
|
CG oncology, Inc.(a) |
|
|
1,584,415 |
|
| |
39,700 |
|
|
Ideaya Biosciences, Inc.(a) |
|
|
1,479,619 |
|
| |
64,000 |
|
|
Intellia Therapeutics, Inc.(a) |
|
|
1,082,880 |
|
| |
110,300 |
|
|
Kyverna Therapeutics Inc(a) |
|
|
982,773 |
|
| |
37,000 |
|
|
Syndax Pharmaceuticals, Inc.(a) |
|
|
808,820 |
|
| |
50,800 |
|
|
Viking Therapeutics,
Inc.(a) |
|
|
1,981,708 |
|
| |
|
|
|
|
|
|
12,025,117 |
|
| |
|
|
|
BUILDING PRODUCTS - 3.2% |
|
|
|
|
| |
8,797 |
|
|
Armstrong World Industries, Inc. |
|
|
1,411,215 |
|
| |
55,328 |
|
|
Gibraltar Industries, Inc.(a) |
|
|
2,495,293 |
|
| |
39,381 |
|
|
Trex Company, Inc.(a) |
|
|
1,970,625 |
|
| |
|
|
|
|
|
|
5,877,133 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
SMALL COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 98.5% (Continued) |
|
|
|
|
| |
|
|
|
CAPITAL MARKETS - 1.0% |
|
|
|
|
| |
11,704 |
|
|
PJT Partners, Inc., Class A |
|
$ |
1,766,602 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
CHEMICALS - 1.9% |
|
|
|
|
| |
24,800 |
|
|
H.B. Fuller Company |
|
|
1,445,592 |
|
| |
14,850 |
|
|
Hawkins, Inc. |
|
|
2,110,185 |
|
| |
|
|
|
|
|
|
3,555,777 |
|
| |
|
|
|
COMMERCIAL SERVICES & SUPPLIES - 0.7% |
|
|
|
|
| |
28,938 |
|
|
ABM Industries, Inc. |
|
|
1,280,217 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
CONSTRUCTION & ENGINEERING - 6.5% |
|
|
|
|
| |
4,550 |
|
|
Argan, Inc. |
|
|
3,633,403 |
|
| |
78,000 |
|
|
Centuri Holdings, Inc.(a) |
|
|
2,358,720 |
|
| |
28,922 |
|
|
Granite Construction, Inc. |
|
|
4,571,989 |
|
| |
18,800 |
|
|
Limbach Holdings,
Inc.(a) |
|
|
1,447,600 |
|
| |
|
|
|
|
|
|
12,011,712 |
|
| |
|
|
|
CONSTRUCTION MACHINERY EQUIPMENT - 1.3% |
|
|
|
|
| |
48,400 |
|
|
Atmus Filtration Tech |
|
|
2,467,916 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
CONTAINERS & PACKAGING - 0.8% |
|
|
|
|
| |
18,839 |
|
|
Greif, Inc., Class A |
|
|
1,403,317 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
ELECTRIC UTILITIES - 1.0% |
|
|
|
|
| |
36,500 |
|
|
Portland General Electric Company |
|
|
1,891,795 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
ELECTRICAL EQUIPMENT - 2.4% |
|
|
|
|
| |
102,200 |
|
|
NuScale Power Corporation(a) |
|
|
1,025,066 |
|
| |
11,900 |
|
|
Powell Industries, Inc. |
|
|
3,407,684 |
|
| |
|
|
|
|
|
|
4,432,750 |
|
| |
|
|
|
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.1% |
|
|
|
|
| |
17,800 |
|
|
Belden, Inc. |
|
|
2,134,398 |
|
| |
37,700 |
|
|
Cognex Corporation |
|
|
2,730,234 |
|
| |
12,327 |
|
|
OSI Systems, Inc.(a) |
|
|
2,695,915 |
|
| |
|
|
|
|
|
|
7,560,547 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
SMALL COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 98.5% (Continued) |
|
|
|
|
| |
|
|
|
ENTERTAINMENT - 1.0% |
|
|
|
|
| |
44,600 |
|
|
IMAX
Corporation(a) |
|
$ |
1,777,756 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
FOOD - 0.4% |
|
|
|
|
| |
70,000 |
|
|
Vital Farms, Inc.
Com(a) |
|
|
814,100 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
FOOD PRODUCTS - 2.2% |
|
|
|
|
| |
171,000 |
|
|
Mama’s Creations Incorporated 144A(a),(b) |
|
|
3,052,350 |
|
| |
68,500 |
|
|
Simply Good Foods
Company (The)(a) |
|
|
909,680 |
|
| |
|
|
|
|
|
|
3,962,030 |
|
| |
|
|
|
HEALTH CARE EQUIPMENT & SUPPLIES - 2.9% |
|
|
|
|
| |
25,500 |
|
|
Haemonetics Corporation(a) |
|
|
1,912,500 |
|
| |
16,318 |
|
|
Integer Holdings Corporation(a) |
|
|
1,524,917 |
|
| |
19,800 |
|
|
LeMaitre Vascular, Inc. |
|
|
1,900,008 |
|
| |
|
|
|
|
|
|
5,337,425 |
|
| |
|
|
|
HEALTH CARE FACILITIES & SERVICES - 1.4% |
|
|
|
|
| |
77,000 |
|
|
Aveanna Healthcare Holdings, Inc.(a) |
|
|
659,890 |
|
| |
66,449 |
|
|
Concentra Group Holdings Parent, Inc. |
|
|
1,976,858 |
|
| |
|
|
|
|
|
|
2,636,748 |
|
| |
|
|
|
HOME BUILDING - 1.0% |
|
|
|
|
| |
66,500 |
|
|
Beazer Homes USA,
Inc.(a) |
|
|
1,865,325 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
HOTELS & RESORTS - 0.9% |
|
|
|
|
| |
32,122 |
|
|
Hilton Grand Vacations,
Inc.(a) |
|
|
1,682,229 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
HOTELS, RESTAURANTS & LEISURE - 0.5% |
|
|
|
|
| |
16,000 |
|
|
Shake Shack, Inc.,
Class A(a) |
|
|
896,320 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.4% |
|
|
|
|
| |
23,800 |
|
|
Ormat Technologies, Inc. |
|
|
2,591,820 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
INFORMATION TECHNOLOGY - 0.7% |
|
|
|
|
| |
81,400 |
|
|
Schrodinger, Inc.
LLC(a) |
|
|
1,322,750 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
SMALL COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 98.5% (Continued) |
|
|
|
|
| |
|
|
|
INSTITUTIONAL FINANCIAL SERVICES - 1.1% |
|
|
|
|
| |
124,000 |
|
|
Perella Weinberg Partners |
|
$ |
1,979,040 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
INSURANCE - 0.8% |
|
|
|
|
| |
32,000 |
|
|
Goosehead Insurance,
Inc., Class A(a) |
|
|
1,552,000 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
IT SERVICES - 0.9% |
|
|
|
|
| |
90,000 |
|
|
Fastly, Inc., Class
A(a) |
|
|
1,652,400 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
MACHINERY - 2.1% |
|
|
|
|
| |
50,550 |
|
|
Kennametal, Inc. |
|
|
1,771,778 |
|
| |
79,751 |
|
|
Mueller Water Products, Inc., Class A |
|
|
2,059,968 |
|
| |
|
|
|
|
|
|
3,831,746 |
|
| |
|
|
|
MEDICAL EQUIPMENT & DEVICES - 0.7% |
|
|
|
|
| |
139,600 |
|
|
Bioventus, Inc.(a) |
|
|
1,317,824 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
METALS & MINING - 1.7% |
|
|
|
|
| |
8,200 |
|
|
Materion Corporation |
|
|
2,438,598 |
|
| |
18,000 |
|
|
Mayville Engineering
Company, Inc.(a) |
|
|
674,280 |
|
| |
|
|
|
|
|
|
3,112,878 |
|
| |
|
|
|
MULTI-UTILITIES - 1.3% |
|
|
|
|
| |
56,400 |
|
|
Avista Corporation |
|
|
2,307,324 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
OIL & GAS EXPLORATION & PRODUCTION - 5.0% |
|
|
|
|
| |
140,049 |
|
|
Comstock Resources, Inc.(a) |
|
|
2,089,531 |
|
| |
9,900 |
|
|
Gulport Energy Corp.(a) |
|
|
1,680,030 |
|
| |
79,538 |
|
|
Magnolia Oil & Gas Corporation, Class A |
|
|
2,034,582 |
|
| |
48,994 |
|
|
Matador Resources Company |
|
|
2,438,921 |
|
| |
48,500 |
|
|
Northern Oil and Gas, Inc. |
|
|
880,275 |
|
| |
|
|
|
|
|
|
9,123,339 |
|
| |
|
|
|
PHARMACEUTICALS - 2.0% |
|
|
|
|
| |
8,800 |
|
|
Axsome Therapeutics, Inc.(a) |
|
|
2,153,976 |
|
| |
149,000 |
|
|
Ocular Therapeutix,
Inc.(a) |
|
|
1,463,180 |
|
| |
|
|
|
|
|
|
3,617,156 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
SMALL COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 98.5% (Continued) |
|
|
|
|
| |
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 2.6% |
|
|
|
|
| |
103,200 |
|
|
Broadstone Net Lease, Inc. |
|
$ |
2,133,144 |
|
| |
46,985 |
|
|
Sabra Health Care REIT, Inc. |
|
|
916,677 |
|
| |
51,100 |
|
|
Smartstop Self Storage REIT, Inc. |
|
|
1,660,750 |
|
| |
|
|
|
|
|
|
4,710,571 |
|
| |
|
|
|
REGIONAL BANKS - 8.2% |
|
|
|
|
| |
27,827 |
|
|
Ameris Bancorp |
|
|
2,511,665 |
|
| |
62,700 |
|
|
Atlantic Union Bancshares Corporation |
|
|
2,652,837 |
|
| |
29,969 |
|
|
Banner Corporation |
|
|
1,991,140 |
|
| |
60,108 |
|
|
First Bancorp |
|
|
3,842,705 |
|
| |
94,400 |
|
|
Simmons First National Corporation, Class A |
|
|
2,138,160 |
|
| |
58,400 |
|
|
United Community Banks, Inc. |
|
|
2,049,256 |
|
| |
|
|
|
|
|
|
15,185,763 |
|
| |
|
|
|
RENEWABLE ENERGY - 0.7% |
|
|
|
|
| |
228,500 |
|
|
Eos Energy Enterprises,
Inc.(a) |
|
|
1,343,580 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
RESTAURANTS - 1.9% |
|
|
|
|
| |
32,600 |
|
|
Kura Sushi USA, Inc.(a) |
|
|
1,876,456 |
|
| |
8,800 |
|
|
Wingstop, Inc. |
|
|
1,526,008 |
|
| |
|
|
|
|
|
|
3,402,464 |
|
| |
|
|
|
ROAD & RAIL - 1.4% |
|
|
|
|
| |
59,089 |
|
|
Covenant Transportation Group, Inc., Class A |
|
|
2,610,552 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8% |
|
|
|
|
| |
10,500 |
|
|
Ambarella, Inc.(a) |
|
|
900,900 |
|
| |
12,800 |
|
|
Axcelis Technologies,
Inc.(a) |
|
|
2,424,960 |
|
| |
|
|
|
|
|
|
3,325,860 |
|
| |
|
|
|
SOFTWARE - 6.3% |
|
|
|
|
| |
54,500 |
|
|
Arteris, Inc.(a) |
|
|
2,648,155 |
|
| |
179,900 |
|
|
SentinelOne, Inc., Class A(a) |
|
|
3,052,903 |
|
| |
59,500 |
|
|
Teradata Corporation(a) |
|
|
2,061,675 |
|
| |
88,200 |
|
|
Varonis Systems,
Inc.(a) |
|
|
3,700,872 |
|
| |
|
|
|
|
|
|
11,463,605 |
|
| |
|
|
|
SPECIALTY RETAIL - 4.6% |
|
|
|
|
| |
20,000 |
|
|
Abercrombie & Fitch Company, Class
A(a) |
|
|
1,800,200 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
SMALL COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 98.5% (Continued) |
|
|
|
|
| |
|
|
|
SPECIALTY RETAIL - 4.6% (Continued) |
|
|
|
|
| |
37,900 |
|
|
Advance Auto Parts, Inc. |
|
$ |
2,358,138 |
|
| |
5,900 |
|
|
Boot Barn Holdings, Inc.(a) |
|
|
969,193 |
|
| |
87,800 |
|
|
Valvoline, Inc.(a) |
|
|
3,471,612 |
|
| |
|
|
|
|
|
|
8,599,143 |
|
| |
|
|
|
TECHNOLOGY SERVICES - 1.0% |
|
|
|
|
| |
95,000 |
|
|
Klarna Group plc(a) |
|
|
1,922,800 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TRADING COMPANIES & DISTRIBUTORS - 2.2% |
|
|
|
|
| |
12,005 |
|
|
Applied Industrial Technologies, Inc. |
|
|
4,059,491 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
WATER UTILITIES - 0.7% |
|
|
|
|
| |
22,400 |
|
|
SJW Group |
|
|
1,361,248 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL COMMON STOCKS (Cost $127,742,920) |
|
|
181,234,966 |
|
| |
|
|
|
|
|
|
|
|
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
SHORT-TERM INVESTMENTS — 2.7% |
|
|
|
|
| |
|
|
|
MONEY MARKET FUNDS - 2.7% |
|
|
|
|
| |
4,907,228 |
|
|
Federated Hermes
Government Obligations Fund, , 3.54% (Cost $4,907,228)(c) |
|
|
4,907,228 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL INVESTMENTS - 101.2% (Cost $132,650,148) |
|
$ |
186,142,194 |
|
| |
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS -
(1.2)% |
|
|
(2,253,281 |
) |
| |
|
|
|
NET ASSETS - 100.0% |
|
$ |
183,888,913 |
|
| |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
(b) |
Security exempt from registration
under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2026 the total market value of 144A securities is 3,052,350 or 1.7% of net assets. |
|
(c) |
Rate disclosed is the seven day effective
yield as of June 30, 2026. |
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
LARGE COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 98.3% |
|
|
|
|
| |
|
|
|
AEROSPACE & DEFENSE - 2.5% |
|
|
|
|
| |
10,300 |
|
|
Honeywell Aerospace Inc.(a) |
|
$ |
2,277,124 |
|
| |
35,300 |
|
|
Raytheon Technologies Corp. |
|
|
6,697,469 |
|
| |
|
|
|
|
|
|
8,974,593 |
|
| |
|
|
|
APPAREL & TEXTILE PRODUCTS - 0.7% |
|
|
|
|
| |
68,882 |
|
|
On Holding A.G.(a) |
|
|
2,439,800 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
ASSET MANAGEMENT - 1.0% |
|
|
|
|
| |
32,000 |
|
|
Apollo Global Management Inc. |
|
|
3,785,920 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
AUTOMOBILES - 2.3% |
|
|
|
|
| |
19,900 |
|
|
Tesla, Inc.(a) |
|
|
8,369,940 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
BANKS - 5.2% |
|
|
|
|
| |
74,000 |
|
|
Bank of America Corporation |
|
|
4,216,520 |
|
| |
101,900 |
|
|
Fifth Third Bancorp |
|
|
5,744,103 |
|
| |
28,130 |
|
|
JPMorgan Chase & Co. |
|
|
9,207,792 |
|
| |
|
|
|
|
|
|
19,168,415 |
|
| |
|
|
|
BEVERAGES - 0.7% |
|
|
|
|
| |
88,000 |
|
|
Celsius Holdings,
Inc.(a) |
|
|
2,576,640 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
BIOTECHNOLOGY - 5.0% |
|
|
|
|
| |
22,978 |
|
|
AbbVie, Inc. |
|
|
5,782,186 |
|
| |
18,624 |
|
|
Amgen, Inc. |
|
|
6,744,123 |
|
| |
54,000 |
|
|
Exelixis, Inc.(a) |
|
|
2,938,140 |
|
| |
17,000 |
|
|
Neurocrine Biosciences,
Inc.(a) |
|
|
2,865,095 |
|
| |
|
|
|
|
|
|
18,329,544 |
|
| |
|
|
|
CAPITAL MARKETS - 1.9% |
|
|
|
|
| |
28,000 |
|
|
Charles Schwab Corp. (The) |
|
|
2,583,560 |
|
| |
20,321 |
|
|
Morgan Stanley |
|
|
4,247,902 |
|
| |
|
|
|
|
|
|
6,831,462 |
|
| |
|
|
|
CHEMICALS - 1.1% |
|
|
|
|
| |
31,455 |
|
|
PPG Industries, Inc. |
|
|
3,815,177 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
LARGE COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 98.3% (Continued) |
|
|
|
|
| |
|
|
|
COMMUNICATIONS EQUIPMENT - 3.0% |
|
|
|
|
| |
31,000 |
|
|
Cisco Systems, Inc. |
|
$ |
3,641,260 |
|
| |
21,800 |
|
|
Palo Alto Networks,
Inc.(a) |
|
|
7,434,236 |
|
| |
|
|
|
|
|
|
11,075,496 |
|
| |
|
|
|
ELECTRICAL EQUIPMENT - 1.1% |
|
|
|
|
| |
5,100 |
|
|
Bloom Energy Corp., Class A(a) |
|
|
1,543,770 |
|
| |
10,300 |
|
|
Honeywell International, Inc. |
|
|
2,306,170 |
|
| |
|
|
|
|
|
|
3,849,940 |
|
| |
|
|
|
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.2% |
|
|
|
|
| |
24,000 |
|
|
Amphenol Corporation, Class A |
|
|
4,231,680 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
ENERGY EQUIPMENT & SERVICES - 1.2% |
|
|
|
|
| |
126,000 |
|
|
Halliburton Company |
|
|
4,277,700 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.0% |
|
|
|
|
| |
80,500 |
|
|
National Retail Properties, Inc. |
|
|
3,745,665 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
FINANCIAL SERVICES - 1.8% |
|
|
|
|
| |
6,669 |
|
|
BlackRock, Inc. |
|
|
6,412,644 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
FOOD & STAPLES RETAILING - 1.9% |
|
|
|
|
| |
37,800 |
|
|
Sprouts Farmers Market, Inc.(a) |
|
|
3,197,124 |
|
| |
31,700 |
|
|
Walmart, Inc. |
|
|
3,590,342 |
|
| |
|
|
|
|
|
|
6,787,466 |
|
| |
|
|
|
GAS & WATER UTILITIES - 0.9% |
|
|
|
|
| |
24,662 |
|
|
American Water Works Company, Inc. |
|
|
3,245,026 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
HEALTH CARE EQUIPMENT & SUPPLIES - 1.2% |
|
|
|
|
| |
11,000 |
|
|
Intuitive Surgical,
Inc.(a) |
|
|
4,374,480 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
HOTELS & RESORTS - 1.0% |
|
|
|
|
| |
9,400 |
|
|
Marriott International, Inc., Class A |
|
|
3,483,546 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
LARGE COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 98.3% (Continued) |
|
|
|
|
| |
|
|
|
HOUSEHOLD PRODUCTS - 1.3% |
|
|
|
|
| |
33,107 |
|
|
Procter & Gamble Co. (The) |
|
$ |
4,854,810 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
INTERACTIVE MEDIA & SERVICES - 8.8% |
|
|
|
|
| |
69,000 |
|
|
Amazon.com, Inc.(a) |
|
|
16,445,460 |
|
| |
20,300 |
|
|
Meta Platforms, Inc., Class A |
|
|
11,434,787 |
|
| |
58,300 |
|
|
Netflix, Inc.(a) |
|
|
4,162,620 |
|
| |
|
|
|
|
|
|
32,042,867 |
|
| |
|
|
|
INTERNET MEDIA & SERVICES - 6.7% |
|
|
|
|
| |
67,860 |
|
|
Alphabet, Inc., Class A |
|
|
24,251,129 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
INTERNET SOFTWARE & SERVICES - 1.8% |
|
|
|
|
| |
27,600 |
|
|
Shopify, Inc., Class A(a) |
|
|
3,151,368 |
|
| |
7,426 |
|
|
Spotify Technology
S.A.(a) |
|
|
3,409,499 |
|
| |
|
|
|
|
|
|
6,560,867 |
|
| |
|
|
|
LIFE SCIENCES TOOLS & SERVICES - 1.6% |
|
|
|
|
| |
11,829 |
|
|
Thermo Fisher Scientific, Inc. |
|
|
5,930,587 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
MACHINERY - 4.5% |
|
|
|
|
| |
10,164 |
|
|
Deere & Company |
|
|
6,447,330 |
|
| |
22,400 |
|
|
Dover Corporation |
|
|
5,023,872 |
|
| |
5,450 |
|
|
Parker-Hannifin Corporation |
|
|
5,330,754 |
|
| |
|
|
|
|
|
|
16,801,956 |
|
| |
|
|
|
METALS & MINING - 1.0% |
|
|
|
|
| |
60,000 |
|
|
Freeport-McMoRan, Inc. |
|
|
3,773,400 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
MULTI-UTILITIES - 0.9% |
|
|
|
|
| |
72,300 |
|
|
NiSource, Inc. |
|
|
3,437,865 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
OIL & GAS EXPLORATION & PRODUCTION - 1.7% |
|
|
|
|
| |
16,800 |
|
|
Chevron Corp. |
|
|
2,784,768 |
|
| |
19,000 |
|
|
Diamondback Energy, Inc. |
|
|
3,339,820 |
|
| |
|
|
|
|
|
|
6,124,588 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
LARGE COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 98.3% (Continued) |
|
|
|
|
| |
|
|
|
PASSENGER TRANSPORTATION - 1.1% |
|
|
|
|
| |
56,800 |
|
|
Uber
Technologies, Inc.(a) |
|
$ |
4,098,688 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
PHARMACEUTICALS - 1.9% |
|
|
|
|
| |
5,700 |
|
|
Eli Lilly & Co. |
|
|
6,836,751 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
RESTAURANTS - 0.8% |
|
|
|
|
| |
39,100 |
|
|
Cava Group, Inc.(a) |
|
|
3,068,568 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
SEMICONDUCTORS - 16.8% |
|
|
|
|
| |
23,268 |
|
|
Advanced Micro Devices, Inc.(a) |
|
|
13,516,614 |
|
| |
22,840 |
|
|
Broadcom, Inc. |
|
|
8,627,810 |
|
| |
29,992 |
|
|
Marvell Technology, Inc. |
|
|
8,934,317 |
|
| |
8,700 |
|
|
Micron Technology, Inc. |
|
|
10,042,323 |
|
| |
99,304 |
|
|
NVIDIA Corp. |
|
|
19,869,738 |
|
| |
|
|
|
|
|
|
60,990,802 |
|
| |
|
|
|
SOFTWARE - 7.2% |
|
|
|
|
| |
87,000 |
|
|
Figma, Inc., Class A(a) |
|
|
1,573,830 |
|
| |
51,564 |
|
|
Microsoft Corp. |
|
|
19,234,404 |
|
| |
14,000 |
|
|
Oracle Corporation |
|
|
2,051,700 |
|
| |
13,000 |
|
|
Snowflake, Inc.,
Class A(a) |
|
|
3,308,500 |
|
| |
|
|
|
|
|
|
26,168,434 |
|
| |
|
|
|
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.0% |
|
|
|
|
| |
75,500 |
|
|
Apple, Inc. |
|
|
21,846,680 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TRANSPORTATION & LOGISTICS - 0.5% |
|
|
|
|
| |
7,200 |
|
|
Union Pacific Corporation |
|
|
1,958,400 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
UTILITY COMPANY - 1.0% |
|
|
|
|
| |
27,800 |
|
|
Duke Energy Corporation |
|
|
3,518,924 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL COMMON STOCKS (Cost $172,344,590) |
|
|
358,040,450 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
LARGE COMPANY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
SHORT-TERM INVESTMENT — 0.3% |
|
|
|
|
| |
|
|
|
MONEY MARKET FUND - 0.3% |
|
|
|
|
| |
980,267 |
|
|
Federated
Hermes Government Obligations Fund, 3.54% (Cost $980,267)(b) |
|
$ |
980,267 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL INVESTMENTS - 98.6% (Cost $173,324,857) |
|
$ |
359,020,717 |
|
| |
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES -
1.4% |
|
|
4,964,937 |
|
| |
|
|
|
NET ASSETS - 100.0% |
|
$ |
363,985,654 |
|
| |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
(b) |
Rate disclosed is the seven day effective
yield as of June 30, 2026. |
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
BALANCED FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 62.7% |
|
|
|
|
| |
|
|
|
AEROSPACE & DEFENSE - 0.8% |
|
|
|
|
| |
2,800 |
|
|
L3Harris Technologies, Inc. |
|
$ |
813,652 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
ASSET MANAGEMENT - 0.7% |
|
|
|
|
| |
19,000 |
|
|
TPG, Inc. |
|
|
770,450 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
BANKS - 6.4% |
|
|
|
|
| |
14,000 |
|
|
Bank of America Corporation |
|
|
797,720 |
|
| |
8,709 |
|
|
JPMorgan Chase & Co. |
|
|
2,850,716 |
|
| |
5,225 |
|
|
PNC Financial Services Group, Inc. (The) |
|
|
1,286,500 |
|
| |
26,809 |
|
|
U.S. Bancorp |
|
|
1,619,264 |
|
| |
|
|
|
|
|
|
6,554,200 |
|
| |
|
|
|
BEVERAGES - 1.1% |
|
|
|
|
| |
8,636 |
|
|
PepsiCo, Inc. |
|
|
1,169,314 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
BIOTECHNOLOGY - 2.5% |
|
|
|
|
| |
10,150 |
|
|
AbbVie, Inc. |
|
|
2,554,146 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
BUILDING PRODUCTS - 0.7% |
|
|
|
|
| |
10,500 |
|
|
Carrier Global Corporation |
|
|
770,175 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
CABLE & SATELLITE - 0.8% |
|
|
|
|
| |
33,000 |
|
|
Comcast Corp., Class A |
|
|
810,150 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
CAPITAL MARKETS - 2.3% |
|
|
|
|
| |
7,600 |
|
|
Charles Schwab Corp. (The) |
|
|
701,252 |
|
| |
1,700 |
|
|
Goldman Sachs Group, Inc. (The) |
|
|
1,719,329 |
|
| |
|
|
|
|
|
|
2,420,581 |
|
| |
|
|
|
COMMUNICATIONS EQUIPMENT - 3.0% |
|
|
|
|
| |
26,400 |
|
|
Cisco Systems, Inc. |
|
|
3,100,944 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
BALANCED FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 62.7% (Continued) |
|
|
|
|
| |
|
|
|
ELECTRIC UTILITIES - 0.9% |
|
|
|
|
| |
14,099 |
|
|
Dominion Energy, Inc. |
|
$ |
962,821 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
ELECTRICAL EQUIPMENT - 0.9% |
|
|
|
|
| |
2,100 |
|
|
Eaton Corp., PLC |
|
|
894,852 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7% |
|
|
|
|
| |
4,900 |
|
|
Mid-America Apartment Communities, Inc. |
|
|
680,806 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
FOOD & STAPLES RETAILING - 1.9% |
|
|
|
|
| |
16,487 |
|
|
Walmart, Inc. |
|
|
1,867,318 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
FOOD PRODUCTS - 0.5% |
|
|
|
|
| |
40,500 |
|
|
Conagra Brands, Inc. |
|
|
545,130 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
INTERACTIVE MEDIA & SERVICES - 2.4% |
|
|
|
|
| |
3,470 |
|
|
Meta Platforms, Inc., Class A |
|
|
1,954,616 |
|
| |
7,800 |
|
|
Netflix, Inc.(a) |
|
|
556,920 |
|
| |
|
|
|
|
|
|
2,511,536 |
|
| |
|
|
|
INTERNET & DIRECT MARKETING RETAIL - 1.3% |
|
|
|
|
| |
5,500 |
|
|
Amazon.com, Inc.(a) |
|
|
1,310,870 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
INTERNET MEDIA & SERVICES - 2.9% |
|
|
|
|
| |
8,300 |
|
|
Alphabet, Inc., Class A |
|
|
2,966,171 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
IT SERVICES - 1.2% |
|
|
|
|
| |
4,400 |
|
|
International Business Machines Corporation |
|
|
1,237,324 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
MACHINERY - 4.1% |
|
|
|
|
| |
2,400 |
|
|
Caterpillar, Inc. |
|
|
2,555,760 |
|
| |
1,599 |
|
|
Deere & Company |
|
|
1,014,294 |
|
| |
6,000 |
|
|
Xylem, Inc. |
|
|
709,260 |
|
| |
|
|
|
|
|
|
4,279,314 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
BALANCED FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 62.7% (Continued) |
|
|
|
|
| |
|
|
|
METALS & MINING - 0.9% |
|
|
|
|
| |
15,000 |
|
|
Freeport-McMoRan, Inc. |
|
$ |
943,350 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
OIL & GAS EXPLORATION & PRODUCTION - 3.0% |
|
|
|
|
| |
13,163 |
|
|
Chevron Corp. |
|
|
2,181,899 |
|
| |
7,299 |
|
|
EOG Resources, Inc. |
|
|
946,899 |
|
| |
|
|
|
|
|
|
3,128,798 |
|
| |
|
|
|
PHARMACEUTICALS - 4.6% |
|
|
|
|
| |
1,721 |
|
|
Eli Lilly & Co. |
|
|
2,064,219 |
|
| |
4,600 |
|
|
Johnson & Johnson |
|
|
1,168,262 |
|
| |
12,456 |
|
|
Merck & Co., Inc. |
|
|
1,600,596 |
|
| |
|
|
|
|
|
|
4,833,077 |
|
| |
|
|
|
REAL ESTATE INVESTMENT TRUSTS - 1.1% |
|
|
|
|
| |
2,600 |
|
|
American Tower Corp. |
|
|
425,282 |
|
| |
4,400 |
|
|
Digital Realty Trust, Inc. |
|
|
790,152 |
|
| |
|
|
|
|
|
|
1,215,434 |
|
| |
|
|
|
SEMICONDUCTORS - 3.0% |
|
|
|
|
| |
3,600 |
|
|
Marvell Technology, Inc. |
|
|
1,072,404 |
|
| |
7,000 |
|
|
Texas Instruments, Inc. |
|
|
2,086,490 |
|
| |
|
|
|
|
|
|
3,158,894 |
|
| |
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0% |
|
|
|
|
| |
1,700 |
|
|
Broadcom, Inc. |
|
|
642,175 |
|
| |
1,300 |
|
|
Micron Technology, Inc. |
|
|
1,500,577 |
|
| |
|
|
|
|
|
|
2,142,752 |
|
| |
|
|
|
SOFTWARE - 3.0% |
|
|
|
|
| |
7,440 |
|
|
Microsoft Corp. |
|
|
2,775,269 |
|
| |
2,500 |
|
|
Oracle Corporation |
|
|
366,375 |
|
| |
|
|
|
|
|
|
3,141,644 |
|
| |
|
|
|
SPECIALTY RETAIL - 3.2% |
|
|
|
|
| |
4,314 |
|
|
Dick’s Sporting Goods, Inc. |
|
|
978,458 |
|
| |
7,773 |
|
|
Lowe’s Cos., Inc. |
|
|
1,713,869 |
|
| |
4,200 |
|
|
TJX Cos., Inc. (The) |
|
|
636,300 |
|
| |
|
|
|
|
|
|
3,328,627 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
BALANCED FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
COMMON STOCKS — 62.7% (Continued) |
|
|
|
|
| |
|
|
|
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.0% |
|
|
|
|
| |
17,411 |
|
|
Apple, Inc. |
|
$ |
5,038,046 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TECHNOLOGY SERVICES - 0.6% |
|
|
|
|
| |
14,500 |
|
|
PayPal Holdings, Inc. |
|
|
626,110 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
UTILITY COMPANY - 1.2% |
|
|
|
|
| |
9,886 |
|
|
Duke Energy Corporation |
|
|
1,251,370 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL COMMON STOCKS (Cost $33,544,313) |
|
|
65,027,856 |
|
| |
|
|
|
|
|
|
|
|
| Principal |
|
|
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
Spread |
|
(%) |
|
Maturity |
|
|
|
| |
|
|
|
CORPORATE BONDS — 22.5% |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
ASSET MANAGEMENT — 0.7% |
|
|
|
|
|
|
|
|
|
|
| |
250,000 |
|
|
Blackrock Inc |
|
|
|
2.4000 |
|
04/30/30 |
|
|
231,550 |
|
| |
500,000 |
|
|
Charles Schwab Corporation
(The)(b) |
|
SOFRRATE + 250.000% |
|
5.8530 |
|
05/19/34 |
|
|
522,649 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
754,199 |
|
| |
|
|
|
AUTOMOTIVE — 0.5% |
|
|
|
|
|
|
|
|
|
|
| |
550,000 |
|
|
American Honda Finance Corp |
|
|
|
1.8000 |
|
01/13/31 |
|
|
482,420 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
BANKING — 1.1% |
|
|
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Morgan Stanley Private Bank(b) |
|
SOFRRATE + 108.000% |
|
4.7340 |
|
07/18/31 |
|
|
497,854 |
|
| |
150,000 |
|
|
PNC Bank National Association |
|
|
|
2.7000 |
|
10/22/29 |
|
|
140,974 |
|
| |
500,000 |
|
|
PNC Financial Services
Group Inc/The(b) |
|
|
|
6.8750 |
|
10/20/34 |
|
|
552,213 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
1,191,041 |
|
| |
|
|
|
BIOTECH & PHARMA — 0.9% |
|
|
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
AbbVie Inc(c) |
|
|
|
3.2000 |
|
11/21/29 |
|
|
478,867 |
|
| |
175,000 |
|
|
Abbvie, Inc. |
|
|
|
4.5500 |
|
03/15/35 |
|
|
169,787 |
|
| |
139,684 |
|
|
Bristol-Myers Squibb Company |
|
|
|
3.9000 |
|
02/20/28 |
|
|
138,964 |
|
| |
175,000 |
|
|
GlaxoSmithKline Capital, Inc. |
|
|
|
6.3750 |
|
05/15/38 |
|
|
192,745 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
980,363 |
|
| |
|
|
|
COMMERCIAL SUPPORT SERVICES — 0.5% |
|
|
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Republic Services Inc |
|
|
|
5.7000 |
|
05/15/41 |
|
|
517,781 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
BALANCED FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
CORPORATE BONDS — 22.5% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
DIVERSIFIED INDUSTRIALS — 1.0% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
3M Company |
|
3.3750 |
|
03/01/29 |
|
$ |
485,657 |
|
| |
175,000 |
|
|
Honeywell International Inc |
|
5.7000 |
|
03/15/37 |
|
|
183,950 |
|
| |
500,000 |
|
|
Honeywell International, Inc. |
|
4.5000 |
|
01/15/34 |
|
|
488,668 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,158,275 |
|
| |
|
|
|
ELECTRIC UTILITIES — 2.4% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
CenterPoint Energy Houston Electric LLC |
|
4.4500 |
|
10/01/32 |
|
|
490,795 |
|
| |
500,000 |
|
|
Duke Energy Carolinas LLC |
|
4.8500 |
|
03/15/30 |
|
|
504,675 |
|
| |
500,000 |
|
|
National Rural Utilities Cooperative Finance Corp. |
|
5.0000 |
|
02/07/31 |
|
|
506,892 |
|
| |
500,000 |
|
|
Nextera Energy Capital Holding, Inc. |
|
3.5500 |
|
05/01/27 |
|
|
496,812 |
|
| |
500,000 |
|
|
Wisconsin Electric Power |
|
4.7500 |
|
09/30/32 |
|
|
501,599 |
|
| |
|
|
|
|
|
|
|
|
|
|
2,500,773 |
|
| |
|
|
|
ENGINEERING & CONSTRUCTION — 1.0% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Jacobs Engineering Group, Inc. |
|
5.9000 |
|
03/01/33 |
|
|
516,088 |
|
| |
500,000 |
|
|
Quanta Services Inc |
|
5.1000 |
|
08/09/35 |
|
|
497,203 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,013,291 |
|
| |
|
|
|
ENTERTAINMENT CONTENT — 0.5% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Activison Blizzard, Inc. |
|
3.4000 |
|
09/15/26 |
|
|
498,320 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
FOOD & STAPLES RETAILING — 0.5% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Wal-Mart Stores, Inc. |
|
5.2500 |
|
09/01/35 |
|
|
516,466 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
INSURANCE — 2.8% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Berkshire Hathaway Finance Corporation |
|
2.8750 |
|
03/15/32 |
|
|
462,304 |
|
| |
400,000 |
|
|
Marsh & McLennan Cos Inc |
|
2.3750 |
|
12/15/31 |
|
|
354,527 |
|
| |
500,000 |
|
|
MetLife Inc |
|
5.8750 |
|
02/06/41 |
|
|
519,873 |
|
| |
500,000 |
|
|
Mutual of Omaha Cos Global Funding(c) |
|
5.0000 |
|
04/01/30 |
|
|
503,742 |
|
| |
500,000 |
|
|
Progressive Corporation (The) |
|
4.9500 |
|
06/15/33 |
|
|
504,448 |
|
| |
500,000 |
|
|
Protective Life
Corp.(c) |
|
5.3500 |
|
12/15/35 |
|
|
491,611 |
|
| |
|
|
|
|
|
|
|
|
|
|
2,836,505 |
|
| |
|
|
|
INTERNET MEDIA & SERVICES — 0.2% |
|
|
|
|
|
|
|
|
| |
250,000 |
|
|
Expedia, Inc. |
|
3.8000 |
|
02/15/28 |
|
|
246,894 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
BALANCED FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
CORPORATE BONDS — 22.5% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
LEISURE FACILITIES & SERVICES — 0.5% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Marriott International Series KK |
|
4.9000 |
|
04/15/29 |
|
$ |
504,277 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
MACHINERY — 1.0% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Caterpillar Financial Services Corp |
|
3.6000 |
|
08/12/27 |
|
|
496,699 |
|
| |
500,000 |
|
|
Ingersoll Rand, Inc. |
|
5.7000 |
|
08/14/33 |
|
|
520,190 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,016,889 |
|
| |
|
|
|
MEDICAL EQUIPMENT & DEVICES — 0.5% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
GE HealthCare Technologies, Inc. |
|
5.6500 |
|
11/15/27 |
|
|
507,382 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
OIL & GAS PRODUCERS — 1.2% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Marathon Oil Corporation |
|
6.6000 |
|
10/01/37 |
|
|
513,515 |
|
| |
500,000 |
|
|
ONEOK Inc |
|
5.8000 |
|
11/01/30 |
|
|
517,621 |
|
| |
250,000 |
|
|
Phillips 66 |
|
4.6500 |
|
11/15/34 |
|
|
242,354 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,273,490 |
|
| |
|
|
|
REAL ESTATE INVESTMENT TRUSTS — 1.0% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Prologis Targeted US Logistics Fund LP(c) |
|
5.2500 |
|
04/01/29 |
|
|
507,154 |
|
| |
500,000 |
|
|
Prologis Targeted
US Logistics Fund LP(c) |
|
4.7500 |
|
01/15/36 |
|
|
479,691 |
|
| |
|
|
|
|
|
|
|
|
|
|
986,845 |
|
| |
|
|
|
RENEWABLE ENERGY — 1.0% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Duke Energy Corporation |
|
4.3000 |
|
03/15/28 |
|
|
498,342 |
|
| |
500,000 |
|
|
NextEra Energy Capital Holdings Inc |
|
5.0000 |
|
07/15/32 |
|
|
502,697 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,001,039 |
|
| |
|
|
|
RETAIL - CONSUMER STAPLES — 1.1% |
|
|
|
|
|
|
|
|
| |
250,000 |
|
|
Dollar Tree, Inc. |
|
4.2000 |
|
05/15/28 |
|
|
248,149 |
|
| |
500,000 |
|
|
Target Corp |
|
4.4000 |
|
01/15/33 |
|
|
494,254 |
|
| |
500,000 |
|
|
Walmart, Inc. |
|
3.9500 |
|
06/28/38 |
|
|
459,439 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,201,842 |
|
| |
|
|
|
RETAIL - DISCRETIONARY — 0.7% |
|
|
|
|
|
|
|
|
| |
175,000 |
|
|
Home Depot, Inc. (The) |
|
5.8750 |
|
12/16/36 |
|
|
186,397 |
|
| |
500,000 |
|
|
O’Reilly Automotive, Inc. |
|
4.3500 |
|
06/01/28 |
|
|
498,264 |
|
| |
|
|
|
|
|
|
|
|
|
|
684,661 |
|
| |
|
|
|
SEMICONDUCTORS — 0.5% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Broadcom, Inc. |
|
5.2000 |
|
04/15/32 |
|
|
509,619 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
BALANCED FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
CORPORATE BONDS — 22.5% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
SOFTWARE — 0.5% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Oracle Corporation |
|
5.2500 |
|
02/03/32 |
|
$ |
493,049 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
TECHNOLOGY HARDWARE — 0.4% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Dell International LLC / EMC Corp. |
|
5.7500 |
|
02/01/33 |
|
|
519,764 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
TECHNOLOGY SERVICES — 0.5% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
PayPal Holdings, Inc. |
|
4.4000 |
|
06/01/32 |
|
|
486,719 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
TRANSPORTATION & LOGISTICS — 1.0% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
American Express Company |
|
5.0430 |
|
05/01/34 |
|
|
500,976 |
|
| |
500,000 |
|
|
FedEx Corp(c) |
|
4.2500 |
|
05/15/30 |
|
|
492,855 |
|
| |
|
|
|
|
|
|
|
|
|
|
993,831 |
|
| |
|
|
|
TRANSPORTATION EQUIPMENT — 0.5% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
PACCAR Financial Corp |
|
4.4500 |
|
08/06/27 |
|
|
501,939 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL CORPORATE BONDS (Cost $23,421,497) |
|
|
|
|
|
|
23,377,674 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
MUNICIPAL BONDS — 1.8% |
|
|
|
|
|
|
|
|
| |
|
|
|
HIGHER EDUCATION — 0.6% |
|
|
|
|
|
|
|
|
| |
575,000 |
|
|
Marshall University |
|
3.1770 |
|
05/01/29 |
|
|
554,765 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
LOCAL AUTHORITY — 0.4% |
|
|
|
|
|
|
|
|
| |
450,000 |
|
|
Commonwealth Financing Authority |
|
4.0140 |
|
06/01/33 |
|
|
435,046 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
SCHOOL DISTRICT — 0.3% |
|
|
|
|
|
|
|
|
| |
135,000 |
|
|
Belding Area Schools |
|
6.7000 |
|
05/01/27 |
|
|
135,299 |
|
| |
200,000 |
|
|
Charter Oak Unified School District |
|
2.6810 |
|
08/01/36 |
|
|
165,142 |
|
| |
|
|
|
|
|
|
|
|
|
|
300,441 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
BALANCED FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
MUNICIPAL BONDS — 1.8% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
TAX INCREMENT FINANCING — 0.5% |
|
|
|
|
|
|
|
|
| |
540,000 |
|
|
Columbus-Franklin County Finance Authority |
|
4.4900 |
|
11/15/32 |
|
$ |
531,160 |
|
| |
|
|
|
TOTAL MUNICIPAL BONDS (Cost $1,900,181) |
|
|
|
|
|
|
1,821,412 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
U.S. GOVERNMENT & AGENCIES — 11.1% |
|
|
|
|
|
|
|
|
| |
|
|
|
AGENCY MBS OTHER — 2.1% |
|
|
|
|
|
|
|
|
| |
536,817 |
|
|
Fannie Mae Pool AM6756 |
|
3.5700 |
|
10/01/29 |
|
|
524,576 |
|
| |
104,442 |
|
|
Fannie Mae Pool MA3621 |
|
3.5000 |
|
03/01/39 |
|
|
99,540 |
|
| |
41,890 |
|
|
Fannie Mae Pool BN4896 |
|
4.0000 |
|
01/01/49 |
|
|
39,702 |
|
| |
94,551 |
|
|
Fannie Mae Pool MA3592 |
|
4.0000 |
|
02/01/49 |
|
|
89,733 |
|
| |
269,602 |
|
|
Fannie Mae Pool BP4338(b) |
|
5.6360 |
|
03/01/49 |
|
|
278,987 |
|
| |
369,903 |
|
|
Fannie Mae Pool MA4841 |
|
5.0000 |
|
12/01/52 |
|
|
366,535 |
|
| |
24,539 |
|
|
Freddie Mac Gold Pool G18527 |
|
3.0000 |
|
10/01/29 |
|
|
24,075 |
|
| |
143,639 |
|
|
Freddie Mac Gold Pool G18707 |
|
3.5000 |
|
09/01/33 |
|
|
140,170 |
|
| |
317,826 |
|
|
Government National Mortgage Association Series 126 DA |
|
3.5000 |
|
01/20/48 |
|
|
300,974 |
|
| |
134,930 |
|
|
Small Business Administration Pools 510136(b) |
|
4.2500 |
|
01/25/42 |
|
|
135,683 |
|
| |
137,399 |
|
|
Small Business Administration
Pools 509913(b) |
|
4.1500 |
|
07/25/42 |
|
|
136,774 |
|
| |
|
|
|
|
|
|
|
|
|
|
2,136,749 |
|
| |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORPORATION — 0.1% |
|
|
|
|
|
|
|
|
| |
72,402 |
|
|
FHLMC Series 4517 Class PC |
|
2.5000 |
|
05/15/44 |
|
|
69,719 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
GOVERNMENT SPONSORED — 2.6% |
|
|
|
|
|
|
|
|
| |
750,000 |
|
|
Federal Home Loan Banks |
|
4.6250 |
|
11/17/26 |
|
|
751,813 |
|
| |
2,000,000 |
|
|
Federal Home Loan Banks |
|
4.7300 |
|
01/28/37 |
|
|
1,985,814 |
|
| |
|
|
|
|
|
|
|
|
|
|
2,737,627 |
|
| |
|
|
|
U.S. TREASURY BONDS — 5.8% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
U.S. Treasury Bonds |
|
3.5000 |
|
02/15/39 |
|
|
450,117 |
|
| |
500,000 |
|
|
U.S. Treasury Notes |
|
2.8750 |
|
08/15/28 |
|
|
487,061 |
|
| |
500,000 |
|
|
U.S. Treasury Notes |
|
4.1250 |
|
11/15/32 |
|
|
495,605 |
|
| |
150,000 |
|
|
U.S. Treasury Notes |
|
4.7500 |
|
02/15/37 |
|
|
154,266 |
|
| |
100,000 |
|
|
United States Treasury Note |
|
3.8750 |
|
11/30/27 |
|
|
99,615 |
|
| |
750,000 |
|
|
United States Treasury Note |
|
3.5000 |
|
01/31/30 |
|
|
733,242 |
|
| |
500,000 |
|
|
United States Treasury Note B |
|
4.1250 |
|
08/31/30 |
|
|
498,672 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
BALANCED FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
U.S. GOVERNMENT &
AGENCIES — 11.1% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
U.S. TREASURY BONDS
— 5.8% (Continued) |
|
|
|
|
|
|
|
|
| |
1,500,000 |
|
|
United States Treasury Note |
|
4.2500 |
|
08/15/35 |
|
$ |
1,481,075 |
|
| |
150,000 |
|
|
United States Treasury Note |
|
4.5000 |
|
02/15/36 |
|
|
151,904 |
|
| |
1,500,000 |
|
|
United States Treasury
Note/Bond |
|
3.6250 |
|
09/30/30 |
|
|
1,467,071 |
|
| |
|
|
|
|
|
|
|
|
|
|
6,018,628 |
|
| |
|
|
|
U.S. TREASURY INFLATION
PROTECTED — 0.5% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
United States Treasury
Inflation Indexed Bonds |
|
1.6250 |
|
10/15/29 |
|
|
525,640 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL
U.S. GOVERNMENT & AGENCIES (Cost $11,707,180) |
|
|
|
|
|
|
11,488,363 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
SHORT-TERM INVESTMENT
— 0.5% |
|
|
|
|
|
|
|
|
| |
|
|
|
MONEY MARKET FUND - 0.5% |
|
|
|
|
|
|
|
|
| |
509,863 |
|
|
Federated
Hermes Government Obligations Fund, 3.54% (Cost $509,863)(d) |
|
|
|
|
|
|
509,863 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL INVESTMENTS
- 98.6% (Cost $71,083,034) |
|
|
|
|
|
$ |
102,225,168 |
|
| |
|
|
|
OTHER
ASSETS IN EXCESS OF LIABILITIES - 1.4% |
|
|
|
|
|
|
1,456,917 |
|
| |
|
|
|
NET
ASSETS - 100.0% |
|
|
|
|
|
$ |
103,682,085 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
(b) |
Variable rate security; the rate shown
represents the rate on June 30, 2026. |
|
(c) |
Security exempt from registration
under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2026 the total market value of 144A securities is 2,953,920 or 2.8% of net assets. |
|
(d) |
Rate disclosed is the seven day effective
yield as of June 30, 2026. |
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
GOVERNMENT BOND FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
ASSET BACKED SECURITIES — 3.7% |
|
|
|
|
|
|
|
|
| |
|
|
|
AGENCY CMBS — 1.6% |
|
|
|
|
|
|
|
|
| |
3,000,000 |
|
|
Freddie Mac Multifamily Series K154 A3 |
|
3.4590 |
|
11/25/32 |
|
$ |
2,824,098 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.1% |
|
|
|
|
|
|
|
|
| |
1,984,375 |
|
|
Government National Mortgage Association Series 44 GK |
|
3.5000 |
|
10/20/52 |
|
|
1,901,248 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
WHOLE BUSINESS — 1.0% |
|
|
|
|
|
|
|
|
| |
997,132 |
|
|
United States Small Business Series 20H 1 |
|
3.5800 |
|
08/01/38 |
|
|
956,304 |
|
| |
822,523 |
|
|
United States Small Business Administration Series 20D 1 |
|
1.5400 |
|
04/01/41 |
|
|
689,714 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,646,018 |
|
| |
|
|
|
TOTAL ASSET BACKED SECURITIES (Cost $6,404,544) |
|
|
|
|
|
|
6,371,364 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS — 21.5% |
|
|
|
|
|
|
|
|
| |
357,626 |
|
|
Fannie Mae REMIC Trust 2003-W18 Series
W18 2A(a) |
|
5.1880 |
|
10/25/49 |
|
|
358,058 |
|
| |
453,874 |
|
|
Fannie Mae REMIC Trust 2004-W14 Series W14 1AF |
|
4.1420 |
|
07/25/44 |
|
|
442,516 |
|
| |
2,496,548 |
|
|
Fannie Mae REMICS Series 6 BV |
|
5.5000 |
|
02/25/35 |
|
|
2,513,762 |
|
| |
1,806,606 |
|
|
Fannie Mae REMICS Series 76 D |
|
5.5000 |
|
08/25/45 |
|
|
1,818,575 |
|
| |
627,892 |
|
|
Fannie Mae REMICS Series 90 DA |
|
3.0000 |
|
08/25/46 |
|
|
555,588 |
|
| |
2,069,750 |
|
|
Fannie Mae REMICS Series 83 DA |
|
6.0000 |
|
01/25/48 |
|
|
2,090,772 |
|
| |
364,926 |
|
|
Fannie Mae REMICS Series 74 LB |
|
3.0000 |
|
10/25/49 |
|
|
331,640 |
|
| |
2,358,233 |
|
|
Federal Home Loan Mortgage Corporation SD8363 |
|
6.0000 |
|
09/01/53 |
|
|
2,414,035 |
|
| |
1,237,950 |
|
|
Freddie Mac REMICS Series 5374 AV |
|
5.5000 |
|
11/25/34 |
|
|
1,244,463 |
|
| |
1,789,369 |
|
|
Freddie Mac REMICS Series 5495 VD |
|
5.0000 |
|
11/25/35 |
|
|
1,781,761 |
|
| |
2,678,982 |
|
|
Freddie Mac REMICS Series 5497 VA |
|
5.0000 |
|
12/25/35 |
|
|
2,656,819 |
|
| |
2,605,549 |
|
|
Freddie Mac REMICS Series 5386 CV |
|
5.5000 |
|
02/25/37 |
|
|
2,627,645 |
|
| |
476,158 |
|
|
Freddie Mac REMICS Series 4629 QG |
|
2.5000 |
|
11/15/46 |
|
|
412,024 |
|
| |
621,471 |
|
|
Freddie Mac REMICS Series 5227 JW |
|
4.0000 |
|
01/25/49 |
|
|
600,053 |
|
| |
1,400,604 |
|
|
Freddie Mac REMICS Series 5088 HC |
|
0.7500 |
|
10/25/50 |
|
|
1,010,172 |
|
| |
3,395,116 |
|
|
Freddie Mac REMICS Series 5020 TP |
|
2.0000 |
|
10/25/50 |
|
|
2,693,658 |
|
| |
597,481 |
|
|
Freddie Mac REMICS Series 5417 E |
|
5.5000 |
|
12/25/50 |
|
|
600,159 |
|
| |
1,817,508 |
|
|
Freddie Mac REMICS Series 5058 TJ |
|
2.0000 |
|
01/25/51 |
|
|
1,434,711 |
|
| |
1,395,147 |
|
|
Freddie Mac Strips Series 330 F4(a) |
|
4.1180 |
|
10/15/37 |
|
|
1,381,452 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
GOVERNMENT BOND FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS — 21.5%
(Continued) |
|
|
|
|
|
|
| |
149,090 |
|
|
Freddie Mac Structured Pass-Through Certificates Series 55 1A3A |
|
|
|
4.1420 |
|
03/25/43 |
|
$ |
148,682 |
|
| |
434,253 |
|
|
Government National Mortgage Association Series 59 FL |
|
|
|
4.2540 |
|
05/20/40 |
|
|
432,514 |
|
| |
322,994 |
|
|
Government National Mortgage Association Series 38 KA |
|
|
|
1.2500 |
|
02/20/42 |
|
|
297,274 |
|
| |
5,405,888 |
|
|
Government National Mortgage Association Series 39 AE |
|
|
|
1.7500 |
|
01/20/43 |
|
|
4,893,236 |
|
| |
1,525,958 |
|
|
Government National Mortgage Association Series 155 PE |
|
|
|
1.5000 |
|
09/20/51 |
|
|
1,313,496 |
|
| |
5,000,000 |
|
|
Government National Mortgage Association Series 203 B |
|
|
|
2.0000 |
|
04/16/62 |
|
|
3,031,633 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
37,084,698 |
|
| |
|
|
|
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $39,893,182) |
|
|
|
|
37,084,698 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
CORPORATE BONDS — 11.7% |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
BANKING — 7.9% |
|
|
|
|
|
|
|
|
|
|
| |
1,000,000 |
|
|
Associated Banc-Corp. |
|
|
|
6.4550 |
|
08/29/30 |
|
|
1,029,416 |
|
| |
1,000,000 |
|
|
Comerica Inc |
|
|
|
4.0000 |
|
02/01/29 |
|
|
982,835 |
|
| |
5,000,000 |
|
|
FIRST TENNESSEE BANK |
|
|
|
5.7500 |
|
05/01/30 |
|
|
5,079,063 |
|
| |
2,000,000 |
|
|
FNB Corporation |
|
|
|
5.7220 |
|
12/11/30 |
|
|
2,016,734 |
|
| |
1,000,000 |
|
|
KeyCorporation |
|
|
|
2.2500 |
|
04/06/27 |
|
|
983,739 |
|
| |
1,000,000 |
|
|
PNC Financial Services(b) |
|
|
|
6.0370 |
|
10/28/33 |
|
|
1,054,114 |
|
| |
500,000 |
|
|
PNC Financial Services Group(b) |
|
SOFR + 1.730% |
|
6.6150 |
|
10/20/27 |
|
|
503,186 |
|
| |
1,000,000 |
|
|
US Bancorp(b) |
|
|
|
4.8390 |
|
02/01/34 |
|
|
986,993 |
|
| |
1,000,000 |
|
|
Wintrust Financial Corporation |
|
|
|
4.8500 |
|
06/06/29 |
|
|
995,529 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
13,631,609 |
|
| |
|
|
|
BIOTECH & PHARMA — 1.2% |
|
|
|
|
|
|
|
|
|
|
| |
2,000,000 |
|
|
Amgen, Inc. |
|
|
|
5.2500 |
|
03/02/33 |
|
|
2,035,828 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
INSTITUTIONAL FINANCIAL SERVICES — 0.3% |
|
|
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Morgan Stanley Series
F(b) |
|
SOFR + 2.620% |
|
5.2970 |
|
04/20/37 |
|
|
498,120 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
OIL & GAS PRODUCERS — 0.6% |
|
|
|
|
|
|
|
|
|
|
| |
1,000,000 |
|
|
Kinder Morgan, Inc. |
|
|
|
5.2000 |
|
06/01/33 |
|
|
1,014,008 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
RETAIL - DISCRETIONARY — 1.7% |
|
|
|
|
|
|
|
|
|
|
| |
2,000,000 |
|
|
AutoZone, Inc. |
|
|
|
4.7500 |
|
02/01/33 |
|
|
1,970,095 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
GOVERNMENT BOND FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
Spread |
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
CORPORATE BONDS — 11.7% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
RETAIL - DISCRETIONARY — 1.7% (Continued) |
|
|
|
|
|
|
|
| |
1,000,000 |
|
|
Genuine Parts Co Sr Nt |
|
|
|
4.9500 |
|
08/15/29 |
|
$ |
997,835 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
2,967,930 |
|
| |
|
|
|
TOTAL CORPORATE BONDS (Cost $19,644,872) |
|
|
|
|
|
|
|
|
20,147,495 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
MUNICIPAL BOND — 0.6% |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
APPROPRIATION — 0.6% |
|
|
|
|
|
|
|
|
|
|
| |
1,000,000 |
|
|
Wheeling Municipal Building Commission |
|
|
|
5.5580 |
|
08/01/37 |
|
|
1,011,181 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL MUNICIPAL BOND (Cost $1,000,000) |
|
|
|
|
|
|
|
|
1,011,181 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
U.S. GOVERNMENT & AGENCIES — 58.7% |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
AGENCY FIXED RATE — 1.0% |
|
|
|
|
|
|
|
|
|
|
| |
1,630,143 |
|
|
Fannie Mae Pool FA1361 |
|
|
|
5.5000 |
|
04/01/55 |
|
|
1,662,682 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
AGENCY MBS OTHER — 36.9% |
|
|
|
|
|
|
|
|
|
|
| |
3,128,089 |
|
|
Fannie Mae Pool AN0897 |
|
|
|
3.4400 |
|
02/01/32 |
|
|
2,971,182 |
|
| |
1,991,424 |
|
|
Fannie Mae Pool BM7239 |
|
|
|
4.5000 |
|
02/01/41 |
|
|
1,961,344 |
|
| |
1,499,868 |
|
|
Fannie Mae Pool MA4715 |
|
|
|
4.5000 |
|
07/01/42 |
|
|
1,470,575 |
|
| |
3,069,660 |
|
|
Fannie Mae Pool MA4780 |
|
|
|
4.5000 |
|
10/01/42 |
|
|
3,018,752 |
|
| |
3,193,221 |
|
|
Fannie Mae Pool MA4801 |
|
|
|
4.5000 |
|
11/01/42 |
|
|
3,140,832 |
|
| |
3,998,642 |
|
|
Fannie Mae Pool FA3075 |
|
|
|
3.5000 |
|
12/01/42 |
|
|
3,709,476 |
|
| |
1,505,020 |
|
|
Fannie Mae Pool MA4865 |
|
|
|
4.5000 |
|
01/01/43 |
|
|
1,480,445 |
|
| |
1,371,659 |
|
|
Fannie Mae Pool MA4904 |
|
|
|
5.5000 |
|
01/01/43 |
|
|
1,378,467 |
|
| |
1,515,836 |
|
|
Fannie Mae Pool MA2711 |
|
|
|
3.0000 |
|
08/01/46 |
|
|
1,335,988 |
|
| |
761,641 |
|
|
Fannie Mae Pool CB2212 |
|
|
|
1.7450 |
|
11/01/51 |
|
|
687,149 |
|
| |
3,690,451 |
|
|
Fannie Mae Pool MA4626 |
|
|
|
4.0000 |
|
06/01/52 |
|
|
3,466,112 |
|
| |
3,665,854 |
|
|
Fannie Mae Pool MA4656 |
|
|
|
4.5000 |
|
07/01/52 |
|
|
3,538,057 |
|
| |
2,066,400 |
|
|
Fannie Mae Pool MA4807 |
|
|
|
5.5000 |
|
11/01/52 |
|
|
2,095,537 |
|
| |
1,780,873 |
|
|
Fannie Mae Pool MA4847 |
|
|
|
6.0000 |
|
11/01/52 |
|
|
1,833,960 |
|
| |
1,078,608 |
|
|
Freddie Mac Non Gold Pool |
|
|
|
3.1280 |
|
05/01/52 |
|
|
1,010,992 |
|
| |
1,630,984 |
|
|
Freddie Mac Non Gold Pool 841733 |
|
|
|
2.0850 |
|
06/01/52 |
|
|
1,557,502 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
GOVERNMENT BOND FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
U.S. GOVERNMENT & AGENCIES — 58.7% (Continued) |
|
|
|
|
|
| |
|
|
|
AGENCY MBS OTHER — 36.9% (Continued) |
|
|
|
|
|
|
|
|
| |
2,000,000 |
|
|
Freddie Mac Pool WN2734 |
|
4.1500 |
|
07/01/32 |
|
$ |
1,956,222 |
|
| |
2,000,000 |
|
|
Freddie Mac Pool WN2707 |
|
4.2600 |
|
07/01/32 |
|
|
1,966,624 |
|
| |
904,205 |
|
|
Freddie Mac Pool QA6315 |
|
3.5000 |
|
01/01/50 |
|
|
830,496 |
|
| |
3,740,946 |
|
|
Freddie Mac Pool SD8222 |
|
4.0000 |
|
06/01/52 |
|
|
3,507,451 |
|
| |
2,366,841 |
|
|
Freddie Mac Pool SD8265 |
|
4.0000 |
|
11/01/52 |
|
|
2,219,671 |
|
| |
3,778,952 |
|
|
Freddie Mac Pool SD8299 |
|
5.0000 |
|
02/01/53 |
|
|
3,742,991 |
|
| |
718,704 |
|
|
Freddie Mac Pool SD8362 |
|
5.5000 |
|
09/01/53 |
|
|
726,457 |
|
| |
2,154,698 |
|
|
Ginnie Mae II Pool MA8192 |
|
4.0000 |
|
08/20/52 |
|
|
1,981,332 |
|
| |
1,650,875 |
|
|
Ginnie Mae II Pool MA8419 |
|
5.5000 |
|
11/20/52 |
|
|
1,651,370 |
|
| |
986,807 |
|
|
Ginnie Mae II Pool MA8481 |
|
5.5000 |
|
12/20/52 |
|
|
987,102 |
|
| |
1,885,881 |
|
|
Ginnie Mae II Pool MB0565 |
|
4.5000 |
|
08/01/55 |
|
|
1,869,689 |
|
| |
3,777,904 |
|
|
UMBS Freddie Mac Pool SD8257 |
|
4.5000 |
|
10/01/52 |
|
|
3,651,440 |
|
| |
3,799,762 |
|
|
UMBS Freddie Mac Pool SD8288 |
|
5.0000 |
|
01/01/53 |
|
|
3,764,388 |
|
| |
|
|
|
|
|
|
|
|
|
|
63,511,603 |
|
| |
|
|
|
GOVERNMENT SPONSORED — 2.3% |
|
|
|
|
|
|
|
|
| |
2,000,000 |
|
|
Federal Farm Credit Banks Funding Corp |
|
3.7300 |
|
10/22/32 |
|
|
1,915,746 |
|
| |
2,000,000 |
|
|
Federal Farm Credit Banks Funding Corporation |
|
4.0000 |
|
02/09/33 |
|
|
1,956,370 |
|
| |
|
|
|
|
|
|
|
|
|
|
3,872,116 |
|
| |
|
|
|
U.S. TREASURY BONDS — 18.5% |
|
|
|
|
|
|
|
|
| |
2,500,000 |
|
|
U. S. Treasury Strips(c) |
|
— |
|
08/15/43 |
|
|
1,052,660 |
|
| |
1,000,000 |
|
|
U.S. Treasury Bonds |
|
1.1250 |
|
08/15/40 |
|
|
626,738 |
|
| |
3,000,000 |
|
|
U.S. Treasury Notes |
|
2.8750 |
|
05/15/28 |
|
|
2,931,152 |
|
| |
2,500,000 |
|
|
U.S. Treasury Notes |
|
2.8750 |
|
08/15/28 |
|
|
2,435,303 |
|
| |
2,000,000 |
|
|
U.S. Treasury Notes |
|
1.5000 |
|
02/15/30 |
|
|
1,822,344 |
|
| |
2,275,000 |
|
|
U.S. Treasury Strips(c) |
|
— |
|
08/15/41 |
|
|
1,079,022 |
|
| |
1,000,000 |
|
|
United States Treasury Note |
|
3.8750 |
|
12/31/27 |
|
|
995,859 |
|
| |
2,500,000 |
|
|
United States Treasury Note |
|
2.7500 |
|
05/31/29 |
|
|
2,404,346 |
|
| |
2,000,000 |
|
|
United States Treasury Note |
|
0.6250 |
|
08/15/30 |
|
|
1,732,305 |
|
| |
2,200,000 |
|
|
United States Treasury Strip Coupon(c) |
|
— |
|
02/15/40 |
|
|
1,142,639 |
|
| |
2,150,000 |
|
|
United States Treasury Strip Coupon(c) |
|
— |
|
05/15/40 |
|
|
1,100,362 |
|
| |
2,200,000 |
|
|
United States Treasury Strip Coupon(c) |
|
— |
|
11/15/40 |
|
|
1,090,606 |
|
| |
2,300,000 |
|
|
United States Treasury Strip Coupon(c) |
|
— |
|
02/15/41 |
|
|
1,123,024 |
|
| |
2,200,000 |
|
|
United States Treasury Strip Coupon(c) |
|
— |
|
05/15/41 |
|
|
1,058,882 |
|
| |
2,400,000 |
|
|
United States Treasury Strip Coupon(c) |
|
— |
|
11/15/42 |
|
|
1,056,485 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
GOVERNMENT BOND FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
U.S. GOVERNMENT &
AGENCIES — 58.7% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
U.S. TREASURY BONDS
— 18.5% (Continued) |
|
|
|
|
|
|
|
|
| |
2,320,000 |
|
|
United
States Treasury Strip Coupon(c) |
|
— |
|
02/15/43 |
|
$ |
1,006,658 |
|
| |
3,000,000 |
|
|
United
States Treasury Strip Coupon(c) |
|
— |
|
05/15/43 |
|
|
1,282,616 |
|
| |
2,500,000 |
|
|
United
States Treasury Strip Coupon(c) |
|
— |
|
11/15/43 |
|
|
1,037,567 |
|
| |
2,440,000 |
|
|
United
States Treasury Strip Coupon(c) |
|
— |
|
02/15/44 |
|
|
997,352 |
|
| |
2,475,000 |
|
|
United
States Treasury Strip Coupon(c) |
|
— |
|
05/15/44 |
|
|
997,304 |
|
| |
2,700,000 |
|
|
United
States Treasury Strip Coupon(c) |
|
— |
|
08/15/44 |
|
|
1,071,969 |
|
| |
2,700,000 |
|
|
United
States Treasury Strip Coupon(c) |
|
— |
|
11/15/44 |
|
|
1,057,371 |
|
| |
5,000,000 |
|
|
United
States Treasury Strip Coupon(c) |
|
— |
|
02/15/51 |
|
|
1,422,597 |
|
| |
5,000,000 |
|
|
United
States Treasury Strip Coupon(c) |
|
— |
|
02/15/52 |
|
|
1,357,094 |
|
| |
|
|
|
|
|
|
|
|
|
|
31,882,255 |
|
| |
|
|
|
TOTAL
U.S. GOVERNMENT & AGENCIES (Cost $103,226,781) |
|
|
|
|
|
|
100,928,656 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
|
|
|
|
|
Fair
Value |
|
| |
|
|
|
SHORT-TERM INVESTMENT
— 0.5% |
|
|
|
|
|
|
|
|
| |
|
|
|
MONEY MARKET FUND - 0.5% |
|
|
|
|
|
|
|
|
| |
840,051 |
|
|
Federated
Hermes Government Obligations Fund, 3.54% (Cost $840,051)(d) |
|
|
|
|
|
|
840,051 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL INVESTMENTS
- 96.7% (Cost $171,009,430) |
|
|
|
|
|
$ |
166,383,445 |
|
| |
|
|
|
OTHER
ASSETS IN EXCESS OF LIABILITIES - 3.3% |
|
|
|
|
|
|
5,704,956 |
|
| |
|
|
|
NET
ASSETS - 100.0% |
|
|
|
|
|
$ |
172,088,401 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Variable or floating rate security,
the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
|
(b) |
Variable rate security; the rate shown
represents the rate on June 30, 2026. |
|
(d) |
Rate disclosed is the seven day effective
yield as of June 30, 2026. |
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
WEST VIRGINIA MUNICIPAL BOND FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
ASSET BACKED SECURITIES — 0.6% |
|
|
|
|
|
|
|
|
| |
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.6% |
|
|
|
|
|
|
|
|
| |
530,000 |
|
|
Omro School District |
|
4.0000 |
|
03/01/44 |
|
$ |
512,822 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL ASSET BACKED SECURITIES (Cost $509,167) |
|
|
|
|
|
|
512,822 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
MUNICIPAL BONDS — 95.0% |
|
|
|
|
|
|
|
|
| |
|
|
|
APPROPRIATION — 21.1% |
|
|
|
|
|
|
|
|
| |
580,000 |
|
|
Berkeley County Building Commission |
|
2.0000 |
|
06/01/35 |
|
|
494,129 |
|
| |
750,000 |
|
|
Berkeley County Building Commission |
|
2.0000 |
|
06/01/40 |
|
|
553,646 |
|
| |
400,000 |
|
|
Berkeley County Building Commission |
|
4.0000 |
|
06/01/40 |
|
|
400,820 |
|
| |
265,000 |
|
|
City of Buckhannon WV |
|
3.7000 |
|
12/01/28 |
|
|
259,777 |
|
| |
680,000 |
|
|
Fayette County Board of Education/WV |
|
2.0000 |
|
10/01/27 |
|
|
662,294 |
|
| |
545,000 |
|
|
Fayette County Board of Education/WV |
|
2.2500 |
|
10/01/30 |
|
|
500,838 |
|
| |
500,000 |
|
|
Fayette County Board of Education/WV |
|
2.0000 |
|
10/01/31 |
|
|
446,162 |
|
| |
640,000 |
|
|
Fayette County Board of Education/WV |
|
2.2500 |
|
10/01/32 |
|
|
564,682 |
|
| |
565,000 |
|
|
Fayette County Board of Education/WV |
|
2.5000 |
|
10/01/33 |
|
|
501,201 |
|
| |
355,000 |
|
|
Hampshire County Building Commission |
|
3.0000 |
|
01/01/29 |
|
|
340,673 |
|
| |
380,000 |
|
|
Hampshire County Building Commission |
|
3.0000 |
|
01/01/31 |
|
|
352,307 |
|
| |
1,660,000 |
|
|
Hampshire County Building Commission |
|
4.2500 |
|
01/01/35 |
|
|
1,660,152 |
|
| |
1,000,000 |
|
|
Harrison County Building Commission |
|
3.5000 |
|
10/01/35 |
|
|
920,157 |
|
| |
1,000,000 |
|
|
Jefferson County Building Commission |
|
4.8750 |
|
07/01/45 |
|
|
1,034,151 |
|
| |
900,000 |
|
|
Jefferson County School District Finance Corp |
|
3.0000 |
|
12/01/35 |
|
|
860,859 |
|
| |
900,000 |
|
|
Kanawha County Public Building Commission |
|
4.0000 |
|
12/01/39 |
|
|
905,444 |
|
| |
850,000 |
|
|
Lewis County Building Commission |
|
4.7500 |
|
02/01/38 |
|
|
866,169 |
|
| |
2,320,000 |
|
|
Monongalia County Building Commission |
|
2.0000 |
|
02/01/34 |
|
|
1,997,004 |
|
| |
1,030,000 |
|
|
Moundsville Building Commission |
|
4.0000 |
|
08/01/37 |
|
|
1,039,496 |
|
| |
700,000 |
|
|
Parkersburg Municipal Building Commission |
|
4.2500 |
|
11/01/44 |
|
|
691,559 |
|
| |
500,000 |
|
|
Putnam County Building Commission |
|
4.0000 |
|
05/01/37 |
|
|
508,294 |
|
| |
500,000 |
|
|
West Virginia Commissioner of Highways |
|
5.0000 |
|
09/01/29 |
|
|
513,670 |
|
| |
1,350,000 |
|
|
West Virginia Economic Development Authority |
|
4.7500 |
|
08/01/29 |
|
|
1,352,302 |
|
| |
310,000 |
|
|
West Virginia Economic Development Authority |
|
3.5000 |
|
06/01/30 |
|
|
310,116 |
|
| |
670,000 |
|
|
West Virginia Economic Development Authority |
|
3.5000 |
|
06/01/30 |
|
|
670,252 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
WEST VIRGINIA MUNICIPAL BOND FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
MUNICIPAL BONDS — 95.0% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
APPROPRIATION — 21.1% (Continued) |
|
|
|
|
|
|
|
|
| |
355,000 |
|
|
West Virginia Economic Development Authority |
|
3.5000 |
|
06/01/30 |
|
$ |
355,133 |
|
| |
|
|
|
|
|
|
|
|
|
|
18,761,287 |
|
| |
|
|
|
BOND BANK — 1.2% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
West Virginia Water Development Authority |
|
5.0000 |
|
10/01/32 |
|
|
502,439 |
|
| |
500,000 |
|
|
West Virginia Water Development Authority |
|
4.0000 |
|
10/01/41 |
|
|
500,071 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,002,510 |
|
| |
|
|
|
COUNTY — 1.2% |
|
|
|
|
|
|
|
|
| |
1,000,000 |
|
|
COLORADO HSG & FIN AUTH MULTIFAMILY TAX-EXEMPT |
|
4.4800 |
|
03/01/44 |
|
|
1,021,216 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
HIGHER EDUCATION — 2.1% |
|
|
|
|
|
|
|
|
| |
400,000 |
|
|
West Virginia Higher Education Policy Commission |
|
3.6000 |
|
04/01/27 |
|
|
400,081 |
|
| |
100,000 |
|
|
West Virginia Higher Education Policy Commission |
|
4.0000 |
|
04/01/34 |
|
|
100,003 |
|
| |
335,000 |
|
|
West Virginia University |
|
5.2500 |
|
04/01/28 |
|
|
342,849 |
|
| |
1,000,000 |
|
|
West Virginia University |
|
4.0000 |
|
10/01/37 |
|
|
1,010,617 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,853,550 |
|
| |
|
|
|
HOSPITALS — 5.0% |
|
|
|
|
|
|
|
|
| |
1,000,000 |
|
|
Bexar County Hospital District |
|
4.0000 |
|
02/15/43 |
|
|
983,611 |
|
| |
230,000 |
|
|
Monongalia County Building Commission |
|
4.0000 |
|
07/01/35 |
|
|
227,590 |
|
| |
1,000,000 |
|
|
West Virginia Hospital Finance Authority |
|
4.0000 |
|
06/01/29 |
|
|
1,000,484 |
|
| |
500,000 |
|
|
West Virginia Hospital Finance Authority |
|
4.0000 |
|
06/01/34 |
|
|
500,072 |
|
| |
1,000,000 |
|
|
West Virginia Hospital Finance Authority |
|
5.2500 |
|
06/01/43 |
|
|
1,097,586 |
|
| |
595,000 |
|
|
West Virginia Hospital Finance Authority |
|
5.2500 |
|
06/01/45 |
|
|
639,945 |
|
| |
|
|
|
|
|
|
|
|
|
|
4,449,288 |
|
| |
|
|
|
MULTI-FAMILY HOUSING — 1.7% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
Mesquite Housing Finance Corp/The |
|
4.5300 |
|
02/01/44 |
|
|
506,288 |
|
| |
1,000,000 |
|
|
New York State Housing Finance Agency |
|
4.8000 |
|
11/01/51 |
|
|
1,013,306 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,519,594 |
|
| |
|
|
|
OTHER — 2.9% |
|
|
|
|
|
|
|
|
| |
500,000 |
|
|
West Virginia Economic Development Authority |
|
3.0000 |
|
06/15/31 |
|
|
498,938 |
|
| |
1,000,000 |
|
|
West Virginia Economic Development Authority |
|
5.0000 |
|
07/01/32 |
|
|
1,020,797 |
|
| |
515,000 |
|
|
West Virginia Lottery Excess Lottery Revenue |
|
5.0000 |
|
07/01/26 |
|
|
515,000 |
|
| |
535,000 |
|
|
West Virginia Lottery Excess Lottery Revenue |
|
5.0000 |
|
07/01/27 |
|
|
535,983 |
|
| |
|
|
|
|
|
|
|
|
|
|
2,570,718 |
|
| |
|
|
|
PRIMARY AND SECONDARY EDUCATION — 2.2% |
|
|
|
|
|
|
|
|
| |
1,040,000 |
|
|
Anderson-Shiro Consolidated Ind School District |
|
4.0000 |
|
02/15/46 |
|
|
997,328 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
WEST VIRGINIA MUNICIPAL BOND FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
MUNICIPAL BONDS — 95.0% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
PRIMARY AND SECONDARY EDUCATION — 2.2% (Continued) |
|
|
|
|
|
|
|
|
| |
1,000,000 |
|
|
Clark County School District |
|
4.0000 |
|
06/15/42 |
|
$ |
997,327 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,994,655 |
|
| |
|
|
|
SALES TAX — 0.5% |
|
|
|
|
|
|
|
|
| |
450,000 |
|
|
County of Ohio WV Special District |
|
5.0000 |
|
06/01/30 |
|
|
482,104 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
SCHOOL DISTRICT — 9.6% |
|
|
|
|
|
|
|
|
| |
1,000,000 |
|
|
El Paso Independent School District |
|
4.0000 |
|
08/15/48 |
|
|
951,677 |
|
| |
2,265,000 |
|
|
Hancock County Board of Education |
|
3.2500 |
|
05/01/36 |
|
|
2,250,527 |
|
| |
3,000,000 |
|
|
Ohio County Board of Education |
|
3.0000 |
|
06/01/33 |
|
|
2,915,329 |
|
| |
500,000 |
|
|
Pewitt Consolidated Independent School District |
|
4.0000 |
|
02/15/53 |
|
|
457,847 |
|
| |
800,000 |
|
|
Prosper Independent School District |
|
4.0000 |
|
02/15/52 |
|
|
742,047 |
|
| |
700,000 |
|
|
Wood County Board of Education |
|
4.0000 |
|
06/01/38 |
|
|
711,384 |
|
| |
500,000 |
|
|
Wyoming County Board of Education |
|
4.0000 |
|
06/01/39 |
|
|
506,090 |
|
| |
|
|
|
|
|
|
|
|
|
|
8,534,901 |
|
| |
|
|
|
SINGLE-FAMILY HOUSING — 14.8% |
|
|
|
|
|
|
|
|
| |
1,000,000 |
|
|
Columbus-Franklin County Finance Authority |
|
4.8200 |
|
11/01/43 |
|
|
1,057,413 |
|
| |
1,000,000 |
|
|
Pennsylvania Housing Finance Agency |
|
4.6250 |
|
10/01/45 |
|
|
1,018,289 |
|
| |
500,000 |
|
|
West Virginia Housing Development Fund |
|
3.4500 |
|
05/01/30 |
|
|
505,198 |
|
| |
150,000 |
|
|
West Virginia Housing Development Fund |
|
5.0000 |
|
11/01/31 |
|
|
165,750 |
|
| |
500,000 |
|
|
West Virginia Housing Development Fund |
|
2.0000 |
|
11/01/32 |
|
|
446,025 |
|
| |
500,000 |
|
|
West Virginia Housing Development Fund |
|
3.4500 |
|
11/01/33 |
|
|
499,156 |
|
| |
1,000,000 |
|
|
West Virginia Housing Development Fund |
|
4.1000 |
|
11/01/33 |
|
|
1,039,169 |
|
| |
370,000 |
|
|
West Virginia Housing Development Fund |
|
3.8500 |
|
11/01/34 |
|
|
371,594 |
|
| |
500,000 |
|
|
West Virginia Housing Development Fund |
|
4.3750 |
|
05/01/35 |
|
|
510,693 |
|
| |
1,000,000 |
|
|
West Virginia Housing Development Fund |
|
4.1500 |
|
11/01/38 |
|
|
999,631 |
|
| |
1,500,000 |
|
|
West Virginia Housing Development Fund |
|
4.1500 |
|
11/01/38 |
|
|
1,499,445 |
|
| |
1,000,000 |
|
|
West Virginia Housing Development Fund |
|
4.0000 |
|
11/01/39 |
|
|
1,002,396 |
|
| |
500,000 |
|
|
West Virginia Housing Development Fund |
|
4.4500 |
|
11/01/43 |
|
|
506,497 |
|
| |
1,000,000 |
|
|
West Virginia Housing Development Fund |
|
4.3000 |
|
11/01/44 |
|
|
1,012,356 |
|
| |
500,000 |
|
|
West Virginia Housing Development Fund |
|
4.7000 |
|
11/01/44 |
|
|
510,446 |
|
| |
1,000,000 |
|
|
West Virginia Housing Development Fund |
|
4.7500 |
|
11/01/45 |
|
|
1,023,341 |
|
| |
750,000 |
|
|
West Virginia Housing Development Fund |
|
5.0500 |
|
11/01/45 |
|
|
780,772 |
|
| |
175,000 |
|
|
West Virginia Housing Development Fund |
|
4.1000 |
|
11/01/47 |
|
|
167,925 |
|
| |
|
|
|
|
|
|
|
|
|
|
13,116,096 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
WEST VIRGINIA MUNICIPAL BOND FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
MUNICIPAL BONDS — 95.0% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
STATE — 3.4% |
|
|
|
|
|
|
|
|
| |
300,000 |
|
|
State of West Virginia |
|
3.2500 |
|
06/01/33 |
|
$ |
300,926 |
|
| |
500,000 |
|
|
State of West Virginia |
|
5.0000 |
|
06/01/35 |
|
|
519,378 |
|
| |
1,000,000 |
|
|
State of West Virginia |
|
5.0000 |
|
12/01/40 |
|
|
1,032,326 |
|
| |
1,140,000 |
|
|
State of West Virginia |
|
4.0000 |
|
12/01/42 |
|
|
1,140,976 |
|
| |
|
|
|
|
|
|
|
|
|
|
2,993,606 |
|
| |
|
|
|
WATER AND SEWER — 29.3% |
|
|
|
|
|
|
|
|
| |
380,000 |
|
|
Berkeley County Public Service District |
|
4.5000 |
|
12/01/33 |
|
|
380,320 |
|
| |
1,000,000 |
|
|
Berkeley County Public Service District |
|
4.0000 |
|
12/01/39 |
|
|
1,020,153 |
|
| |
1,000,000 |
|
|
Berkeley County Public Service District |
|
4.2500 |
|
12/01/49 |
|
|
991,230 |
|
| |
475,000 |
|
|
Berkeley County Public Service Sewer District |
|
5.3000 |
|
03/01/29 |
|
|
475,730 |
|
| |
1,000,000 |
|
|
Berkeley County Public Service Sewer District |
|
4.2500 |
|
06/01/45 |
|
|
992,721 |
|
| |
1,000,000 |
|
|
Berkeley County Public Service Sewer District |
|
4.3750 |
|
06/01/49 |
|
|
972,651 |
|
| |
595,000 |
|
|
City of Buckhannon WV Waterworks Revenue |
|
4.0000 |
|
03/01/29 |
|
|
595,102 |
|
| |
310,000 |
|
|
City of Charles Town WV Waterworks & Sewerage |
|
4.0000 |
|
06/01/31 |
|
|
310,150 |
|
| |
400,000 |
|
|
City of Charles Town WV Waterworks & Sewerage |
|
2.2500 |
|
06/01/35 |
|
|
346,779 |
|
| |
315,000 |
|
|
City of Charles Town WV Waterworks & Sewerage |
|
3.0000 |
|
06/01/41 |
|
|
281,597 |
|
| |
310,000 |
|
|
City of Charleston Sewerage System, Revenue |
|
4.0000 |
|
07/01/31 |
|
|
310,252 |
|
| |
275,000 |
|
|
City of Charleston WV Sewerage System Revenue |
|
4.0000 |
|
07/01/32 |
|
|
275,184 |
|
| |
710,000 |
|
|
City of Salem WV Sewer Revenue |
|
4.0000 |
|
12/01/32 |
|
|
710,068 |
|
| |
410,000 |
|
|
City of St Albans WV Combined Waterworks |
|
4.0000 |
|
12/01/27 |
|
|
408,962 |
|
| |
350,000 |
|
|
City of Wheeling WV Waterworks & Sewerage |
|
5.0000 |
|
06/01/30 |
|
|
376,981 |
|
| |
500,000 |
|
|
City of Wheeling WV Waterworks & Sewerage System |
|
4.0000 |
|
06/01/35 |
|
|
512,512 |
|
| |
500,000 |
|
|
City of Wheeling WV Waterworks & Sewerage System |
|
4.0000 |
|
06/01/36 |
|
|
511,015 |
|
| |
110,000 |
|
|
Claywood Park Public Service District WV |
|
3.2000 |
|
11/01/29 |
|
|
106,344 |
|
| |
225,000 |
|
|
Claywood Park Public Service District WV |
|
3.4000 |
|
11/01/31 |
|
|
215,025 |
|
| |
680,000 |
|
|
Claywood Park Public Service District WV |
|
3.0000 |
|
11/01/41 |
|
|
585,399 |
|
| |
950,000 |
|
|
Claywood Park Public Service District WV Wate |
|
3.0000 |
|
11/01/36 |
|
|
894,180 |
|
| |
750,000 |
|
|
Greenbrier Public Service District No 1 |
|
5.0000 |
|
10/01/37 |
|
|
805,153 |
|
| |
1,910,000 |
|
|
Mason County Public Service District Water Revenue |
|
3.0000 |
|
12/01/36 |
|
|
1,828,111 |
|
| |
1,000,000 |
|
|
Morgantown Utility Board Inc |
|
4.0000 |
|
12/01/29 |
|
|
1,004,632 |
|
| |
1,000,000 |
|
|
Morgantown Utility Board Inc |
|
4.0000 |
|
12/01/31 |
|
|
1,003,731 |
|
| |
200,000 |
|
|
Morgantown Utility Board Inc |
|
3.7500 |
|
10/01/32 |
|
|
200,041 |
|
| |
500,000 |
|
|
Morgantown Utility Board Inc |
|
3.2500 |
|
12/01/32 |
|
|
501,938 |
|
| |
500,000 |
|
|
Morgantown Utility Board Inc |
|
4.0000 |
|
12/01/34 |
|
|
516,265 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
WEST VIRGINIA MUNICIPAL BOND FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Principal |
|
|
|
|
Coupon Rate |
|
|
|
|
|
| Amount
($) |
|
|
|
|
(%) |
|
Maturity |
|
Fair
Value |
|
| |
|
|
|
MUNICIPAL BONDS — 95.0% (Continued) |
|
|
|
|
|
|
|
|
| |
|
|
|
WATER AND SEWER — 29.3% (Continued) |
|
|
|
|
|
|
|
|
| |
1,500,000 |
|
|
Morgantown Utility Board Inc |
|
3.0000 |
|
12/01/40 |
|
$ |
1,341,386 |
|
| |
1,000,000 |
|
|
Putnam Public Service District |
|
4.0000 |
|
12/01/39 |
|
|
954,027 |
|
| |
1,150,000 |
|
|
Putnam Public Service District |
|
3.0000 |
|
11/01/40 |
|
|
1,037,001 |
|
| |
1,000,000 |
|
|
Putnam Public Service District |
|
3.0000 |
|
04/01/41 |
|
|
891,843 |
|
| |
1,000,000 |
|
|
Putnam Public Service District |
|
3.0000 |
|
06/01/41 |
|
|
891,865 |
|
| |
1,000,000 |
|
|
Putnam Public Service District |
|
3.6250 |
|
12/01/45 |
|
|
845,077 |
|
| |
1,000,000 |
|
|
Raleigh County Public Service District |
|
3.0000 |
|
06/01/37 |
|
|
949,559 |
|
| |
380,000 |
|
|
Shepherdstown Corp |
|
3.3000 |
|
03/01/32 |
|
|
373,478 |
|
| |
500,000 |
|
|
Texas Water Development Board |
|
4.0000 |
|
10/15/44 |
|
|
497,663 |
|
| |
1,000,000 |
|
|
West Virginia Water Development Authority |
|
5.0000 |
|
07/01/34 |
|
|
1,143,162 |
|
| |
|
|
|
|
|
|
|
|
|
|
26,057,288 |
|
| |
|
|
|
TOTAL MUNICIPAL BONDS (Cost $85,937,208) |
|
|
|
|
|
|
84,356,813 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
SHORT-TERM INVESTMENT — 3.8% |
|
|
|
|
| |
|
|
|
MONEY MARKET FUND - 3.8% |
|
|
|
|
| |
3,340,624 |
|
|
Federated
Hermes Government Obligations Fund, 3.54% (Cost $3,340,624)(a) |
|
|
3,340,624 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL INVESTMENTS - 99.4% (Cost $89,786,999) |
|
$ |
88,210,259 |
|
| |
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES -
0.6% |
|
|
547,975 |
|
| |
|
|
|
NET ASSETS - 100.0% |
|
$ |
88,758,234 |
|
| |
|
|
|
|
|
|
|
|
|
(a) |
Rate disclosed is the seven day effective
yield as of June 30, 2026. |
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
TACTICAL OPPORTUNITY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
EXCHANGE-TRADED FUNDS — 98.1% |
|
|
|
|
| |
|
|
|
COMMODITY - 12.6% |
|
|
|
|
| |
60,700 |
|
|
iShares Bloomberg Roll Select Commodity Strategy |
|
$ |
3,352,461 |
|
| |
8,986 |
|
|
SPDR®
Gold Shares(a) |
|
|
3,310,263 |
|
| |
|
|
|
|
|
|
6,662,724 |
|
| |
|
|
|
EQUITY - 12.4% |
|
|
|
|
| |
7,593 |
|
|
iShares MSCI India Small-Cap ETF, USD Class |
|
|
537,053 |
|
| |
1,825 |
|
|
SPDR® S&P 500® ETF Trust |
|
|
1,362,855 |
|
| |
28,341 |
|
|
Vanguard Mega Cap Value ETF |
|
|
4,632,337 |
|
| |
|
|
|
|
|
|
6,532,245 |
|
| |
|
|
|
EXCHANGE-TRADED FUNDS - 72.1% |
|
|
|
|
| |
11,200 |
|
|
Consumer Discretionary Select Sector SPDR Fund |
|
|
1,313,536 |
|
| |
11,000 |
|
|
Invesco S&P 500 Equal Weight ETF |
|
|
2,340,470 |
|
| |
17,000 |
|
|
iShares Core S&P Small-Cap ETF |
|
|
2,521,270 |
|
| |
75,652 |
|
|
iShares Core U.S. Aggregate Bond ETF |
|
|
7,488,035 |
|
| |
15,000 |
|
|
iShares Expanded Tech-Software Sector ETF |
|
|
1,359,000 |
|
| |
68,220 |
|
|
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|
|
7,440,755 |
|
| |
55,613 |
|
|
Ishares Msci Acwi Index Fund |
|
|
4,232,705 |
|
| |
11,570 |
|
|
iShares Russell 2000 Index Fund |
|
|
3,476,207 |
|
| |
28,000 |
|
|
iShares U.S. Medical Devices ETF |
|
|
1,383,480 |
|
| |
37,400 |
|
|
Vanguard FTSE Emerging Markets ETF |
|
|
2,232,406 |
|
| |
34,300 |
|
|
Vanguard Short-Term Corporate Bond ETF |
|
|
2,710,729 |
|
| |
18,300 |
|
|
Vanguard® FTSE Europe ETF |
|
|
1,620,281 |
|
| |
|
|
|
|
|
|
38,118,874 |
|
| |
|
|
|
FIXED INCOME - 1.0% |
|
|
|
|
| |
23,000 |
|
|
SPDR Portfolio High Yield Bond ETF |
|
|
539,120 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL EXCHANGE-TRADED FUNDS (Cost $42,104,860) |
|
|
51,852,963 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WESMARK
TACTICAL OPPORTUNITY FUND |
| SCHEDULE OF
INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| |
| Shares |
|
|
|
|
Fair
Value |
|
| |
|
|
|
SHORT-TERM INVESTMENT — 1.4% |
|
|
|
|
| |
|
|
|
MONEY MARKET FUND - 1.4% |
|
|
|
|
| |
737,768 |
|
|
Federated
Hermes Government Obligations Fund, 3.54% (Cost $737,768)(b) |
|
$ |
737,768 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
TOTAL INVESTMENTS - 99.5% (Cost $42,842,628) |
|
$ |
52,590,731 |
|
| |
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES -
0.5% |
|
|
251,965 |
|
| |
|
|
|
NET ASSETS - 100.0% |
|
$ |
52,842,696 |
|
| |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
(b) |
Rate disclosed is the seven day effective
yield as of June 30, 2026. |
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Funds |
| STATEMENTS
OF ASSETS AND LIABILITIES (Unaudited) |
| June
30, 2026 |
| |
| |
|
WesMark |
|
|
WesMark |
|
|
WesMark |
|
|
WesMark |
|
|
WesMark |
|
|
WesMark |
|
| |
|
Small Company |
|
|
Large Company |
|
|
Balanced |
|
|
Government Bond |
|
|
West Virginia |
|
|
Tactical Opportunity |
|
| |
|
Fund |
|
|
Fund |
|
|
Fund |
|
|
Fund |
|
|
Municipal
Bond Fund |
|
|
Fund |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
At cost |
|
$ |
132,650,148 |
|
|
$ |
173,324,857 |
|
|
$ |
71,083,034 |
|
|
$ |
171,009,430 |
|
|
$ |
89,786,999 |
|
|
$ |
42,842,628 |
|
| Investments, At value |
|
$ |
186,142,194 |
|
|
$ |
359,020,717 |
|
|
$ |
102,225,168 |
|
|
$ |
166,383,445 |
|
|
$ |
88,210,259 |
|
|
$ |
52,590,731 |
|
| Dividends and interest receivable |
|
|
182,754 |
|
|
|
74,128 |
|
|
|
466,094 |
|
|
|
821,154 |
|
|
|
689,405 |
|
|
|
4,450 |
|
| Receivable for Fund shares sold |
|
|
105,362 |
|
|
|
640,092 |
|
|
|
1,567,410 |
|
|
|
5,651,474 |
|
|
|
152,407 |
|
|
|
952,894 |
|
| Receivable for investments sold |
|
|
1,985,779 |
|
|
|
10,677,396 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Prepaid expenses |
|
|
19,031 |
|
|
|
26,419 |
|
|
|
15,377 |
|
|
|
28,978 |
|
|
|
14,580 |
|
|
|
15,098 |
|
| TOTAL
ASSETS |
|
|
188,435,120 |
|
|
|
370,438,752 |
|
|
|
104,274,049 |
|
|
|
172,885,051 |
|
|
|
89,066,651 |
|
|
|
53,563,173 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable for investments purchased |
|
|
1,396,017 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
540,040 |
|
| Distributions payable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
503,367 |
|
|
|
178,895 |
|
|
|
— |
|
| Investment advisory fees payable |
|
|
109,595 |
|
|
|
227,275 |
|
|
|
63,253 |
|
|
|
78,428 |
|
|
|
43,545 |
|
|
|
31,978 |
|
| Payable for Fund shares repurchased |
|
|
2,954,176 |
|
|
|
6,041,385 |
|
|
|
451,250 |
|
|
|
126,871 |
|
|
|
14,538 |
|
|
|
72,739 |
|
| Audit fees payable |
|
|
5,378 |
|
|
|
5,426 |
|
|
|
5,583 |
|
|
|
8,035 |
|
|
|
8,236 |
|
|
|
5,513 |
|
| Payable to related parties |
|
|
6,518 |
|
|
|
2,312 |
|
|
|
13,392 |
|
|
|
18,965 |
|
|
|
24,432 |
|
|
|
21,452 |
|
| Custody fees payable |
|
|
4,671 |
|
|
|
3,538 |
|
|
|
1,123 |
|
|
|
1,871 |
|
|
|
1,281 |
|
|
|
2,195 |
|
| Transfer Agent fees Payable |
|
|
8,556 |
|
|
|
13,655 |
|
|
|
7,571 |
|
|
|
7,873 |
|
|
|
— |
|
|
|
7,972 |
|
| Shareholder servicing fees payable |
|
|
49,846 |
|
|
|
146,731 |
|
|
|
41,817 |
|
|
|
44,264 |
|
|
|
23,906 |
|
|
|
11,947 |
|
| Accrued expenses
and other liabilities |
|
|
11,450 |
|
|
|
12,776 |
|
|
|
7,975 |
|
|
|
6,976 |
|
|
|
13,584 |
|
|
|
26,641 |
|
| TOTAL
LIABILITIES |
|
|
4,546,207 |
|
|
|
6,453,098 |
|
|
|
591,964 |
|
|
|
796,650 |
|
|
|
308,417 |
|
|
|
720,477 |
|
| NET
ASSETS |
|
$ |
183,888,913 |
|
|
$ |
363,985,654 |
|
|
$ |
103,682,085 |
|
|
$ |
172,088,401 |
|
|
$ |
88,758,234 |
|
|
$ |
52,842,696 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets Consist
Of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid in capital |
|
$ |
95,276,010 |
|
|
$ |
122,832,542 |
|
|
$ |
65,773,785 |
|
|
$ |
221,713,106 |
|
|
$ |
91,637,342 |
|
|
$ |
40,423,067 |
|
| Accumulated earnings
(deficit) |
|
|
88,612,903 |
|
|
|
241,153,112 |
|
|
|
37,908,300 |
|
|
|
(49,624,705 |
) |
|
|
(2,879,108 |
) |
|
|
12,419,629 |
|
| NET
ASSETS |
|
$ |
183,888,913 |
|
|
$ |
363,985,654 |
|
|
$ |
103,682,085 |
|
|
$ |
172,088,401 |
|
|
$ |
88,758,234 |
|
|
$ |
52,842,696 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
183,888,913 |
|
|
$ |
363,985,654 |
|
|
$ |
103,682,085 |
|
|
$ |
172,088,401 |
|
|
$ |
88,758,234 |
|
|
$ |
52,842,696 |
|
| Shares of beneficial interest outstanding
($0 par value, unlimited shares authorized) |
|
|
10,092,072 |
|
|
|
14,716,274 |
|
|
|
7,119,674 |
|
|
|
21,825,951 |
|
|
|
8,868,239 |
|
|
|
3,903,862 |
|
| Net asset value,
offering and redemption price per share (Net Assets ÷ Shares Outstanding) |
|
$ |
18.22 |
|
|
$ |
24.73 |
|
|
$ |
14.56 |
|
|
$ |
7.88 |
|
|
$ |
10.01 |
|
|
$ |
13.54 |
|
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Funds |
| STATEMENTS
OF OPERATIONS (Unaudited) |
| For
the Six Months Ended June 30, 2026 |
| |
| |
|
WesMark |
|
|
WesMark |
|
|
WesMark |
|
|
WesMark |
|
|
WesMark |
|
|
WesMark |
|
| |
|
Small Company |
|
|
Large Company |
|
|
Balanced |
|
|
Government Bond |
|
|
West Virginia |
|
|
Tactical Opportunity |
|
| |
|
Fund |
|
|
Fund |
|
|
Fund |
|
|
Fund |
|
|
Municipal Bond Fund |
|
|
Fund |
|
| INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
$ |
721,463 |
|
|
$ |
1,594,387 |
|
|
$ |
1,223,746 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
488,147 |
|
| Interest |
|
|
81,558 |
|
|
|
35,720 |
|
|
|
219,420 |
|
|
|
3,790,127 |
|
|
|
1,529,160 |
|
|
|
10,452 |
|
| Less: Foreign withholding taxes |
|
|
1,260 |
|
|
|
— |
|
|
|
(1,557 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| TOTAL INVESTMENT INCOME |
|
|
804,281 |
|
|
|
1,630,107 |
|
|
|
1,441,609 |
|
|
|
3,790,127 |
|
|
|
1,529,160 |
|
|
|
498,599 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
606,753 |
|
|
|
1,273,210 |
|
|
|
375,178 |
|
|
|
503,489 |
|
|
|
261,037 |
|
|
|
191,366 |
|
| Shareholder servicing fee |
|
|
202,251 |
|
|
|
424,403 |
|
|
|
125,059 |
|
|
|
211,387 |
|
|
|
108,765 |
|
|
|
63,789 |
|
| Administrative services |
|
|
46,267 |
|
|
|
83,762 |
|
|
|
37,785 |
|
|
|
61,498 |
|
|
|
34,385 |
|
|
|
16,435 |
|
| Trustees fees and expenses |
|
|
22,632 |
|
|
|
17,236 |
|
|
|
14,826 |
|
|
|
15,192 |
|
|
|
16,612 |
|
|
|
17,015 |
|
| Transfer agent fees |
|
|
18,805 |
|
|
|
19,534 |
|
|
|
17,181 |
|
|
|
18,658 |
|
|
|
18,404 |
|
|
|
20,488 |
|
| Registration fees |
|
|
14,602 |
|
|
|
16,324 |
|
|
|
8,164 |
|
|
|
16,324 |
|
|
|
7,798 |
|
|
|
11,896 |
|
| Legal fees |
|
|
13,197 |
|
|
|
29,876 |
|
|
|
5,016 |
|
|
|
14,503 |
|
|
|
12,305 |
|
|
|
3,985 |
|
| Custodian fees |
|
|
12,674 |
|
|
|
21,609 |
|
|
|
8,569 |
|
|
|
12,687 |
|
|
|
7,706 |
|
|
|
6,047 |
|
| Audit fees |
|
|
11,000 |
|
|
|
11,046 |
|
|
|
11,203 |
|
|
|
11,198 |
|
|
|
11,395 |
|
|
|
11,225 |
|
| Other Expenses |
|
|
4,778 |
|
|
|
7,690 |
|
|
|
3,563 |
|
|
|
— |
|
|
|
3,132 |
|
|
|
2,097 |
|
| Printing and postage expenses |
|
|
3,001 |
|
|
|
4,328 |
|
|
|
3,085 |
|
|
|
4,045 |
|
|
|
2,529 |
|
|
|
1,359 |
|
| Insurance expense |
|
|
2,588 |
|
|
|
6,220 |
|
|
|
2,255 |
|
|
|
3,389 |
|
|
|
1,993 |
|
|
|
1,130 |
|
| NET EXPENSES |
|
|
958,548 |
|
|
|
1,915,238 |
|
|
|
611,884 |
|
|
|
872,370 |
|
|
|
486,061 |
|
|
|
346,832 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INVESTMENT INCOME (LOSS) |
|
|
(154,267 |
) |
|
|
(285,131 |
) |
|
|
829,725 |
|
|
|
2,917,757 |
|
|
|
1,043,099 |
|
|
|
151,767 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net realized gain (loss) on Investments |
|
|
22,506,314 |
|
|
|
38,875,478 |
|
|
|
4,775,320 |
|
|
|
(241,439 |
) |
|
|
(272,744 |
) |
|
|
1,294,736 |
|
| Net change in unrealized appreciation (depreciation)
of Investments |
|
|
14,622,692 |
|
|
|
2,076,870 |
|
|
|
3,179,984 |
|
|
|
(1,906,969 |
) |
|
|
524,436 |
|
|
|
1,619,126 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS |
|
|
37,129,006 |
|
|
|
40,952,348 |
|
|
|
7,955,304 |
|
|
|
(2,148,408 |
) |
|
|
251,692 |
|
|
|
2,913,862 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS |
|
$ |
36,974,739 |
|
|
$ |
40,667,217 |
|
|
$ |
8,785,029 |
|
|
$ |
769,349 |
|
|
$ |
1,294,791 |
|
|
$ |
3,065,629 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Small Company Fund |
| STATEMENTS
OF CHANGES IN NET ASSETS |
| |
| |
|
Six Months Ended |
|
|
|
|
| |
|
June 30, 2026 |
|
|
Year Ended |
|
| |
|
(Unaudited) |
|
|
December 31, 2025 |
|
| FROM OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment loss |
|
$ |
(154,267 |
) |
|
$ |
(311,028 |
) |
| Net realized gain on investments |
|
|
22,506,314 |
|
|
|
36,686,625 |
|
| Net change in unrealized appreciation (depreciation)
on investments |
|
|
14,622,692 |
|
|
|
(14,025,694 |
) |
| Net increase in net assets resulting from operations |
|
|
36,974,739 |
|
|
|
22,349,903 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
| Total distributions paid |
|
|
— |
|
|
|
(29,679,830 |
) |
| Decrease in net assets resulting from distributions
to shareholders |
|
|
— |
|
|
|
(29,679,830 |
) |
| |
|
|
|
|
|
|
|
|
| FROM SHARES OF BENEFICIAL INTEREST |
|
|
|
|
|
|
|
|
| Proceeds from shares sold |
|
|
9,759,687 |
|
|
|
30,002,804 |
|
| Distributions Reinvested |
|
|
— |
|
|
|
5,477,274 |
|
| Cost of shares redeemed |
|
|
(10,010,858 |
) |
|
|
(14,249,086 |
) |
| Net increase (decrease) in net assets resulting
from shares of beneficial interest |
|
|
(251,171 |
) |
|
|
21,230,992 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INCREASE IN NET ASSETS |
|
|
36,723,568 |
|
|
|
13,901,065 |
|
| |
|
|
|
|
|
|
|
|
| NET ASSETS |
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
147,165,345 |
|
|
|
133,264,280 |
|
| End of Period |
|
$ |
183,888,913 |
|
|
$ |
147,165,345 |
|
| |
|
|
|
|
|
|
|
|
| SHARE ACTIVITY |
|
|
|
|
|
|
|
|
| Shares Sold |
|
|
618,934 |
|
|
|
1,935,842 |
|
| Distributions Reinvested |
|
|
— |
|
|
|
376,186 |
|
| Shares Redeemed |
|
|
(604,401 |
) |
|
|
(877,880 |
) |
| Net increase in shares of beneficial interest
outstanding |
|
|
14,533 |
|
|
|
1,434,148 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Large Company Fund |
| STATEMENTS
OF CHANGES IN NET ASSETS |
| |
| |
|
Six Months Ended |
|
|
|
|
| |
|
June 30, 2026 |
|
|
Year Ended |
|
| |
|
(Unaudited) |
|
|
December 31, 2025 |
|
| FROM OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
(285,131 |
) |
|
$ |
6,957 |
|
| Net realized gain on investments |
|
|
38,875,478 |
|
|
|
57,300,805 |
|
| Net change in unrealized appreciation (depreciation)
on investments |
|
|
2,076,870 |
|
|
|
(4,550,113 |
) |
| Net increase in net assets resulting from operations |
|
|
40,667,217 |
|
|
|
52,757,649 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
| Total distributions paid: |
|
|
— |
|
|
|
(63,587,321 |
) |
| Net decrease in net assets resulting from distributions
to shareholders |
|
|
— |
|
|
|
(63,587,321 |
) |
| |
|
|
|
|
|
|
|
|
| FROM SHARES OF BENEFICIAL INTEREST |
|
|
|
|
|
|
|
|
| Proceeds from shares sold |
|
|
10,412,795 |
|
|
|
31,115,075 |
|
| Distributions Reinvested |
|
|
— |
|
|
|
17,977,067 |
|
| Cost of shares redeemed |
|
|
(21,813,183 |
) |
|
|
(35,125,066 |
) |
| Net increase (decrease) in net assets resulting
from shares of beneficial interest |
|
|
(11,400,388 |
) |
|
|
13,967,076 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INCREASE IN NET ASSETS |
|
|
29,266,829 |
|
|
|
3,137,404 |
|
| |
|
|
|
|
|
|
|
|
| NET ASSETS |
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
334,718,825 |
|
|
|
331,581,421 |
|
| End of Period |
|
$ |
363,985,654 |
|
|
$ |
334,718,825 |
|
| |
|
|
|
|
|
|
|
|
| SHARE ACTIVITY |
|
|
|
|
|
|
|
|
| Shares Sold |
|
|
483,063 |
|
|
|
1,391,536 |
|
| Distributions Reinvested |
|
|
— |
|
|
|
834,829 |
|
| Shares Redeemed |
|
|
(935,513 |
) |
|
|
(1,477,478 |
) |
| Net increase (decrease) in shares of beneficial
interest outstanding |
|
|
(452,450 |
) |
|
|
748,887 |
|
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Balanced Fund |
| STATEMENTS
OF CHANGES IN NET ASSETS |
| |
| |
|
Six Months Ended |
|
|
|
|
| |
|
June 30, 2026 |
|
|
Year Ended |
|
| |
|
(Unaudited) |
|
|
December 31, 2025 |
|
| FROM OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
829,725 |
|
|
$ |
1,734,338 |
|
| Net realized gain on investments |
|
|
4,775,320 |
|
|
|
6,386,703 |
|
| Net change in unrealized appreciation on investments |
|
|
3,179,984 |
|
|
|
1,793,327 |
|
| Net increase in net assets resulting from operations |
|
|
8,785,029 |
|
|
|
9,914,368 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
| Total distributions paid: |
|
|
(793,937 |
) |
|
|
(7,323,293 |
) |
| Net decrease in net assets resulting from distributions
to shareholders |
|
|
(793,937 |
) |
|
|
(7,323,293 |
) |
| |
|
|
|
|
|
|
|
|
| FROM SHARES OF BENEFICIAL INTEREST |
|
|
|
|
|
|
|
|
| Proceeds from shares sold |
|
|
3,499,105 |
|
|
|
10,134,097 |
|
| Distributions Reinvested |
|
|
125,370 |
|
|
|
1,145,337 |
|
| Cost of shares redeemed |
|
|
(6,774,539 |
) |
|
|
(11,853,162 |
) |
| Net decrease in net assets resulting from shares
of beneficial interest |
|
|
(3,150,064 |
) |
|
|
(573,728 |
) |
| |
|
|
|
|
|
|
|
|
| TOTAL INCREASE IN NET ASSETS |
|
|
4,841,028 |
|
|
|
2,017,347 |
|
| |
|
|
|
|
|
|
|
|
| NET ASSETS |
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
98,841,057 |
|
|
|
96,823,710 |
|
| End of Period |
|
$ |
103,682,085 |
|
|
$ |
98,841,057 |
|
| |
|
|
|
|
|
|
|
|
| SHARE ACTIVITY |
|
|
|
|
|
|
|
|
| Shares Sold |
|
|
246,990 |
|
|
|
754,364 |
|
| Distributions Reinvested |
|
|
8,952 |
|
|
|
85,847 |
|
| Shares Redeemed |
|
|
(486,121 |
) |
|
|
(888,346 |
) |
| Net decrease in shares of beneficial interest
outstanding |
|
|
(230,179 |
) |
|
|
(48,135 |
) |
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Government Bond Fund |
| STATEMENTS
OF CHANGES IN NET ASSETS |
| |
| |
|
Six Months Ended |
|
|
|
|
| |
|
June 30, 2026 |
|
|
Year Ended |
|
| |
|
(Unaudited) |
|
|
December 31, 2025 |
|
| FROM OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
2,917,757 |
|
|
$ |
6,025,135 |
|
| Net realized loss on investments |
|
|
(241,439 |
) |
|
|
(329,857 |
) |
| Net change in unrealized appreciation (depreciation)
on investments |
|
|
(1,906,969 |
) |
|
|
5,840,329 |
|
| Net increase in net assets resulting from operations |
|
|
769,349 |
|
|
|
11,535,607 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
| Total distributions paid |
|
|
(3,043,416 |
) |
|
|
(6,070,299 |
) |
| Decrease in net assets resulting from distributions
to shareholders |
|
|
(3,043,416 |
) |
|
|
(6,070,299 |
) |
| |
|
|
|
|
|
|
|
|
| FROM SHARES OF BENEFICIAL INTEREST |
|
|
|
|
|
|
|
|
| Proceeds from shares sold |
|
|
13,025,065 |
|
|
|
19,262,975 |
|
| Distributions Reinvested |
|
|
181,655 |
|
|
|
371,964 |
|
| Cost of shares redeemed |
|
|
(12,849,827 |
) |
|
|
(23,887,423 |
) |
| Net increase (decrease) in net assets resulting
from shares of beneficial interest |
|
|
356,893 |
|
|
|
(4,252,484 |
) |
| |
|
|
|
|
|
|
|
|
| TOTAL INCREASE (DECREASE)
IN NET ASSETS |
|
|
(1,917,174 |
) |
|
|
1,212,824 |
|
| |
|
|
|
|
|
|
|
|
| NET ASSETS |
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
174,005,575 |
|
|
|
172,792,751 |
|
| End of Period |
|
$ |
172,088,401 |
|
|
$ |
174,005,575 |
|
| |
|
|
|
|
|
|
|
|
| SHARE ACTIVITY |
|
|
|
|
|
|
|
|
| Shares Sold |
|
|
1,647,408 |
|
|
|
2,448,490 |
|
| Distributions Reinvested |
|
|
22,872 |
|
|
|
51,179 |
|
| Shares Redeemed |
|
|
(1,620,370 |
) |
|
|
(3,043,892 |
) |
| Net increase (decrease) in shares of beneficial
interest outstanding |
|
|
49,910 |
|
|
|
(544,223 |
) |
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WesMark
West Virginia Municipal Bond Fund |
| STATEMENTS
OF CHANGES IN NET ASSETS |
| |
| |
|
Six Months Ended |
|
|
|
|
| |
|
June 30, 2026 |
|
|
Year Ended |
|
| |
|
(Unaudited) |
|
|
December 31, 2025 |
|
| FROM OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
1,043,099 |
|
|
$ |
1,979,769 |
|
| Net realized loss on investments |
|
|
(272,744 |
) |
|
|
(936,938 |
) |
| Net change in unrealized appreciation on investments |
|
|
524,436 |
|
|
|
3,597,405 |
|
| Net increase in net assets resulting from operations |
|
|
1,294,791 |
|
|
|
4,640,236 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
| Total distributions paid: |
|
|
(1,042,815 |
) |
|
|
(1,999,760 |
) |
| Net decrease in net assets resulting from distributions
to shareholders |
|
|
(1,042,815 |
) |
|
|
(1,999,760 |
) |
| |
|
|
|
|
|
|
|
|
| FROM SHARES OF BENEFICIAL INTEREST |
|
|
|
|
|
|
|
|
| Proceeds from shares sold |
|
|
2,451,076 |
|
|
|
2,817,723 |
|
| Distributions Reinvested |
|
|
88,106 |
|
|
|
130,370 |
|
| Cost of shares redeemed |
|
|
(2,012,709 |
) |
|
|
(5,797,904 |
) |
| Net increase (decrease) in net assets resulting
from shares of beneficial interest |
|
|
526,473 |
|
|
|
(2,849,811 |
) |
| |
|
|
|
|
|
|
|
|
| TOTAL INCREASE (DECREASE)
IN NET ASSETS |
|
|
778,449 |
|
|
|
(209,335 |
) |
| |
|
|
|
|
|
|
|
|
| NET ASSETS |
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
87,979,785 |
|
|
|
88,189,120 |
|
| End of Period |
|
$ |
88,758,234 |
|
|
$ |
87,979,785 |
|
| |
|
|
|
|
|
|
|
|
| SHARE ACTIVITY |
|
|
|
|
|
|
|
|
| Shares Sold |
|
|
245,202 |
|
|
|
298,407 |
|
| Distributions Reinvested |
|
|
8,819 |
|
|
|
14,762 |
|
| Shares Redeemed |
|
|
(200,572 |
) |
|
|
(608,143 |
) |
| Net increase (decrease) in shares of beneficial
interest outstanding |
|
|
53,449 |
|
|
|
(294,974 |
) |
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Tactical Opportunity Fund |
| STATEMENTS
OF CHANGES IN NET ASSETS |
| |
| |
|
Six Months Ended |
|
|
|
|
| |
|
June 30, 2026 |
|
|
Year Ended |
|
| |
|
(Unaudited) |
|
|
December 31, 2025 |
|
| FROM OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
151,767 |
|
|
$ |
810,815 |
|
| Net realized gain on investments |
|
|
1,294,736 |
|
|
|
3,170,273 |
|
| Net change in unrealized appreciation on investments |
|
|
1,619,126 |
|
|
|
2,880,209 |
|
| Net increase in net assets resulting from operations |
|
|
3,065,629 |
|
|
|
6,861,297 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
| Total distributions paid: |
|
|
(114,625 |
) |
|
|
(2,418,667 |
) |
| Net decrease in net assets resulting from distributions
to shareholders |
|
|
(114,625 |
) |
|
|
(2,418,667 |
) |
| |
|
|
|
|
|
|
|
|
| FROM SHARES OF BENEFICIAL INTEREST |
|
|
|
|
|
|
|
|
| Proceeds from shares sold |
|
|
2,709,245 |
|
|
|
4,657,870 |
|
| Distributions Reinvested |
|
|
1,221 |
|
|
|
24,958 |
|
| Cost of shares redeemed |
|
|
(2,714,968 |
) |
|
|
(5,124,811 |
) |
| Net decrease in net assets resulting from shares
of beneficial interest |
|
|
(4,502 |
) |
|
|
(441,983 |
) |
| |
|
|
|
|
|
|
|
|
| TOTAL INCREASE IN NET ASSETS |
|
|
2,946,502 |
|
|
|
4,000,647 |
|
| |
|
|
|
|
|
|
|
|
| NET ASSETS |
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
49,896,194 |
|
|
|
45,895,547 |
|
| End of Period |
|
$ |
52,842,696 |
|
|
$ |
49,896,194 |
|
| |
|
|
|
|
|
|
|
|
| SHARE ACTIVITY |
|
|
|
|
|
|
|
|
| Shares Sold |
|
|
201,979 |
|
|
|
383,072 |
|
| Distributions Reinvested |
|
|
90 |
|
|
|
1,985 |
|
| Shares Redeemed |
|
|
(203,847 |
) |
|
|
(424,203 |
) |
| Net decrease in shares of beneficial interest
outstanding |
|
|
(1,778 |
) |
|
|
(39,146 |
) |
| |
|
|
|
|
|
|
|
|
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Small Company Fund |
| FINANCIAL
HIGHLIGHTS |
| |
Per
Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period
| |
|
Six Months Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
| |
|
June
30, 2026 |
|
|
December
31, 2025 |
|
|
December
31, 2024 |
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
December
31, 2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, beginning
of period |
|
$ |
14.60 |
|
|
$ |
15.42 |
|
|
$ |
13.19 |
|
|
$ |
11.71 |
|
|
$ |
15.66 |
|
|
$ |
16.12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Activity from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) (1) |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
(0.02 |
) |
|
|
0.06 |
|
|
|
0.00 |
(3) |
|
|
(0.07 |
) |
| Net realized and
unrealized gain (loss) on investments |
|
|
3.64 |
|
|
|
2.56 |
|
|
|
2.97 |
|
|
|
2.20 |
|
|
|
(3.22 |
) |
|
|
3.64 |
|
| Total from investment
operations |
|
|
3.62 |
|
|
|
2.52 |
|
|
|
2.95 |
|
|
|
2.26 |
|
|
|
(3.22 |
) |
|
|
3.57 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.04 |
) |
|
|
— |
|
|
|
— |
|
| Net realized gains |
|
|
— |
|
|
|
(3.34 |
) |
|
|
(0.72 |
) |
|
|
(0.74 |
) |
|
|
(0.73 |
) |
|
|
(4.03 |
) |
| Total distributions |
|
|
— |
|
|
|
(3.34 |
) |
|
|
(0.72 |
) |
|
|
(0.78 |
) |
|
|
(0.73 |
) |
|
|
(4.03 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, end of period |
|
$ |
18.22 |
|
|
$ |
14.60 |
|
|
$ |
15.42 |
|
|
$ |
13.19 |
|
|
$ |
11.71 |
|
|
$ |
15.66 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total return
(2) |
|
|
24.79 |
% (5) |
|
|
16.43 |
% |
|
|
22.19 |
% |
|
|
19.46 |
% |
|
|
(20.56 |
)% |
|
|
2.23 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, at
end of period (000s) |
|
$ |
183,889 |
|
|
$ |
147,165 |
|
|
$ |
133,264 |
|
|
$ |
109,656 |
|
|
$ |
94,926 |
|
|
$ |
119,727 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of net expenses to average net
assets after waiver/recapture |
|
|
1.18 |
% (5) |
|
|
1.21 |
% |
|
|
1.23 |
% |
|
|
1.22 |
% |
|
|
1.24 |
% |
|
|
1.23 |
% |
| Ratio of net investment income (loss)
to average net assets |
|
|
(0.19 |
)% (5) |
|
|
(0.22 |
)% |
|
|
(0.21 |
)% |
|
|
0.34 |
% |
|
|
(0.04 |
)% |
|
|
(0.47 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Turnover Rate |
|
|
36 |
% (4) |
|
|
47 |
% |
|
|
26 |
% |
|
|
48 |
% |
|
|
52 |
% |
|
|
42 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Per share amounts calculated using
the average shares method, which more appropriately presents the per share data for the period. Fiscal years ended December 31, 2024 and
prior were calculated using the SEC method. |
|
(2) |
Total returns shown are historical
in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
sales charges and redemption fees. |
|
(3) |
Amount represents less than $0.005
per share. |
|
(4) |
Not annualized for periods less than
one year. |
|
(5) |
Annualized for periods less than one
year. |
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Large Company Fund |
| FINANCIAL
HIGHLIGHTS |
| |
Per
Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period
| |
|
Six Months Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
| |
|
June
30, 2026 |
|
|
December
31, 2025 |
|
|
December
31, 2024 |
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
December
31, 2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, beginning
of period |
|
$ |
22.07 |
|
|
$ |
22.99 |
|
|
$ |
21.63 |
|
|
$ |
19.12 |
|
|
$ |
27.41 |
|
|
$ |
23.41 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Activity from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) (1) |
|
|
(0.02 |
) |
|
|
0.00 |
(3) |
|
|
0.02 |
|
|
|
0.11 |
|
|
|
0.09 |
|
|
|
(0.02 |
) |
| Net realized and
unrealized gain (loss) on investments |
|
|
2.68 |
|
|
|
3.77 |
|
|
|
4.72 |
|
|
|
4.06 |
|
|
|
(5.93 |
) |
|
|
6.08 |
|
| Total from investment
operations |
|
|
2.66 |
|
|
|
3.77 |
|
|
|
4.74 |
|
|
|
4.17 |
|
|
|
(5.84 |
) |
|
|
6.06 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
— |
|
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
(0.10 |
) |
|
|
(0.09 |
) |
|
|
(0.00 |
) (3) |
| Net realized gains |
|
|
— |
|
|
|
(4.67 |
) |
|
|
(3.36 |
) |
|
|
(1.56 |
) |
|
|
(2.35 |
) |
|
|
(2.06 |
) |
| Return of capital |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
| Total distributions |
|
|
— |
|
|
|
(4.69 |
) |
|
|
(3.38 |
) |
|
|
(1.66 |
) |
|
|
(2.45 |
) |
|
|
(2.06 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, end of period |
|
$ |
24.73 |
|
|
$ |
22.07 |
|
|
$ |
22.99 |
|
|
$ |
21.63 |
|
|
$ |
19.12 |
|
|
$ |
27.41 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total return
(2) |
|
|
12.05 |
% (5) |
|
|
16.91 |
% |
|
|
21.47 |
% |
|
|
21.94 |
% |
|
|
(21.42 |
)% |
|
|
26.06 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, at
end of period (000s) |
|
$ |
363,986 |
|
|
$ |
334,719 |
|
|
$ |
331,581 |
|
|
$ |
314,262 |
|
|
$ |
288,629 |
|
|
$ |
402,773 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of net expenses to average net
assets after waiver/recapture |
|
|
1.13 |
% (5) |
|
|
1.14 |
% |
|
|
1.16 |
% |
|
|
1.12 |
% |
|
|
1.13 |
% |
|
|
1.12 |
% |
| Ratio of net investment income (loss)
to average net assets |
|
|
(0.17 |
)% (5) |
|
|
0.00 |
% |
|
|
0.07 |
% |
|
|
0.48 |
% |
|
|
0.33 |
% |
|
|
(0.09 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Turnover Rate |
|
|
16 |
% (4) |
|
|
25 |
% |
|
|
16 |
% |
|
|
24 |
% |
|
|
34 |
% |
|
|
14 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Per share amounts calculated using
the average shares method, which more appropriately presents the per share data for the period. Fiscal years ended December 31, 2024 and
prior were calculated using the SEC method. |
|
(2) |
Total returns shown are historical
in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
sales charges and redemption fees. |
|
(3) |
Amount represents less than $0.005
per share. |
|
(4) |
Not annualized for periods less than
one year. |
|
(5) |
Annualized for periods less than one
year. |
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Balanced Fund |
| FINANCIAL
HIGHLIGHTS |
| |
Per
Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period
| |
|
Six Months Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
| |
|
June
30, 2026 |
|
|
December
31, 2025 |
|
|
December
31, 2024 |
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
December
31, 2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, beginning
of period |
|
$ |
13.45 |
|
|
$ |
13.09 |
|
|
$ |
13.15 |
|
|
$ |
13.13 |
|
|
$ |
14.68 |
|
|
$ |
13.45 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Activity from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (1) |
|
|
0.12 |
|
|
|
0.24 |
|
|
|
0.26 |
|
|
|
0.27 |
|
|
|
0.19 |
|
|
|
0.16 |
|
| Net realized and
unrealized gain (loss) on investments |
|
|
1.10 |
|
|
|
1.16 |
|
|
|
0.96 |
|
|
|
0.37 |
|
|
|
(1.24 |
) |
|
|
1.96 |
|
| Total from investment
operations |
|
|
1.22 |
|
|
|
1.40 |
|
|
|
1.22 |
|
|
|
0.64 |
|
|
|
(1.05 |
) |
|
|
2.12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.11 |
) |
|
|
(0.25 |
) |
|
|
(0.26 |
) |
|
|
(0.27 |
) |
|
|
(0.22 |
) |
|
|
(0.17 |
) |
| Net realized gains |
|
|
— |
|
|
|
(0.79 |
) |
|
|
(1.02 |
) |
|
|
(0.35 |
) |
|
|
(0.28 |
) |
|
|
(0.72 |
) |
| Total distributions |
|
|
(0.11 |
) |
|
|
(1.04 |
) |
|
|
(1.28 |
) |
|
|
(0.62 |
) |
|
|
(0.50 |
) |
|
|
(0.89 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, end of period |
|
$ |
14.56 |
|
|
$ |
13.45 |
|
|
$ |
13.09 |
|
|
$ |
13.15 |
|
|
$ |
13.13 |
|
|
$ |
14.68 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total return
(2) |
|
|
9.11 |
% (4) |
|
|
10.84 |
% |
|
|
9.30 |
% |
|
|
4.98 |
% |
|
|
(7.19 |
)% |
|
|
15.85 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, at
end of period (000s) |
|
$ |
103,682 |
|
|
$ |
98,841 |
|
|
$ |
96,824 |
|
|
$ |
98,598 |
|
|
$ |
99,470 |
|
|
$ |
121,852 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of net expenses to average net
assets after waiver/recapture |
|
|
1.22 |
% (4) |
|
|
1.29 |
% |
|
|
1.30 |
% |
|
|
1.24 |
% |
|
|
1.24 |
% |
|
|
1.25 |
% |
| Ratio of net investment income to average
net assets |
|
|
1.66 |
% (4) |
|
|
1.80 |
% |
|
|
1.94 |
% |
|
|
2.01 |
% |
|
|
1.36 |
% |
|
|
1.03 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Turnover Rate |
|
|
10 |
% (3) |
|
|
22 |
% |
|
|
12 |
% |
|
|
24 |
% |
|
|
18 |
% |
|
|
23 |
% |
|
(1) |
Per share amounts calculated using
the average shares method, which more appropriately presents the per share data for the period. Fiscal years ended December 31, 2024 and
prior were calculated using the SEC method. |
|
(2) |
Total returns shown are historical
in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
sales charges and redemption fees. |
|
(3) |
Not annualized for periods less than
one year. |
|
(4) |
Annualized for periods less than one
year. |
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Government Bond Fund |
| FINANCIAL
HIGHLIGHTS |
| |
Per
Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period
| |
|
Six Months Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
| |
|
June
30, 2026 |
|
|
December
31, 2025 |
|
|
December
31, 2024 |
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
December
31, 2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, beginning
of period |
|
$ |
7.99 |
|
|
$ |
7.74 |
|
|
$ |
7.94 |
|
|
$ |
7.99 |
|
|
$ |
9.81 |
|
|
$ |
10.08 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Activity from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (1) |
|
|
0.13 |
|
|
|
0.27 |
|
|
|
0.26 |
|
|
|
0.25 |
|
|
|
0.13 |
|
|
|
0.07 |
|
| Net realized and
unrealized gain (loss) on investments |
|
|
(0.10 |
) |
|
|
0.26 |
|
|
|
(0.19 |
) |
|
|
(0.04 |
) |
|
|
(1.80 |
) |
|
|
(0.21 |
) |
| Total from investment
operations |
|
|
0.03 |
|
|
|
0.53 |
|
|
|
0.07 |
|
|
|
0.21 |
|
|
|
(1.67 |
) |
|
|
(0.14 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.14 |
) |
|
|
(0.28 |
) |
|
|
(0.27 |
) |
|
|
(0.26 |
) |
|
|
(0.15 |
) |
|
|
(0.13 |
) |
| Net realized gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total distributions |
|
|
(0.14 |
) |
|
|
(0.28 |
) |
|
|
(0.27 |
) |
|
|
(0.26 |
) |
|
|
(0.15 |
) |
|
|
(0.13 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, end of period |
|
$ |
7.88 |
|
|
$ |
7.99 |
|
|
$ |
7.74 |
|
|
$ |
7.94 |
|
|
$ |
7.99 |
|
|
$ |
9.81 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total return
(2) |
|
|
0.41 |
% (4) |
|
|
6.91 |
% |
|
|
0.90 |
% |
|
|
2.71 |
% |
|
|
(17.11 |
)% |
|
|
(1.35 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, at
end of period (000s) |
|
$ |
172,088 |
|
|
$ |
174,006 |
|
|
$ |
172,793 |
|
|
$ |
182,552 |
|
|
$ |
187,501 |
|
|
$ |
242,733 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of net expenses to average net
assets after waiver/recapture |
|
|
1.03 |
% (4) |
|
|
1.04 |
% |
|
|
1.07 |
% |
|
|
1.01 |
% |
|
|
1.01 |
% |
|
|
1.02 |
% |
| Ratio of net investment income to average
net assets |
|
|
3.45 |
% (4) |
|
|
3.50 |
% |
|
|
3.41 |
% |
|
|
3.24 |
% |
|
|
1.51 |
% |
|
|
0.72 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Turnover Rate |
|
|
7 |
% (3) |
|
|
17 |
% |
|
|
27 |
% |
|
|
72 |
% |
|
|
56 |
% |
|
|
40 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Per share amounts calculated using
the average shares method, which more appropriately presents the per share data for the period. Fiscal years ended December 31, 2024 and
prior were calculated using the SEC method. |
|
(2) |
Total returns shown are historical
in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
sales charges and redemption fees. |
|
(3) |
Not annualized for periods less than
one year. |
|
(4) |
Annualized for periods less than one
year. |
See
accompanying notes which are an integral part of these financial statements.
| WesMark
West Virginia Municipal Bond Fund |
| FINANCIAL
HIGHLIGHTS |
| |
Per
Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period
| |
|
Six Months Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
| |
|
June
30, 2026 |
|
|
December
31, 2025 |
|
|
December
31, 2024 |
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
December
31, 2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, beginning
of period |
|
$ |
9.98 |
|
|
$ |
9.68 |
|
|
$ |
9.88 |
|
|
$ |
9.67 |
|
|
$ |
10.69 |
|
|
$ |
10.84 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Activity from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (1) |
|
|
0.12 |
|
|
|
0.22 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.18 |
|
|
|
0.17 |
|
| Net realized and
unrealized gain (loss) on investments |
|
|
0.03 |
|
|
|
0.30 |
|
|
|
(0.20 |
) |
|
|
0.21 |
|
|
|
(1.02 |
) |
|
|
(0.13 |
) |
| Total from investment
operations |
|
|
0.15 |
|
|
|
0.52 |
|
|
|
— |
|
|
|
0.41 |
|
|
|
(0.84 |
) |
|
|
0.04 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.12 |
) |
|
|
(0.22 |
) |
|
|
(0.20 |
) |
|
|
(0.20 |
) |
|
|
(0.18 |
) |
|
|
(0.17 |
) |
| Net realized gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.00 |
) (7) |
|
|
(0.02 |
) |
| Total distributions |
|
|
(0.12 |
) |
|
|
(0.22 |
) |
|
|
(0.20 |
) |
|
|
(0.20 |
) |
|
|
(0.18 |
) |
|
|
(0.19 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, end of period |
|
$ |
10.01 |
|
|
$ |
9.98 |
|
|
$ |
9.68 |
|
|
$ |
9.88 |
|
|
$ |
9.67 |
|
|
$ |
10.69 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total return
(2) |
|
|
1.50 |
% (4) |
|
|
5.49 |
% |
|
|
(0.01 |
)% |
|
|
4.29 |
% |
|
|
(7.84 |
)% |
|
|
0.43 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, at
end of period (000s) |
|
$ |
88,758 |
|
|
$ |
87,980 |
|
|
$ |
88,189 |
|
|
$ |
89,582 |
|
|
$ |
95,597 |
|
|
$ |
114,698 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of net expenses to average net
assets after waiver/recapture |
|
|
1.12 |
% (4) |
|
|
1.16 |
% |
|
|
1.16 |
% |
|
|
1.10 |
% |
|
|
1.10 |
% |
|
|
1.11 |
% |
| Ratio of net investment income to average
net assets |
|
|
2.40 |
% (4) |
|
|
2.28 |
% |
|
|
2.05 |
% |
|
|
2.05 |
% |
|
|
1.84 |
% |
|
|
1.61 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Turnover Rate |
|
|
4 |
% (3) |
|
|
23 |
% |
|
|
9 |
% |
|
|
6 |
% |
|
|
9 |
% |
|
|
15 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Per share amounts calculated using
the average shares method, which more appropriately presents the per share data for the period. Fiscal years ended December 31, 2024 and
prior were calculated using the SEC method. |
|
(2) |
Total returns shown are historical
in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
sales charges and redemption fees. |
|
(3) |
Not annualized for periods less than
one year. |
|
(4) |
Annualized for periods less than one
year. |
See
accompanying notes which are an integral part of these financial statements.
| WesMark
Tactical Opportunity Fund |
| FINANCIAL
HIGHLIGHTS |
| |
Per
Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period
| |
|
Six Months Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
| |
|
June
30, 2026 |
|
|
December
31, 2025 |
|
|
December
31, 2024 |
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
December
31, 2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, beginning
of period |
|
$ |
12.78 |
|
|
$ |
11.63 |
|
|
$ |
11.01 |
|
|
$ |
10.37 |
|
|
$ |
12.16 |
|
|
$ |
11.95 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Activity from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (1) |
|
|
0.04 |
|
|
|
0.21 |
|
|
|
0.17 |
|
|
|
0.16 |
|
|
|
0.14 |
|
|
|
0.19 |
|
| Net realized and
unrealized gain (loss) on investments |
|
|
0.75 |
|
|
|
1.57 |
|
|
|
0.62 |
|
|
|
0.57 |
|
|
|
(1.64 |
) |
|
|
1.45 |
|
| Total from investment
operations |
|
|
0.79 |
|
|
|
1.78 |
|
|
|
0.79 |
|
|
|
0.73 |
|
|
|
(1.50 |
) |
|
|
1.64 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.03 |
) |
|
|
(0.11 |
) |
|
|
(0.17 |
) |
|
|
(0.09 |
) |
|
|
(0.22 |
) |
|
|
(0.13 |
) |
| Net realized gains |
|
|
— |
|
|
|
(0.52 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.07 |
) |
|
|
(1.30 |
) |
| Total distributions |
|
|
(0.03 |
) |
|
|
(0.63 |
) |
|
|
(0.17 |
) |
|
|
(0.09 |
) |
|
|
(0.29 |
) |
|
|
(1.43 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, end of period |
|
$ |
13.54 |
|
|
$ |
12.78 |
|
|
$ |
11.63 |
|
|
$ |
11.01 |
|
|
$ |
10.37 |
|
|
$ |
12.16 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total return
(2) |
|
|
6.18 |
% (5) |
|
|
15.42 |
% |
|
|
7.18 |
% |
|
|
7.10 |
% |
|
|
(12.38 |
)% |
|
|
13.94 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, at
end of period (000s) |
|
$ |
52,843 |
|
|
$ |
49,896 |
|
|
$ |
45,896 |
|
|
$ |
44,770 |
|
|
$ |
41,132 |
|
|
$ |
47,979 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of net expenses to average net
assets after waiver/recapture (3) |
|
|
1.36 |
% (6) |
|
|
1.45 |
% |
|
|
1.44 |
% |
|
|
1.39 |
% |
|
|
1.43 |
% |
|
|
1.44 |
% |
| Ratio of net investment income to average
net assets (3)(4) |
|
|
0.59 |
% (6) |
|
|
1.69 |
% |
|
|
1.45 |
% |
|
|
1.52 |
% |
|
|
1.29 |
% |
|
|
1.45 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Turnover Rate |
|
|
9 |
% (5) |
|
|
41 |
% |
|
|
21 |
% |
|
|
39 |
% |
|
|
85 |
% |
|
|
78 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Per share amounts calculated using
the average shares method, which more appropriately presents the per share data for the period. Fiscal years ended December 31, 2024 and
prior were calculated using the SEC method. |
|
(2) |
Total returns shown are historical
in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
sales charges and redemption fees. |
|
(3) |
Does not include the expenses of other
investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments. |
|
(4) |
The recognition of investment income
by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
|
(5) |
Not annualized for periods less than
one year. |
|
(6) |
Annualized for periods less than one
year. |
See
accompanying notes which are an integral part of these financial statements.
| NOTES
TO FINANCIAL STATEMENTS (Unaudited) |
| June 30, 2026 |
| |
Each
WesMark Fund (each, a “Fund” and collectively the “Funds”) is registered under the Investment Company Act of 1940,
as amended, (the “1940 Act”) as an open-end management investment company. The Trust consists of six portfolios which are presented
herein:
| Fund
|
Diversification
|
Primary
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. |
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES |
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”)
requires management to make estimates and assumptions 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. Actual results could differ from those estimates. The Funds are investment companies and accordingly
follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting
Standard Codification Topic 946 “Financial Services – Investment Companies.”
Operating
Segments - The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable
Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect
each Fund’s financial position or the results of its operations. An operating segment is defined as a component of a public entity
that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly
reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated
to the segment and assess its performance, and has discrete financial information available.The CODM is comprised of the portfolio manager
and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets,
changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible
for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
The
following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements.
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.
| NOTES
TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| June 30, 2026 |
| |
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.
The
following is a summary of the inputs used as of June 30, 2026 in valuing the Funds’ investments carried at fair value:
| Small Company Fund |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Common Stocks |
|
$ |
181,234,966 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
181,234,966 |
|
| Short-Term Investment |
|
|
4,907,228 |
|
|
|
— |
|
|
|
— |
|
|
|
4,907,228 |
|
| Total |
|
$ |
186,142,194 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
186,142,194 |
|
| NOTES
TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| June 30, 2026 |
| |
| Large Company Fund |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Common Stocks |
|
$ |
358,040,450 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
358,040,450 |
|
| Short-Term Investment |
|
|
980,267 |
|
|
|
— |
|
|
|
— |
|
|
|
980,267 |
|
| Total |
|
$ |
359,020,717 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
359,020,717 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balanced Fund |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Common Stocks |
|
$ |
65,027,856 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
65,027,856 |
|
| Corporate Bonds |
|
|
— |
|
|
|
23,377,674 |
|
|
|
— |
|
|
|
23,377,674 |
|
| Municipal Bonds |
|
|
— |
|
|
|
1,821,412 |
|
|
|
— |
|
|
|
1,821,412 |
|
| U.S. Government & Agencies |
|
|
— |
|
|
|
11,488,363 |
|
|
|
— |
|
|
|
11,488,363 |
|
| Short-Term Investment |
|
|
509,863 |
|
|
|
— |
|
|
|
— |
|
|
|
509,863 |
|
| Total |
|
$ |
65,537,719 |
|
|
$ |
36,687,449 |
|
|
$ |
— |
|
|
$ |
102,225,168 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Government Bond Fund |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Asset Backed Securities |
|
$ |
— |
|
|
$ |
6,371,364 |
|
|
$ |
— |
|
|
$ |
6,371,364 |
|
| Collateralized Mortgage Obligations |
|
|
— |
|
|
|
37,084,698 |
|
|
|
— |
|
|
|
37,084,698 |
|
| Corporate Bonds |
|
|
— |
|
|
|
20,147,495 |
|
|
|
— |
|
|
|
20,147,495 |
|
| Municipal Bonds |
|
|
— |
|
|
|
1,011,181 |
|
|
|
— |
|
|
|
1,011,181 |
|
| U.S. Government & Agencies |
|
|
— |
|
|
|
100,928,656 |
|
|
|
— |
|
|
|
100,928,656 |
|
| Short-Term Investment |
|
|
840,051 |
|
|
|
— |
|
|
|
— |
|
|
|
840,051 |
|
| Total |
|
$ |
840,051 |
|
|
$ |
165,543,394 |
|
|
$ |
— |
|
|
$ |
166,383,445 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| West Virginia Municipal Bond Fund |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Asset Backed Securities |
|
$ |
— |
|
|
$ |
512,822 |
|
|
$ |
— |
|
|
$ |
512,822 |
|
| Municipal Bonds |
|
|
— |
|
|
|
84,356,813 |
|
|
|
— |
|
|
|
84,356,813 |
|
| Short-Term Investment |
|
|
3,340,624 |
|
|
|
— |
|
|
|
— |
|
|
|
3,340,624 |
|
| Total |
|
$ |
3,340,624 |
|
|
$ |
84,869,635 |
|
|
$ |
— |
|
|
$ |
88,210,259 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tactical Opportunity Fund |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Exchange-Traded Funds |
|
$ |
51,852,963 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
51,852,963 |
|
| Short-Term Investment |
|
|
737,768 |
|
|
|
— |
|
|
|
— |
|
|
|
737,768 |
|
| Total |
|
$ |
52,590,731 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
52,590,731 |
|
|
* |
See each Fund’s Schedule of Investments
for detailed descriptions of sector and/or geography classifications. |
All
securities of the Funds were valued using either Level 1 or Level 2 inputs during the six months ended June 30, 2026. Thus, a reconciliation
of assets in which unobservable inputs (Level 3) were used is not applicable for the Funds.
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.
| NOTES
TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| June 30, 2026 |
| |
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 year ended December
31, 2025, 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.
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.
| NOTES
TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| June 30, 2026 |
| |
There
were no options held as of or for the six months ended June 30, 2026.
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 crisIs, recessions, depressions or other events – or the potential for such events – could have a significant
negative impact on economic and market conditions.
Indemnification
– The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to
the Trust. Additionally, in the normal course of business, each Fund enters into contracts that contain a variety of representations and
warranties which provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve
future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Funds expect the risk of
loss due to these warranties and indemnities to be remote.
|
3. |
INVESTMENT ADVISORY FEES AND OTHER
TRANSACTIONS WITH AFFILIATES |
a.
Management Fees – WesBanco Investment Department serves as the Funds’ investment adviser (the “Adviser”). Pursuant
to an investment advisory agreement between the Funds and the Adviser, the Adviser is compensated for its services. Each Fund pays the
Adviser a fixed fee, accrued daily and paid monthly, based on each Fund’s respective average daily net assets as shown in the table
below.
| |
Management |
| |
Fee |
| Small
Company Fund |
0.75% |
| Large
Company Fund |
0.75% |
| Balanced
Fund |
0.75% |
| Government
Bond Fund |
0.56%* |
| West
Virginia Municipal Bond Fund |
0.60% |
| Tactical
Opportunity Fund |
0.75% |
| |
|
|
* |
Effective June 1, 2026, the Government
Fund changed the Advisory Fees to 0.56%. Prior to June 1, 2026, the Fund paid the Advisory fee at an annualized rate of 0.60%. |
b.
Administration, Fund Accounting and Transfer Agency Fees – Effective May 18, 2025, Ultimus Fund Services, LLC (“UFS”
or the “Administrator”) provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate
servicing agreements with UFS, the Trust pays UFS fees for providing administration, fund accounting, and transfer agency services to
the Funds. These fees are disclosed in the Statements of Operations. Prior to May 18, 2025, ALPS Fund Services, Inc. (“ALPS”)
provided administration, fund accounting and transfer agent services to the Trust.
| NOTES
TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| June 30, 2026 |
| |
Blu
Giant, LLC, (“Blu Giant”), an affiliate of UFS, provides EDGAR conversion and filing services as well as some print management
services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds. An individual
from UFS serves as an officer for the Trust and receives no additional compensation from the Trust for serving in that role.
c.
Distributor – Effective May 18, 2025, The Distributor of the Funds is Ultimus Fund Distributors, LLC (the “Distributor”),
(“UFD”). The Funds currently have no active distributor plan pursuant to Rule 12b-1 under the Act. Prior to May 18, 2025, ALPS
Distributors, Inc. (“ADI”), an affiliate of ALPS, served as the Fund’s distributor.
d.
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.
e.
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.
f.
Trustees’ Fees – 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.
|
4. |
INVESTMENT TRANSACTIONS |
The
cost of purchases and the proceeds from sales of investments, other than short-term investments, for the six months ended June 30, 2026
were as follows:
| |
|
Purchases (excluding |
|
|
Sale Proceeds |
|
|
Purchases of U.S. |
|
|
Proceeds of U.S. |
|
| |
|
U.S. Government |
|
|
(excluding U.S. |
|
|
Government |
|
|
Government |
|
| Fund |
|
Securities) |
|
|
Government Securities) |
|
|
Securities |
|
|
Securities |
|
| Small Company Fund |
|
$ |
59,127,127 |
|
|
$ |
57,231,243 |
|
|
$ |
— |
|
|
$ |
— |
|
| Large Company Fund |
|
|
56,156,196 |
|
|
|
74,424,457 |
|
|
|
— |
|
|
|
— |
|
| Balanced Fund |
|
|
7,864,293 |
|
|
|
10,432,412 |
|
|
|
2,002,750 |
|
|
|
686,042 |
|
| Government Bond Fund |
|
|
1,847,329 |
|
|
|
2,824,262 |
|
|
|
8,491,044 |
|
|
|
13,884,717 |
|
| West Virginia Municipal Bond Fund |
|
|
3,134,212 |
|
|
|
6,063,639 |
|
|
|
— |
|
|
|
— |
|
| Tactical Opportunity Fund |
|
|
4,377,133 |
|
|
|
4,583,467 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. |
AGGREGATE UNREALIZED APPRECIATION
AND DEPRECIATION – TAX BASIS |
The
identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation
and depreciation at June 30, 2026, were as follows:
| |
|
|
|
|
Gross |
|
|
Gross |
|
|
Net Unrealized |
|
| |
|
Tax |
|
|
Unrealized |
|
|
Unrealized |
|
|
Appreciation/ |
|
| Fund |
|
Cost |
|
|
Appreciation |
|
|
Depreciation |
|
|
(Depreciation) |
|
| Small Company Fund |
|
$ |
132,650,148 |
|
|
$ |
57,450,492 |
|
|
$ |
(3,958,446 |
) |
|
$ |
53,492,046 |
|
| Large Company Fund |
|
|
173,478,017 |
|
|
|
189,826,600 |
|
|
|
(4,283,900 |
) |
|
|
185,542,700 |
|
| Balanced Fund |
|
|
71,093,500 |
|
|
|
33,182,259 |
|
|
|
(2,050,591 |
) |
|
|
31,131,668 |
|
| Government Bond Fund |
|
|
171,126,258 |
|
|
|
1,512,831 |
|
|
|
(6,255,644 |
) |
|
|
(4,742,813 |
) |
| West Virginia Municipal Bond Fund |
|
|
89,786,999 |
|
|
|
1,061,184 |
|
|
|
(2,637,924 |
) |
|
|
(1,576,740 |
) |
| Tactical Opportunity Fund |
|
|
42,814,457 |
|
|
|
10,214,531 |
|
|
|
(438,257 |
) |
|
|
9,776,274 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
difference between book and tax basis for unrealized appreciation/(depreciation) for the Funds is attributable to wash sales, premium
amortization accruals, and commodity grantor trusts.
| NOTES
TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| June 30, 2026 |
| |
|
6. |
DISTRIBUTIONS TO SHAREHOLDERS
AND TAX COMPONENTS OF CAPITAL |
The
tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024, were as follows:
| For Fiscal Year Ended |
|
Ordinary |
|
|
Tax-Exempt |
|
|
Long-Term |
|
|
|
|
| 12/31/2025 |
|
Income |
|
|
Income |
|
|
Capital Gains |
|
|
Total |
|
| Small Company Fund |
|
$ |
2,668,478 |
|
|
$ |
— |
|
|
$ |
27,011,352 |
|
|
$ |
29,679,830 |
|
| Large Company Fund |
|
|
2,288,448 |
|
|
|
— |
|
|
|
61,298,873 |
|
|
|
63,587,321 |
|
| Balanced Fund |
|
|
1,780,638 |
|
|
|
— |
|
|
|
5,542,655 |
|
|
|
7,323,293 |
|
| Government Bond Fund |
|
|
6,070,299 |
|
|
|
— |
|
|
|
— |
|
|
|
6,070,299 |
|
| West Virginia Municipal Bond Fund |
|
|
64,312 |
|
|
|
1,935,448 |
|
|
|
— |
|
|
|
1,999,760 |
|
| Tactical Opportunity Fund |
|
|
424,212 |
|
|
|
— |
|
|
|
1,994,455 |
|
|
|
2,418,667 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For Fiscal Year Ended |
|
Ordinary |
|
|
Tax-Exempt |
|
|
Long-Term |
|
|
|
|
| 12/31/2024 |
|
Income |
|
|
Income |
|
|
Capital Gains |
|
|
Total |
|
| Small Company Fund |
|
$ |
261,304 |
|
|
$ |
— |
|
|
$ |
5,901,629 |
|
|
$ |
6,162,933 |
|
| Large Company Fund |
|
|
1,076,926 |
|
|
|
— |
|
|
|
44,581,428 |
|
|
|
45,658,354 |
|
| Balanced Fund |
|
|
1,917,135 |
|
|
|
— |
|
|
|
7,071,548 |
|
|
|
8,988,683 |
|
| Government Bond Fund |
|
|
6,079,756 |
|
|
|
— |
|
|
|
— |
|
|
|
6,079,756 |
|
| West Virginia Municipal Bond Fund |
|
|
46,505 |
|
|
|
1,744,158 |
|
|
|
— |
|
|
|
1,790,663 |
|
| Tactical Opportunity Fund |
|
|
670,785 |
|
|
|
— |
|
|
|
— |
|
|
|
670,785 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of December 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| |
|
Undistributed |
|
|
Undistributed |
|
|
Post October Loss |
|
|
Capital Loss |
|
|
Other |
|
|
Unrealized |
|
|
Total |
|
| |
|
Ordinary |
|
|
Long-Term |
|
|
and |
|
|
Carry |
|
|
Book/Tax |
|
|
Appreciation/ |
|
|
Accumulated |
|
| Fund |
|
Income |
|
|
Capital
Gains |
|
|
Late
Year Loss |
|
|
Forwards |
|
|
Differences |
|
|
(Depreciation) |
|
|
Earnings/(Deficits) |
|
| Small Company Fund |
|
$ |
220,359 |
|
|
$ |
12,548,451 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
38,869,354 |
|
|
$ |
51,638,164 |
|
| Large Company Fund |
|
|
409,074 |
|
|
|
16,534,705 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
183,542,116 |
|
|
|
200,485,895 |
|
| Balanced Fund |
|
|
— |
|
|
|
1,960,156 |
|
|
|
— |
|
|
|
— |
|
|
|
5,368 |
|
|
|
27,951,684 |
|
|
|
29,917,208 |
|
| Government Bond Fund |
|
|
151,202 |
|
|
|
— |
|
|
|
— |
|
|
|
(44,665,996 |
) |
|
|
— |
|
|
|
(2,835,844 |
) |
|
|
(47,350,638 |
) |
| West Virginia Municipal Bond Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,029,908 |
) |
|
|
— |
|
|
|
(2,101,176 |
) |
|
|
(3,131,084 |
) |
| Tactical Opportunity Fund |
|
|
688,426 |
|
|
|
623,051 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,157,148 |
|
|
|
9,468,625 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
December 31, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains,
along with capital loss carry forwards utilized in the current year as follows:
| Fund |
|
Short-Term |
|
|
Long-Term |
|
|
Total |
|
|
Capital Loss Carry
Forward Utilized |
|
| Government Bond Fund |
|
$ |
7,265,854 |
|
|
$ |
37,400,142 |
|
|
$ |
44,665,996 |
|
|
$ |
— |
|
| West Virginia Municipal Bond Fund |
|
|
595 |
|
|
|
1,029,313 |
|
|
|
1,029,908 |
|
|
|
— |
|
| Tactical Opportunity Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
555,745 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Permanent
book and tax differences, primarily attributable to distributions in excess and the non-deductible expenses, resulted in reclassifications
for the Funds for the fiscal year ended December 31, 2025 as follows:
| |
|
|
|
|
Total |
|
| |
|
|
|
|
Distributable |
|
| Fund |
|
Paid-In Capital |
|
|
Earnings |
|
| Small Company Fund |
|
$ |
— |
|
|
$ |
— |
|
| Large Company Fund |
|
|
— |
|
|
|
— |
|
| Balanced Fund |
|
|
(1 |
) |
|
|
1 |
|
| Government Bond Fund |
|
|
— |
|
|
|
— |
|
| West Virginia Municipal Bond Fund |
|
|
(7,622 |
) |
|
|
7,622 |
|
| Tactical Opportunity Fund |
|
|
— |
|
|
|
— |
|
| NOTES
TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| June 30, 2026 |
| |
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, 2026, 32% 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. |
ACCOUNTING PRONOUNCEMENTS |
The
Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures”
(“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure
provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and
to improve the effectiveness of income tax disclosures. The Fund’s adoption of ASU 2023-09 did not have a material impact on the
Fund’s financial statements.
Subsequent
events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.
Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements other
than the below:
Shareholder
Distributions for the Balanced Fund: On July 31, 2026, the Balanced Fund paid a monthly distribution of $0.0225 per share to common shareholders
of record as of July 23, 2026.
Shareholder
Distributions for Government Bond Fund and West Virginia Municipal Bond Fund: On August 1, 2026, the Government Bond Fund and the West
Virginia Municipal Bond Fund paid daily distributions declared from July 1, 2026 to July 31, 2026 totaling $0.0245 and $0.0207 per share,
respectively, to common shareholders.
Changes
in and Disagreements with Accountants
There
were no changes in or disagreements with accountants during the period covered by this report.
Proxy
Disclosures - Not applicable.
Remuneration
Paid to Directors, Officers and Others
Refer
to the financial statements included herein.
Statement
Regarding Basis for Approval of Investment Advisory Agreement
At
its May 2026 meeting, as required by the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees
(“Board” or “Trustees”) of the WesMark Funds (“Funds”) reviewed 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 its consideration of the renewal of the investment advisory contract. Following a review and approval
by the Funds’ Independent Trustees in executive session at the May meeting, the Board reviewed and approved (i) the continuation
of the Funds’ investment advisory contract with the Adviser for the one-year period commencing on May 31, 2026 and (ii) an amendment
to the investment advisory contract to permanently reduce the advisory fee for the WesMark Government Bond Fund from 0.60% to 0.56% of
the WesMark Government Bond Fund’s average daily net assets. The Board’s decision to approve the investment advisory contract
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 evolving, 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. The Trustees acknowledged the Adviser’s willingness to reduce the WesMark Government Bond Fund fee and considered
the reduction as part of their overall evaluation of the reasonableness of the advisory fee arrangements. The Board discussed each Fund’s
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 comparative information showed that the relevant fees and expenses were within a range the Board considered reasonable in
light of the services provided. 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 performance for the period ending March 31, 2026 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 Tactical Opportunity
Fund, WesMark Small Company Fund, WesMark West Virginia Municipal Bond Fund, and WesMark Large Company Fund were above the average of
its respective peer group. The performance of the WesMark Balanced Fund and the WesMark Government Bond Fund was below each respective
peer group average for the one-year period. For the three-year period, the performance of the WesMark Small Company Fund was above the
average of its peer group. The performance of the WesMark Large Company Fund, the WesMark Government Bond Fund, the WesMark West Virginia
Municipal Bond Fund, the WesMark Balanced Fund and the WesMark Tactical Opportunity 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 2026 and for longer performance
periods and noted that the short-term performance of the Funds was generally strong or improving. 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 Adviser’s capabilities, undertakings
and the commitment of the Adviser to provide high-quality services to the Funds and to seek to provide competitive performance for the
Funds. The Board will continue to monitor these efforts and the performance of the Funds.
The
Board requested and reviewed a report prepared by an independent rating organization which compared each of the Funds’ fees, including
gross advisory fees, for the calendar year ending December 31, 2025, 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 versus those of the selected peer groups. Based on the review of the materials and discussions with the Adviser, the Board concluded
that the advisory fees for the WesMark Large Company Fund, the WesMark Small Company Fund, the WesMark Balanced Fund, the WesMark Tactical
Opportunity Fund, and the WesMark West Virginia Municipal Bond Fund were reasonable, and approved the reduction of the advisory fee for
the WesMark Government Bond Fund from 0.60% to 0.56%. The Board concluded that the overall expense structure of the Funds remained competitive.
The
Board also considered whether “economies of scale” may exist and whether the Funds benefit from any such economies. The Board
noted that each Fund is relatively small compared with many of its peers, making it more difficult to achieve economies of scale. 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 the 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 received financial information about the Adviser, including information on the profitability of the Adviser on a fund-by-fund basis.
The Independent Trustees reviewed the Adviser’s process for determining the profitability information and noted the challenges with
determining the profitability of a fund-by-fund basis and noted that the Funds’ assets under management had remained relatively stable
while operating costs across the asset management industry continue to increase. Although the Board considered the Adviser’s profitability
on a fund-by-fund basis, the Board concluded that the profitability information was of limited value given these associated challenges.
The Board nevertheless concluded that the Adviser’s profitability did not appear to be unreasonable.
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 appeared to be reasonable. The Board also concluded
that the amounts received by the Adviser or its affiliates for the provision of shareholder servicing were reasonable. After reviewing
an evaluation framework for custody fees, the Board noted that absolute custody fee levels can vary year over year due, in part, to out
of pocket charges related to transaction activity, and concluded that the custodian fees were reasonable.
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 Funds by the
Adviser and its affiliates, continuation of the investment advisory contract, as amended, was appropriate.
The
Board based its decision to renew the investment advisory contract 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.
| INVESTMENT
ADVISOR |
| |
 |
| WesBanco Investment
Department, Investment Adviser |
| A Division of
WesBanco Bank, Inc |
| c/o Ultimus Fund
Solutions, LLC. |
| P.O. Box 46707,
Cincinnati, OH 45246 |
| |
| ADMINISTRATOR |
| Ultimus Fund
Solutions, LLC |
| 4221 North 203rd
Street Suite 100 |
| Elkhorn, Nebraska
68022 |
| |
| |
| |
| WESMARK-SA26 |
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 to open-end investment companies.
Item
13. Portfolio Managers of Closed-End Management Investment Companies.
Not
applicable to open-end investment companies.
Item
14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not
applicable to open-end investment companies.
Item
15. Submission of Matters to a Vote of Security Holders.
None
Item
16. Controls and Procedures
(a)
The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the
basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures
as of a date within 90 days of this report on Form N-CSR.
(b)
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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.
(a) Not
applicable
(b) Not
applicable
Item
19. Exhibits.
(a)(1)
Code of Ethics for Principal Executive and Senior Financial Officers. – Not applicable
(a)(2) A
separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a)
under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT
(a)(3)
Not applicable
(a)(4)
Not applicable
(b)
Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT
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 |
| Principal
Executive Officer/President |
| Date:
09/08/2026 |
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 |
| Principal
Executive Officer/President |
| Date:
09/08/2026 |
| By |
/s/
Steven Kellas |
| Steven
Kellas |
| Principal
Financial Officer/Treasurer |
| Date:
09/08/2026 |
