Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File number: 811-07925

WesMark Funds

(Exact name of Registrant as specified in charter)

One Bank Plaza, 5th floor

Wheeling, WV 26003

(Address of principal executive offices)

(304) 234-9000

(Registrant’s telephone number)

Scott Fuchs

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

(Name and address of agent for service)

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission, not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

(a)

WMBLX

WesMark Balanced Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about WesMark Balanced Fund for the period of January 1, 2024 to June 30, 2024, as well as certain changes to the Fund.

You can find additional information about the Fund at www.wesmarkfunds.com. You can also request this information by contacting us at

1-800-864-1013.

What were the Fund's cost for the six months?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
WesMark Balanced Fund	$67	1.34%

How did the Fund perform for the last six months?

The year began optimistically with global recovery signs, but inflation, geopolitical tensions, and central bank actions introduced volatility. Large-cap growth drove an outsized proportion of overall returns led by the technology sector. We continue to favor companies with robust growth potential, although we are remaining cognizant of valuations. Short-term interest rates remained flat while long-term rates were volatile as economic data was released. We will continue to seek growth opportunities while prioritizing capital preservation in potentially volatile conditions.

How did the Fund perform over the past 10 years?

The WesMark Balanced Fund Fund returned 8.75% for the 12 months ended June 30, 2024. This is in contrast to the S&P 500 Total Return Index, which had a 24.56% return for the same time period. Please see below tables for additional indexes.

Total Return Based on a $10,000 Investment

	WesMark Balanced Fund - $17,268	60% S&P 500 and 40% Bloomberg Int Gov/Cred - $22,560	60% S&P 500 and 40% Bloomberg US Aggregate - $22,354	Bloomberg US Aggregate Bond Index - $11,430	Bloomberg US Intermediate Government/Credit Index - $11,657	S&P 500 Total Return Index - $33,521
2024	$17,268	$22,560	$22,354	$11,430	$11,657	$33,521
2023	$15,879	$19,419	$19,367	$11,137	$11,188	$26,912
2022	$15,171	$17,388	$17,410	$11,243	$11,199	$22,503
2021	$16,077	$19,109	$19,397	$12,533	$12,078	$25,175
2020	$13,041	$15,501	$15,768	$12,575	$12,055	$17,881
2019	$12,795	$14,363	$14,522	$11,564	$11,254	$16,633
2018	$11,978	$13,120	$13,218	$10,720	$10,525	$15,064
2017	$11,316	$12,119	$12,200	$10,763	$10,586	$13,170
2016	$10,500	$10,981	$11,058	$10,797	$10,608	$11,171
2015	$10,143	$10,520	$10,528	$10,186	$10,168	$10,742
2014	$10,000	$10,000	$10,000	$10,000	$10,000	$10,000

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

Fund Statistics

WesMark Balanced Fund	WesMark Balanced Fund
Total Net Assets	$98,316,284
# of Portfolio Holdings	123
Portfolio Turnover Rate	6%
Advisory Fees Paid	$367,649

Average Annual Total Returns

WesMark Balanced Fund	1 Year	5 Year	10 Year
WesMark Balanced Fund	8.75%	6.18%	5.61%
S&P 500 Total Return Index	24.56%	15.05%	12.86%
Bloomberg US Aggregate Bond Index	2.63%	- 0.23%	1.35%
60% S&P 500 and 40% Bloomberg US Aggregate	15.42%	9.01%	8.38%
Bloomberg US Intermediate Government/Credit Index	4.19%	0.71%	1.55%
60% S&P 500 and 40% Bloomberg Int Gov/Cred	16.17%	9.45%	8.48%

Past performance does not guarantee future results. Call 1-800-864-1013 for current month-end performance.

What did the Fund invest in?

Sector Weighting (% of Fund's net assets)

Value	Value
Cash, Cash Equivalents, & Other Net Assets	0.6%
Short Term Security	0.4%
Equity - Materials	0.9%
Equity - Real Estate	0.9%
Commercial Mortgage-Backed Securities	1.5%
Equity - Communication Services	1.6%
Equity - Utilities	1.7%
Taxable Municipal Bonds	2.5%
Equity - Energy	4.6%
Equity - Consumer Discretionary	4.7%
Equity - Consumer Staples	7.4%
Equity - Industrials	7.5%
Equity - Financials	7.5%
U.S. Government Securities	8.8%
Equity - Health Care	12.4%
Equity - Information Technology	13.8%
Corporate Bond	23.2%

Top 10 Holdings *

(% of Fund's net assets)

Top 10	Top 10
Apple, Inc.	6.3%
Eli Lilly & Co.	3.5%
Chevron Corp.	3.5%
AbbVie, Inc.	2.9%
Cisco Systems, Inc.	2.8%
JPMorgan Chase & Co.	2.8%
Texas Instruments, Inc.	2.7%
Caterpillar, Inc.	2.5%
PepsiCo, Inc.	2.5%
Emerson Electric Co.	2.5%
Total % of Top 10 Holdings	32.0%

* Holdings are subject to change.

Asset Weighting (% of Fund's net assets)

Value	Value
COMMON STOCK	63.0%
CORPORATE BONDS	23.2%
U.S. GOVERNMENT SECURITIES	5.4%
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES	2.9%
TAXABLE MUNICIPAL BONDS	2.5%
COMMERCIAL MORTGAGE-BACKED SECURITIES	1.5%
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS	0.5%
SHORT TERM INVESTMENTS	0.4%
CASH, CASH EQUIVALENTS, & OTHER NET ASSETS	0.6%

Material Fund Changes

There have been no material fund changes during the reporting period.

Changes in and Disagreements with Accountants

There have been no changes in or disagreements with the Fund's independent registered public accounting firm during the reporting period.

Householding

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-800-864-1013.

WMBLX

WesMark Balanced Fund

Semi-Annual Shareholder Report

June 30, 2024

951025303–SA–06302024

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.wesmarkfunds.com/resources.

Distributor, ALPS Distributors, Inc. Not affiliated with WesBanco.

WMBDX

WesMark Government Bond Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about WesMark Government Bond Fund for the period of January 1, 2024 to June 30, 2024, as well as certain changes to the Fund.

You can find additional information about the Fund at www.wesmarkfunds.com. You can also request this information by contacting us at

1-800-864-1013.

What were the Fund's cost for the six months?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
WesMark Government Bond Fund	$54	1.09%

How did the Fund perform for the last six months?

Performance expectations for small-cap at the start of 2024 were highlighted by a sense of potential broadening; however, the sustained higher interest rate environment weighed on both value and growth, with higher variable-rate exposure and longer time horizons versus large-cap growth. Looking ahead, we maintain a cautiously optimistic stance, guided by our commitment to disciplined investment processes and risk management, focusing on higher quality investments.

How did the Fund perform over the past 10 years?

The WesMark Government Bond Fund Fund returned 1.91% for the 12 months ended June 30, 2024. This is in contrast to the Bloomberg US Aggregate Bond Index, which had a 2.63% return for the same time period. Please see below tables for additional indexes.