ThZeal - The Zeal

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-07925

(Investment Company Act file number)

WesMark Funds

(Exact name of registrant as specified in charter)

One Bank Plaza, 5th floor

Wheeling, WV 26003

(Address of principal executive offices)

(304) 234-9000

(Registrant’s telephone number)

Karen Gilomen, Esq.

ALPS Fund Services, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

(Name and address of agent for service)

Date of fiscal year end: December 31

Date of reporting period: January 1 – June 30, 2017

Item 1. Reports to Stockholders.

Table of Contents

June 30, 2017

Small Company Growth Fund
Portfolio of Investments Summary Table	1
Portfolio of Investments	2
Growth Fund
Portfolio of Investments Summary Table	5
Portfolio of Investments	6
Balanced Fund
Portfolio of Investments Summary Table	9
Portfolio of Investments	10
Government Bond Fund
Portfolio of Investments Summary Table	15
Portfolio of Investments	16
West Virginia Municipal Bond Fund
Portfolio of Investments Summary Table	21
Portfolio of Investments	22
Tactical Opportunity Fund
Portfolio of Investments Summary Table	27
Portfolio of Investments	28
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	33
Financial Highlights	36
Notes to Financial Statements	42
Shareholder Expense Example	55
Board Review of Advisory Contract	56
Additional Information	58
Glossary of Terms	59

June 30, 2017 » Semi-Annual Report

Portfolio of Investments Summary Table

June 30, 2017 (Unaudited)

WesMark Small Company Growth Fund

At June 30, 2017, the Fund's Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
COMMON STOCKS	90.9%
SHORT TERM INVESTMENTS⁽²⁾	10.5%
EXCHANGE TRADED FUNDS	1.9%
OTHER ASSETS AND LIABILITIES - NET⁽³⁾	-3.3%
TOTAL NET ASSETS	100.0%

At June 30, 2017, the Fund's Sector composition⁽⁴⁾ was as follows:

Sector Composition	Percentage of Total Net Assets
Industrials	24.3%
Health Care	21.5%
Financials	15.2%
Information Technology	14.9%
Consumer Discretionary	6.2%
Consumer Staples	3.8%
Materials	3.2%
Exchange Traded Funds	1.9%
Energy	1.2%
Real Estate	0.6%
Equity Portfolio Sub-Total	92.8%
Short Term Investments⁽²⁾	10.5%
Other Assets and Liabilities - Net⁽³⁾	-3.3%
Total Net Assets	100.0%

⁽¹⁾	See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

⁽²⁾	Short Term Investments include investment in a money market mutual fund.

⁽³⁾	Assets, other than investments in securities, less liabilities.

⁽⁴⁾	Securities are assigned to a sector classification by the Fund's advisor.

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark Small Company Growth Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS-90.9%
CONSUMER DISCRETIONARY-6.2%
		*Apparel Retail-2.0%*
	40,000	Foot Locker, Inc.	$	1,971,200

		*Apparel, Accessories & Luxury Goods-0.7%*
	8,167	Carter's, Inc.		726,455

		*Automotive Retail-2.1%*
	22,000	Lithia Motors, Inc., Class A		2,073,060

		*Consumer Electronics-0.7%*
	76,988	ZAGG, Inc.⁽¹⁾		665,946

		*Specialty Stores-0.7%*
	18,147	Dick's Sporting Goods, Inc.		722,795

TOTAL CONSUMER DISCRETIONARY				6,159,456

CONSUMER STAPLES-3.8%
		*Food Retail-0.3%*
	3,132	Casey's General Stores, Inc.		335,469

		*Household Products-2.2%*
	17,537	Spectrum Brands Holdings, Inc.		2,192,826

		*Personal Products-1.3%*
	16,181	Edgewell Personal Care Co.⁽¹⁾		1,230,080

TOTAL CONSUMER STAPLES				3,758,375

ENERGY-1.2%
		*Coal & Consumable Fuels-0.5%*
	31,488	CONSOL Energy, Inc.⁽¹⁾		470,431

		*Oil & Gas Exploration & Production-0.7%*
	37,000	Carrizo Oil & Gas, Inc.⁽¹⁾		644,540

TOTAL ENERGY				1,114,971

FINANCIALS-15.2%
		*Asset Management & Custody Banks-2.6%*
	88,961	Federated Investors, Inc., Class B		2,513,148

		*Investment Banking & Brokerage-2.1%*
	45,541	Stifel Financial Corp.⁽¹⁾		2,093,975

Shares/Principal Amount			Value
		*Life & Health Insurance-0.8%*
	34,337	Trupanion, Inc.⁽¹⁾	$	768,462

		*Property & Casualty Insurance-0.6%*
	12,906	First American Financial Corp.		576,769

		*Regional Banks-7.6%*
	25,837	Associated Banc-Corp		651,092
	23,345	BancorpSouth, Inc.		712,022
	16,169	Banner Corp.		913,710
	15,931	First Bancorp		498,003
	39,142	First Horizon National Corp.		681,854
	34,078	Fulton Financial Corp.		647,482
	15,570	MB Financial, Inc.		685,703
	52,504	Old National Bancorp		905,694
	10,390	South State Corp.		890,423
	28,160	Trustmark Corp.		905,626
				7,491,609
		*Reinsurance-1.5%*
	27,282	Validus Holdings, Ltd.		1,417,846

TOTAL FINANCIALS				14,861,809

HEALTH CARE-21.5%
		*Health Care Equipment-5.8%*
	25,000	Analogic Corp.		1,816,250
	26,989	Hill-Rom Holdings, Inc.		2,148,594
	17,206	Integra LifeSciences Holdings Corp.⁽¹⁾		937,899
	87,766	Invuity, Inc.⁽¹⁾		636,304
				5,539,047
		*Health Care Services-0.2%*
	49,413	Sharps Compliance Corp.⁽¹⁾		209,017

		*Health Care Supplies-3.2%*
	10,743	Align Technology, Inc.⁽¹⁾		1,612,739
	23,000	Neogen Corp.⁽¹⁾		1,589,530
				3,202,269
		*Health Care Technology-3.7%*
	146,324	Allscripts Healthcare Solutions, Inc.⁽¹⁾		1,867,094
	12,461	athenahealth, Inc.⁽¹⁾		1,751,394
				3,618,488
		*Life Sciences Tools & Services-5.6%*
	8,079	Charles River Laboratories International, Inc.⁽¹⁾		817,191
	18,044	ICON PLC⁽¹⁾		1,764,523

www.wesmarkfunds.com

Portfolio of Investments

June 30, 2017 (Unaudited)

WesMark Small Company Growth Fund

Shares/Principal Amount			Value
	33,643	PAREXEL International Corp.⁽¹⁾	$	2,923,913
				5,505,627
		*Pharmaceuticals-3.0%*
	55,672	Prestige Brands Holdings, Inc.⁽¹⁾		2,940,038

TOTAL HEALTH CARE				21,014,486

INDUSTRIALS-24.3%
		*Aerospace & Defense-6.1%*
	74,350	Hexcel Corp.		3,924,937
	29,246	Moog, Inc., Class A⁽¹⁾		2,097,523
				6,022,460
		*Airlines-2.1%*
	15,000	Allegiant Travel Co.		2,034,000

		*Building Products-6.7%*
	44,987	AAON, Inc.		1,657,771
	23,578	Lennox International, Inc.		4,329,864
	14,523	Masco Corp.		554,924
				6,542,559
		*Construction & Engineering-3.5%*
	104,774	Quanta Services, Inc.⁽¹⁾		3,449,160

		*Diversified Support Services-0.9%*
	6,411	UniFirst Corp.		902,028

		*Electronics-1.3%*
	17,549	OSI Systems, Inc.⁽¹⁾		1,318,807

		*Trading Companies & Distributors-2.2%*
	19,497	United Rentals, Inc.⁽¹⁾		2,197,507

		*Trucking-1.5%*
	20,528	Ryder System, Inc.		1,477,605

TOTAL INDUSTRIALS				23,944,126

INFORMATION TECHNOLOGY-14.9%
		*Application Software-0.8%*
	43,691	Nuance Communications, Inc.⁽¹⁾		760,660

		*Computer Hardware-0.5%*
	12,536	NCR Corp.⁽¹⁾		511,970

		*Electronic Equipment & Instruments-0.6%*
	33,500	VeriFone Systems, Inc.⁽¹⁾		606,350

Shares/Principal Amount			Value
		*Internet Software & Services-2.6%*
	16,674	IAC/InterActiveCorp⁽¹⁾	$	1,721,424
	66,980	Quotient Technology, Inc.⁽¹⁾		770,270
				2,491,694
		*Semiconductor Equipment-2.5%*
	81,430	Teradyne, Inc.		2,445,343

		*Semiconductors-2.2%*
	7,574	Cavium, Inc.⁽¹⁾		470,573
	30,371	Integrated Device Technology, Inc.⁽¹⁾		783,268
	65,505	Pure Storage, Inc., Class A⁽¹⁾		839,119
				2,092,960
		*Semiconductors & Semiconductor Equipment-1.8%*
	127,992	Cypress Semiconductor Corp.		1,747,091

		*Semiconductors Equipment-0.4%*
	15,665	Veeco Instruments, Inc.⁽¹⁾		436,270

		*Systems Software-2.4%*
	46,987	FireEye, Inc.⁽¹⁾		714,672
	14,993	Qualys, Inc.⁽¹⁾		611,714
	28,445	Rapid7, Inc.⁽¹⁾		478,729
	9,734	Tableau Software, Inc., Class A⁽¹⁾		596,402
				2,401,517
		*Technology Distributors-1.1%*
	9,232	SYNNEX Corp.		1,107,471

TOTAL INFORMATION TECHNOLOGY				14,601,326

MATERIALS-3.2%
		*Forest Products-2.2%*
	87,405	Louisiana-Pacific Corp.⁽¹⁾		2,107,335

		*Paper Products-1.0%*
	47,949	PH Glatfelter Co.		936,923

TOTAL MATERIALS				3,044,258

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark Small Company Growth Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
REAL ESTATE-0.6%
		*Equity Real Estate Investment-0.6%*
	60,230	Farmland Partners, Inc.	$	538,456

TOTAL REAL ESTATE				538,456

TOTAL COMMON STOCKS
(Cost $58,119,781)				89,037,263

EXCHANGE TRADED FUNDS-1.9%
	13,117	iShares Russell 2000 ETF		1,848,448

TOTAL EXCHANGE TRADED FUNDS
(Cost $1,855,292)				1,848,448

SHORT TERM INVESTMENTS-10.5%
		*Mutual Funds-10.5%*
	10,321,412	Federated Government Obligations Fund 7-Day Yield 0.849% (at net asset value)		10,321,412

TOTAL SHORT TERM INVESTMENTS
(Cost $10,321,412)				10,321,412

TOTAL INVESTMENTS-103.3%
(Cost $70,296,485)				101,207,123
OTHER ASSETS AND LIABILITIES-NET⁽²⁾-(3.3)%				(3,235,470	)
NET ASSETS-100.0%			$	97,971,653

⁽¹⁾	Non-income producing security.

⁽²⁾	Assets, other than investments in securities, less liabilities.

Note -

The categories of investments are shown as a percentage of net assets at June 30, 2017.

See Notes to Financial Statements which are an integral part of the Financial Statements.

www.wesmarkfunds.com

	Portfolio of Investments Summary Table
June 30, 2017 (Unaudited)	WesMark Growth Fund

At June 30, 2017, the Fund's Portfolio Composition⁽¹⁾ was as follows:
Portfolio Composition	Percentage of Total Net Assets
COMMON STOCKS	93.4%
SHORT TERM INVESTMENTS⁽²⁾	6.9%
OTHER ASSETS AND LIABILITIES - NET⁽³⁾	-0.3%
TOTAL NET ASSETS	100.0%

At June 30, 2017, the Fund's Sector composition⁽⁴⁾ was as follows:
Sector Composition	Percentage of Total Net Assets
Information Technology	27.3%
Health Care	19.2%
Consumer Discretionary	12.4%
Financials	11.1%
Industrials	8.0%
Consumer Staples	7.1%
Energy	4.3%
Materials	1.5%
Telecommunication Services	1.3%
Consumer, Cyclical	1.2%
Equity Portfolio Sub-Total	93.4%
Short Term Investments⁽²⁾	6.9%
Other Assets and Liabilities - Net⁽³⁾	-0.3%
Total Net Assets	100.0%

⁽¹⁾	See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

⁽²⁾	Short Term Investments include investment in a money market mutual fund.

⁽³⁾	Assets, other than investments in securities, less liabilities.

⁽⁴⁾	Securities are assigned to a sector classification by the Fund’s advisor.

Semi-Annual Report | June 30, 2017

Portfolio of Investments
WesMark Growth Fund	June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS-93.4%
CONSUMER, CYCLICAL-1.2%
		*Retail-1.2%*
	19,000	O'Reilly Automotive, Inc.⁽¹⁾	$	4,156,060

TOTAL CONSUMER, CYCLICAL				4,156,060

CONSUMER DISCRETIONARY-12.4%
		*Apparel Retail-0.4%*
	24,000	Ross Stores, Inc.		1,385,520

		*Broadcasting-1.9%*
	100,000	CBS Corp., Class B		6,378,000

		*Footwear-1.1%*
	60,000	NIKE, Inc., Class B		3,540,000

		*Home Building-0.8%*
	65,000	Toll Brothers, Inc.		2,568,150

		*Internet Retail-4.4%*
	12,600	Amazon.com, Inc.⁽¹⁾		12,196,800
	18,280	Expedia, Inc.		2,722,806
				14,919,606
		*Media-1.8%*
	87,000	Scripps Networks Interactive, Inc., Class A		5,942,970

		*Movies & Entertainment-1.3%*
	40,000	Walt Disney Co.		4,250,000

		*Restaurants-0.7%*
	40,000	Starbucks Corp.		2,332,400

TOTAL CONSUMER DISCRETIONARY				41,316,646

CONSUMER STAPLES-7.1%
		*Distillers & Vintners-2.1%*
	36,000	Constellation Brands, Inc., Class A		6,974,280

		*Drugs Retail-4.0%*
	100,000	CVS Health Corp.		8,046,000
	70,500	Walgreens Boots Alliance, Inc.		5,520,855
				13,566,855

Shares/Principal Amount			Value
		*Food Retail-1.0%*
	75,000	Mondelez International, Inc., Class A	$	3,239,250

TOTAL CONSUMER STAPLES				23,780,385

ENERGY-4.3%
		*Energy Equipment & Services-0.9%*
	44,000	Schlumberger, Ltd.		2,896,960

		*Oil & Gas-0.4%*
	43,000	Noble Energy, Inc.		1,216,900

		*Oil & Gas Exploration & Production-2.1%*
	123,000	EQT Corp.		7,206,570

		*Oil, Gas & Consumable Fuels-0.9%*
	36,000	Diamondback Energy, Inc.⁽¹⁾		3,197,160

TOTAL ENERGY				14,517,590

FINANCIALS-11.1%
		*Asset Management & Custody Banks-2.1%*
	16,450	BlackRock, Inc.		6,948,644

		*Consumer Finance-1.0%*
	39,700	Capital One Financial Corp.		3,280,014

		*Diversified Banks-2.6%*
	158,000	Wells Fargo & Co.		8,754,780

		*Investment Banking & Brokerage-1.3%*
	100,000	Morgan Stanley		4,456,000

		*Property & Casualty Insurance-2.8%*
	64,000	Chubb, Ltd.		9,304,320

		*Regional Banks-1.3%*
	100,000	BB&T Corp.		4,541,000

TOTAL FINANCIALS				37,284,758

HEALTH CARE-19.2%
		*Biotechnology-3.6%*
	35,000	Amgen, Inc.		6,028,050
	46,000	Celgene Corp.⁽¹⁾		5,974,020
				12,002,070

www.wesmarkfunds.com

	Portfolio of Investments
June 30, 2017 (Unaudited)	WesMark Growth Fund

Shares/Principal Amount			Value
		*Life Sciences Tools & Services-2.4%*
	50,000	Quintiles IMS Holdings, Inc.⁽¹⁾	$	4,475,000
	21,000	Thermo Fisher Scientific, Inc.		3,663,870
				8,138,870
		*Managed Health Care-5.8%*
	55,000	Aetna, Inc.		8,350,650
	60,000	UnitedHealth Group, Inc.		11,125,200
				19,475,850
		*Pharmaceuticals-7.4%*
	110,000	Abbott Laboratories		5,347,100
	17,500	Allergan PLC		4,254,075
	28,250	Johnson & Johnson		3,737,192
	57,000	Merck & Co., Inc.		3,653,130
	125,000	Zoetis, Inc.		7,797,500
				24,788,997
TOTAL HEALTH CARE				64,405,787

INDUSTRIALS-8.0%
		*Aerospace & Defense-4.8%*
	32,100	Boeing Co.		6,347,775
	25,000	Honeywell International, Inc.		3,332,250
	39,300	Raytheon Co.		6,346,164
				16,026,189
		*Air Freight & Logistics-2.5%*
	38,000	FedEx Corp.		8,258,540

		*Industrial Conglomerates-0.7%*
	81,500	General Electric Co.		2,201,315

TOTAL INDUSTRIALS				26,486,044

INFORMATION TECHNOLOGY-27.3%
		*Application Software-4.1%*
	38,000	Adobe Systems, Inc.⁽¹⁾		5,374,720
	63,000	salesforce.com, Inc.⁽¹⁾		5,455,800
	30,000	SAP SE ADR		3,140,100
				13,970,620
		*Communications Equipment-1.1%*
	30,000	F5 Networks, Inc.⁽¹⁾		3,811,800

		*Computer Hardware-3.0%*
	70,000	Apple, Inc.		10,081,400

		*Data Processing & Outsourced Services-4.6%*
	82,500	Mastercard, Inc., Class A		10,019,625
	100,000	PayPal Holdings, Inc.⁽¹⁾		5,367,000
				15,386,625

Shares/Principal Amount			Value
		*Internet Software & Services-5.6%*
	20,000	Alibaba Group Holding, Ltd. ADR⁽¹⁾	$	2,818,000
	6,000	Alphabet, Inc., Class A⁽¹⁾		5,578,080
	6,016	Alphabet, Inc., Class C⁽¹⁾		5,466,920
	33,500	Facebook, Inc., Class A⁽¹⁾		5,057,830
				18,920,830
		*IT Services-1.4%*
	75,000	Vantiv, Inc., Class A⁽¹⁾		4,750,500

		*Semiconductors-3.0%*
	31,211	Broadcom, Ltd.		7,273,724
	43,000	Cavium, Inc.⁽¹⁾		2,671,590
				9,945,314
		*Semiconductors & Semiconductor Equipment-1.7%*
	58,000	Skyworks Solutions, Inc.		5,565,100

		*Systems Software-2.8%*
	50,000	Microsoft Corp.		3,446,500
	123,000	Oracle Corp.		6,167,220
				9,613,720
TOTAL INFORMATION TECHNOLOGY				92,045,909

MATERIALS-1.5%
		*Diversified Chemicals-1.5%*
	45,000	PPG Industries, Inc.		4,948,200

TOTAL MATERIALS				4,948,200

TELECOMMUNICATION SERVICES-1.3%
		*Wireless Telecommunication Services-1.3%*
	75,000	T-Mobile US, Inc.⁽¹⁾		4,546,500

TOTAL TELECOMMUNICATION SERVICES				4,546,500

TOTAL COMMON STOCKS (Cost $198,224,824)				313,487,879

SHORT TERM INVESTMENTS-6.9%
		*Mutual Funds-6.9%*
	23,053,322	Federated Government Obligations Fund 7-Day Yield 0.849% (at net asset value)		23,053,322

TOTAL SHORT TERM INVESTMENTS (Cost $23,053,322)				23,053,322

Semi-Annual Report | June 30, 2017

Portfolio of Investments
WesMark Growth Fund	June 30, 2017 (Unaudited)

Shares/Principal Amount	Value
TOTAL INVESTMENTS-100.3%
(Cost $221,278,146)	$	336,541,201
OTHER ASSETS AND LIABILITIES-NET⁽²⁾-(0.3)%		(972,475	)
NET ASSETS-100.0%	$	335,568,726

⁽¹⁾	Non-income producing security.

⁽²⁾	Assets, other than investments in securities, less liabilities.

Note

The categories of investments are shown as a percentage of net assets at June 30, 2017.

See Notes to Financial Statements which are an integral part of the Financial Statements.

www.wesmarkfunds.com

	Portfolio of Investments Summary Table
June 30, 2017 (Unaudited)	WesMark Balanced Fund

At June 30, 2017, the Fund's Portfolio Composition⁽¹⁾ was as follows:
Portfolio Composition	Percentage of Total Net Assets
COMMON STOCKS	61.7%
EXCHANGE TRADED FUNDS	1.6%
EQUITY PORTFOLIO SUB-TOTAL	63.3%
CORPORATE BOND	13.9%
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS	6.1%
TAXABLE MUNICIPAL BONDS	5.3%
U.S. GOVERNMENT AGENCY - MORTGAGE BACKED SECURITIES	4.9%
U.S. GOVERNMENT AGENCY SECURITIES	4.0%
FIXED INCOME PORTFOLIO SUB-TOTAL	34.2%
SHORT TERM INVESTMENTS⁽²⁾	0.6%
OTHER ASSETS AND LIABILITIES - NET⁽³⁾	1.9%
TOTAL NET ASSETS	100.0%

At June 30, 2017, the Fund's Sector composition⁽⁴⁾ was as follows:
Sector Composition	Percentage of Total Net Assets
Information Technology	14.6%
Consumer Staples	10.4%
Financials	9.0%
Health Care	7.5%
Industrials	6.6%
Energy	5.0%
Materials	2.0%
Consumer Discretionary	2.0%
Utilities	1.9%
Telecommunication Services	1.6%
Real Estate	1.1%
High Yield Fixed Income	0.8%
Exchange Traded Funds	0.8%
Equity Portfolio Sub-Total	63.3%
U.S. Government Agencies (Combined)	15.0%
Corporate Bonds	13.9%
Taxable Municipal Bonds	5.3%
Fixed Income Portfolio Sub-Total	34.2%
Short Term Investments⁽²⁾	0.6%
Other Assets and Liabilities - Net⁽³⁾	1.9%
Total Net Assets	100.0%

⁽¹⁾	See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

⁽²⁾	Short Term Investments include investment in a money market mutual fund.

⁽³⁾	Assets, other than investments in securities, less liabilities.

⁽⁴⁾	Securities are assigned to a sector classification by the Fund’s advisor.

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark Balanced Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS-61.7%
CONSUMER DISCRETIONARY-2.0%
		*Auto Parts & Equipment-0.6%*
	14,000	Magna International, Inc.	$	648,620

		*Department Stores-0.5%*
	24,000	Macy's, Inc.⁽¹⁾		557,760

		*Home Improvement Retail-0.9%*
	6,500	Home Depot, Inc.		997,100

TOTAL CONSUMER DISCRETIONARY				2,203,480

CONSUMER STAPLES-10.4%
		*Drugs Retail-1.4%*
	20,000	CVS Health Corp.		1,609,200

		*Food Products-1.3%*
	39,000	Conagra Brands, Inc.		1,394,640

		*Household Products-1.3%*
	17,000	Procter & Gamble Co.		1,481,550

		*Hypermarkets & Super Centers-0.8%*
	11,500	Wal-Mart Stores, Inc.		870,320

		*Packaged Foods & Meats-1.1%*
	10,000	JM Smucker Co.		1,183,300

		*Soft Drinks-2.5%*
	20,000	Coca-Cola Co.		897,000
	16,000	PepsiCo, Inc.		1,847,840
				2,744,840
		*Tobacco-2.0%*
	30,000	Altria Group, Inc.		2,234,100

TOTAL CONSUMER STAPLES				11,517,950

ENERGY-5.0%
		*Energy Equipment & Services-0.7%*
	12,500	Schlumberger, Ltd.		823,000

		*Integrated Oil & Gas-4.3%*
	19,100	Chevron Corp.		1,992,703
	20,000	Exxon Mobil Corp.		1,614,600

Shares/Principal Amount			Value
	25,000	TOTAL SA ADR	$	1,239,750
				4,847,053
TOTAL ENERGY				5,670,053

FINANCIALS-9.0%
		*Consumer Finance-1.9%*
	35,000	Discover Financial Services		2,176,650

		*Diversified Banks-1.1%*
	24,000	US Bancorp		1,246,080

		*Insurance Brokers-1.4%*
	27,000	Arthur J Gallagher & Co.		1,545,750

		*Other Diversified Financial Services-0.6%*
	7,500	JPMorgan Chase & Co.		685,500

		*Property & Casualty Insurance-1.7%*
	13,000	Chubb, Ltd.		1,889,940

		*Regional Banks-1.9%*
	25,000	BB&T Corp.		1,135,250
	8,000	PNC Financial Services Group, Inc.		998,960
				2,134,210
		*Retail REITS-0.4%*
	12,500	National Retail Properties, Inc. REIT		488,750

TOTAL FINANCIALS				10,166,880

HEALTH CARE-7.5%
		*Biotechnology-2.8%*
	20,000	AbbVie, Inc.		1,450,200
	9,500	Amgen, Inc.		1,636,185
				3,086,385
		*Pharmaceuticals-4.7%*
	30,000	Bristol-Myers Squibb Co.		1,671,600
	25,000	Merck & Co., Inc.		1,602,250
	60,000	Pfizer, Inc.		2,015,400
				5,289,250
TOTAL HEALTH CARE				8,375,635

INDUSTRIALS-6.6%
		*Aerospace & Defense-4.4%*
	7,000	Boeing Co.		1,384,250
	6,000	Honeywell International, Inc.		799,740
	6,000	Lockheed Martin Corp.		1,665,660

www.wesmarkfunds.com

Portfolio of Investments

June 30, 2017 (Unaudited)

WesMark Balanced Fund

Shares/Principal Amount			Value
	9,000	United Technologies Corp.	$	1,098,990
				4,948,640
		*Air Freight & Logistics-1.5%*
	15,000	United Parcel Service, Inc., Class B		1,658,850

		*Industrial Conglomerates-0.7%*
	30,000	General Electric Co.		810,300

TOTAL INDUSTRIALS				7,417,790

INFORMATION TECHNOLOGY-14.6%
		*Communications Equipment-0.8%*
	30,000	Cisco Systems, Inc.		939,000

		*Computer Hardware-3.4%*
	26,000	Apple, Inc.		3,744,520

		*IT Services-3.2%*
	15,000	International Business Machines Corp.		2,307,450
	23,000	Leidos Holdings, Inc.		1,188,870
				3,496,320
		*Semiconductor Equipment-1.0%*
	27,000	Applied Materials, Inc.		1,115,370

		*Semiconductors-2.9%*
	24,000	Intel Corp.		809,760
	11,850	Microchip Technology, Inc.		914,583
	20,000	Texas Instruments, Inc.		1,538,600
				3,262,943
		*Semiconductors & Semiconductor Equipment-1.2%*
	100,000	Cypress Semiconductor Corp.		1,365,000

		*Systems Software-0.9%*
	14,000	Microsoft Corp.		965,020

		*Technology Hardware & Storage-1.2%*
	15,000	Western Digital Corp.		1,329,000

TOTAL INFORMATION TECHNOLOGY				16,217,173

MATERIALS-2.0%
		*Diversified Chemicals-2.0%*
	20,000	Dow Chemical Co.		1,261,400

	Shares/Principal Amount		Value
	13,000	EI du Pont de Nemours & Co.	$	1,049,230
				2,310,630
TOTAL MATERIALS				2,310,630

REAL ESTATE-1.1%
		*Industrial REITS-0.7%*
	13,000	Prologis, Inc. REIT		762,320

		*Specialized REITS-0.4%*
	18,500	CubeSmart REIT		444,740

TOTAL REAL ESTATE				1,207,060

TELECOMMUNICATION SERVICES-1.6%
		*Integrated Telecommunication Services-1.6%*
	25,000	AT&T, Inc.		943,250
	20,000	Verizon Communications, Inc.		893,200
				1,836,450
TOTAL TELECOMMUNICATION SERVICES				1,836,450

UTILITIES-1.9%
		*Electric Utilities-1.0%*
	13,025	Duke Energy Corp.		1,088,760

		*Multi-Utilities-0.9%*
	13,250	Dominion Energy, Inc.		1,015,347

TOTAL UTILITIES				2,104,107

TOTAL COMMON STOCKS
(Cost $50,899,652)				69,027,208

EXCHANGE TRADED FUNDS-1.6%
	38,700	PowerShares Senior Loan Portfolio		895,518
	18,000	SPDR^® Bloomberg Barclays Convertible Securities ETF		893,160

TOTAL EXCHANGE TRADED FUNDS
(Cost $1,703,609)				1,788,678

CORPORATE BONDS-13.9%
		*Automobile Manufacturers-0.9%*
	$1,000,000	Toyota Motor Credit Corp., Sr. Unsecured Notes, 2.250%, 12/7/2027⁽²⁾		970,755

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark Balanced Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
		*Banks-0.9%*
$	1,000,000	Wells Fargo & Co., Subordinated Notes, 3.450%, 2/13/2023	$	1,024,500

		*Diversified Chemicals-0.9%*
	1,000,000	Dow Chemical Co., Sr. Unsecured Notes, 3.000%, 11/15/2022		1,020,349

		*Industrial Gases-0.8%*
	835,000	Air Products & Chemicals, Inc., Sr. Unsecured Notes, 3.350%, 7/31/2024		864,040

		*Integrated Telecommunication Services-1.8%*
	1,000,000	AT&T, Inc., Sr. Unsecured Notes, 3.950%, 1/15/2025		1,020,870
	1,000,000	Verizon Communications, Inc., Sr. Unsecured Notes, 2.250%, 3/16/2022⁽³⁾		1,012,416
				2,033,286
		*Life Sciences Tools & Services-0.5%*
	500,000	Agilent Technologies, Inc., Sr. Unsecured Notes, 3.200%, 10/1/2022		509,412

		*Oil & Gas Exploration & Production-0.4%*
	500,000	Devon Energy Corp., Sr. Unsecured Notes, 3.250%, 5/15/2022		497,420

		*Other Diversified Financial Services-0.9%*
	1,000,000	JPMorgan Chase & Co., Subordinated Notes, 4.125%, 12/15/2026		1,040,854

		*Packaged Foods & Meats-0.4%*
	500,000	Kraft Heinz Foods Co., Sr. Unsecured Notes, 3.125%, 9/12/2021		499,569

		*Pharmaceuticals-2.3%*
	1,000,000	Allergan Funding SCS, Sr. Unsecured Notes, 3.450%, 3/15/2022		1,031,785
	500,000	Pfizer, Inc., Sr. Unsecured Notes, 3.400%, 5/15/2024		522,963

Shares/Principal Amount			Value
$	1,000,000	Zoetis, Inc., Sr. Unsecured Notes, 3.250%, 2/1/2023	$	1,026,007
				2,580,755
		*Real Estate-0.7%*
	750,000	Simon Property Group LP, Sr. Unsecured Notes, 2.750%, 2/1/2023		747,577

		*Regional Banks-2.3%*
	500,000	PNC Bank NA, Subordinated Notes, 2.950%, 1/30/2023		505,477
	1,000,000	PNC Bank NA, Sr. Unsecured Notes, 1.700%, 12/7/2018		1,000,111
	1,000,000	PNC Bank NA, Sr. Unsecured Notes, 3.250%, 6/1/2025		1,016,340
				2,521,928
		*Software & Services-1.1%*
	400,000	Autodesk, Inc., Sr. Unsecured Notes, 3.600%, 12/15/2022		412,165
	750,000	Oracle Corp., Sr. Unsecured Notes, 3.400%, 7/8/2024		781,773
				1,193,938
TOTAL CORPORATE BONDS
(Cost $15,325,493)				15,504,383

U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-6.1%
		*Federal Home Loan Mortgage Corp.-2.0%*
	839,255	Series 2015-4517, Class PC, 2.500%, 5/15/2044		842,978
	1,368,210	Series 2017-4665, Class JA, 4.000%, 12/15/2042		1,436,839
				2,279,817
		*Federal National Mortgage Association-2.9%*
	963,263	Series 2003-39, Class JC, 4.000%, 5/25/2033, REMIC		1,023,662
	431,403	Series 2012-100, Class NA, 2.000%, 11/25/2041		428,461
	608,910	Series 2012-54, Class WA, 3.000%, 4/25/2032		625,217
	608,648	Series 2013-72, Class HG, 3.000%, 4/25/2033		625,315
	533,892	Series 2013-9, Class KB, 2.500%, 12/25/2042		538,106
				3,240,761

www.wesmarkfunds.com

Portfolio of Investments

June 30, 2017 (Unaudited)

WesMark Balanced Fund

Shares/Principal Amount			Value
		*Government National Mortgage Association-1.2%*
$	543,424	Series 2012-84, Class TA, 2.500%, 3/20/2042	$	542,416
	731,788	Series 2013-88, Class LV, 2.500%, 9/16/2026		742,082
				1,284,498
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $6,804,817)				6,805,076

U.S. GOVERNMENT AGENCY - MORTGAGE BACKED SECURITIES-4.9%
		*Commercial Mortgage-Backed Securities-3.7%*
	2,000,000	Series 2016-K723, Class A2, 2.454%, 8/25/2023		2,012,366
	1,500,000	Series 2015-UBS8, Class A4, 3.809%, 11/15/2025		1,577,540
	500,000	Series 2012-C3, Class A4, 3.091%, 9/10/2022		512,883
				4,102,789
		*Federal Home Loan Mortgage Corp.-0.3%*
	345,990	Pool G18527, 3.000%, 10/1/2029		355,636

		*Federal National Mortgage Association-0.9%*
	459,387	Pool AM3301, 2.350%, 5/1/2023		459,385
	525,481	Pool MA1449, 3.000%, 5/1/2028		538,597
				997,982
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE BACKED SECURITIES
(Cost $5,430,178)				5,456,407

U.S. GOVERNMENT AGENCY SECURITIES-4.0%
		*Federal Farm Credit Banks-3.6%*
	2,000,000	2.450%, 11/29/2023		2,000,288
	2,000,000	3.100%, 12/21/2026		2,001,678
				4,001,966
		*Federal Home Loan Banks-0.4%*
	450,000	5.250%, 6/10/2022		517,468

TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $4,441,301)				4,519,434

Shares/Principal Amount			Value
TAXABLE MUNICIPAL BONDS-5.3%
		*Alaska-0.5%*
$	500,000	City of Anchorage, Build America General Obligation Unlimited Bonds, 5.368%, 4/1/2026	$	541,345

		*Florida-0.7%*
	305,000	Florida Department of Management Services, Build America Revenue Bonds, 6.825%, 8/1/2029		331,547
	425,000	Jacksonville Electric Authority, Bulk Power Supply System, Build America Revenue Bonds, 5.450%, 10/1/2025		496,800
				828,347
		*Illinois-0.2%*
	200,000	City of Lake Forest, Build America General Obligation Unlimited Bonds, Series C, 4.750%, 12/15/2022		207,000

		*Michigan-0.3%*
	270,000	Belding Area Schools, General Obligation Unlimited Bonds, 6.700%, 5/1/2027		303,739

		*Ohio-0.6%*
	630,000	Ohio State Water Development Authority, Build America Revenue Bonds, 4.042%, 12/1/2023		685,113

		*Pennsylvania-1.2%*
	500,000	Albert Gallatin Area School District, Build America General Obligation Unlimited Bonds, 6.080%, 9/1/2025		559,835
	250,000	Pittsburgh and Allegheny County, Pennsylvania, Sports and Exhibition Authority Revenue Bonds, 4.271%, 12/15/2027		258,815
	500,000	State Public School Building Authority, Revenue Bonds, 5.000%, 9/15/2027		548,050
				1,366,700

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark Balanced Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
		*Utah-0.8%*
$	860,000	Weber Basin Water Conservancy District, Build America Revenue Bonds, Series B, 6.400%, 10/1/2029	$	936,015

		*Virginia-0.5%*
	500,000	Virginia Public Building Authority, Build America Revenue Bonds, 5.500%, 8/1/2027		538,980

		*Wisconsin-0.5%*
	500,000	State of Wisconsin Transportation Authority Revenue Bonds, 5.500%, 7/1/2026		549,320

TOTAL TAXABLE MUNICIPAL BONDS
(Cost $5,615,420)				5,956,559

	SHORT TERM INVESTMENTS-0.6%
		*Mutual Funds-0.6%*
	662,551	Federated Government Obligations Fund 7-Day Yield 0.849% (at net asset value)		662,551

TOTAL SHORT TERM INVESTMENTS
(Cost $662,551)				662,551

TOTAL INVESTMENTS-98.1%
(Cost $90,883,021)				109,720,296
OTHER ASSETS AND LIABILITIES-NET⁽⁴⁾-1.9%				2,072,925
NET ASSETS-100.0%			$	111,793,221

SCHEDULE OF WRITTEN OPTIONS

	Number of Contracts		Value
WRITTEN CALL OPTIONS(0.0%)⁽⁵⁾
	(240)	Macy's, Inc., Expires 07/21/2017, Exercise Price $24.50	$	(5,760	)
TOTAL WRITTEN CALL OPTIONS
(Premiums received $4,118)			$	(5,760	)

⁽¹⁾	Pledged security, a portion or all of the security is pledged as collateral for written options as of June 30, 2017.

⁽²⁾	Step bond. Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at June 30, 2017.

⁽³⁾	Floating or variable rate security. Interest rate disclosed is that which is in effect at June 30, 2017.

⁽⁴⁾	Assets, other than investments in securities, less liabilities.

⁽⁵⁾	Amount represents less than 0.05% of net assets.

Note -

The categories of investments are shown as a percentage of net assets at June 30, 2017.

See Notes to Financial Statements which are an integral part of the Financial Statements.

www.wesmarkfunds.com

Portfolio of Investments Summary Table

June 30, 2017 (Unaudited)

WesMark Government Bond Fund

At June 30, 2017, the Fund's Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS	61.3%
TAXABLE MUNICIPAL BONDS	18.2%
U.S. GOVERNMENT AGENCY - MORTGAGE BACKED SECURITIES	15.1%
U.S. TREASURY BONDS	4.5%
FIXED INCOME PORTFOLIO SUB-TOTAL	99.1%
SHORT TERM INVESTMENTS⁽²⁾	1.4%
OTHER ASSETS AND LIABILITIES - NET⁽³⁾	-0.5%
TOTAL NET ASSETS	100.0%

⁽¹⁾	See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

⁽²⁾	Short Term Investments include investment in a money market mutual fund.

⁽³⁾	Assets, other than investments in securities, less liabilities.

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark Government Bond Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-61.3%
		*Federal Home Loan Mortgage Corp.-24.7%*
$	209,298	Series 2009-3531, Class CE, 3.000%, 1/15/2039, REMIC	$	212,758
	1,673,567	Series 2011-3905, Class MP, 2.000%, 3/15/2041, REMIC		1,663,554
	759,404	Series 2011-3919, Class CE, 2.750%, 10/15/2040, REMIC		765,719
	3,372,150	Series 2012-3984, Class PA, 2.000%, 12/15/2039, REMIC		3,328,238
	4,882,322	Series 2012-4002, Class CA, 2.000%, 8/15/2041, REMIC		4,797,296
	1,726,073	Series 2012-4005, Class PA, 2.000%, 10/15/2041, REMIC		1,733,189
	3,279,514	Series 2012-4099, Class BD, 2.000%, 6/15/2039, REMIC		3,264,548
	2,836,615	Series 2013-4184, Class PA, 2.000%, 10/15/2042, REMIC		2,805,529
	1,916,842	Series 2013-4187, Class CA, 2.000%, 4/15/2033, REMIC		1,898,094
	1,678,698	Series 2013-4204, Class AD, 1.500%, 8/15/2042, REMIC		1,630,640
	1,339,578	Series 2013-4208, Class KA, 1.500%, 5/15/2028, REMIC		1,297,973
	1,678,610	Series 2013-4249, Class KD, 3.000%, 11/15/2042, REMIC		1,701,504
	658,559	Series 2013-4287, Class AB, 2.000%, 12/15/2026, REMIC		653,922
	1,251,790	Series 2014-4368, Class BE, 2.500%, 5/15/2031, REMIC		1,261,183
	1,789,277	Series 2015-4472, Class MA, 3.000%, 5/15/2045, REMIC		1,805,670
	962,841	Series 2015-4487, Class DA, 2.500%, 1/15/2045, REMIC		944,093
	2,412,051	Series 2015-4531, Class PD, 2.500%, 5/15/2043, REMIC		2,404,153
	4,222,528	Series 2015-4537, Class AB, 3.000%, 1/15/2043, REMIC		4,288,320
	2,110,443	Series 2016-4546, Class TE, 2.000%, 12/15/2045, REMIC		2,057,854
	1,000,122	Series 2016-4616, Class HP, 3.000%, 9/15/2046, REMIC		1,014,952
	4,701,271	Series 2016-4631, Class AE, 3.500%, 5/15/2044, REMIC		4,879,294
	1,946,401	Series 2017-4655, Class LA, 3.500%, 3/15/2042, REMIC		2,010,325

Shares/Principal Amount			Value
$	4,865,871	Series 2017-4657, Class TA, 3.500%, 11/15/2041, REMIC	$	5,058,084
	4,444,766	Series 2017-4661, Class AC, 4.000%, 4/15/2043, REMIC		4,673,255
	4,957,379	Series 2017-4680, Class TA, 4.000%, 7/15/2044, REMIC		5,223,773
				61,373,920
		*Federal National Mortgage Association-27.7%*
	1,029,134	Series 2003-119, Class YF, 2.551%, 12/25/2033, REMIC⁽¹⁾		1,052,168
	918,933	Series 2003-39, Class JC, 4.000%, 5/25/2033, REMIC		976,552
	1,431,484	Series 2003-44, Class Q, 3.500%, 6/25/2033, REMIC		1,473,611
	3,082,178	Series 2010-102, Class PE, 2.000%, 9/25/2040, REMIC		3,056,770
	744,173	Series 2011-121, Class PD, 2.000%, 12/25/2040, REMIC		735,775
	2,711,929	Series 2012-103, Class NG, 1.750%, 11/25/2041, REMIC		2,583,674
	4,104,294	Series 2012-103, Class VC, 3.500%, 9/25/2029, REMIC		4,237,611
	602,599	Series 2012-116, Class PC, 2.000%, 10/25/2042, REMIC		591,823
	3,063,928	Series 2012-153, Class KB, 1.750%, 1/25/2042, REMIC		2,947,859
	2,908,122	Series 2012-17, Class EA, 2.000%, 3/25/2041, REMIC		2,861,535
	2,060,886	Series 2012-30, Class CA, 2.000%, 10/25/2041, REMIC		2,025,956
	1,397,884	Series 2012-31, Class NP, 2.000%, 4/25/2041, REMIC		1,402,047
	893,718	Series 2012-58, Class PA, 2.000%, 4/25/2042, REMIC		864,374
	1,844,070	Series 2012-69, Class PH, 2.750%, 1/25/2042, REMIC		1,870,352
	2,428,859	Series 2013-10, Class NE, 2.000%, 1/25/2042, REMIC		2,400,670
	2,905,763	Series 2013-102, Class DG, 3.000%, 5/25/2032, REMIC		2,998,419
	2,975,234	Series 2013-20, Class YA, 2.000%, 3/25/2042, REMIC		2,933,102
	2,098,122	Series 2013-23, Class CB, 2.000%, 3/25/2033, REMIC		2,060,303
	2,639,451	Series 2013-27, Class HA, 3.000%, 10/25/2042, REMIC		2,709,537

www.wesmarkfunds.com

Portfolio of Investments

June 30, 2017 (Unaudited)

WesMark Government Bond Fund

Shares/Principal Amount			Value
$	409,183	Series 2013-42, Class PD, 1.250%, 5/25/2043, REMIC	$	388,722
	2,923,780	Series 2013-9, Class MB, 2.000%, 2/25/2033, REMIC		2,909,109
	2,643,279	Series 2013-92, Class A, 3.500%, 12/25/2038, REMIC		2,726,415
	1,057,016	Series 2014-4, Class KA, 3.000%, 1/25/2044, REMIC		1,062,194
	1,050,186	Series 2014-64, Class EB, 2.000%, 4/25/2032, REMIC		1,043,946
	643,748	Series 2015-35, Class BH, 1.500%, 6/25/2045, REMIC		625,061
	3,830,333	Series 2015-42, Class CA, 3.000%, 3/25/2044, REMIC		3,886,319
	1,805,658	Series 2016-29, Class PC, 2.000%, 8/25/2045, REMIC		1,776,782
	4,856,684	Series 2016-90, Class DA, 3.000%, 8/25/2046, REMIC		4,958,775
	4,085,417	Series 2016-95, Class L, 2.500%, 6/25/2046, REMIC		4,087,758
	2,937,797	Series 2017-1, Class JP, 3.500%, 4/25/2045, REMIC		3,046,248
	2,484,523	Series 2017-31, Class GA, 3.000%, 3/25/2044, REMIC		2,542,602
				68,836,069
		*Government National Mortgage Association-8.9%*
	3,917,125	Series 2005-26, Class ZA, 5.500%, 1/20/2035		4,457,147
	839,696	Series 2011-11, Class PC, 2.000%, 4/20/2040		831,956
	702,096	Series 2012-48, Class MA, 2.500%, 4/16/2042		707,336
	851,266	Series 2012-50, Class ED, 2.250%, 8/20/2040		850,277
	2,076,679	Series 2013-38, Class KA, 1.250%, 2/20/2042		1,958,196
	7,608,024	Series 2016-154, Class UP, 3.000%, 5/20/2045		7,734,660
	1,413,398	Series 2016-43, Class UC, 3.500%, 3/20/2046		1,461,290
	3,923,693	Series 2016-55, Class JA, 3.500%, 4/20/2046		4,003,060
				22,003,922

Shares/Principal Amount			Value
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $153,991,164)			$	152,213,911

U.S. GOVERNMENT AGENCY - MORTGAGE BACKED SECURITIES-15.1%
		*Federal Home Loan Mortgage Corp.-0.6%*
	412,788	Pool C91349, 4.500%, 12/1/2030		444,437
	1,031,049	Pool C91361, 4.000%, 3/1/2031		1,095,862
				1,540,299
		*Federal National Mortgage Association-10.5%*
	386,500	Pool 972080, 5.000%, 2/1/2023		410,108
	1,277,673	Pool AT2054, 2.500%, 4/1/2028		1,285,476
	3,766,761	Pool MA0641, 4.000%, 2/1/2031		3,995,406
	2,113,465	Pool MA0667, 4.000%, 3/1/2031		2,242,034
	1,619,651	Pool MA0695, 4.000%, 4/1/2031		1,717,898
	982,827	Pool MA0756, 4.000%, 6/1/2031		1,042,353
	2,701,203	Pool MA0818, 4.000%, 8/1/2031		2,870,774
	830,671	Pool 889372, 6.000%, 12/1/2032		942,889
	3,071,053	Pool MA1459, 3.000%, 6/1/2033		3,144,020
	3,655,260	Pool AL5169, 4.000%, 4/1/2034		3,879,593
	2,931,428	Pool 995026, 6.000%, 9/1/2036		3,347,099
	253,142	Pool AI7929, 4.000%, 8/1/2041		266,293
	829,311	Pool AL6620, 4.500%, 8/1/2042		904,229
				26,048,172
		*Government National Mortgage Association-4.0%*
	2,922,641	Pool A09704, 3.000%, 10/20/2036		2,952,409
	2,986,299	Pool A09713, 3.000%, 4/20/2037		3,016,720
	2,834,125	Pool AY5131, 3.000%, 6/20/2037		2,862,998
	598,738	Pool G24828, 4.500%, 10/20/2040		619,745
	519,801	Pool 589693, 4.500%, 7/15/2029		560,915
				10,012,787
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE BACKED SECURITIES
(Cost $37,296,716)				37,601,258

U.S. TREASURY BONDS-4.5%
		*U.S. Treasury Bond-4.5%*
	8,000,000	7.625%, 2/15/2025		11,095,000

TOTAL U.S. TREASURY BONDS
(Cost $11,316,151)				11,095,000

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark Government Bond Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
TAXABLE MUNICIPAL BONDS-18.2%
		*Alabama-0.2%*
$	500,000	University of Alabama, Build America General Obligation Direct Payment Bonds, Series B, 4.900%, 10/1/2026	$	544,600

		*Arizona-0.5%*
	1,000,000	Maricopa County Elementary School District No. 3-Tempe, Build America General Obligation Bonds, Series A, 6.000%, 7/1/2026		1,095,690

		*California-0.3%*
	500,000	Pasadena Public Financing Authority, Build America Revenue Bonds, Series B, 6.998%, 3/1/2034		664,625

		*Colorado-0.9%*
	1,000,000	Larimer County School District No. R-1 Poudre, Build America General Obligation Bonds, 5.603%, 12/15/2025		1,088,940
	1,000,000	Metropolitan State College of Denver, Institutional Enterprise, Build America Revenue Bonds, 5.460%, 12/1/2023		1,136,150
				2,225,090
		*Illinois-0.0%⁽²⁾*
	3,000	Chicago Transit Authority, Transfer Tax Receipts Revenue Bonds, Series B, 6.300%, 12/1/2021		3,222

		*Indiana-1.2%*
	550,000	Eastern Howard Third Millennium School Building Corp. Revenue Bonds, 2.550%, 1/15/2022		548,609
		Evansville Vanderburgh Public Library Leasing Corp. Revenue Bonds:
	770,000	3.100%, 1/15/2023		776,645
	700,000	3.150%, 7/15/2023		706,573
	500,000	Indiana Finance Authority, Revenue Bonds, Series A, 3.166%, 7/1/2030		484,520

Shares/Principal Amount			Value
$	470,000	Indiana State Bond Bank, Revenue Bonds, Series C-2, 5.600%, 2/1/2025	$	505,109
				3,021,456
		*Kansas-0.4%*
	450,000	City of Olathe, Water & Sewer System, Build America Revenue Bonds, Series A, 5.300%, 7/1/2026		469,076
		Johnson County Unified School District No. 232 De Soto, Build America General Obligation Bonds:
	200,000	5.400%, 9/1/2022		202,978
	380,000	5.500%, 9/1/2023		385,696
				1,057,750
		*Kentucky-0.9%*
	1,560,000	Campbell & Kenton Counties Sanitation District No. 1, Build America Revenue Bonds, 5.300%, 8/1/2025		1,599,640
		City of Owensboro, General Obligation Bonds:
	300,000	5.125%, 12/1/2024		317,643
	315,000	5.250%, 12/1/2025		333,383
				2,250,666
		*Louisiana-0.6%*
		City of New Orleans, Louisiana, Public Improvement Bonds:
	515,000	Series A, 5.350%, 12/1/2027		585,256
	300,000	Series A, 5.700%, 12/1/2030		341,649
	500,000	Series A, 5.750%, 12/1/2033		565,530
				1,492,435
		*Michigan-1.4%*
	570,000	City of Lansing, Michigan, Build America General Obligation Bonds, 6.350%, 5/1/2023		599,515
	605,000	City of Madison Heights, Michigan, General Obligation Bonds, 3.610%, 1/1/2031		573,873
	345,000	County of St. Clair, Michigan, General Obligation Limited Bonds, 2.450%, 4/1/2021		345,762
	825,000	Grand Rapids Community College, Build America General Obligation Bonds, 5.990%, 5/1/2023		878,328

www.wesmarkfunds.com

Portfolio of Investments

June 30, 2017 (Unaudited)

WesMark Government Bond Fund

Shares/Principal Amount			Value
$	1,000,000	Michigan Strategic Fund, Revenue Bonds, 2.522%, 10/15/2023	$	982,130
				3,379,608
		*Minnesota-0.2%*
	500,000	Lake City Independent School District No. 813, Minnesota, Build America General Obligation Bonds, 5.200%, 2/1/2026		525,015

		*Mississippi-0.1%*
	190,000	Mississippi Development Bank, Revenue Bonds, Series B, 5.150%, 6/1/2023		203,034

		*Missouri-0.7%*
	1,620,000	County of St. Charles, Missouri, Build America Special Obligation Bonds, 5.805%, 10/1/2025		1,773,301

		*New Jersey-0.1%*
	245,000	New Jersey Environmental Infrastructure Trust, Revenue Bonds, Series C, 3.000%, 9/1/2021		251,968

		*New York-0.3%*
	590,000	County of Oneida, General Obligation Bonds, 6.500%, 4/15/2023		653,661

		*North Carolina-0.4%*
	925,000	County of Guilford, North Carolina, Build America General Obligation Unlimited Bonds, 4.791%, 8/1/2023		1,056,516

		*Ohio-4.1%*
	1,250,000	American Municipal Power-Ohio, Inc., Build America Revenue Bonds, 5.964%, 2/15/2024		1,336,025
	285,000	City of Columbus Ohio, General Obligation Unlimited Bonds, 4.000%, 2/15/2028		311,094
	1,000,000	Coshocton Ohio City School District General Obligation Unlimited Bonds, 5.087%, 12/1/2026		1,027,380

Shares/Principal Amount			Value
$	500,000	County of Cuyahoga, Variable Purpose, Build America General Obligation Bonds, 5.392%, 12/1/2025	$	569,990
	500,000	Hilliard School District, General Obligation Bonds, 5.550%, 12/1/2025		582,045
	1,085,000	Jackson City, Ohio, School District General Obligation Unlimited Bonds, 3.000%, 12/1/2024		1,074,790
	1,040,000	Miami County, Recovery Zone Economic Development Build America General Obligation Bonds, 6.650%, 12/1/2030		1,100,414
	1,000,000	Northwest Local School District (Stark Summit & Wayne Counties), General Obligation Bonds, 5.050%, 12/1/2025		1,068,550
	580,000	Ohio State Building Authority, Build America Revenue Bonds, 4.780%, 10/1/2020		616,453
	800,000	Ohio State University, Higher Educational Facility Commission Revenue Bonds, 2.459%, 11/1/2021		801,728
	500,000	Ohio State Water Development Authority, Build America Revenue Bonds, 4.817%, 12/1/2030		567,010
	900,000	Willoughby-Eastlake City School District, Certificate of Participation, Series A, 6.544%, 3/1/2026		966,267
				10,021,746
		*Oklahoma-0.2%*
	560,000	City of Oklahoma City OK, General Obligation Limited Bonds, 3.750%, 9/1/2030		581,358

		*Oregon-0.7%*
		Washington County, Clean Water Services Sewer, Build America Revenue Bonds:
	750,000	5.228%, 10/1/2025		872,385
	700,000	5.701%, 10/1/2030		844,858
				1,717,243

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark Government Bond Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
		*Pennsylvania-1.4%*
$	1,150,000	Commonwealth Financing Authority, Revenue Bonds, Series A, 3.743%, 6/1/2029	$	1,169,469
	1,000,000	Lebanon Authority, Build America Revenue Bonds, 5.970%, 12/15/2025		1,073,960
	1,000,000	Peters Township, Pennsylvania, School District Washington County General Obligation Limited Bonds, 3.310%, 9/1/2026		995,020
	300,000	Pittsburgh and Allegheny County, Pennsylvania, Sports and Exhibition Authority Revenue Bonds, 4.271%, 12/15/2027		310,578
				3,549,027
		*Tennessee-0.5%*
	1,000,000	Tennessee State School Bond Authority, Qualified School Construction Bonds, 4.848%, 9/15/2027		1,128,330

		*Texas-2.1%*
	500,000	City of Austin, Electric Utility System, Build America Revenue Bonds, 5.086%, 11/15/2025		569,730
	1,000,000	City of Houston, Utility System Revenue Bonds, Series A, 3.428%, 5/15/2023		1,044,520
	1,000,000	North East Texas Independent School District, Qualified School Construction Bonds, 5.240%, 8/1/2027		1,175,380
	2,195,000	University of Texas System, Build America General Revenue Bonds, Series C, 4.125%, 8/15/2025		2,411,098
				5,200,728
		*Utah-0.5%*
	250,000	Utah Municipal Power Agency, Revenue Bonds, Series A, 3.237%, 7/1/2028		246,878
	1,000,000	Weber Basin Water Conservancy District, Build America Revenue Bonds, Series B, 6.400%, 10/1/2029		1,088,390
				1,335,268

Shares/Principal Amount			Value
		*Virginia-0.2%*
$	500,000	Virginia Beach VA, Government Public Improvement Bonds, 5.200%, 3/15/2030	$	534,450

		*West Virginia-0.3%*
		Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds:
	200,000	Series D, 4.500%, 6/1/2023		199,120
	345,000	Series D, 5.000%, 6/1/2028		336,161
	250,000	West Virginia Housing Development Fund Revenue Bonds, 2.700%, 11/1/2023		248,128
				783,409
TOTAL TAXABLE MUNICIPAL BONDS
(Cost $43,836,771)				45,050,196

SHORT TERM INVESTMENTS-1.4%
		*Mutual Funds-1.4%*
	3,383,565	Federated Government Obligations Fund 7-Day Yield 0.849% (at net asset value)		3,383,565

TOTAL SHORT TERM INVESTMENTS
(Cost $3,383,565)				3,383,565

TOTAL INVESTMENTS-100.5%
(Cost $249,824,367)				249,343,930
OTHER ASSETS AND LIABILITIES-NET⁽³⁾-(0.5)%				(1,167,317	)
NET ASSETS-100.0%			$	248,176,613

⁽¹⁾

Floating or variable rate security. Interest rate disclosed is that which is in effect at June 30, 2017.

⁽²⁾

Amount represents less than 0.05% of net assets.

⁽³⁾

Assets, other than investments in securities, less liabilities.

Note

The categories of investments are shown as a percentage of net assets at June 30, 2017.

See Notes to Financial Statements which are an integral part of the Financial Statements.

www.wesmarkfunds.com

Portfolio of Investments Summary Table

June 30, 2017 (Unaudited)

WesMark West Virginia Municipal Bond Fund

At June 30, 2017, the Fund's Portfolio Composition⁽¹⁾ was as follows:
Portfolio Composition	Percentage of Total Net Assets
MUNICIPAL BONDS	98.7%
SHORT TERM INVESTMENTS⁽²⁾	0.7%
OTHER ASSETS AND LIABILITIES - NET⁽³⁾	0.6%
TOTAL NET ASSETS	100.0%

Years to Maturity of Municipal Bonds	Percentage of Total Net Assets
Less than 1 Year	0.7%
1-3 Years	5.1%
3-5 Years	12.1%
5-10 Years	51.3%
10 Years or Greater	29.5%
Short Term Investments ⁽²⁾	0.7%
Other Assets and Liabilities - Net ⁽³⁾	0.6%
TOTAL	100.0%

S&P^® Ratings of Municipal Bonds as	Percentage of Total Net Assets⁽⁴⁾
AAA	11.2%
AA	31.2%
A	24.0%
Not rated by S&P	32.3%
Short Term Investments ⁽²⁾	0.7%
Other Assets and Liabilities - Net ⁽³⁾	0.6%
TOTAL PORTFOLIO VALUE	100.0%

Moody’s Ratings of Municipal Bonds as	Percentage of Total Net Assets⁽⁴⁾
Aaa	5.4%
Aa	22.8%
A	28.4%
Baa	0.9%
Not rated by Moody's	41.2%
Short Term Investments ⁽²⁾	0.7%
Other Assets and Liabilities - Net ⁽³⁾	0.6%
TOTAL PORTFOLIO VALUE	100.0%

⁽¹⁾	See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

⁽²⁾	Short Term Investments include investment in a money market mutual fund.

⁽³⁾	Assets, other than investments in securities, less liabilities.

⁽⁴⁾

These tables depict the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s (S&P) and Moody’s Investors Service (Moody’s), each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). These credit-quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “A-” have been included in the “A” rated category. Rated securities that have been prerefunded, but not rated again by the NRSRO, have been included in the “Not rated by…” category.

Rated securities include a security with an obligor and/or credit enhancer that has received a rating from an NRSRO with respect to a class of debt obligations that is comparable in priority and security with the security held by the Fund. Credit-quality ratings are an assessment of the risk that a security will default in payment and do not address other risks presented by the security. Please see the descriptions of credit-quality ratings in the Fund’s Statement of Additional Information. Holdings that are rated only by a different NRSRO than the one identified have been included in the “Not rated by…” category.

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark West Virginia Municipal Bond Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
MUNICIPAL BONDS-98.7%
		*Alabama-0.9%*
$	930,000	City of Huntsville, Alabama, General Obligation Limited Bonds, Series B, 4.000%, 6/1/2027	$	1,022,061

		*Arizona-0.5%*
	500,000	City of Phoenix, Arizona, Civic Improvement Corp., Water System Revenue Bonds, 5.000%, 7/1/2025		569,545

		*Florida-0.6%*
	615,000	State of Florida, Board of Public Education General Obligation Unlimited Bonds, 5.000%, 6/1/2027		679,052

		*Maryland-1.0%*
	1,000,000	State of Maryland, General Obligation Unlimited Bonds, Series B, 5.000%, 8/1/2026		1,167,570

		*Ohio-1.1%*
	1,100,000	Westerville, Ohio, General Obligation Limited Bonds, 5.000%, 12/1/2028		1,320,396

		*Texas-0.5%*
	500,000	City of Irving, Texas, General Obligation Limited Bonds, 5.000%, 9/15/2026		558,275

		*West Virginia-94.1%*
		Berkeley County, West Virginia, Board of Education General Obligation Unlimited Bonds:
	1,170,000	3.375%, 5/1/2022		1,227,669
	400,000	4.000%, 5/1/2024		425,444
	300,000	Berkeley County, West Virginia, Building Commission Lease Revenue Bonds (County Facility Project), 3.000%, 12/1/2029		301,350

Shares/Principal Amount			Value
		Berkeley County, West Virginia, Building Commission Lease Revenue Bonds (Judicial Center Project):
$	200,000	Series B, 2.400%, 12/1/2022	$	206,672
	100,000	Series B, 2.600%, 12/1/2023		103,682
	100,000	Series B, 2.800%, 12/1/2024		104,077
		Berkeley County, West Virginia, Public Service District Revenue Bonds:
	370,000	Series C, 3.000%, 12/1/2029		387,949
	450,000	Series C, 3.400%, 12/1/2034		470,425
	345,000	Series D, 3.000%, 12/1/2024		377,075
	585,000	Series D, 3.000%, 12/1/2025		637,603
		Berkeley County, West Virginia, Public Service Sewer District Revenue Bonds:
	275,000	5.000%, 6/1/2027		327,145
	950,000	5.000%, 6/1/2028		1,123,518
	655,000	5.000%, 6/1/2029		769,527
	1,045,000	Series A, 3.500%, 10/1/2023		1,063,632
	1,100,000	Series A, 3.650%, 10/1/2024		1,119,855
	285,000	Series C, 3.500%, 10/1/2025		290,780
		Brooke County, West Virginia, Board of Education General Obligation Unlimited Bonds:
	1,065,000	4.000%, 6/1/2025		1,207,476
	1,100,000	3.000%, 6/1/2026		1,141,602
	965,000	3.000%, 6/1/2027		989,617
	100,000	3.000%, 6/1/2030		100,489
		Calhoun County, West Virginia, Board of Education General Obligation Unlimited Bonds (Public Schools):
	195,000	3.600%, 6/1/2024		206,505
	205,000	3.750%, 6/1/2025		218,243
	215,000	3.850%, 6/1/2026		229,192
		City of Buckhannon, West Virginia, Commercial Development Revenue Bonds:
	190,000	Series A, 2.750%, 12/1/2018		191,385
	195,000	Series A, 2.750%, 12/1/2019		196,205
	895,000	Series A, 4.400%, 8/1/2025		897,148
	245,000	Series A, 3.500%, 12/1/2026		238,282
	250,000	Series A, 3.600%, 12/1/2027		242,173
	265,000	Series A, 3.700%, 12/1/2028		256,117

www.wesmarkfunds.com

Portfolio of Investments

June 30, 2017 (Unaudited)

WesMark West Virginia Municipal Bond Fund

Shares/Principal Amount			Value
$	595,000	City of Buckhannon, West Virginia, Waterworks Revenue Bonds, Series A, 4.000%, 3/1/2029	$	636,930
		City of Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds:
	185,000	Series A, 3.000%, 3/1/2025		192,189
	190,000	Series A, 3.000%, 3/1/2026		196,000
	620,000	Series A, 4.000%, 3/1/2029		669,377
	405,000	Series A, 3.500%, 12/1/2030		420,920
	260,000	Series B, 3.000%, 10/1/2028		266,664
	310,000	Series B, 4.000%, 6/1/2031		331,055
	135,000	Series E, 3.000%, 6/1/2023		132,700
	135,000	Series E, 3.300%, 6/1/2025		133,423
	125,000	Series E, 3.400%, 6/1/2026		123,389
		City of Charleston, West Virginia, Sewage System Revenue Bonds:
	310,000	4.000%, 7/1/2031		336,294
	275,000	4.000%, 7/1/2032		296,745
		City of Clarksburg, West Virginia, Water Revenue Bonds:
	400,000	Series A, 2.100%, 9/1/2018		402,272
	600,000	Series A, 2.200%, 9/1/2019		604,914
	160,000	Series E, 3.000%, 6/1/2018		161,998
	170,000	Series E, 3.000%, 6/1/2020		175,158
	180,000	Series E, 3.000%, 6/1/2022		184,878
		City of Fairmont, West Virginia Water Revenue Bonds:
	520,000	2.700%, 7/1/2022		526,750
	515,000	2.750%, 7/1/2023		520,572
	500,000	4.000%, 7/1/2024		521,365
	605,000	3.000%, 7/1/2025		611,413
	575,000	3.100%, 7/1/2026		580,750
	1,000,000	3.150%, 7/1/2027		1,008,450
		City of Huntington, West Virginia, Sewerage System Revenue Bonds:
	300,000	3.000%, 11/1/2026		308,349
	300,000	3.000%, 11/1/2028		304,137
	230,000	City of Kingwood, West Virginia, Sewer System Revenue Bonds, 4.000%, 10/1/2020		230,147

Shares/Principal Amount			Value
		City of Martinsburg, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds:
$	250,000	Series A, 3.000%, 9/1/2023, (AGM)	$	250,493
	490,000	Series A, 3.500%, 9/1/2027, (AGM)		491,058
		City of Saint Albans, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds:
	220,000	Series A, 4.250%, 6/1/2026		234,203
	600,000	Series B, 4.000%, 12/1/2027		624,558
		City of Wheeling, West Virginia, Waterworks & Sewerage System Revenue Bonds:
	500,000	4.000%, 6/1/2026		543,200
	535,000	Series A, 3.000%, 6/1/2029		546,337
	555,000	Series A, 3.000%, 6/1/2030		562,503
		Claywood Park Public Service District, West Virginia, Water Revenue Bonds:
	110,000	Series C, 3.200%, 11/1/2029		110,802
	225,000	Series C, 3.400%, 11/1/2031		226,629
	380,000	Corporation of Shepherdstown, West Virginia, Water Revenue Bonds, 3.300%, 3/1/2032		380,316
		Fairmont State University, West Virginia, Revenue Bonds:
	725,000	Series A, 5.000%, 6/1/2022		811,174
	765,000	Series A, 5.000%, 6/1/2024		891,875
	1,400,000	Series B, 3.000%, 6/1/2024		1,426,908
	1,000,000	Series B, 3.100%, 6/1/2025		1,017,680
		Hampshire County, West Virginia, Building Commission Revenue Bonds:
	355,000	Series A, 3.000%, 1/1/2029		351,929
	380,000	Series A, 3.000%, 1/1/2031		368,479
	1,660,000	Series A, 4.250%, 1/1/2035		1,792,418
		Jefferson County, West Virginia, Public Service Sewer District Revenue Bonds:
	115,000	Series A, 3.000%, 6/1/2020		115,344
	135,000	Series A, 3.250%, 6/1/2023		135,070

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark West Virginia Municipal Bond Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
		Marshall County, West Virginia, Board of Education General Obligation Unlimited Bonds (Public Schools):
$	1,175,000	5.000%, 5/1/2021, (NATL-RE)	$	1,178,290
	1,000,000	5.000%, 5/1/2022, (NATL-RE)		1,002,730
		Monongalia County, West Virginia, Building Commission Lease Revenue Bonds (Monongalia County Building):
	300,000	Series A, 4.000%, 2/1/2022		322,932
	250,000	Series A, 4.000%, 2/1/2023		267,675
	450,000	Series A, 3.000%, 2/1/2025		460,107
	750,000	Series A, 3.125%, 2/1/2026		766,935
		Morgantown, West Virginia, Utility Board Revenue Bonds:
	1,000,000	Series A, 3.000%, 12/1/2028		1,004,880
	1,000,000	Series A, 4.000%, 12/1/2029		1,076,280
	1,210,000	Series A, 4.000%, 12/1/2030		1,290,066
	1,000,000	Series A, 4.000%, 12/1/2031		1,057,000
	1,785,000	Parkersburg, West Virginia, Waterworks & Sewer System Revenue Bonds, Series A, 3.000%, 8/1/2025		1,826,269
	600,000	Pleasants County, West Virginia, Board of Education General Obligation Unlimited Bonds (Public Schools), 4.000%, 5/1/2026		645,738
	3,470,000	Preston County Board of Education General Obligation Unlimited Bonds, 4.000%, 5/1/2026		3,734,518
	265,000	Putnam County, West Virginia, Public Service District Revenue Bonds, Series A, 3.500%, 4/1/2027		269,685
		Wayne County, West Virginia, Board of Education General Obligation Unlimited Bonds:
	660,000	3.000%, 6/1/2022		696,366
	1,220,000	3.000%, 6/1/2023		1,286,892
	795,000	3.000%, 6/1/2026		826,196
		West Virginia Building Commission Lease Revenue Bonds (West Virginia Regional Jail):
	496,000	Series A, 5.375%, 7/1/2018, (AMBAC)		504,457

Shares/Principal Amount			Value
$	3,000,000	Series A, 5.375%, 7/1/2021, (AMBAC)	$	3,280,800
	2,505,000	Series C, 5.375%, 7/1/2021		2,721,056
	670,000	West Virginia Economic Development Authority Lease Revenue Bonds (Clarksburg Office Building), 3.500%, 6/1/2030		682,985
	1,750,000	West Virginia Economic Development Authority Lease Revenue Bonds (Correctional Juvenile & Public), 4.000%, 6/1/2024		1,876,665
		West Virginia Economic Development Authority Lease Revenue Bonds (Correctional Juvenile):
	500,000	5.000%, 6/1/2022		558,030
	1,000,000	4.000%, 6/1/2023		1,074,320
		West Virginia Economic Development Authority Lease Revenue Bonds (Department of Environmental Protection):
	1,280,000	Series B, 3.375%, 11/1/2025		1,341,952
	755,000	Series B, 3.500%, 11/1/2026		791,217
		West Virginia Economic Development Authority Lease Revenue Bonds (State Energy Savings Project):
	920,000	4.500%, 6/1/2020		922,410
	860,000	4.750%, 6/1/2022		862,193
	1,650,000	West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot), Series A, 4.750%, 8/1/2029		1,744,611
		West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building):
	1,525,000	Series A, 5.000%, 6/1/2025		1,729,990
	315,000	Series A, 3.375%, 6/1/2029		321,023
	365,000	Series B, 3.375%, 10/1/2023		384,367
	390,000	Series B, 3.500%, 10/1/2024		411,848
	415,000	Series B, 3.625%, 10/1/2025		438,439
	435,000	Series B, 3.750%, 10/1/2026		459,769
	545,000	Series C, 3.000%, 6/1/2023		573,640
	310,000	Series C, 3.500%, 6/1/2030		316,008
	515,000	Series D, 5.000%, 6/1/2025		619,483
	600,000	Series D, 3.250%, 6/1/2028		612,168
	330,000	Series D, 3.375%, 6/1/2029		336,309
	355,000	Series D, 3.500%, 6/1/2030		361,880

www.wesmarkfunds.com

Portfolio of Investments

June 30, 2017 (Unaudited)

WesMark West Virginia Municipal Bond Fund

Shares/Principal Amount			Value
		West Virginia Economic Development Authority Lease Revenue Bonds (The Diamond Project):
$	500,000	3.000%, 12/15/2019	$	509,935
	550,000	2.500%, 12/15/2022		554,279
	390,000	West Virginia Economic Development Authority Lease Revenue Bonds (West Virginia Facilities), Series A, 5.000%, 3/1/2019		391,240
	305,000	West Virginia Economic Development Authority Lottery Revenue Bonds, Series A, 5.000%, 6/15/2028		333,942
	1,000,000	West Virginia Economic Development Authority Revenue Bonds, 3.750%, 6/15/2023		1,056,800
	1,500,000	West Virginia Higher Education Governing Board University Revenue Bonds (Marshall University), 5.000%, 5/1/2023		1,638,270
		West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities):
	235,000	Series A, 3.750%, 4/1/2019		245,511
	405,000	Series A, 4.000%, 4/1/2020		432,597
	300,000	Series A, 4.250%, 4/1/2023		300,615
	485,000	Series A, 5.000%, 4/1/2026		528,146
	360,000	Series B, 3.200%, 4/1/2024		376,927
	375,000	Series B, 3.375%, 4/1/2025		394,016
	385,000	Series B, 3.500%, 4/1/2026		404,019
	400,000	Series B, 3.600%, 4/1/2027		419,344
	565,000	West Virginia Hospital Finance Authority Lease Revenue Bonds (Veterans Nursing Home), 5.500%, 3/1/2019		565,548
	1,000,000	West Virginia Hospital Finance Authority Revenue Bonds (ARCs Improvement), Series D, 4.000%, 6/1/2029		1,071,940
	585,000	West Virginia Hospital Finance Authority Revenue Bonds (West Virginia University Health System), Series A, 3.375%, 6/1/2029		599,116
		West Virginia Housing Development Fund Revenue Bonds:
	325,000	Series A, 3.600%, 5/1/2022		346,200

Shares/Principal Amount			Value
$	1,340,000	Series A, 3.200%, 11/1/2023	$	1,397,821
	410,000	Series A, 3.800%, 11/1/2024		423,952
		West Virginia School Building Authority Excess Lottery Revenue Bonds:
	500,000	Series A, 3.000%, 7/1/2025		520,235
	700,000	Series A, 3.125%, 7/1/2026		726,390
	200,000	Series B, 3.000%, 7/1/2018		203,876
	370,000	Series B, 4.000%, 7/1/2023		393,784
		West Virginia School Building Authority Lottery Revenue Capital Improvement Bonds:
	500,000	Series A, 5.000%, 7/1/2024		603,865
	515,000	Series A, 5.000%, 7/1/2026		604,929
	535,000	Series A, 5.000%, 7/1/2027		625,121
	500,000	West Virginia State Hospital Finance Authority Refunding West Virginia United Health System, Series A, 4.000%, 6/1/2034		522,085
		West Virginia State University Revenue Bonds:
	335,000	Series A, 3.000%, 10/1/2020		342,159
	340,000	Series A, 2.550%, 10/1/2021		341,472
		West Virginia University Revenue Bonds (West Virginia University Project):
	425,000	2.625%, 10/1/2024		419,879
	500,000	Series A, 5.000%, 10/1/2027		577,970
	345,000	Series B, 5.000%, 10/1/2025		392,392
	750,000	Series B, 4.125%, 10/1/2031		798,675
	2,605,000	West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program), Series A, 5.000%, 10/1/2029		3,070,800
	500,000	West Virginia Water Development Authority Revenue Bonds, Series A, 5.000%, 11/1/2035, (AGM)		501,340
	435,000	West Virginia Water Development Authority Revenue Bonds (Chesapeake Bay/Greenbrier River Project), Series A, 5.000%, 7/1/2022		505,609
	250,000	West Virginia Water Development Authority Revenue Bonds (Loan Program I), Series B-I, 4.000%, 11/1/2024		273,520

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark West Virginia Municipal Bond Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
$	1,395,000	West Virginia Water Development Authority Revenue Bonds (Loan Program), Series B-I, 4.000%, 11/1/2025	$	1,516,714
		West Virginia Water Development Authority Revenue Bonds (Loan Program II):
	605,000	Series A-II, 3.000%, 11/1/2024		630,852
	600,000	Series A-II, 3.250%, 11/1/2025		627,930
	550,000	Series A-II, 5.000%, 11/1/2025		667,408
	650,000	Series A-II, 5.000%, 11/1/2026		795,217
	800,000	Series A-II, 3.000%, 11/1/2027		809,088
	300,000	Series A-II, 3.125%, 11/1/2028		303,510
	725,000	Series B-II, 4.000%, 11/1/2025		788,256
		West Virginia Water Development Authority Revenue Bonds (Loan Program IV):
	500,000	Series A, 5.000%, 11/1/2019, (AGM)		501,420
	910,000	Series B-IV, 5.125%, 11/1/2024, (AMBAC)		912,630
	650,000	Series B-IV, 4.750%, 11/1/2035, (AMBAC)		651,352
	625,000	Wheeling, West Virginia, Waterworks & Sewer System Revenue Bonds, Series A, 3.000%, 6/1/2018		635,575
	1,000,000	Wood County, West Virginia, Board of Education Public School General Obligation Unlimited Bonds, 3.000%, 6/1/2029		993,050
				109,694,152
TOTAL MUNICIPAL BONDS
(Cost $112,038,748)				115,011,051

SHORT TERM INVESTMENTS-0.7%
		*Mutual Funds-0.7%*
	755,020	Federated Government Obligations Fund 7-Day Yield 0.849% (at net asset value)		755,020

TOTAL SHORT TERM INVESTMENTS
(Cost $755,020)				755,020

Shares/Principal Amount	Value
TOTAL INVESTMENTS-99.4%
(Cost $112,793,768)	$	115,766,071
OTHER ASSETS AND LIABILITIES-NET⁽¹⁾-0.6%		755,982
NET ASSETS-100.0%	$	116,522,053

⁽¹⁾

Assets, other than investments in securities, less liabilities.

Note

The categories of investments are shown as a percentage of net assets at June 30, 2017.

See Notes to Financial Statements which are an integral part of the Financial Statements.

www.wesmarkfunds.com

Portfolio of Investments Summary Table

June 30, 2017 (Unaudited)

WesMark Tactical Opportunity Fund

At June 30, 2017, the Fund's Portfolio Composition⁽¹⁾ was as follows:
Portfolio Composition	Percentage of Total Net Assets
EXCHANGE TRADED FUNDS	88.4%
SHORT TERM INVESTMENTS⁽²⁾	16.4%
OTHER ASSETS AND LIABILITIES - NET⁽³⁾	-4.8%
TOTAL NET ASSETS	100.0%

At June 30, 2017, the Fund's Category composition⁽⁴⁾ was as follows:
Category Composition	Percentage of Total Net Assets
U.S. Sector Focused Equity	23.9%
Broad Domestic Fixed Income	17.6%
International (ex. U.S.) Equity	11.0%
U.S. Broad Diversified Equity	9.7%
U.S. Growth Company Focused Equity	7.5%
Alternatives	5.4%
High Yield Fixed Income	4.9%
Investment Grade Corporate Fixed Income	3.5%
U.S. Small and Mid Cap Equity	3.2%
Commodities	1.7%
Portfolio Sub-Total	88.4%
Short Term Investments⁽²⁾	16.4%
Other Assets and Liabilities - Net⁽³⁾	-4.8%
Total Net Assets	100.0%

⁽¹⁾	See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.

⁽²⁾	Short Term Investments include investment in a money market mutual fund.

⁽³⁾	Assets, other than investments in securities, less liabilities.

⁽⁴⁾	Securities are assigned to a category classification by the Fund's advisor.

Semi-Annual Report | June 30, 2017

Portfolio of Investments

WesMark Tactical Opportunity Fund

June 30, 2017 (Unaudited)

Shares/Principal Amount			Value
EXCHANGE TRADED FUNDS-88.4%
ALTERNATIVES-5.4%
	5,077	First Trust Exchange-Traded Fund III-First Trust Long/Short Equity ETF	$	183,128
	989	First Trust Morningstar Managed Futures Strategy Fund⁽¹⁾		45,375
	38,660	PowerShares S&P 500^® BuyWrite Portfolio		859,025

TOTAL ALTERNATIVES				1,087,528

BROAD DOMESTIC FIXED INCOME-17.6%
	42,015	iShares Floating Rate Bond ETF		2,139,404
	28,179	Vanguard Short-Term Inflation-Protected Securities ETF		1,387,252

TOTAL BROAD DOMESTIC FIXED INCOME				3,526,656

COMMODITIES-1.7%
	2,837	SPDR Gold Shares⁽¹⁾⁽²⁾		334,823

TOTAL COMMODITIES				334,823

HIGH YIELD FIXED INCOME-4.9%
	10,147	iShares 0-5 Year High Yield Corporate Bond ETF		485,635
	21,720	PowerShares Senior Loan Portfolio		502,601

TOTAL HIGH YIELD FIXED INCOME				988,236

INTERNATIONAL (EX. U.S.) EQUITY-11.0%
	17,494	iShares Core MSCI Total International Stock ETF		1,003,456
	12,176	iShares MSCI EAFE ETF		793,875
	9,922	iShares MSCI Emerging Markets Index Fund⁽²⁾		410,672

TOTAL INTERNATIONAL (EX. U.S.) EQUITY				2,208,003

INVESTMENT GRADE CORPORATE FIXED INCOME-3.5%
	8,828	Vanguard Short-Term Corporate Bond ETF		706,593

Shares/Principal Amount			Value

TOTAL INVESTMENT GRADE CORPORATE FIXED INCOME			$	706,593

U.S. BROAD DIVERSIFIED EQUITY-9.7%
	7,145	SPDR S&P500^® ETF Trust⁽²⁾		1,727,661
	1,714	Vanguard Total Stock Market ETF		213,307

TOTAL U.S. BROAD DIVERSIFIED EQUITY				1,940,968

U.S. GROWTH COMPANY FOCUSED EQUITY-7.5%
	12,546	iShares Russell 1000 Growth ETF		1,493,225

TOTAL U.S. GROWTH COMPANY FOCUSED EQUITY				1,493,225

U.S. SECTOR FOCUSED EQUITY-23.9%
	2,278	Energy Select Sector SPDR® Fund		147,888
	11,347	Financial Select Sector SPDR® Fund		279,931
	6,030	First Trust Dow Jones Internet Index Fund⁽¹⁾		571,282
	13,670	First Trust Health Care AlphaDEX Fund⁽¹⁾		913,976
	5,370	iShares Global Tech ETF		703,094
	3,574	iShares U.S. Medical Devices ETF		595,464
	4,992	iShares US Aerospace & Defense ETF		785,491
	5,796	SPDR S&P Regional Banking ETF⁽²⁾		318,490
	3,226	Vanguard Consumer Discretionary ETF		457,995

TOTAL U.S. SECTOR FOCUSED EQUITY				4,773,611

U.S. SMALL AND MID CAP EQUITY-3.2%
	4,570	iShares Russell 2000 ETF⁽²⁾		644,004

TOTAL U.S. SMALL AND MID CAP EQUITY				644,004

TOTAL EXCHANGE TRADED FUNDS (Cost $17,303,264)				17,703,647

SHORT TERM INVESTMENTS-16.4%
		*Mutual Funds-16.4%*
	3,291,492	Federated Government Obligations Fund 7-Day Yield 0.849% (at net asset value)		3,291,492

www.wesmarkfunds.com

Portfolio of Investments

June 30, 2017 (Unaudited)

WesMark Tactical Opportunity Fund

Shares/Principal Amount	Value

TOTAL SHORT TERM INVESTMENTS (Cost $3,291,492)	$	3,291,492

TOTAL INVESTMENTS-104.8% (Cost $20,594,756)		20,995,139
OTHER ASSETS AND LIABILITIES-NET⁽³⁾-(4.8)%		(968,678	)
NET ASSETS-100.0%	$	20,026,461

SCHEDULE OF WRITTEN OPTIONS

	Number of Contracts		Value
WRITTEN CALL OPTIONS(0.0%)⁽⁴⁾
	(30)	iShares MSCI Emerging Markets ETF, Expires 07/21/2017, Exercise Price $42.00	$	(960	)
	(25)	iShares Russell 2000 ETF, Expires 07/21/2017, Exercise Price $143.50		(1,225	)
	(10)	SPDR Gold Shares, Expires 07/21/2017, Exercise Price $120.00		(400	)
	(25)	SPDR S&P Regional Banking ETF, Expires 07/21/2017, Exercise Price $56.00		(1,725	)
	(25)	SPDR S&P500^® ETF Trust, Expires 07/21/2017, Exercise Price $244.50		(1,950	)
TOTAL WRITTEN CALL OPTIONS (Premiums received $8,772)			$	(6,260	)

⁽¹⁾	Non-income producing security.

⁽²⁾	Pledged security, a portion or all of the security is pledged as collateral for written options as of June 30, 2017.

⁽³⁾	Assets, other than investments in securities, less liabilities.

⁽⁴⁾	Amount represents less than 0.05% of net assets.

Note	-	The categories of investments are shown as a percentage of net assets at June 30, 2017.

See Notes to Financial Statements which are an integral part of the Financial Statements.

Semi-Annual Report | June 30, 2017

Statements of Assets and Liabilities

June 30, 2017 (Unaudited)

	WesMark Small Company Growth Fund		WesMark Growth Fund		WesMark Balanced Fund		WesMark Government Bond Fund		WesMark West Virginia Municipal Bond Fund		WesMark Tactical Opportunity Fund
ASSETS:

Investments in securities, at value (cost - see below)	$	101,207,123	$	336,541,201	$	109,720,296	$	249,343,930	$	115,766,071	$	20,995,139
Cash		30,358		50,123		40,510		1,022		739		620,784

RECEIVABLE FOR:
Dividends and interest		55,634		228,543		344,861		1,182,964		958,069		3,913
Investments sold		196,931		–		–		5,432		–		162,037
Fund shares sold		578,600		989,725		2,014,161		1,433,510		41,017		294,032
Receivable due from Adviser		9		61		15		7		4		1
Offering costs		–		–		–		–		–		29,511
Prepaid expenses		6,123		19,787		10,458		15,574		8,715		994
Total Assets		102,074,778		337,829,440		112,130,301		251,982,439		116,774,615		22,106,411

LIABILITIES:

PAYABLE FOR:
Written options, at value (Premiums received $–, $–, $4,118, $–, $– and $8,772)		–		–		5,760		–		–		6,260
Investments purchased		3,939,037		–		–		2,907,753		–		1,950,262
Fund shares redeemed		119,266		2,152,912		277,903		397,461		3,627		99,430
Income distribution payable		–		–		–		403,062		190,916		–
Fund Accounting and Administration fees		10,726		19,574		15,776		31,928		24,509		5,795
Audit and Legal expenses		7,028		7,028		7,028		7,028		3,263		9,328
Shareholder services fee (Note 5)		20,073		70,126		22,891		51,357		24,157		3,515
Transfer agency expenses		4,001		7,141		4,227		4,369		2,831		1,454
Registration expenses		98		–		430		–		271		134
Printing and Postage expenses		2,036		2,047		2,038		2,078		2,102		1,061
Trustees' fees and expenses		20		158		55		66		89		1,018
Chief compliance officer fees		694		694		694		693		694		277
Other accrued liabilities and expenses		146		1,034		278		31		103		1,416
Total Liabilities		4,103,125		2,260,714		337,080		3,805,826		252,562		2,079,950
Net Assets	$	97,971,653	$	335,568,726	$	111,793,221	$	248,176,613	$	116,522,053	$	20,026,461

www.wesmarkfunds.com

Statements of Assets and Liabilities

June 30, 2017 (Unaudited)

	WesMark Small Company Growth Fund			WesMark Growth Fund		WesMark Balanced Fund		WesMark Government Bond Fund			WesMark West Virginia Municipal Bond Fund			WesMark Tactical Opportunity Fund
NET ASSETS CONSIST OF :

Paid-in capital	$	58,302,053		$	192,029,141	$	89,949,273	$	248,940,053		$	113,435,908		$	19,591,623
Accumulated net investment income (loss)		(155,481	)		19,019		37,575		(231,094	)		(40	)		1,162
Accumulated net realized gain (loss) on investments and written options		8,914,443			28,257,511		2,970,740		(51,909	)		113,882			30,781
Net unrealized appreciation (depreciation) on investments and written options		30,910,638			115,263,055		18,835,633		(480,437	)		2,972,303			402,895
Net Assets	$	97,971,653		$	335,568,726	$	111,793,221	$	248,176,613		$	116,522,053		$	20,026,461

Shares Outstanding, No Par Value, Unlimited Shares Authorized		7,140,775			17,306,313		8,859,770		25,150,018			11,063,996			1,951,008
Net asset value, offering price & redemption price per share	$	13.72		$	19.39	$	12.62	$	9.87		$	10.53		$	10.26
Investments, at identified cost	$	70,296,485		$	221,278,146	$	90,883,021	$	249,824,367		$	112,793,768		$	20,594,756

See Notes to Financial Statements which are an integral part of the Financial Statements.

Semi-Annual Report | June 30, 2017

Statements of Operations

For the Six Months Ended June 30, 2017 (Unaudited)

	WesMark Small Company Growth Fund			WesMark Growth Fund		WesMark Balanced Fund			WesMark Government Bond Fund		WesMark West Virginia Municipal Bond Fund		WesMark Tactical Opportunity Fund⁽¹⁾
INVESTMENT INCOME:
Dividends, net of foreign taxes^*	$	407,989		$	2,140,865	$	984,014		$	–	$	–	$	73,705
Interest		31,853			48,173		608,317			3,188,794		1,809,675		6,619
Total Investment Income		439,842			2,189,038		1,592,331			3,188,794		1,809,675		80,324
EXPENSES:
Investment adviser fee (Note 5)		360,868			1,225,248		405,755			737,751		347,146		33,544
Fund Accounting and Administration fees (Note 5)		47,022			108,421		54,769			102,547		65,603		19,887
Custodian fees (Note 5)		9,990			20,968		9,202			15,841		9,107		7,700
Transfer agent expenses		16,685			28,888		19,533			17,971		13,480		5,240
Trustees' fees and expenses (Note 8)		10,927			20,546		11,360			17,170		11,757		4,256
Auditing expenses		9,248			9,248		9,248			9,248		9,252		7,141
Chief compliance officer fees		180			180		180			180		180		277
Legal expenses		7,142			7,142		7,142			7,142		8,372		3,568
Shareholder services fee (Note 5)		119,444			403,624		134,386			306,700		142,245		11,181
Registration expenses		6,832			6,483		6,517			6,471		3,969		140
Printing and Postage expenses		2,242			2,270		2,254			2,286		2,328		1,080
Insurance premiums		2,836			9,620		3,117			7,757		3,664		–
Offering costs		–			–		–			–		–		12,206
Miscellaneous		1,907			6,347		2,116			5,065		2,382		–
Total Expenses		595,323			1,848,985		665,579			1,236,129		619,485		106,220
WAIVERS AND REIMBURSEMENTS (NOTE 5):
Waiver of investment adviser fee		–			–		–			–		–		(27,058	)
Net Expenses		595,323			1,848,985		665,579			1,236,129		619,485		79,162
Net Investment Income (Loss)		(155,481	)		340,053		926,752			1,952,665		1,190,190		1,162
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		8,787,307			25,264,979		2,424,362			64,346		29,606		24,671
Net realized gain on written options		–			149,441		116,486			–		–		6,110
Net change in unrealized appreciation (depreciation) of investments		(5,782,347	)		10,582,187		324,761			976,218		1,859,271		400,383
Net change in unrealized appreciation (depreciation) of written options		–			–		(61,871	)		–		–		2,512
Net realized and unrealized gain on investments		3,004,960			35,996,607		2,803,738			1,040,564		1,888,877		433,676
Net Increase in Net Assets Resulting from Operations	$	2,849,479		$	36,336,660	$	3,730,490		$	2,993,229	$	3,079,067	$	434,838
^*Foreign tax withholding	$	–		$	10,191	$	9,394		$	–	$	–	$	–

_⁽¹⁾	The WesMark Tactical Opportunity Fund commenced operations on March 1, 2017.

See Notes to Financial Statements which are an integral part of the Financial Statements.

www.wesmarkfunds.com

Statements of Changes in Net Assets

	WesMark Small Company Growth Fund						WesMark Growth Fund
	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS

Net investment income (loss)	$	(155,481	)	$	242,704		$	340,053		$	1,273,616
Net realized gain		8,787,307			5,899,668			25,414,420			17,838,350
Net change in unrealized appreciation (depreciation)		(5,782,347	)		4,503,232			10,582,187			(17,604,716	)
Net increase in net assets resulting from operations		2,849,479			10,645,604			36,336,660			1,507,250

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)

From net investment income		–			(285,036	)		(344,459	)		(1,266,203	)
From net realized capital gains		–			(4,683,312	)		–			(13,376,841	)
Decrease in net assets from distributions to shareholders		–			(4,968,348	)		(344,459	)		(14,643,044	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)

Proceeds from sale of shares		3,634,761			7,134,833			7,024,803			18,718,451
Shares issued in reinvestment of distributions		–			1,945,916			118,478			5,098,779
Cost of shares redeemed		(5,248,430	)		(10,276,892	)		(21,634,216	)		(30,342,867	)
Net decrease resulting from beneficial interest transactions		(1,613,669	)		(1,196,143	)		(14,490,935	)		(6,525,637	)
Net Increase (Decrease) in Net Assets		1,235,810			4,481,113			21,501,266			(19,661,431	)

NET ASSETS:
Beginning of Period		96,735,843			92,254,730			314,067,460			333,728,891
End of Period*	$	97,971,653		$	96,735,843		$	335,568,726		$	314,067,460

*Including accumulated net investment income (loss) of:	$	(155,481	)	$	–		$	19,019		$	23,425

See Notes to Financial Statements which are an integral part of the Financial Statements.

Semi-Annual Report | June 30, 2017

Statements of Changes in Net Assets

	WesMark Balanced Fund						WesMark Government Bond Fund
	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS

Net investment income	$	926,752		$	1,728,801		$	1,952,665		$	3,641,814
Net realized gain		2,540,848			2,655,239			64,346			1,448,241
Net change in unrealized appreciation (depreciation)		262,890			5,034,763			976,218			(2,828,493	)
Net increase in net assets resulting from operations		3,730,490			9,418,803			2,993,229			2,261,562

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)

From net investment income		(921,629	)		(1,792,463	)		(2,321,563	)		(4,351,135	)
From net realized capital gains		–			(2,185,731	)		–			(281,617	)
Decrease in net assets from distributions to shareholders		(921,629	)		(3,978,194	)		(2,321,563	)		(4,632,752	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)

Proceeds from sale of shares		7,958,838			12,067,599			13,672,023			24,137,419
Shares issued in reinvestment of distributions		174,083			769,286			349,483			748,196
Cost of shares redeemed		(5,725,289	)		(12,749,959	)		(15,033,554	)		(32,094,766	)
Net increase (decrease) resulting from beneficial interest transactions		2,407,632			86,926			(1,012,048	)		(7,209,151	)
Net Increase (Decrease) in Net Assets		5,216,493			5,527,535			(340,382	)		(9,580,341	)

NET ASSETS:
Beginning of Period		106,576,728			101,049,193			248,516,995			258,097,336
End of Period*	$	111,793,221		$	106,576,728		$	248,176,613		$	248,516,995

*Including accumulated net investment income (loss) of:	$	37,575		$	32,452		$	(231,094	)	$	137,804

See Notes to Financial Statements which are an integral part of the Financial Statements.

www.wesmarkfunds.com

Statements of Changes in Net Assets

	WesMark West Virginia Municipal Bond Fund						WesMark Tactical Opportunity Fund⁽¹⁾
	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Period Ended June 30, 2017 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS

Net investment income	$	1,190,190		$	2,435,346		$	1,162
Net realized gain		29,606			103,928			30,781
Net change in unrealized appreciation (depreciation)		1,859,271			(2,364,177	)		402,895
Net increase in net assets resulting from operations		3,079,067			175,097			434,838

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)

From net investment income		(1,190,230	)		(2,435,346	)		–
From net realized capital gains		–			(66,176	)		–
Decrease in net assets from distributions to shareholders		(1,190,230	)		(2,501,522	)		–

BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)

Proceeds from sale of shares		7,693,649			11,064,007			19,808,741
Shares issued in reinvestment of distributions		237,139			550,839			–
Cost of shares redeemed		(11,466,008	)		(9,576,037	)		(217,118	)
Net increase (decrease) resulting from beneficial interest transactions		(3,535,220	)		2,038,809			19,591,623
Net Increase (Decrease) in Net Assets		(1,646,383	)		(287,616	)		20,026,461

NET ASSETS:
Beginning of Period		118,168,436			118,456,052			–
End of Period*	$	116,522,053		$	118,168,436		$	20,026,461

*Including accumulated net investment income (loss) of:	$	(40	)	$	–		$	1,162

_⁽¹⁾	The WesMark Tactical Opportunity Fund commenced operations on March 1, 2017.

See Notes to Financial Statements which are an integral part of the Financial Statements.

Semi-Annual Report | June 30, 2017

Financial Highlights

WesMark Small Company Growth Fund

	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
PER COMMON SHARE OPERATING PERFORMANCE

Net Asset Value Beginning of Year	$	13.32		$	12.58		$	13.79		$	13.75		$	10.00		$	10.09
Income (Loss) from Investment Operations:
Net Investment Income (Loss)		(0.02	)		0.03			(0.06	)		(0.09	)		(0.09	)		(0.06	)
Net Realized and Unrealized Gain (Loss) on Investments		0.42			1.41			(0.32	)		0.51			4.05			0.48
Total from Investment Operations		0.40			1.44			(0.38	)		0.42			3.96			0.42

LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS

From Net Investment Income		–			(0.04	)		–			–			–			–
From Net Realized Gain on Investments		–			(0.66	)		(0.83	)		(0.38	)		(0.21	)		(0.51	)
Total Distributions		–			(0.70	)		(0.83	)		(0.38	)		(0.21	)		(0.51	)
Net Asset Value, End of Year	$	13.72		$	13.32		$	12.58		$	13.79		$	13.75		$	10.00

Total Return		3.00	%⁽¹⁾		11.42	%		(2.87	)%		3.08	%		39.95	%		4.14	%

RATIOS TO AVERAGE NET ASSETS

Net Expenses		1.24	%⁽²⁾		1.23	%		1.22	%		1.22	%		1.24	%		1.27	%
Net Investment Income/(Loss)		(0.32	)%⁽²⁾		0.26	%		(0.47	)%		(0.66	)%		(0.74	)%		(0.62	)%
Net Assets Value End of Year (000 omitted)	$	97,972		$	96,736		$	92,255		$	97,317		$	92,566		$	67,261
Portfolio Turnover Rate		28	%		41	%		45	%		16	%		15	%		71	%

⁽¹⁾	Total return not annualized for periods less than one full year.

⁽²⁾	Ratios for periods of less than a year are annualized.

See Notes to Financial Statements which are an integral part of the Financial Statements.

www.wesmarkfunds.com

Financial Highlights

WesMark Growth Fund

	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
PER COMMON SHARE OPERATING PERFORMANCE

Net Asset Value Beginning of Year	$	17.37		$	18.10		$	19.12		$	17.89		$	13.64		$	12.55
Income (Loss) from Investment Operations:
Net Investment Income		0.02			0.07			0.09			0.08			0.07			0.09
Net Realized and Unrealized Gain (Loss) on Investments		2.02			0.03			(0.45	)		1.82			4.66			1.39
Total from Investment Operations		2.04			0.10			(0.36	)		1.90			4.73			1.48

LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS

From Net Investment Income		(0.02	)		(0.07	)		(0.09	)		(0.08	)		(0.07	)		(0.08	)
From Net Realized Gain on Investments		–			(0.76	)		(0.57	)		(0.59	)		(0.41	)		(0.31	)
Total Distributions		(0.02	)		(0.83	)		(0.66	)		(0.67	)		(0.48	)		(0.39	)
Net Asset Value, End of Year	$	19.39		$	17.37		$	18.10		$	19.12		$	17.89		$	13.64

Total Return		11.74	%⁽¹⁾		0.51	%		(1.94	)%		10.66	%		34.92	%		11.75	%

RATIOS TO AVERAGE NET ASSETS

Net Expenses		1.13	%⁽²⁾		1.15	%		1.14	%		1.14	%		1.15	%		1.16	%
Net Investment Income		0.21	%⁽²⁾		0.40	%		0.43	%		0.47	%		0.42	%		0.66	%
Net Assets Value End of Year (000 omitted)	$	335,569		$	314,067		$	333,729		$	359,487		$	341,781		$	272,140
Portfolio Turnover Rate		17	%		61	%		21	%		16	%		19	%		83	%

⁽¹⁾	Total return not annualized for periods less than one full year.

⁽²⁾	Ratios for periods of less than a year are annualized.

See Notes to Financial Statements which are an integral part of the Financial Statements.

Semi-Annual Report | June 30, 2017

Financial Highlights

WesMark Balanced Fund

	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
PER COMMON SHARE OPERATING PERFORMANCE

Net Asset Value Beginning of Year	$	12.30		$	11.65		$	12.67		$	12.09		$	11.02		$	10.56
Income (Loss) from Investment Operations:
Net Investment Income		0.11			0.20			0.19			0.20			0.19			0.21
Net Realized and Unrealized Gain (Loss) on Investments		0.32			0.92			(0.43	)		0.70			1.30			0.68
Total from Investment Operations		0.43			1.12			(0.24	)		0.90			1.49			0.89

LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS

From Net Investment Income		(0.11	)		(0.21	)		(0.20	)		(0.19	)		(0.20	)		(0.20	)
From Net Realized Gain on Investments		–			(0.26	)		(0.58	)		(0.13	)		(0.22	)		(0.23	)
Total Distributions		(0.11	)		(0.47	)		(0.78	)		(0.32	)		(0.42	)		(0.43	)
Net Asset Value, End of Year	$	12.62		$	12.30		$	11.65		$	12.67		$	12.09		$	11.02

Total Return		3.47	%⁽¹⁾		9.68	%		(1.94	)%		7.50	%		13.57	%		8.44	%

RATIOS TO AVERAGE NET ASSETS

Net Expenses		1.23	%⁽²⁾		1.23	%		1.22	%		1.22	%		1.25	%		1.27	%
Net Investment Income		1.71	%⁽²⁾		1.69	%		1.57	%		1.57	%		1.60	%		1.87	%
Net Assets Value End of Year (000 omitted)	$	111,793		$	106,577		$	101,049		$	102,402		$	88,671		$	71,096
Portfolio Turnover Rate		9	%		49	%		30	%		18	%		26	%		31	%

⁽¹⁾	Total return not annualized for periods less than one full year.

⁽²⁾	Ratios for periods of less than a year are annualized.

See Notes to Financial Statements which are an integral part of the Financial Statements.

www.wesmarkfunds.com

Financial Highlights

WesMark Government Bond Fund

	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
PER COMMON SHARE OPERATING PERFORMANCE

Net Asset Value Beginning of Year	$	9.84		$	9.94		$	10.03		$	9.78		$	10.34		$	10.29
Income (Loss) from Investment Operations:
Net Investment Income		0.09			0.14			0.14			0.16			0.17			0.19
Net Realized and Unrealized Gain (Loss) on Investments		0.05			(0.06	)		(0.06	)		0.27			(0.53	)		0.09
Total from Investment Operations		0.14			0.08			0.08			0.43			(0.36	)		0.28

LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS

From Net Investment Income		(0.11	)		(0.17	)		(0.17	)		(0.18	)		(0.20	)		(0.21	)
From Net Realized Gain on Investments		–			(0.01	)		–			0.00	⁽¹⁾		–			(0.02	)
Total Distributions		(0.11	)		(0.18	)		(0.17	)		(0.18	)		(0.20	)		(0.23	)
Net Asset Value, End of Year	$	9.87		$	9.84		$	9.94		$	10.03		$	9.78		$	10.34

Total Return		1.25	%⁽²⁾		0.79	%		0.81	%		4.43	%		(3.53	)%		2.75	%

RATIOS TO AVERAGE NET ASSETS

Net Expenses		1.01	%⁽³⁾		1.01	%		1.00	%		1.00	%		1.01	%		1.01	%
Net Investment Income		1.59	%⁽³⁾		1.41	%		1.51	%		1.64	%		1.72	%		1.84	%
Net Assets Value End of Year (000 omitted)	$	248,177		$	248,517		$	258,097		$	271,979		$	266,537		$	271,373
Portfolio Turnover Rate		15	%		33	%		13	%		17	%		26	%		56	%

⁽¹⁾	Less than $0.005 per share.

⁽²⁾	Total return not annualized for periods less than one full year.

⁽³⁾	Ratios for periods of less than a year are annualized.

See Notes to Financial Statements which are an integral part of the Financial Statements.

Semi-Annual Report | June 30, 2017

Financial Highlights

WesMark West Virginia Municipal Bond Fund

	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
PER COMMON SHARE OPERATING PERFORMANCE

Net Asset Value Beginning of Year	$	10.36		$	10.57		$	10.59		$	10.16		$	10.72		$	10.56
Income (Loss) from Investment Operations:
Net Investment Income		0.12			0.21			0.23			0.25			0.27			0.30
Net Realized and Unrealized Gain (Loss) on Investments		0.17			(0.20	)		(0.01	)		0.44			(0.55	)		0.18
Total from Investment Operations		0.29			0.01			0.22			0.69			(0.28	)		0.48

LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS

From Net Investment Income		(0.12	)		(0.21	)		(0.23	)		(0.25	)		(0.27	)		(0.30	)
From Net Realized Gain on Investments		–			(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)
Total Distributions		(0.12	)		(0.22	)		(0.24	)		(0.26	)		(0.28	)		(0.32	)
Net Asset Value, End of Year	$	10.53		$	10.36		$	10.57		$	10.59		$	10.16		$	10.72

Total Return		2.68	%⁽¹⁾		0.06	%		2.14	%		6.87	%		(2.58	)%		4.53	%

RATIOS TO AVERAGE NET ASSETS

Net Expenses		1.07	%⁽²⁾		1.05	%		0.96	%		0.96	%		0.97	%		0.97	%
Net Investment Income		2.06	%⁽²⁾		2.01	%		2.19	%		2.38	%		2.64	%		2.78	%
Expense Waiver/Reimbursement⁽³⁾		–			0.02	%⁽⁴⁾		0.10	%		0.10	%		0.10	%		0.10	%
Net Assets Value End of Year (000 omitted)	$	116,522		$	118,168		$	118,456		$	120,968		$	110,705		$	114,375
Portfolio Turnover Rate		3	%		17	%		15	%		15	%		15	%		17	%

⁽¹⁾	Total return not annualized for periods less than one full year.

⁽²⁾	Ratios for periods of less than a year are annualized.

⁽³⁾	This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown.

⁽⁴⁾	As of February 29, 2016, the waiver was voluntarily terminated by the Adviser.

See Notes to Financial Statements which are an integral part of the Financial Statements.

www.wesmarkfunds.com

Financial Highlights

WesMark Tactical Opportunity Fund

	For the Period Ended June 30, 2017⁽¹⁾ (Unaudited)
PER COMMON SHARE OPERATING PERFORMANCE

Net Asset Value Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income		0.00	⁽²⁾
Net Realized and Unrealized Gain on Investments		0.26
Total from Investment Operations		0.26

LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS

Total Distributions		–
Net Asset Value, End of Period	$	10.26

Total Return		2.60	%⁽³⁾

RATIOS TO AVERAGE NET ASSETS

Net Expenses⁽⁴⁾		1.75	%⁽⁵⁾
Net Investment Income⁽⁴⁾⁽⁶⁾		0.03	%⁽⁵⁾
Expense Waiver/Reimbursement		0.60	%⁽⁵⁾
Net Assets Value End of Period (000 omitted)	$	20,026
Portfolio Turnover Rate		52	%

⁽¹⁾	The WesMark Tactical Opportunity Fund commenced operations on March 1, 2017.

⁽²⁾	Less than $0.005 per share.

⁽³⁾	Total return not annualized for periods less than one full year.

⁽⁴⁾	The ratios shown do not include the Fund's proportionate shares of the expenses of the underlying investment companies in which the Fund invests.

⁽⁵⁾	Ratios for periods of less than a year are annualized.

⁽⁶⁾	Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See Notes to Financial Statements which are an integral part of the Financial Statements.

Semi-Annual Report | June 30, 2017

Notes to Financial Statements

June 30, 2017 (Unaudited)

1. ORGANIZATION

WesMark Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of six portfolios (individually referred to as the “Fund,” or collectively as the “Funds”), which are presented herein:

Portfolio Name	Diversification	Investment Objective
WesMark Small Company Growth Fund (“Small Company Growth Fund”)	Diversified	To achieve capital appreciation
WesMark Growth Fund (“Growth Fund”)	Diversified	To achieve capital appreciation
WesMark Balanced Fund (“Balanced Fund”)	Diversified	To achieve capital appreciation and income
WesMark Government Bond Fund (“Government Bond Fund”)	Diversified	To achieve high current income consistent with preservation of capital
WesMark West Virginia Municipal Bond Fund (“West Virginia Municipal Bond Fund”)	Non-diversified	To achieve current income which is exempt from federal income tax and income taxes imposed by the State of West Virginia
WesMark Tactical Opportunity Fund (“Tactical Opportunity Fund”)	Diversified	To achieve capital appreciation

The assets of each Fund are segregated and a shareholder’s interest is limited to the Fund in which shares are held.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles (“GAAP”) in the United States of America.

The accompanying financial statements were prepared in accordance with GAAP in the United States, which require the use of estimates made by management of the Funds. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services - Investment Companies.

Investment Valuation – In calculating 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 may be 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 are valued at their cost (adjusted for the accretion of any discount or amortization of any premium).

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

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

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

Fair Valuation and Significant Events Procedures – The Trustees have authorized the use of pricing services to provide evaluations of the current fair value of certain investments for purposes of calculating the NAV. Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers, and general market conditions. The Funds normally use 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.

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Notes to Financial Statements

June 30, 2017 (Unaudited)

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, 2017 in valuing the Funds’ investments carried at fair value:

Small Company Growth Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	89,037,263	$	–	$	–	$	89,037,263
Exchange Traded Funds		1,848,448		–		–		1,848,448
Short Term Investments		10,321,412		–		–		10,321,412
Total	$	101,207,123	$	–	$	–	$	101,207,123

Semi-Annual Report | June 30, 2017

Notes to Financial Statements

June 30, 2017 (Unaudited)

Growth Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	313,487,879	$	–	$	–	$	313,487,879
Short Term Investments		23,053,322		–		–		23,053,322
Total	$	336,541,201	$	–	$	–	$	336,541,201

Balanced Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	69,027,208	$	–	$	–	$	69,027,208
Exchange Traded Funds		1,788,678		–		–		1,788,678
Corporate Bonds		–		15,504,383		–		15,504,383
U.S. Government Agency - Collateralized Mortgage Obligations		–		6,805,076		–		6,805,076
U.S. Government Agency - Mortgage Backed Securities		–		5,456,407		–		5,456,407
U.S. Government Agency Securities		–		4,519,434		–		4,519,434
Taxable Municipal Bonds		–		5,956,559		–		5,956,559
Short Term Investments		662,551		–		–		662,551
Total	$	71,478,437	$	38,241,859	$	–	$	109,720,296

Other Financial Instruments
Liabilities
Written Options	$	(5,760	)	$	–	$	–	$	(5,760	)
Total	$	(5,760	)	$	–	$	–	$	(5,760	)

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Notes to Financial Statements

June 30, 2017 (Unaudited)

Government Bond Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
U.S. Government Agency - Collateralized Mortgage Obligations	$	–	$	152,213,911	$	–	$	152,213,911
U.S. Government Agency - Mortgage Backed Securities		–		37,601,258		–		37,601,258
U.S. Treasury Bonds		–		11,095,000		–		11,095,000
Taxable Municipal Bonds		–		45,050,196		–		45,050,196
Short Term Investments		3,383,565		–		–		3,383,565
Total	$	3,383,565	$	245,960,365	$	–	$	249,343,930

West Virginia Municipal Bond Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Municipal Bonds	$	–	$	115,011,051	$	–	$	115,011,051
Short Term Investments		755,020		–		–		755,020
Total	$	755,020	$	115,011,051	$	–	$	115,766,071

Tactical Opportunity Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Exchange Traded Funds	$	17,703,647	$	–	$	–	$	17,703,647
Short Term Investments		3,291,492		–		–		3,291,492
Total	$	20,995,139	$	–	$	–	$	20,995,139

Other Financial Instruments
Liabilities
Written Options	$	(6,260	)	$	–	$	–	$	(6,260	)
Total	$	(6,260	)	$	–	$	–	$	(6,260	)

All securities of the Funds were valued using either Level 1 or Level 2 inputs during the six months ended June 30, 2017. Thus, a reconciliation of assets in which unobservable inputs (Level 3) were used is not applicable for the Funds.

There were no transfers into and out of Level 1 and Level 2 during the period. It is the Funds’ policy to recognize transfers into and out of all levels at the end of the reporting period.

*	For detailed descriptions of sector and/or geography classifications, see the accompanying Portfolios of Investments.

Semi-Annual Report | June 30, 2017

Notes to Financial Statements

June 30, 2017 (Unaudited)

Investment Income, Expenses and Distributions – Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Trust level expenses are allocated to each Fund based on net assets, equally across all Funds, or to a specific Fund, whichever is deemed most appropriate for a particular expense. Each Fund pays its own expenses.

Distributions of net investment income, if any, for the Small Company Growth Fund, Growth 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 Growth Fund, Growth Fund, Balanced Fund, Government Bond Fund, West Virginia Municipal Bond Fund, and Tactical Opportunity Fund are declared and paid annually.

Premium and Discount Amortization/Paydown Gains and Losses – All premiums and discounts on fixed-income securities are amortized/accreted over the estimated lives of such securities for financial statement purposes. 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, 2016, 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. There were no restricted securities for the Funds as of June 30, 2017.

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, thus involving additional payments by the Funds; 4) possible adverse tax consequences; 5) possible unforeseen redemption request by a derivative counter party increasing possible portfolio losses or costs, or preventing a Fund from implementing its investment strategy; and 6) 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.

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Notes to Financial Statements

June 30, 2017 (Unaudited)

Writing Covered Call Options and Purchasing Put Options

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

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

Except with respect to borrowing money, if a percentage limitation is adhered to at the time of investment, a later increase or decrease in percentage resulting from any change in value, or net assets will not result in a violation of such restriction.

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. As of June 30, 2017, all options held are exchange-traded and not subject to master netting arrangements.

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 Reference Instrument; 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 Reference Instrument).

Semi-Annual Report | June 30, 2017

Notes to Financial Statements

June 30, 2017 (Unaudited)

The following Funds had the following transactions in written options during the six months ended June 30, 2017:

WesMark Growth Fund
	Written Call Options
	Contracts			Premiums
Outstanding, December 31, 2016		–		$	–
Opened		(3,500	)		(298,964	)
Closed		–			–
Exercised		1,479			149,123
Expired		2,021			149,841
Outstanding, June 30, 2017		–		$	–
Value, June 30, 2017				$	–

WesMark Balanced Fund
	Written Call Options
	Contracts			Premiums
Outstanding, December 31, 2016		(200	)	$	(60,651	)
Opened		(3,080	)		(159,635	)
Closed		–			–
Exercised		520			99,607
Expired		2,520			116,561
Outstanding, June 30, 2017		(240	)	$	(4,118	)
Value, June 30, 2017				$	(5,760	)

WesMark Tactical Opportunity Fund
	Written Call Options
	Contracts			Premiums
Outstanding, December 31, 2016		–		$	–
Opened		(448	)		(31,102	)
Closed		–			–
Exercised		178			16,182
Expired		155			6,148
Outstanding, June 30, 2017		(115	)	$	(8,772	)
Value, June 30, 2017				$	(6,260	)

The WesMark Growth Fund, Balanced Fund and Tactical Opportunity Fund had average written call option contracts volume of 417, 426 and 104, respectively, during the six months ended June 30, 2017.

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Notes to Financial Statements

June 30, 2017 (Unaudited)

The effect of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2017:

Risk Exposure

Asset Derivatives
Statements of Assets
and Liabilities
Location

Fair Value

Liability Derivatives
Statements of Assets
and Liabilities
Location

Fair Value

WesMark Growth Fund

Equity Contracts
(Written Options)

N/A

Written Options, At value

–

Total

N/A

–

WesMark Balanced Fund

Equity Contracts
(Written Options)

N/A

Written Options, At value

5,760

Total

N/A

5,760

WesMark Tactical Opportunity Fund

Equity Contracts
(Written Options)

N/A

Written Options, At value

6,260

Total

N/A

6,260

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2017:

Risk Exposure	Statements of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
WesMark Growth Fund
Equity Contracts (Written Options)	Net realized gain on written options/Net change in unrealized appreciation (depreciation) of written options	$	149,441	$	–
Total		$	149,441	$	–
WesMark Balanced Fund
Equity Contracts (Written Options)	Net realized gain on written options/Net change in unrealized appreciation (depreciation) of written options	$	116,486	$	(61,871	)
Total		$	116,486	$	(61,871	)
WesMark Tactical Opportunity Fund
Equity Contracts (Written Options)	Net realized gain on written options/Net change in unrealized appreciation (depreciation) of written options	$	6,110	$	2,512
Total		$	6,110	$	2,512

Semi-Annual Report | June 30, 2017

Notes to Financial Statements

June 30, 2017 (Unaudited)

3. Shares of Beneficial Interest

The following tables summarize share activity:

	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
Small Company Growth Fund
Shares sold		266,377			602,573
Shares issued to shareholders in payment of distributions declared		–			145,326
Shares redeemed		(385,811	)		(818,925	)
Net decrease resulting from share transactions		(119,434	)		(71,026	)
Common shares outstanding, end of period		7,140,775			7,260,209

	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
Growth Fund
Shares sold		375,961			1,091,778
Shares issued to shareholders in payment of distributions declared		6,269			290,770
Shares redeemed		(1,159,025	)		(1,739,472	)
Net decrease resulting from share transactions		(776,795	)		(356,924	)
Common shares outstanding, end of period		17,306,313			18,083,108

	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
Balanced Fund
Shares sold		632,687			993,694
Shares issued to shareholders in payment of distributions declared		13,832			63,122
Shares redeemed		(454,781	)		(1,066,024	)
Net increase/(decrease) resulting from share transactions		191,738			(9,208	)
Common shares outstanding, end of period		8,859,770			8,668,032

	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
Government Bond Fund
Shares sold		1,386,973			2,396,776
Shares issued to shareholders in payment of distributions declared		35,403			74,330
Shares redeemed		(1,524,459	)		(3,180,668	)
Net decrease resulting from share transactions		(102,083	)		(709,562	)
Common shares outstanding, end of period		25,150,018			25,252,101

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Notes to Financial Statements

June 30, 2017 (Unaudited)

	For the Six Months Ended June 30, 2017 (Unaudited)			For the Year Ended December 31, 2016
West Virginia Municipal Bond Fund
Shares sold		736,958			1,041,809
Shares issued to shareholders in payment of distributions declared		22,683			51,804
Shares redeemed		(1,099,977	)		(900,995	)
Net increase/(decrease) resulting from share transactions		(340,336	)		192,618
Common shares outstanding, end of period		11,063,996			11,404,332

	For the Period Ended June 30, 2017 (Unaudited)
Tactical Opportunity Fund
Shares sold		1,972,291
Shares issued to shareholders in payment of distributions declared		–
Shares redeemed		(21,283	)
Net increase resulting from share transactions		1,951,008
Common shares outstanding, end of period		1,951,008

Semi-Annual Report | June 30, 2017

Notes to Financial Statements

June 30, 2017 (Unaudited)

4. Federal Tax Information AND Tax BASIS

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences were primarily attributable to differences in the treatment of paydown adjustments, distribution differences, and treatment of certain other investments. For the Funds’ most recent year ended December 31, 2016, permanent differences identified and reclassified among the components of net assets were as follows:


Fund Name	Paid-in Capital		Increase (Decrease) Accumulated Net Investment Income		Accumulated Net Realized Gain (Loss) on Investments
Small Company Growth Fund	$	26	$	42,332	$	(42,358	)
Growth Fund	$	–	$	–	$	–
Balanced Fund	$	–	$	43,054	$	(43,054	)
Government Bond Fund	$	–	$	709,112	$	(709,112	)
West Virginia Municipal Bond Fund	$	–	$	–	$	–
Tactical Opportunity Fund	$	N/A	$	N/A	$	N/A

Net investment income (loss), net realized gains (losses), and total net assets were not affected by these reclassifications.

For federal income tax purposes, the following amounts apply as of June 30, 2017:

Fund Name	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation (Depreciation)			Cost of Investments for Income Tax Purposes
Small Company Growth Fund	$	31,802,465	$	(891,827	)	$	30,910,638		$	70,296,485
Growth Fund	$	118,221,464	$	(2,958,409	)	$	115,263,055		$	221,278,146
Balanced Fund	$	19,524,915	$	(687,640	)	$	18,837,275		$	90,883,021
Government Bond Fund	$	2,400,560	$	(2,880,997	)	$	(480,437	)	$	249,824,367
West Virginia Municipal Bond Fund	$	3,186,112	$	(213,809	)	$	2,972,303		$	112,793,768
Tactical Opportunity Fund	$	420,950	$	(37,402	)	$	383,548		$	20,611,591

The difference between book and tax basis for unrealized appreciation/(depreciation) for the Funds is attributable to wash sales.

The tax character of distributions as reported on the Statements of Changes in Net Assets for the year ended December 31, 2016 was as follows:

	For Year Ended December 31, 2016
Fund Name	Tax-Exempt Income		Ordinary Income		Long-Term Capital Gain		Total
Small Company Growth Fund	$	–	$	245,598	$	4,722,750	$	4,968,348
Growth Fund	$	–	$	1,266,203	$	13,376,841	$	14,643,044
Balanced Fund	$	–	$	1,792,463	$	2,185,731	$	3,978,194
Government Bond Fund	$	–	$	4,351,315	$	281,437	$	4,632,752
West Virginia Municipal Bond Fund	$	2,422,059	$	13,340	$	66,123	$	2,501,522
Tactical Opportunity Fund	$	N/A	$	N/A	$	N/A	$	N/A

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Notes to Financial Statements

June 30, 2017 (Unaudited)

As of December 31, 2016, the Funds most recent year end, the components of distributable earnings on a tax basis were as follows:

Fund Name	Undistributed tax-exempt income		Undistributed net investment income		Accumulated net realized gain (loss) on investments		Other cumulative effect of timing differences			Net unrealized appreciation (depreciation) on investments			Total
Small Company Growth Fund	$	–	$	–	$	127,136	$	–		$	36,692,985		$	36,820,121
Growth Fund	$	–	$	23,425	$	2,885,541	$	–		$	104,638,418		$	107,547,384
Balanced Fund	$	–	$	32,452	$	429,892	$	–		$	18,572,743		$	19,035,087
Government Bond Fund	$	–	$	137,804	$	–	$	(116,255	)	$	(1,456,655	)	$	(1,435,106	)
West Virginia Municipal Bond Fund	$	–	$	–	$	84,276	$	–		$	1,113,032		$	1,197,308
Tactical Opportunity Fund	$	N/A	$	N/A	$	N/A	$	N/A		$	N/A		$	N/A

The Wesmark Government Bond Fund had capital loss carryovers used during the year ending December 31, 2016 in the amount
of $458,205.

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year.

The Funds elect to defer to the period ending December 31, 2017, capital losses recognized during the period November 1, 2016 to December 31, 2016 in the amount of:

Fund Name		Capital Losses
WesMark Government Bond Fund		$	116,255

5. Investment Adviser Fee and Other Transactions with Affiliates

Investment Adviser Fee – WesBanco Investment Department is the Funds’ investment adviser (the “Adviser”). The Advisory Agreement between the Funds and the Adviser provides for an annual fee equal to the percentage of each Fund’s average daily net assets as follows:

Fund Name	Investment Adviser Fee Percentage
Small Company Growth Fund	0.75%
Growth Fund	0.75%
Balanced Fund	0.75%
Government Bond Fund	0.60%
West Virginia Municipal Bond Fund	0.60%
Tactical Opportunity Fund	0.75%

The Adviser may voluntarily waive a portion of its fee or reimburse a Fund for certain operating expenses.

For the six months ended June 30, 2017, the Adviser waived the following fees:

Fund Name		Adviser Fee Waiver
Tactical Opportunity Fund		$	27,058

Administrative Fee – ALPS Fund Services, Inc. (“ALPS”) provides the Funds with certain administrative personnel and services. The fees paid to ALPS are based on the daily average aggregate net assets of the Trust for the period, subject to an annual minimum (on the Trust level). Fees are allocated to each Fund based on daily net assets (each Fund’s net assets as a percentage of total Trust net assets).

Distribution (12b-1) Fee – ALPS Distributors, Inc. (“ADI”) serves as the Funds’ distributor.

The Funds’ Trustees previously adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds could have compensated the distributor from the net assets of the Funds to finance activities intended to result in sale of each Fund’s shares. The Plan specified that the Funds may have incurred distribution expenses at 0.25% of the daily net assets of each Fund. The Plan expired on August 31, 2007, and the Funds’ Trustees did not approve its renewal.

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, or 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 the financial institutions may voluntarily choose to waive any portion of their fee. WesBanco and the financial institutions can modify or terminate this voluntary waiver at any time at their sole discretion.

Recordkeeping Fee – The Funds may pay recordkeeping fees on an average net assets basis or on a per account per year basis to financial intermediaries for providing recordkeeping services to the Funds and shareholders.

Semi-Annual Report | June 30, 2017

Notes to Financial Statements

June 30, 2017 (Unaudited)

Custodian Fees – WesBanco, an affiliate of the Adviser, 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.

Offering Costs – The Tactical Opportunity Fund will bear all expenses incurred in its business and operations, including all organization and initial offering costs (unless assumed by the Adviser), subject to the expense limitation plan. Costs incurred in connection with the offering and initial registration of the Tactical Opportunity Fund have been deferred and will be amortized on a straight-line bases over the first twelve months after commencement of operations.

General – Certain Officers and Trustees of the Funds are Officers and Directors or Trustees of the above companies.

6. Investment Transactions

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the six months ended June 30, 2017, were as follows:

Fund	Purchases		Sales
Small Company Growth Fund	$	24,422,879	$	32,142,460
Growth Fund		53,886,694		71,612,370
Balanced Fund		11,475,102		9,997,898
Government Bond Fund		40,820,156		29,707,389
West Virginia Municipal Bond Fund		3,768,922		6,067,368
Tactical Opportunity Fund		21,313,067		4,018,292

Purchases and Sales of U.S. Government Securities, other than short-term securities, for the six months ended June 30, 2017 were as follows:

Fund		Purchases				Sales
Government Bond Fund		$	–			$	7,821,664

7. CONCENTRATION OF RISK

Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at June 30, 2017, 26% of the securities in the portfolio were backed by letters of credit, bond insurance of various financial institutions, or financial guaranty assurance agencies.

Additionally, the Funds may invest a portion of their assets in securities of companies that are deemed by the Funds’ management to be classified in similar business sectors. The economic developments within a particular sector may have an adverse effect on the ability of issuers to meet their obligations. Additionally, economic developments may have an effect on the liquidity and volatility of portfolio securities.

8. Compensation of Trustees

None of the Trustees are entitled to receive any retirement, pension plans 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.

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Shareholder Expense Example

June 30, 2017 (Unaudited)

As a shareholder of a Fund, you incur ongoing costs, including management fees and to the extent applicable, shareholder services fees and other Fund expenses. This example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2017 to June 30, 2017.

ACTUAL EXPENSES

The first line of the table below (“Actual Fund Return”) provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading “Expense Paid During Period” to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line under each fund of the table below (“Hypothetical Fund Return”) provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table below (“Hypothetical Fund Return”) is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expense Paid During Period⁽¹⁾	Net Expense Ratios⁽²⁾
WesMark Small Company Growth Fund
Actual Fund Return	$ 1,000.00	$ 1,030.00	$ 6.24	1.24%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$ 1,018.65	$ 6.21	1.24%
WesMark Growth Fund
Actual Fund Return	$ 1,000.00	$ 1,117.40	$ 5.93	1.13%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$ 1,019.19	$ 5.66	1.13%
WesMark Balanced Fund
Actual Fund Return	$ 1,000.00	$ 1,034.70	$ 6.21	1.23%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$ 1,018.70	$ 6.16	1.23%
WesMark Government Bond Fund
Actual Fund Return	$ 1,000.00	$ 1,012.50	$ 5.04	1.01%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$ 1,019.79	$ 5.06	1.01%
WesMark West Virginia Municipal Bond Fund
Actual Fund Return	$ 1,000.00	$ 1,026.80	$ 5.38	1.07%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$ 1,019.49	$ 5.36	1.07%
WesMark Tactical Opportunity Fund⁽³⁾
Actual Fund Return	$ 1,000.00	$ 1,026.00	$ 5.88	1.75%
Hypothetical Fund Return (assuming a 5% return before expenses)	$ 1,000.00	$ 1,010.77	$ 5.83	1.75%

(1)	Expenses are equal to the Funds' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period).

(2)	Annualized, based on the Fund's most recent fiscal half-year expenses.

(3)	The Wesmark Tactical Opportunity Fund commenced operations on March 1, 2017.

Semi-Annual Report | June 30, 2017

Board Review of Advisory Contract

June 30, 2017 (Unaudited)

As required by the 1940 Act, the Board of Trustees (“Board” or “Trustees”) of the WesMark Funds (“Funds”) has reviewed, at its May 2017 meeting, the Funds’ investment advisory contract with WesBanco Investment Department (“Adviser”). The Board met telephonically prior to the meeting to discuss the materials received in connection with their consideration of the renewal of the investment advisory agreement and made an additional request to the Adviser at that time. Following a review and approval by the Funds’ Independent Trustees in executive session at the May meeting, the Board reviewed and approved the continuation of the Funds’ investment advisory agreement with the Adviser for the one-year period commencing on May 31, 2017. The Board’s decision to approve the investment advisory agreement reflects the exercise of its business judgment on whether to continue the existing arrangements.

The Board is aware that various courts, including the United States Supreme Court, have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an Adviser’s fiduciary duty with respect to its receipt of compensation: the nature, extent and quality of the services provided by the Adviser, including the investment performance of a Fund and the Adviser; 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 reports 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 reports covering such matters as: the Adviser’s investment philosophy, personnel, and processes; a Fund’s short- and long-term performance (in absolute terms, certain competitor or “peer group” funds and/or other 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 the primary service providers to the Funds; and relevant developments in the mutual fund industry and how the Funds and/or the Adviser are

responding to them. The evaluation process is evolutionary, reflecting continually developing considerations. Changing circumstances drive the criteria considered and the emphasis placed on relevant criteria.

With respect to the nature 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 this regard the Board discussed the work load and work allocation among the various portfolio managers. The Trustees also considered the new resources that the Adviser recently added in investment research and compliance. The Board concluded it was satisfied with the functioning of the portfolio management teams and was satisfied with the capabilities and 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 be a useful indicator of how the Adviser is executing on the Fund’s investment program, which would in turn assist the Board in reaching a conclusion that the nature, extent, and quality of the Adviser’s investment management services are such as to warrant continuation of the advisory contract. The Funds are the only advisory clients of the Adviser. However, personnel of the Adviser may 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 changes to these arrangements.

For the one year and three year period ended March 31, 2017, the performance of the WesMark Small Company Growth Fund and WesMark Growth Fund were below the median of the relevant peer groups. The WesMark West Virginia Municipal Bond Fund’s Performance for the one year period ended March 31, 2017 was at the median of the relevant peer group but for the three year period ended March 31, 2017 was below the median of the relevant peer group. The performance of the WesMark Balanced Fund for the one year period ended March 31, 2017 was below the median of the relevant peer group but for the three year period ended March 31, 2017 was above the median of the relevant peer group. The performance of the WesMark Government Bond for the one year and three year periods ended March 31, 2017 was above the median

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Board Review of Advisory Contract

June 30, 2017 (Unaudited)

of the relevant peer group. The Board reviewed the performance of the Funds for the first quarter of 2017 and noted that the WesMark Growth Fund, WesMark Small Company Growth Fund and WesMark West Virginia Municipal Bond Fund were above the median of their respective peer groups for the quarter, while the WesMark Balanced Fund and the WesMark Government Fund were below the median of their respective peer groups for the quarter. 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. Overall the Board concluded that it was satisfied with the Advisor’s performance in managing the Funds. The Board will continue to monitor these efforts and performance of the Funds.

The Board requested and reviewed a report prepared by an independent rating organization which compared each of the Fund’s fees, including gross advisory fees, to a peer group for each WesMark Fund compiled by the independent rating organization. The report indicated that the gross investment advisory fee for WesMark West Virginia Municipal Bond Fund, WesMark Balanced Fund, WesMark Growth Fund and WesMark Government Bond Fund were above the average for the selected peer groups while the gross investment advisory fee for WesMark Small Company Growth Fund was below the average for the selected peer group. The Board also reviewed the other information provided in the report such as the Funds’ total expense ratios verses those of the selected peer groups. Based on the review of the report, the Board concluded it was satisfied that the advisory fees and overall expense structure of the Funds remained competitive and was satisfied with the nature, extent and quality of the Adviser’s services. The Board will continue to monitor advisory fees and other expenses borne by the Funds.

The Board also considered whether “economies of scale” may exist and whether the Funds benefit from any such economies. The Board noted that, each of the Funds is still of relatively small size relative to many of its peers and had not experienced meaningful asset growth over the past year. Under these circumstances, the Board concluded there were no meaningful “economies of scale” enjoyed by the adviser in managing the Funds. However, the Board noted that shareholders of a Fund may benefit from an increase in size of the Fund due to the fixed expenses of the Fund being spread over a larger asset base potentially resulting in lower expense ratios for the Funds. The Trustees also noted that the Adviser had made investments in the hiring of investment management personnel and that the benefits of those investments were likely to be experienced by the Funds as a whole.

The Board also receives financial information about the Adviser, including information on the profitability of the Adviser on a fund- by-fund basis. Although the Board considered the profitability of the Adviser on a fund-by-fund basis, in the Board’s view, the cost of performing advisory services on a fund-specific basis is difficult to estimate satisfactorily as it involves making certain assumptions in the allocation of expenses and is a relatively minor consideration in its overall evaluation. The Board therefore determined that the profitability analysis was of limited value.

The Board considered, in addition to the advisory fees, the compensation and benefits received by the Adviser and its affiliates from their relationship with the Funds. This included fees received for services, such as custody and shareholder servicing, provided to the Funds by other entities in the WesBanco organization and research and trading services received by the Adviser from brokers (or from third parties with which these broker-dealers have arrangements) that execute fund trades (“soft dollar arrangements”). The Trustees considered the benefit to the Adviser and its affiliates from such soft dollar arrangements, including that the services received are of value to the Adviser in advising the Funds and that the Adviser might otherwise be required to separately purchase such services. The Trustees concluded that the “soft dollar” arrangements appeared to benefit the Funds and did not seem unreasonable. The Board also concluded that the amounts received by the Advisor or its affiliates for the provision of custody and shareholder servicing did not appear unreasonable.

In assessing the Adviser’s performance of its obligations, the Board also considers whether a circumstance or event has occurred that would constitute a reason for it to not renew an advisory contract. In this regard, the Board is mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an advisory contract. Thus, the Board’s “selection” or approval of the Adviser must reflect the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Funds. The Board concluded that, in light of the factors discussed above, including the nature, extent, quality and scope of the services provided to the Fund by the Adviser and its affiliates, continuation of the advisory contract was appropriate.

The Board also reviewed and discussed the quality of the material provided to the Board and the process by which the Board considered the renewal of the advisory agreement. The Board concluded that it was satisfied with the material provided by the Adviser and was satisfied with the process for considering renewal of the agreement. However, in order to continuously focus on improving the quality of the material and the process for reviewing the material the Board determined to continue to work with the Adviser in jointly identifying areas of improvement, if any.

The Board based its decision to renew the advisory contracts 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. 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. Because the totality of circumstances includes considering the relationship of each Fund to the WesMark family of Funds, the Board does not approach consideration of each Fund’s advisory contract as if that were the only fund offered by the Adviser.

Semi-Annual Report | June 30, 2017

Additional Information

June 30, 2017 (Unaudited)

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the funds’ prospectus which contains facts concerning its objective and policies, management fees, expenses and other information.

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in a Fund’s portfolio is available, without charge and upon request, by calling 1-800-864-1013. A report on Form N-PX of how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available without charge and upon request by calling the Funds toll-free at 1-800-864-1013. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Schedule

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of its fiscal year, on Form N-Q. These filings are also available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-SEC-0330 for information on the operation of the Public Reference Room). You may also access this information on the WesMark Funds website at www.wesmarkfunds.com by clicking on “Quarterly Reports”, then selecting the name of the Fund.

NOTICE TO STOCKHOLDERS

For the year ended December 31, 2016, 99.45% of the distributions from net investment income for West Virginia Municipal Bond Fund are exempt from federal income tax.

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended December 31, 2016, the percentages qualifying for the dividend received deduction available to corporate shareholders are as follows:

Fund Name	Percentage
Growth Fund	100.00%
Balanced Fund	93.20%
Small Company Growth Fund	100.00%

For the year ended December 31, 2016, the following percentages of total ordinary dividends paid by the Funds are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for

by the Jobs and Growth Tax Relief Act of 2003. Complete information will be reported in conjunction with the reporting of your distributions on Form 1099-DIV. The percentages were as follows:

Fund Name	Percentage
Growth Fund	100.00%
Balanced Fund	93.48%
Small Company Growth Fund	100.00%

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Small Company Growth Fund, Growth Fund, Balanced Fund, West Virginia Municipal Bond Fund and Government Bond Fund designated $4,722,750, $13,376,841, $2,185,731, $66,123 and $281,437 respectively as long-term capital gain dividends.

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Glossary of Terms

June 30, 2017 (Unaudited)

Investment Ratings:

Description	Standard and Poor’s Long-Term Debt Rating	Moody’s Investors Service Long-Term Bond Rating
Highest rating available. Capacity to pay interest and repay principal is extremely strong. Carry smallest degree of investment risk.	AAA	Aaa
Very strong capacity to pay interest and repay principal. Differ from AAA rated securities by very small degree. Still considered high grade obligation.	AA	Aa
Strong capacity to pay interest and repay principal although is somewhat more susceptible to adverse effects of changes in circumstances and economic conditions than those rated higher. Considered upper medium grade obligation.	A	A
Regarded as having an adequate capacity to pay interest and repay principal. Any adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay vs. those rated higher. Considered medium grade obligation.	BBB	Baa
Judged to have speculative elements, but has less near-term vulnerability to default than other speculative=e issues. Faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to inadequate capacity to meet timely interest and principal payments.	BB	Ba
Has greater vulnerability to default but currently has capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest or principal. Generally lack characteristics of the desirable investment.	B	B
Currently identifiable vulnerability to default and is dependent upon favorable business, financial, and economic conditions to meet timely payment of interest and repayment of principal. Such issues may be in default or there may be present elements of danger with respect to principal or interest.	CCC	Caa
Typically applied to debt subordinated to senior debt that is assigned an actual or implied CCC debt rating (by S&P). Represent obligations which are speculative in a high degree.	CC	Ca
Typically applied to debt subordinated to senior debt which has been assigned an actual or implied CCC-debt rating (by S&P). Represents the lowest rated class of bonds.	C	C

Semi-Annual Report | June 30, 2017

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Investments.

(a)

The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)

Not applicable to the registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

No changes to report.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))), are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Investment Company Act of 1940, as amended, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date 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 Investment Company Act of 1940, as amended) that occurred during the second fiscal quarter of 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 12. Exhibits.

(a)(1)

Not applicable to this semi-annual report.

(a)(2)

The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex.99.Cert.

(a)(3)

Not applicable to the registrant.

(b)

A certification of the registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex.99.906.Cert.

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/ David B. Ellwood
	David B. Ellwood
	President and Chief Executive Officer
	(Principal Executive Officer)

Date	September 5, 2017

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/ David B. Ellwood
	David B. Ellwood
	President and Chief Executive Officer
	(Principal Executive Officer)

Date	September 5, 2017

By	/s/ Steven Kellas
	Steven Kellas
	Treasurer and Chief Financial Officer
	(Principal Financial Officer)

Date	September 5, 2017