Wesmark Funds N-CSRS Certified semi-annual shareholder report (management investment company)

                               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)


                              5800 Corporate Drive
                       Pittsburgh, Pennsylvania 15237-7010


                                 (412) 288-1900
                         (Registrant's Telephone Number)


                            John D. Johnson, Esquire
                            Federated Investors Tower
                               1001 Liberty Avenue
                       Pittsburgh, Pennsylvania 15222-3779
                     (Name and Address of Agent for Service)
                (Notices should be sent to the Agent for Service)


                        Date of Fiscal Year End: 1/30/05


               Date of Reporting Period: Six months ended 7/31/04




Item 1.        Reports to Stockholders

[Logo of WesMark]

[Logo of WesMark]

Family of Funds
COMBINED SEMI-ANNUAL REPORT

Small Company Growth Fund

Growth Fund

Balanced Fund

Bond Fund

West Virginia Municipal Bond Fund

Dated July 31, 2004

WESMARK SMALL COMPANY GROWTH FUND
PORTFOLIO OF INVESTMENTS SUMMARY TABLES

July 31, 2004 (unaudited)

At July 31, 2004, the fund's industry percentages were as follows:

	Percentage of Total Investment(1)
STOCKS(2)
Semiconductor Equipment & Materials	7.8%
Electronic Components - Semiconductor	7.4%
Transportation - Road	6.2%
Aerospace/Defense	6.1%
Telecommunications Equipment	4.9%
Oil Company - Exploration & Production	4.0%
Electric Components - Miscellaneous	3.7%
Oil Field - Machinery & Equipment	3.3%
Semiconductor - Broad Line	3.3%
Scientific & Technical Instruments	3.2%
Drug Distribution	2.9%
Processed & Packaged Foods	2.9%
Computer Services	2.6%
Oil & Gas Equipment & Services	2.4%
Internet Software & Services	2.3%
Retail - Miscellaneous	2.2%
Biotechnology	2.1%
Biomedical	2.0%
Textile Apparel	2.0%
Food - Major Diversified	1.9%
Machinery - Farm	1.8%
Communication Equipment	1.7%
E Services - Consulting	1.6%
Medical Products & Supply	1.4%
Household Products	1.4%
Medical Instruments & Supplies	1.4%
Telecom Wireless	1.2%
Semiconductor - Integrated Circuits	1.1%
Cable Television	0.9%
Diversified Electronics	0.9%
Drugs & Healthcare	0.6%
Oil & Gas Drilling	0.6%
Auto Dealerships	0.4%
Paper Products	0.3%
Internet Information Providers	0.3%
Business Software & Services	0.2%
TOTAL STOCKS PORTFOLIO VALUE	89.0%
Commercial Paper(3)	10.6%
Mutual Fund(4)	0.4%
TOTAL PORTFOLIO VALUE	100%

(1) Percentages are based on total investments, which may differ from total net assets.

(2) As more fully described in the prospectus under "Equity Securities," stocks represent a share of an issuer's earnings and assets after the issuer pays its liabilities.

(3) As more fully described in the Fund's Statement of Additional Information, Commercial Paper represents an issuer's obligation with a maturity of less than nine months.

(4) Investment represents shares held in a money market mutual fund.

WESMARK SMALL COMPANY GROWTH FUND
PORTFOLIO OF INVESTMENTS

July 31, 2004 (unaudited)

Shares			Value
COMMON STOCKS -- 89.5%
		AEROSPACE/DEFENSE -- 6.1%
8,000		Curtiss Wright Corp.	$	430,000
18,000	(1)	MOOG, Inc., Class A		654,660
		TOTAL		1,084,660
		AUTO DEALERSHIPS -- 0.4%
3,000		United Auto Group, Inc.		82,320
		BIOMEDICAL -- 2.0%
4,000	(1)	Cephalon, Inc.		202,080
10,000	(1)	Protein Design Laboratories, Inc.		162,000
		TOTAL		364,080
		BIOTECHNOLOGY -- 2.1%
5,000	(1)	Charles River Laboratories International, Inc.		225,350
4,000		Medicis Pharmaceutical Corp., Class A		143,080
		TOTAL		368,430
		BUSINESS SOFTWARE & SERVICES -- 0.2%
3,000	(1)	Intrado, Inc.		31,500
		CABLE TELEVISION -- 0.9%
25,000	(1)	Mediacom Communications Corp.		164,250
		COMMUNICATION EQUIPMENT -- 1.7%
70,000	(1)	Arris Group, Inc.		307,650
		COMPUTER SERVICES -- 2.6%
20,000	(1)	Macromedia, Inc.		404,000
10,000	(1)	iPass, Inc.		53,000
		TOTAL		457,000
		DIVERSIFIED ELECTRONICS -- 0.9%
15,000	(1)	Kemet Corp.		151,350
		DRUG DISTRIBUTION -- 2.9%
20,000	(1)	Andrx Group		518,800
		DRUGS & HEALTHCARE -- 0.6%
3,000	(1)	Inveresk Research Group, Inc.		108,900
COMMON STOCKS -- (Continued)
		E-SERVICES-CONSULTING -- 1.6%
23,000	(1)	Gartner Group, Inc., Class A	$	288,650
		ELECTRONIC COMPONENTS-MISCELLANEOUS -- 3.8%
20,000	(1)	Anixter International, Inc.		669,600
		ELECTRONIC COMPONENTS-SEMICONDUCTOR -- 7.4%
30,000	(1)	Adaptec, Inc.		224,700
55,000	(1)	Axcelis Technologies, Inc.		513,150
40,000	(1)	Fairchild Semiconductor International, Inc., Class A		587,600
		TOTAL		1,325,450
		FOOD-MAJOR DIVERSIFIED -- 2.0%
16,000	(1)	United Natural Foods, Inc.		346,720
		HOUSEHOLD PRODUCTS -- 1.4%
11,000		Furniture Brands International, Inc.		252,780
		INTERNET INFORMATION PROVIDERS -- 0.3%	��
3,000	(1)	NetFlix, Inc.		61,500
		INTERNET SOFTWARE & SERVICES -- 2.3%
15,000	(1)	Open Text Corp.		380,550
3,000	(1)	aQuantive, Inc.		25,620
		TOTAL		406,170
		MACHINERY-FARM -- 1.8%
15,000	(1)	AGCO Corp.		313,800
		MEDICAL INSTRUMENTS & SUPPLIES -- 1.4%
8,000	(1)	BioLase Technology, Inc.		73,840
3,000		Cooper Companies, Inc.		178,350
		TOTAL		252,190
		MEDICAL PRODUCTS & SUPPLY -- 1.4%
5,000	(1)	Integra Lifesciences Corp.		157,975
2,000	(1)	ResMed, Inc.		98,000
		TOTAL		255,975
		OIL & GAS DRILLING -- 0.6%
28,000	(1)	Parker Drilling Co.		108,080
COMMON STOCKS -- (Continued)
		OIL & GAS EQUIPMENT & SERVICES -- 2.4%
12,000	(1)	Cal Dive International, Inc.	$	372,000
5,000	(1)	Infrasource Services, Inc.		51,500
		TOTAL		423,500
		OIL COMPANY-EXPLORATION & PRODUCTION -- 4.0%
20,000	(1)	Spinnaker Exploration Co.		715,400
		OIL FIELD-MACHINERY & EQUIPMENT -- 3.4%
20,000	(1)	FMC Technologies, Inc.		600,000
		PAPER PRODUCTS -- 0.4%
4,000		Wausau-Mosinee Paper Corp.		62,160
		PROCESSED & PACKAGED FOODS -- 2.9%
12,000		Corn Products International, Inc.		517,440
		RETAIL-MISCELLANEOUS -- 2.2%
26,000		Movado Group, Inc.		390,260
		SCIENTIFIC & TECHNICAL INSTRUMENTS -- 3.2%
13,000	(1)	LeCroy Corp.		199,160
10,000	(1)	Varian, Inc.		379,000
		TOTAL		578,160
		SEMICONDUCTOR-BROAD LINE -- 3.3%
45,000	(1)	Cypress Semiconductor Corp.		510,300
4,000		Intersil Holding Corp.		73,480
		TOTAL		583,780
		SEMICONDUCTOR-INTEGRATED CIRCUITS -- 1.1%
5,000	(1)	Conexant Systems, Inc.		7,950
20,000	(1)	RF Micro Devices, Inc.		118,400
25,000	(1)	Vitesse Semiconductor Corp.		70,000
		TOTAL		196,350

Shares or Principal Amount			Value
COMMON STOCKS -- (Continued)
		SEMICONDUCTOR EQUIPMENT & MATERIALS -- 7.9%
30,000	(1)	Asyst Technologies, Inc.	$	173,700
40,000	(1)	Credence Systems Corp.		358,400
30,000	(1)	Photronics, Inc.		434,100
35,000	(1)	Ultratech Stepper, Inc.		436,100
		TOTAL		1,402,300
		TELECOM-WIRELESS -- 1.2%
15,000	(1)	American Tower Systems Corp.		216,900
		TELECOMMUNICATIONS EQUIPMENT -- 4.9%
8,000	(1)	ADC Telecommunications, Inc.		19,200
5,000	(1)	Advanced Fibre Communications		83,800
10,000	(1)	DSP Group, Inc.		197,100
12,000		Harris Corp.		569,760
		TOTAL		869,860
		TEXTILE APPAREL -- 2.0%
12,000		Albany International Corp., Class A		359,040
		TRANSPORTATION-ROAD -- 6.2%
17,000		Heartland Express, Inc.		459,170
15,000	(1)	Yellow Roadway Corp.		652,650
		TOTAL		1,111,820
TOTAL COMMON STOCKS (identified cost $16,321,035)				15,946,825
(2)COMMERCIAL PAPER -- 10.7%
		FINANCE-CONSUMER LOANS -- 5.1%
$ 900,000		American General Finance Corp., 1.33% CP		899,269
		COMMERCIAL PAPER ST -- 5.6%
1,000,000		Three Rivers Funding Corp., 1.28% CPABS4-2		999,964
TOTAL COMMERCIAL PAPER (at amortized cost)				1,899,233

Shares			Value
MUTUAL FUND -- 0.4%
71,007	(3)	U.S. Treasury Cash Reserves (at net asset value)	$	71,007
TOTAL INVESTMENTS--100.6% (identified cost $18,291,275)(4)				17,917,065
OTHER ASSETS AND LIABILITIES--NET--(0.6)%				(108,159	)
TOTAL NET ASSETS--100%			$	17,808,906

(1) Non-income producing security.

(2) Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

(3) Affiliated company.

(4) The cost of investments for federal tax purposes amounts to $18,291,275.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 2004.

The following acronym is used throughout this portfolio:

CP--Commercial Paper

See Notes which are an integral part of the Financial Statements

WESMARK GROWTH FUND
PORTFOLIO OF INVESTMENTS SUMMARY TABLES

July 31, 2004 (unaudited)

At July 31, 2004, the fund's industry percentages were as follows:

	Percentage of Total Investment(1)
STOCKS(2)
Drugs & Healthcare	7.9%
Diversified Operations	5.8%
Insurance Property & Casualty	4.9%
Oil - Integrated	4.5%
Electronic Components-Semiconductor	4.0%
Money Center Banks	4.0%
Investment Brokerage - National	3.9%
Paper Products	3.9%
Semi Conductor Equipment & Materials	3.6%
Mining - Miscellaneous	3.3%
Beverages - Soft	3.2%
Retail Discount	3.2%
Computer Software	3.1%
Printed Circuit Boards	3.0%
Networking Products	2.9%
Wholesale Drug Distribution	2.8%
Healthcare Services	2.8%
Home Improvement Stores	2.7%
Auto Manufacturers - Major	2.6%
Chemicals - Diversified	2.6%
Semiconductor - Broad Line	2.2%
Hotels & Motels	2.1%
Cable Television	2.0%
Transportation - Air Freight	1.9%
Mining - Non Ferrous	1.7%
Publishing - Newspapers	1.7%
Steel - Producers	1.7%
Entertainment - Diversified	1.3%
Medical Lab & Research	1.3%
Utility - Electric Power	1.3%
Communication Equipment	1.2%
Computer Services	1.2%
Oil & Gas Equipment & Services	1.0%
Retail - Consumer Elect	1.0%
Leisure & Recreation	0.9%
Federal National Mortgage Association	0.6%
Medical Instruments & Supplies	0.3%
Biomedical	0.2%
TOTAL STOCKS PORTFOLIO VALUE	98.3%
Mutual Fund(3)	1.7%
TOTAL PORTFOLIO VALUE	100%

(1) Percentages are based on total investments, which may differ from total net assets.

(2) As more fully described in the prospectus under "Equity Securities," stocks represent a share of an issuer's earnings and assets after the issuer pays its liabilities.

(3) Investment represents shares held in a money market mutual fund.

WESMARK GROWTH FUND
PORTFOLIO OF INVESTMENTS

July 31, 2004 (unaudited)

Shares			Value
COMMON STOCKS -- 98.7%
		AUTO MANUFACTURERS-MAJOR -- 2.6%
150,000		General Motors Corp.	$	6,471,000
		BEVERAGES-SOFT -- 3.2%
25,000		Coca-Cola Enterprises, Inc.		510,000
150,000		PepsiCo, Inc.		7,500,000
		TOTAL		8,010,000
		BIOMEDICAL -- 0.2%
10,000	(1)	Amgen, Inc.		568,800
		CABLE TELEVISION -- 2.0%
180,000	(1)	Comcast Corp., Class A		4,932,000
		CHEMICALS-DIVERSIFIED -- 2.6%
150,000		Du Pont (E.I.) de Nemours & Co.		6,430,500
		COMMUNICATION EQUIPMENT -- 1.2%
50,000		L-3 Communications Holdings, Inc.		3,057,500
		COMPUTER SERVICES -- 1.2%
65,000		First Data Corp., Class		2,899,650
		COMPUTER SOFTWARE -- 3.1%
275,000		Microsoft Corp.		7,826,500
		DIVERSIFIED OPERATIONS -- 5.8%
400,000		General Electric Co.		13,300,000
15,000		ITT Industries, Inc.		1,199,250
		TOTAL		14,499,250
		DRUGS & HEALTHCARE -- 7.9%
215,000		Merck & Co., Inc.		9,750,250
310,000		Pfizer, Inc.		9,907,600
		TOTAL		19,657,850
		ELECTRONIC COMPONENTS- SEMICONDUCTOR -- 4.1%
475,000		Texas Instruments, Inc.		10,131,750
COMMON STOCKS -- (Continued)
		ENTERTAINMENT-DIVERSIFIED -- 1.3%
190,000	(1)	Time Warner, Inc.	$	3,163,500
		FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.6%
20,000		Fannie Mae		1,419,200
		HEALTHCARE SERVICES -- 2.8%
110,000		UnitedHealth Group, Inc.		6,919,000
		HOME IMPROVEMENT STORES -- 2.7%
200,000		Home Depot, Inc.		6,744,000
		HOTELS & MOTELS -- 2.1%
300,000		Hilton Hotels Corp.		5,349,000
		INSURANCE PROPERTY & CASUALTY -- 5.0%
175,000		American International Group, Inc.		12,363,750
		INVESTMENT BROKERAGE-NATIONAL -- 3.9%
200,000		Morgan Stanley		9,866,000
		LEISURE & RECREATION -- 0.9%
50,000		Carnival Corp.		2,330,500
		MEDICAL INSTRUMENTS & SUPPLIES -- 0.3%
15,000		Medtronic, Inc.		745,050
		MEDICAL LAB & RESEARCH -- 1.3%
40,000		Quest Diagnostic, Inc.		3,283,200
		MINING-MISCELLANEOUS -- 3.3%
130,000	(1)	Inco Ltd.		4,338,100
70,000		Peabody Energy Corp.		3,932,600
		TOTAL		8,270,700
		MINING-NON FERROUS -- 1.7%
110,000		Alcan, Inc.		4,358,200
		MONEY CENTER BANKS -- 4.1%
230,000		Citigroup, Inc.		10,140,700
		NETWORKING PRODUCTS -- 2.9%
350,000	(1)	Cisco Systems, Inc.		7,301,000
COMMON STOCKS -- (Continued)
		OIL & GAS EQUIPMENT & SERVICES -- 1.0%
40,000		Schlumberger Ltd.	$	2,572,800
		OIL-INTEGRATED -- 4.5%
200,000		BP PLC, ADR		11,272,000
		PAPER PRODUCTS -- 3.9%
210,000		International Paper Co.		9,078,300
10,000		Kimberly-Clark Corp.		640,700
		TOTAL		9,719,000
		PRINTED CIRCUIT BOARDS -- 3.0%
345,000	(1)	Jabil Circuit, Inc.		7,503,750
		PUBLISHING-NEWSPAPERS -- 1.7%
50,000		Gannett Co., Inc.		4,157,000
		RETAIL DISCOUNT -- 3.2%
150,000		Wal-Mart Stores, Inc.		7,951,500
		RETAIL-CONSUMER ELECT -- 1.0%
50,000		Best Buy Co., Inc.		2,408,000
		SEMICONDUCTOR-BROAD LINE -- 2.2%
225,000		Intel Corp.		5,485,500
		SEMICONDUCTOR EQUIPMENT & MATERIALS -- 3.6%
525,000	(1)	Applied Materials, Inc.		8,909,250
		STEEL-PRODUCERS -- 1.7%
50,000		Nucor Corp.		4,182,500
		TRANSPORTATION-AIR FREIGHT -- 1.9%
65,000		United Parcel Service, Inc.		4,677,400
		UTILITY-ELECTRIC POWER -- 1.3%
50,000		Dominion Resources, Inc.		3,173,000
		WHOLESALE DRUG DISTRIBUTION -- 2.9%
160,000		Cardinal Health, Inc.		7,120,000
TOTAL COMMON STOCKS (identified cost $240,305,235)				245,870,300
MUTUAL FUND -- 1.7%
4,173,174	(2)	U.S. Treasury Cash Reserves (at net asset value)	$	4,173,174
TOTAL INVESTMENTS--100.4% (identified cost $244,478,409)(3)				250,043,474
OTHER ASSETS AND LIABILITIES-NET--(0.4)%				(875,133	)
TOTAL NET ASSETS--100%			$	249,168,341

(1) Non-income producing security.

(2) Affiliated company.

(3) The cost of investments for federal tax purposes amounts to $244,478,409.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 2004.

The following acronym is used throughout this portfolio:

ADR --American Depositary Receipt

See Notes which are an integral part of the Financial Statements

WESMARK BALANCED FUND
PORTFOLIO OF INVESTMENTS SUMMARY TABLES

July 31, 2004 (unaudited)

At July 31, 2004, the fund's industry percentages were as follows:

	Percentage of Total Investment(1)
STOCKS(2)
Drugs & Healthcare	5.8%
Utility - Electric Power	5.8%
Diversified Operations	3.8%
Paper Products	3.7%
Money Center Banks	2.9%
Chemicals - Diversified	2.8%
Computer Software	2.8%
Home Improvement Stores	2.8%
Networking Products	2.7%
Federal National Mortgage Association	2.6%
Auto Manufacturers - Major	2.5%
Beverages - Soft	2.5%
Investment Brokerage - National	2.4%
Insurance Property & Casualty	2.3%
Oil - Integrated	2.3%
Transportation - Air Freight	2.3%
Oil Refining & Marketing	1.9%
Food - Major Diversified	1.8%
Semi Conductor Equipment & Materials	1.8%
Retail Discount	1.7%
Semiconductor - Broad Line	1.6%
Publishing - Newspapers	1.4%
Banks - Major Regional	1.3%
Mining - Non Ferrous	1.3%
Printed Circuit Boards	1.2%
Cable Television	1.1%
Oil & Gas Equipment & Services	1.1%
REIT - Industrial	1.1%
Electronic Components - Semiconductor	0.9%
Wholesale Drug Distribution	0.7%
Oil & Gas Pipeline	0.7%
Finance	0.6%
Diversified Financial Services	0.4%
TOTAL STOCKS PORTFOLIO VALUE	70.6%
FIXED INCOME(3)
Corporate Bonds	15.1%
Mortgage Backed Securities	4.5%
Government Agencies	8.8%
TOTAL FIXED INCOME PORTFOLIO VALUE	28.4%
Mutual Fund(4)	1.0%
TOTAL PORTFOLIO VALUE	100%

(1) Percentages are based on total investments, which may differ from total net assets.

(2) As more fully described in the prospectus under "Equity Securities," stocks represent a share of an issuer's earnings and assets after the issuer pays its liabilities.

(3) Corporate Bonds, as more fully described in the prospectus under "Corporate Debt Securities," are fixed income securities issued by businesses. Mortgage Backed Securities, as more fully described in the prospectus under "Mortgage Backed Securities," represent interests in pools of mortgages. Government Agencies, as more fully described in the prospectus under "Agency Securities," are issued or guaranteed by a federal agency or other government sponsored entity acting under federal authority.

(4) Investment represents shares held in a money market mutual fund.

WESMARK BALANCED FUND
PORTFOLIO OF INVESTMENTS

July 31, 2004 (unaudited)

Shares			Value
COMMON STOCKS -- 67.1%
		AUTO MANUFACTURERS-MAJOR -- 2.5%
35,000		General Motors Corp.	$	1,509,900
		BEVERAGES-SOFT -- 2.4%
30,000		PepsiCo, Inc.		1,500,000
		CABLE TELEVISION -- 1.1%
25,000	(1)	Comcast Corp., Class A		685,000
		CHEMICALS-DIVERSIFIED -- 2.8%
40,000		Du Pont (E.I.) de Nemours & Co.		1,714,800
		COMPUTER SOFTWARE -- 2.8%
60,000		Microsoft Corp.		1,707,600
		DIVERSIFIED OPERATIONS -- 3.8%
70,000		General Electric Co.		2,327,500
		DRUGS & HEALTHCARE -- 5.8%
35,000		Merck & Co., Inc.		1,587,250
62,000		Pfizer, Inc.		1,981,520
		TOTAL		3,568,770
		ELECTRONIC COMPONENTS- SEMICONDUCTOR -- 0.9%
25,000		Texas Instruments, Inc.		533,250
		FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 2.5%
22,000		Fannie Mae		1,561,120
		FOOD-MAJOR DIVERSIFIED -- 1.8%
25,000		General Mills, Inc.		1,122,500
		HOME IMPROVEMENT STORES -- 2.7%
50,000		Home Depot, Inc.		1,686,000
		INSURANCE PROPERTY & CASUALTY -- 2.3%
20,000		American International Group, Inc.		1,413,000
COMMON STOCKS -- (Continued)
		INVESTMENT BROKERAGE-NATIONAL -- 2.4%
30,000		Morgan Stanley	$	1,479,900
		MINING-NON FERROUS -- 1.3%
20,000		Alcan, Inc.		792,400
		MONEY CENTER BANKS -- 2.9%
40,000		Citigroup, Inc.		1,763,600
		NETWORKING PRODUCTS -- 2.7%
80,000	(1)	Cisco Systems, Inc.		1,668,800
		OIL & GAS EQUIPMENT & SERVICES -- 1.0%
10,000		Schlumberger Ltd.		643,200
		OIL & GAS PIPELINE--0.7%
10,000		Kinder Morgan Energy Partners LP		435,100
		OIL-INTEGRATED -- 2.3%
25,000		BP PLC, ADR		1,409,000
		OIL REFINING & MARKETING -- 1.9%
15,000		ConocoPhillips		1,181,550
		PAPER PRODUCTS -- 3.7%
30,000		International Paper Co.		1,296,900
15,000		Kimberly-Clark Corp.		961,050
		TOTAL		2,257,950
		PRINTED CIRCUIT BOARDS -- 1.2%
35,000	(1)	Jabil Circuit, Inc.		761,250
		PUBLISHING-NEWSPAPERS -- 1.4%
10,000		Gannett Co., Inc.		831,400
		REIT-INDUSTRIAL -- 1.1%
20,000		AMB Property Corp.		702,800
		RETAIL DISCOUNT -- 1.7%
20,000		Wal-Mart Stores, Inc.		1,060,200
		SEMICONDUCTOR-BROAD LINE -- 1.6%
40,000		Intel Corp.		975,200
		SEMICONDUCTOR EQUIPMENT & MATERIALS -- 1.8%
65,000	(1)	Applied Materials, Inc.		1,103,050

Shares or Principal Amount		Value
COMMON STOCKS -- (Continued)
	TRANSPORTATION-AIR FREIGHT -- 2.3%
20,000	United Parcel Service, Inc.	$	1,439,200
	UTILITY-ELECTRIC POWER -- 5.0%
30,000	Dominion Resources, Inc.		1,903,800
40,000	Southern Co.		1,171,200
	TOTAL		3,075,000
	WHOLESALE DRUG DISTRIBUTION-- 0.7%
10,000	Cardinal Health, Inc.		445,000
TOTAL COMMON STOCKS (identified cost $37,889,342)			41,354,040
PREFERRED STOCKS -- 3.1%
	BANKS-MAJOR REGIONAL -- 1.3%
30,000	Wells Fargo & Co., Pfd. $1.75, Annual Dividend		785,625
	DIVERSIFIED FINANCIAL SERVICES -- 0.4%
10,000	General Electric Capital Corp., Pfd. $1.47, Annual Dividend		245,400
	FINANCE -- 0.6%
15,000	ML Preferred Capital Trust III, Pfd. $1.75, Annual Dividend		394,688
	UTILITY-ELECTRIC POWER -- 0.8%
20,000	Tennessee Valley Authority, Pfd., Series D, Pfd. $1.48, Annual Dividend		489,800
TOTAL PREFERRED STOCKS (identified cost $1,890,614)			1,915,513
CORPORATE BONDS -- 15.0%
	AUTO MANUFACTURERS-MAJOR -- 0.8%
$ 500,000	General Motors Corp., Deb., 7.70%, 4/15/2016		520,215
	AUTOMOBILE/TRUCK-ORIGINAL PARTS -- 1.7%
1,000,000	Delphi Auto Systems Corp., Note, 6.50%, 5/1/2009		1,053,266
	BANKS-MAJOR REGIONAL -- 0.9%
500,000	PNC Funding Corp., Sub. Note, 6.125%, 2/15/2009		536,400
	COMPUTER SERVICES -- 0.8%
500,000	First Data Corp., 4.70%, 11/1/2006		516,775

Principal Amount		Value
CORPORATE BONDS -- (Continued)
	FINANCE-AUTOMOTIVE -- 4.2%
$ 500,000	Ford Motor Credit Co., Sr. Note, 6.50%, 2/15/2006	$	519,624
1,000,000	Ford Motor Credit Co., Unsecd. Note, 7.50%, 3/15/2005		1,030,552
1,000,000	General Motors Acceptance Corp., Note, 6.125%, 2/1/2007		1,046,310
	TOTAL		2,596,486
	FINANCE-CREDIT CARD--0.9%
500,000	MBNA America Bank, NA, 6.625%, 6/15/2012		541,650
	INVESTMENT BROKERAGE-NATIONAL -- 3.1%
1,000,000	Bear Stearns Cos., Inc., Note, 4.50%, 10/28/2010		987,990
1,000,000	Morgan Stanley, Sub. Note, 4.75%, 4/1/2014		935,740
	TOTAL		1,923,730
	MINING-NON FERROUS -- 0.8%
500,000	Alcan, Inc., Note, 5.20%, 1/15/2014		500,665
	OIL-INTEGRATED -- 1.8%
1,000,000	Conoco, Inc., Sr. Note, 6.35%, 4/15/2009		1,094,800
TOTAL CORPORATE BONDS (identified cost $9,150,159)			9,283,987
MORTGAGE BACKED SECURITIES -- 4.5%
	FEDERAL HOME LOAN MORTGAGE CORP. -- 0.3%
187,785	Federal Home Loan Mortgage Corp., Pool E84004, 6.00%, 6/1/2016		196,882
	FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 4.2%
224,564	Federal National Mortgage Association, Pool 254629, 5.00%, 2/1/2010		228,213
916,276	Federal National Mortgage Association, Pool 254908, 5.00%, 9/1/2023		910,164
988,454	Federal National Mortgage Association, Pool 255224, 4.00%, 5/1/2011		970,227
460,372	Federal National Mortgage Association, Pool 738342, 4.50%, 8/1/2018		455,625
	TOTAL		2,564,229
TOTAL MORTGAGE BACKED SECURITIES (identified cost $2,752,330)			2,761,111

Principal Amount or Shares			Value
GOVERNMENT AGENCIES -- 8.8%
		FEDERAL HOME LOAN BANK -- 4.8%
$1,000,000		Federal Home Loan Bank System, Bond, 3.275%, 8/27/2007	$	991,640
1,000,000		Federal Home Loan Bank System, Bond, Series C213, 5.65%, 8/27/2013		1,004,510
1,000,000		Federal Home Loan Bank System, Bond, Series ZR13, 4.50%, 6/12/2013		954,090
		TOTAL		2,950,240
		FEDERAL HOME LOAN MORTGAGE CORP. -- 2.4%
1,000,000		Federal Home Loan Mortgage Corp., Bond, 5.00%, 10/9/2013		978,880
500,000		Federal Home Loan Mortgage Corp., Note, 5.25%, 7/30/2013		496,070
		TOTAL		1,474,950
		FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 1.6%
1,000,000		Federal National Mortgage Association, Note, 5.375%, 7/16/2018		971,970
TOTAL GOVERNMENT AGENCIES (identified cost $5,471,139)				5,397,160
MUTUAL FUND -- 1.0%
613,253	(2)	U.S. Treasury Cash Reserves (at net asset value)		613,253
TOTAL INVESTMENTS--99.5% (identified cost $57,766,837)(3)				61,325,064
OTHER ASSETS AND LIABILITIES-NET--0.5%				324,639
TOTAL NET ASSETS--100%			$	61,649,703

(1) Non-income producing security.

(2) Affiliated company.

(3) The cost of investments for federal tax purposes amounts to $57,766,837.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 2004.

The following acronyms are used throughout this portfolio:

ADR	--American Depositary Receipt
REIT	--Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

WESMARK BOND FUND
PORTFOLIO OF INVESTMENTS SUMMARY TABLES

July 31, 2004 (unaudited)

At July 31, 2004, the fund's portfolio composition(1) was as follows:

	Percentage of Total Investment(2)
Collateral Mortgage Obligations	3.4%
Corporate Bonds	42.6%
Government Agencies	31.2%
Mortgage Backed Securities	19.7%
Preferred Stocks	1.9%
Mutual Fund(3)	1.2%
TOTAL	100%

(1) As more fully described in the prospectus under "Collateralized Mortgage Obligations," a Collateralized Mortgage Obligation allocates payments and prepayments from an underlying pass-through certificate among different classes of mortgage backed securities. Corporate Bonds, as more fully described in the prospectus under "Corporate Debt Securities," are fixed income securities issued by businesses. Government Agencies, as more fully described in the prospectus under "Agency Securities," are issued or guaranteed by a federal agency or other government sponsored entity acting under federal authority. As more fully described in the prospectus under "Mortgage Backed Securities," Mortgage Backed Securities represent interests in pools of mortgages. As more fully described in the prospectus under "Preferred Stock," preferred stocks may permit the issuer to redeem the stock. The fund may treat such redeemable preferred stocks as a fixed income security.

(2) Percentages are based on total investments, which may differ from total net assets.

(3) Investment represents shares held in a money market mutual fund.

WESMARK BOND FUND
PORTFOLIO OF INVESTMENTS

July 31, 2004 (unaudited)

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS -- 3.4%
		FEDERAL HOME LOAN MORTGAGE CORP. -- 3.4%
$	2,000,000	Federal Home Loan Mortgage Corp., Series 2564, Class HJ, 5.00%, 2/15/2018	$	1,916,760
	2,152,715	Federal Home Loan Mortgage Corp., Series 2576D, Class LG, 4.50%, 12/15/2016		2,157,515
	2,281,412	Federal Home Loan Mortgage Corp., Series 2590, Class XP, 3.25%, 12/15/2013		2,254,514
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (identified cost $6,427,530)				6,328,789
CORPORATE BONDS -- 42.3%
		AUTO MANUFACTURERS-MAJOR -- 2.8%
	2,000,000	General Motors Corp., Deb., 7.70%, 4/15/2016		2,080,860
	2,000,000	General Motors Corp., Note, 7.125%, 7/15/2013		2,049,400
	1,000,000	General Motors Corp., Note, 9.45%, 11/1/2011		1,140,130
		TOTAL		5,270,390
		AUTOMOBILE/TRUCK-ORIGINAL -- 1.7%
	3,000,000	Delphi Auto Systems Corp., Note, 6.50%, 5/1/2009		3,159,798
		BANKS-MAJOR REGIONAL -- 1.7%
	1,000,000	Bank One N.A. (Chicago), Sub. Note, 6.25%, 2/15/2008		1,075,860
	1,000,000	PNC Funding Corp., Sub. Note, 6.125%, 2/15/2009		1,072,800
	1,000,000	Wells Fargo & Co., Sub. Note, 6.25%, 4/15/2008		1,080,530
		TOTAL		3,229,190
		CABLE TELEVISION -- 4.9%
	1,000,000	Comcast Cable Communications Holdings, Company Guarantee, 8.375%, 3/15/2013		1,186,400
	3,000,000	Comcast Cable Communications Holdings, Company Guarantee, 9.455%, 11/15/2022		3,899,460
	2,000,000	Continental Cablevision, Sr. Deb., 8.875%, 9/15/2005		2,135,360
	2,000,000	Cox Communications, Inc., Unsecd. Note, 4.625%, 6/1/2013		1,867,980
		TOTAL		9,089,200
CORPORATE BONDS -- (Continued)
		COMPUTER SERVICES -- 0.6%
$	1,000,000	First Data Corp., MTN, Series MTND, 6.375%, 12/15/2007	$	1,084,600
		ENTERTAINMENT-DIVERSIFIED -- 1.8%
	1,000,000	Time Warner, Inc., Company Guarantee, 6.875%, 6/15/2018		1,056,920
	1,000,000	Time Warner, Inc., Deb., 8.375%, 3/15/2023		1,166,820
	1,000,000	Time Warner, Inc., Note, 8.875%, 10/1/2012		1,213,910
		TOTAL		3,437,650
		FIDUCIARY BANKS -- 1.0%
	2,000,000	Mellon Funding Corp., Note, 3.25%, 4/1/2009		1,937,840
		FINANCE -- 1.6%
	2,000,000	MBNA Corp., 6.25%, 1/17/2007		2,119,980
	750,000	Merrill Lynch & Co., Inc., Note, 7.00%, 1/15/2007		811,410
		TOTAL		2,931,390
		FINANCE-AUTOMOTIVE -- 4.2%
	3,000,000	Ford Motor Credit Co., 7.00%, 10/1/2013		3,058,698
	3,000,000	Ford Motor Credit Co., Sr. Note, 5.80%, 1/12/2009		3,055,989
	1,500,000	General Motors Acceptance Corp., Note, 7.75%, 1/19/2010		1,633,950
		TOTAL		7,748,637
		FINANCE-CONSUMER LOANS -- 1.7%
	3,000,000	American General Finance Corp., Note, 5.875%, 7/14/2006		3,150,090
		FINANCE-INVESTMENT BANKER/BROKER -- 3.3%
	4,000,000	Goldman Sachs Group, Inc., Bond, 5.15%, 1/15/2014		3,911,920
	2,000,000	Morgan Stanley Group, Inc., Note, 6.875%, 3/1/2007		2,163,720
		TOTAL		6,075,640
		GROCERY STORES -- 0.9%
	1,500,000	Kroger Co., Sr. Note, 8.15%, 7/15/2006		1,632,960
		INTERNET INFORMATION PROVIDERS -- 0.6%
	1,000,000	AOL Time Warner, Inc., Bond, 7.625%, 4/15/2031		1,108,750
		INVESTMENT BROKERAGE-NATIONAL -- 2.5%
	5,000,000	Morgan Stanley, Sub. Note, 4.75%, 4/1/2014		4,678,700
CORPORATE BONDS -- (Continued)
		METAL PROCESSORS & FABRICATION -- 0.6%
$	1,000,000	Commercial Metals Corp., Note, 6.75%, 2/15/2009	$	1,084,150
		MULTIMEDIA -- 0.5%
	1,000,000	Walt Disney Co., Note, Series B, 5.875%, 12/15/2017		1,010,230
		OIL COMP-EXPLORATION & PRODUCTION--4.3%
	3,000,000	Enron Oil & Gas Co., Note, 6.00%, 12/15/2008		3,219,690
	3,500,000	Enron Oil & Gas Co., Note, 6.50%, 12/1/2007		3,780,280
	1,000,000	Kerr-McGee Corp., Company Guarantee, 6.95%, 7/1/2024		1,002,110
		TOTAL		8,002,080
		OIL REFINING & MARKETING -- 0.9%
	500,000	Union Oil of California, 9.125%, 2/15/2006		542,685
	1,000,000	Union Oil of California, Sr. Note, Series C, 6.70%, 10/15/2007		1,079,140
		TOTAL		1,621,825
		PAPER PRODUCTS -- 3.9%
	2,200,000	International Paper Co., 4.25%, 1/15/2009		2,179,254
	4,000,000	International Paper Co., 5.85%, 10/30/2012		4,114,920
	1,000,000	International Paper Co., Note, 5.30%, 4/1/2015		964,330
		TOTAL		7,258,504
		PERSONAL COMPUTERS -- 0.6%
	1,000,000	Dell Computer Corp., Sr. Note, 6.55%, 4/15/2008		1,089,560
		UTILITY-ELECTRIC POWER -- 0.5%
	1,000,000	Progress Energy Carolinas, Inc., Sr. Note, 7.50%, 4/1/2005		1,034,660
		UTILITY-TELEPHONE -- 1.7%
	3,000,000	BellSouth Corp., Unsecd. Note, 5.00%, 10/15/2006		3,108,630
TOTAL CORPORATE BONDS (identified cost $77,558,325)				78,744,474
GOVERNMENT AGENCIES -- 31.0%
		FEDERAL HOME LOAN BANK -- 8.9%
	3,000,000	Federal Home Loan Bank System, 4.125%, 11/15/2006	$	3,070,860
	3,000,000	Federal Home Loan Bank System, Bond, 3.375%, 11/15/2004		3,015,120
	5,000,000	Federal Home Loan Bank System, Bond, 4.00%, 12/19/2011		4,714,600
	4,705,000	Federal Home Loan Bank System, Bond, 5.10%, 8/6/2009		4,712,293
	1,000,000	Federal Home Loan Bank System, Bond, 5.65%, 11/1/2011		1,010,350
		TOTAL		16,523,223
		FEDERAL HOME LOAN MORTGAGE CORPORATION -- 5.9%
	3,088,000	Federal Home Loan Mortgage Corp., Note, 4.75%, 8/13/2009		3,094,392
	5,000,000	Federal Home Loan Mortgage Corp., Note, Series MTN, 5.125%, 5/13/2013		4,932,850
	3,000,000	Federal Home Loan Mortgage Corp., Unsecd. Note, 5.00%, 1/17/2012		2,978,130
		TOTAL		11,005,372
		FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 16.2%
	1,800,000	Federal National Mortgage Association, MTN, 6.93%, 9/17/2012		1,947,456
	4,000,000	Federal National Mortgage Association, Note, 4.00%, 12/23/2010		3,845,120
	1,615,000	Federal National Mortgage Association, Note, 4.25%, 5/20/2010		1,586,705
	15,000,000	Federal National Mortgage Association, Note, 6.00%, 1/18/2012		15,262,200
	2,300,000	Federal National Mortgage Association, Note, Series MTN, 6.80%, 8/27/2012		2,475,145
	5,000,000	Federal National Mortgage Association, Unsecd. Note, 5.50%, 10/18/2011		5,044,650
		TOTAL		30,161,276
TOTAL GOVERNMENT AGENCIES (identified cost $57,584,015)				57,689,871

Principal Amount or Shares				Value
MORTGAGE BACKED SECURITIES -- 19.6%
			FEDERAL HOME LOAN MORTGAGE CORP. -- 8.0%
$	778,723		Federal Home Loan Mortgage Corp., Pool E70008, 6.00%, 4/1/2013	$	818,633
	4,530,130		Federal Home Loan Mortgage Corp., Pool E98887, 4.50%, 8/1/2018		4,481,521
	4,645,931		Federal Home Loan Mortgage Corp., Pool E98890, 4.50%, 8/1/2018		4,596,081
	5,000,000		Federal Home Loan Mortgage Corp., Pool G18002, 5.00%, 7/1/2019		5,042,200
			TOTAL		14,938,435
			FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 11.6%
	3,464,912		Federal National Mortgage Association, Pool 254799, 5.00%, 7/1/2023		3,447,241
	13,744,141		Federal National Mortgage Association, Pool 254908, 5.00%, 9/1/2023		13,652,468
	4,516,093	��	Federal National Mortgage Association, Pool 254956, 4.00%, 11/1/2010		4,439,590
			TOTAL		21,539,299
TOTAL MORTGAGE BACKED SECURITIES (identified cost $36,861,451)					36,477,734
PREFERRED STOCKS -- 1.8%
			DIVERSIFIED FINANCIAL SERVICES -- 1.0%
	80,000		General Electric Capital Corp., Pfd. $1.47, Annual Dividend		1,963,200
			FINANCE-AUTOMOTIVE -- 0.3%
	20,000		General Motors Acceptance Corp., Pfd. $1.81, Annual Dividend		500,800
			UTILITY-ELECTRIC POWER -- 0.5%
	40,000		Tennessee Valley Authority, Pfd., Series D, Pfd. $1.48, Annual Dividend		979,600
TOTAL PREFERRED STOCKS (identified cost $3,521,085)					3,443,600

Shares				Value
MUTUAL FUND -- 1.2%
$	2,257,651	(1)	Prime Obligations Fund (at net asset value)	$	2,257,651
TOTAL INVESTMENTS--99.3% (identified cost $184,210,057)(2)					184,942,119
OTHER ASSETS AND LIABILITIES-NET--0.7%					1,341,752
TOTAL NET ASSETS--100%				$	186,283,871

(1) Affiliated company.

(2) The cost of investments for federal tax purposes amounts to $184,210,057.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 2004.

The following acronym is used throughout this portfolio:

MTN --Medium Term Note

See Notes which are an integral part of the Financial Statements

WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS SUMMARY TABLES

July 31, 2004 (unaudited)

At July 31, 2004, the fund's portfolio composition(1) was as follows:

	Percentage of Total Investment(2)
Long-Term Municipals(1)	97.8%

Years to Maturity	Percentage of Total Investments(2)
1-3 Years	18.6%
3-5 Years	7.0%
5-10 Years	31.2%
10 Years or Greater	43.2%
TOTAL	100%

Short-Term Municipals(1)	1.3%
Mutual Fund(3)	0.9%
TOTAL	100%

FIXED INCOME
S&P Ratings as Percentage of Total Investments(2)(4)		Moody's Ratings as Percentage of Total Investments(2)(4)
AAA	61.8%	Aaa	66.2%
AA	6.7%	A	6.9%
A	1.2%	Baa	3.3%
Not Rated by S&P	29.4%	Not Rated by Moody's	22.7%
TOTAL	99.1%		99.1%
TOTAL FIXED INCOME PORTFOLIO VALUE				99.1%
Mutual Fund(3)				0.9%
TOTAL PORTFOLIO VALUE				100%

(1) Long-Term Municipals represent investments with maturity greater then one year. Short-Term Municipals represent investments with a maturity of one year or less.

(2) Percentages are based on total investments, which may differ from total net assets.

(3) Investment represents shares held in a money market mutual fund.

(4) The tables above depict the credit quality ratings assigned to the funds portfolio holdings by Standard & Poor's and Moodys Investors Services, each of which is a Nationally Recognized Statistical Ratings Organization (NRSRO). Fixed Income Securities not rated by any NRSRO equal 7.5% of the Portfolio. Credit quality ratings do not protect the value of fund shares against interest rate risk.

WESMARK WEST VIRGINIA MUNICIPAL BOND FUND
PORTFOLIO OF INVESTMENTS

July 31, 2004 (unaudited)

Principal Amount				Credit* Rating	Value
LONG-TERM MUNICIPALS -- 97.0%
			WEST VIRGINIA -- 97.0%
$	400,000		Beckley, WV, Sewage System, Revenue Refunding Bonds, (Series A), 6.75% (Original Issue Yield: 6.875%), 10/1/2025	NR	$	414,280
	1,000,000		Berkeley County, WV, Board of Education, 2.375%, 6/1/2007	AA-		1,000,690
	500,000		Berkeley County, WV, Board of Education, 2.40%, 6/1/2008	AA-		494,200
	1,000,000		Berkeley County, WV, Board of Education, 4.50% (FGIC LOC)/(Original Issue Yield: 4.65%), 5/1/2014	AAA		1,038,210
	355,000		Berkeley County, WV, Building Commission Lease, Judicial Center Project-Series A, 4.25% (MBIA LOC), 12/1/2019	Aaa		352,412
	825,000		Berkeley County, WV, Building Commission Lease, Judicial Center Project-Series A, 4.70% (MBIA LOC), 12/1/2024	Aaa		819,712
	140,000		Buckhannon West Virginia College Facility, Refunding Revenue Bond, 4.45%, 8/1/2007	NR		137,134
	130,000		Buckhannon West Virginia College Facility, Refunding Revenue Bonds, 4.00% (Original Issue Yield: 3.999%), 8/1/2004	NR		129,996
	140,000		Buckhannon West Virginia College Facility, Refunding Revenue Bonds, 4.15% (Original Issue Yield: 4.15%), 8/1/2005	NR		138,789
	1,000,000		Cabell County, WV, Board of Education, GO UT, 5.50% (MBIA LOC)/(Original Issue Yield: 4.95%), 5/1/2006	AAA		1,060,530
	500,000		Cabell County, WV, Board of Education, GO UT, 6.00% (MBIA INS), 5/1/2006	AAA		535,265
	150,000		Charles Town, WV, Residential Mortgage Revenue Bonds, 6.20%, 3/1/2011	A1		151,269
	355,000		Charles Town, WV, Revenue Refunding Bonds, 5.00% (Original Issue Yield: 5.15%), 10/1/2013	AA		369,686
	340,000		Charles Town, WV, Revenue Refunding Bonds, 5.00%, 10/1/2012	AA		356,891
LONG-TERM MUNICIPALS -- (Continued)
			WEST VIRGINIA -- (Continued)
$	500,000		Charleston, WV, Civic Center Revenue, Improvements, 6.25%, 12/1/2015	NR	$	535,235
	1,200,000		Charleston, WV, Urban Renewal Authority, Refunding Revenue Bonds, 5.30% (FSA LOC)/(Original Issue Yield: 5.274%), 12/15/2022	AAA		1,269,828
	1,240,000		Charleston, WV, GO UT, 7.20%, 10/1/2008	A1		1,437,768
	1,155,000		Clarksburg, WV, Refunding Revenue Bonds, 4.25% (FGIC LOC)/(Original Issue Yield: 2.91%), 9/1/2006	AAA		1,206,952
	1,000,000		Clarksburg, WV, Revenue Bonds, 5.25% (FGIC LOC), 9/1/2019	AAA		1,075,260
	500,000		Fairmont, WV, Waterworks, (Series 1999), 5.25% (AMBAC LOC), 7/1/2017	AAA		539,500
	1,235,000		Fairmont, WV, Waterworks, Water Utility Improvement Revenue Bonds, 5.00% (AMBAC LOC), 7/1/2019	AAA		1,281,461
	1,240,000		Grant County, WV, County Commission, Refunding Revenue Bonds, 5.35% (Original Issue Yield: 5.349%), 10/1/2019	AAA		1,303,091
	500,000		Harrison County, WV, Board of Education, GO UT, 6.40% (FGIC INS)/(Original Issue Yield: 6.45%), 5/1/2006	AAA		538,695
	680,000		Harrison County, WV, Building Commission, Health, Hospital, Nursing Home Improvements Revenue Bonds, 5.15% (AMBAC INS)/(Original Issue Yield: 5.32%), 4/1/2018	AAA		708,213
	420,000		Jackson County, WV, Revenue Bonds, 7.375% (FGIC INS), 6/1/2010	AAA		509,212
	1,035,000		Jefferson County, WV, Board of Education, GO UT, 5.20% (Original Issue Yield: 5.10%), 7/1/2007	AA-		1,115,761
	1,055,000		Kanawha County, WV, Building Community, Judicial Annex Lease--Series A, 5.00%, 12/1/2018	NR		1,078,189
	375,000		Kanawha County, WV, Building Community, Judicial Annex Lease--Series A, 3.60%, 12/1/2009	NR+		375,675
LONG-TERM MUNICIPALS -- (Continued)
			WEST VIRGINIA -- (Continued)
$	285,000		Logan County, WV, Revenue Bonds, 8.00% (Logan County Health Care Center Ltd. Partnership Project), 12/1/2009	NR	$	325,399
	60,000		Marshall County, WV, Special Obligation, Special Obligations Bonds, 6.50% (Original Issue Yield: 6.65%), 5/15/2010	AAA		67,934
	570,000		Mason County, WV, PCR Bond, 5.45% (Ohio Power Co.)/(AMBAC INS)/(Original Issue Yield: 5.47%), 12/1/2016	AAA		579,331
	1,085,000		Monongalia County, WV, Board of Education, GO UT, 6.00% (MBIA LOC)/(Original Issue Yield: 3.81%), 5/1/2010	AAA		1,236,987
	1,135,000		Monongalia County, WV, Board of Education, GO Unlimited, 6.00%, 5/1/2011	AAA		1,303,162
	320,000		Morgantown, WV, Building Commission Municipal Building, Refunding Revenue Bonds, 2.00% (MBIA LOC)/(Original Issue Yield: 1.50%), 1/1/2005	Aaa		320,803
	215,000		Morgantown, WV, Building Commission Municipal Building, Refunding Revenue Bonds, 2.00% (MBIA LOC)/(Original Issue Yield: 2.15%), 1/1/2007	Aaa		213,314
	350,000		Ohio County, WV, Board of Education, GO UT, 5.00% (MBIA LOC)/(Original Issue Yield: 5.25%), 6/1/2013	AAA		376,089
	785,000		Ohio County, WV, Board of Education, GO UT Refunding Bonds, 5.125% (MBIA INS)/(Original Issue Yield: 5.375%), 6/1/2018	AAA		830,805
	1,000,000		Ohio County, WV, Board of Education, GO UT, 5.00% (Original Issue Yield: 5.25%), 6/1/2013	AA-		1,066,880
	635,000		Ohio County, WV, Board of Education, General Obligation Unlimited, 5.00%, 6/1/2007	AA-		675,596
	665,000		Parkersburg, WV, Parking Systems, (Series A), 5.00% (Original Issue Yield: 5.00%), 6/1/2018	NR		635,201
	1,155,000		Pleasants County, WV, PCR, (Refunding Revenue Bonds), 5.30%, 12/1/2008	A3		1,167,636
LONG-TERM MUNICIPALS -- (Continued)
			WEST VIRGINIA -- (Continued)
$	1,795,000		Raleigh, Fayette & Nicholas Counties, WV, Refunding Bond, 6.25% (Original Issue Yield: 6.60%), 8/1/2011	Aaa	$	2,094,011
	1,310,000		Randolph County, WV, Refunding Revenue Bonds, 5.20% (Davis Health Systems, Inc.)/(FSA INS), 11/1/2015	Aaa		1,403,272
	105,000		Shepherd College Board, 3.00%, 12/1/2005	A3		106,485
	115,000		Shepherd College Board, 3.00%, 12/1/2007	A3		116,046
	120,000		Shepherd College Board, 3.40%, 12/1/2009	A3		120,509
	500,000		South Charleston, WV, Revenue Bonds, 5.50% (MBIA INS), 10/1/2009	AAA		501,585
	620,000		West Liberty State College, WV, 3.75%, 6/1/2008	Baa3		627,521
	205,000		West Liberty State College, WV, 3.75%, 6/1/2008	Baa2		207,487
	275,000		West Liberty State College, WV, 3.75%, 6/1/2008	Baa2		277,348
	430,000		West Liberty State College, WV, 4.70%, 6/1/2012	Baa2		442,672
	965,000		West Liberty State College, WV, 4.80%, 6/1/2012	Baa3		994,365
	245,000		West Virginia State College, Refunding Revenue Bonds, 4.00% (Original Issue Yield: 4.02%), 6/1/2011	A3		247,768
	570,000		West Virginia EDA, (Series A), 5.00% (Original Issue Yield: 4.25%), 3/1/2019	A1		582,608
	1,000,000		West Virginia EDA, 5.00% (AMBAC LOC)/ (Original Issue Yield: 5.09%), 7/15/2022	AAA		1,024,040
	410,000		West Virginia EDA, Refunding Revenue Bonds, 2.60%, 11/1/2005	A+		414,543
	500,000		West Virginia EDA, Refunding Revenue Bonds, 3.00%, 11/1/2006	A+		508,500
	1,000,000		West Virginia EDA, Revenue Bonds, 5.50% (MBIA LOC), 6/1/2012 (@101)	AAA		1,104,130
	2,000,000		West Virginia Higher Education, Revenue Bonds, 5.00% (MBIA LOC), 4/1/2012	AAA		2,182,600
	530,000		West Virginia Housing Development Fund, (Series A), 5.55%, 11/1/2014	AAA		550,781
	735,000		West Virginia Housing Development Fund, Revenue Bonds, 5.35%, 11/1/2010	AAA		766,311
LONG-TERM MUNICIPALS -- (Continued)
			WEST VIRGINIA -- (Continued)
$	700,000		West Virginia School Building Authority, 4.00% (MBIA LOC)/(Original Issue Yield: 4.13%), 7/1/2013	AAA	$	710,227
	2,000,000		West Virginia School Building Authority, 5.25% (MBIA LOC), 7/1/2012	AAA		2,217,580
	575,000		West Virginia State Building Commission Lease, (Series A), 5.50% (MBIA LOC)/(Original Issue Yield: 5.10%), 7/1/2006	AAA		612,306
	1,050,000		West Virginia State Building Commission Lease, (Series A), 5.50% (Original Issue Yield: 5.20%), 7/1/2007	AAA		1,139,523
	360,000		West Virginia State Building Commission Lease, (Series B), 5.375% (AMBAC LOC)/(Original Issue Yield: 5.01%), 7/1/2018	AAA		398,016
	1,000,000		West Virginia State Building Commission Lease, Refunding Revenue Bond, (Series A), 5.25% (AMBAC LOC), 7/1/2012	AAA		1,103,730
	1,500,000		West Virginia State Building Commission Lease, Refunding Revenue Bonds, 5.375% (AMBAC LOC)/(Original Issue Yield: 5.04%), 7/1/2021	AAA		1,653,300
	300,000		West Virginia State Higher Education, 5.25% (FGIC LOC), 5/1/2014	AAA		326,703
	500,000		West Virginia State Hospital Finance Authority, (Series A), 3.50% (West Virginia University Hospital, Inc.)/(Original Issue Yield: 3.62%), 6/1/2010	AAA		501,690
	1,265,000		West Virginia State Hospital Finance Authority, (Series A), 5.00% (West Virginia University Hospital, Inc.)/(Original Issue Yield: 2.56%), 6/1/2007	AAA		1,350,350
	605,000		West Virginia State Hospital Finance Authority, Prerefunded Revenue Bond, 6.75% (Charleston Area Medical Center)/(Charleston Area Medical Center LOC)/(Original Issue Yield: 6.89%), 9/1/2022	A2		724,578
	900,000		West Virginia State Hospital Finance Authority, Refunding Revenue Bonds, 3.10% (West Virginia Veterans Nursing Home), 3/1/2009	NR		879,138
LONG-TERM MUNICIPALS -- (Continued)
			WEST VIRGINIA -- (Continued)
$	1,070,000		West Virginia State Hospital Finance Authority, Refunding Revenue Bonds, 5.50% (West Virginia Veterans Nursing Home), 3/1/2019	NR	$	1,092,727
	20,000		West Virginia State Hospital Finance Authority, Refunding Revenue Bonds, 6.125% (Charleston Area Medical Center)/(Original Issue Yield: 6.25%), 9/1/2009	A2		22,335
	80,000		West Virginia State Hospital Finance Authority, Refunding Revenue Bonds, 6.125% (Charleston Area Medical Center)/(Original Issue Yield: 6.25%), 9/1/2009	A2		90,744
	1,750,000		West Virginia State Hospital Finance Authority, Revenue Bonds, 5.75% (Charleston Area Medical Center)/ (MBIA INS)/(Original Issue Yield: 5.98%), 9/1/2013	AAA		1,855,910
	145,000		West Virginia State Hospital Finance Authority, Unrefunded Revenue Bond, 6.75% (Charleston Area Medical Center)/(Charleston Area Medical Center LOC)/(Original Issue Yield: 6.89%), 9/1/2022	A2		159,120
	20,000		West Virginia State Hospital Finance Authority, Unrefunded Revenue Bond, 6.00% (Charleston Area Medical Center)/(Original Issue Yield: 6.10%), 9/1/2007	A2		21,765
	1,000,000		West Virginia State Housing Development Fund, (Series A), 5.05%, 11/1/2014	AAA		1,040,580
	900,000		West Virginia State Housing Development Fund, (Series A), 4.90% (Original Issue Yield: 4.899%), 11/1/2014	AAA		930,969
	1,000,000		West Virginia State Housing Development Fund, Revenue Refunding Bonds (Series A), 5.10%, 11/1/2015	AAA		1,035,580
	500,000		West Virginia State, GO UT, 4.40% (Original Issue Yield: 4.50%), 6/1/2006	AAA		521,865
	100,000		West Virginia State, GO UT, 5.00% (FGIC LOC)/(Original Issue Yield: 4.55%), 6/1/2007	AAA		107,144
LONG-TERM MUNICIPALS -- (Continued)
			WEST VIRGINIA -- (Continued)
$	1,000,000	(1)	West Virginia State, GO UT (FGIC LOC)/ (Original Issue Yield: 4.80%), 11/1/2009	AAA	$	829,950
	2,000,000	(1)	West Virginia State, GO UT Water Utility & Sewer Improvements (Original Issue Yield: 4.98%), 11/1/2010	AAA		1,581,420
	500,000		West Virginia State, General Obligation Unlimited, 6.25%, 11/1/2004	AAA		506,240
	720,000		West Virginia State, Revenue Bonds (Series A) , 5.00% (Marshall University)/(Original Issue Yield: 5.17%), 5/1/2020	AAA		743,256
	1,250,000		West Virginia State, Revenue Bonds (Series A), 5.00% (Marshall University)/(Original Issue Yield: 5.19%), 5/1/2021	AAA		1,281,200
	1,000,000		West Virginia University, (Series A), 5.50% (MBIA LOC)/(Original Issue Yield: 5.08%), 4/1/2016	AAA		1,124,300
	1,210,000		West Virginia University, 5.00% (MBIA LOC), 4/1/2007	AAA		1,291,977
	500,000		West Virginia University, Refunding Revenue Bonds, 5.00% (AMBAC LOC)/(Original Issue Yield: 5.22%), 5/1/2017	AAA		524,470
	1,000,000		West Virginia University, Revenue Bonds (Series B), 5.00% (West Virginia University Project)/(AMBAC INS)/(Original Issue Yield: 5.19%), 5/1/2015	AAA		1,058,840
	100,000		West Virginia University, Revenue Bonds, 5.50% (AMBAC INS)/(Original Issue Yield: 5.55%), 4/1/2009	AAA		106,452
	2,000,000		West Virginia Water Development Authority, (Series A), 4.40% (AMBAC LOC)/(Original Issue Yield: 4.47%), 10/1/2018	AAA		2,003,640
	100,000		West Virginia Water Development Authority, (Series A), 5.125% (FSA LOC)/(Original Issue Yield: 5.15%), 10/1/2012	AAA		108,653
	400,000		West Virginia Water Development Authority, (Series A), 5.375% (FSA LOC)/(Original Issue Yield: 5.40%), 10/1/2015	AAA		436,980
LONG-TERM MUNICIPALS -- (Continued)
			WEST VIRGINIA -- (Continued)
$	985,000		West Virginia Water Development Authority, (Series A), 5.50% (FSA LOC)/(Original Issue Yield: 5.65%), 10/1/2020	AAA	$	1,075,817
	500,000		Wheeling, WV, Waterworks & Sewer Systems, Revenue Refunding Bonds, 4.90% (FGIC INS)/(Original Issue Yield: 5.00%), 6/1/2006	Aaa		525,980
	40,000		Wood County, WV, Building Commission, Revenue Refunding Bonds, 6.625% (St. Joseph Hospital, Parkersburg)/(AMBAC INS), 1/1/2006	AAA		41,083
TOTAL LONG-TERM MUNICIPALS (identified cost $72,439,392)						74,781,761
SHORT-TERM MUNICIPALS -- 1.3%
			WEST VIRGINIA -- 1.3%
	1,000,000		West Virginia State Hospital Finance Authority, (Series B) Weekly VRDNs (Charleston Area Medical Center) (identified cost $1,000,000)	Aaa		1,000,000
MUTUAL FUND -- 0.9%
	702,014	(2)	Tax-Free Obligations Fund (at net asset value)			702,014
TOTAL INVESTMENTS--99.2% (identified cost $74,141,406)(3)						76,483,775
OTHER ASSETS AND LIABILITIES-NET--0.8%						640,103
TOTAL NET ASSETS--100%					$	77,123,878

At July 31, 2004, the Fund holds no securities that are subject to federal alternative minimum tax ("AMT").

* Please refer to the Appendix of the Statement of Additional Information for an explanation of the credit ratings. Current credit ratings are unaudited.

(1) Denotes a Zero Coupon bond with effective rate at time of purchase.

(2) Affiliated company.

(3) The cost of investments for federal tax purposes amounts to $74,088,400.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 2004.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
EDA	--Economic Development Authority
FGIC	--Financial Guaranty Insurance Company
FSA	--Financial Security Assurance
GO	--General Obligation
INS	--Insured
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
PCR	--Pollution Control Revenue
UT	--Unlimited Tax
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

WESMARK FUNDS
STATEMENTS OF ASSETS AND LIABILITIES

July 31, 2004 (unaudited)

	WesMark Small Company Growth Fund	WesMark Growth Fund	WesMark Balanced Fund	WesMark Bond Fund	WesMark West Virginia Municipal Bond Fund
Assets:
Total investments in securities, at value (a)	$ 17,917,065	$ 250,043,474	$ 61,325,064	$ 184,942,119	$ 76,483,775
Cash	--	51,256	36,725	--	--
Receivable for:
Income	901	126,070	314,598	1,885,154	841,481
Investments sold	183,596	2,034,616	--	--	--
Fund shares sold	19,900	46,527	19,116	8,838	0
Prepaid expenses	2,994	3,508	3,810	3,523	5,696
Total assets	18,124,456	252,305,451	61,699,313	186,839,634	77,330,952
Liabilities:
Payable for:
Investments purchased	285,221	2,866,259	--	--	--
Fund shares redeemed	32	193,157	16,251	99,308	--
Payable to Bank	14,885	--	--	--	--
Transfer and dividend disbursing agent fees and expenses	2,552	3,722	2,413	3,225	2,698
Directors'/Trustees' fees	--	--	--	--	46
Auditing fees	6,706	6,570	6,833	7,106	7,274
Portfolio accounting fees	1,656	21,091	5,190	15,707	8,467
Shareholder services fee (Note 5)	2,335	32,080	7,883	23,682	9,856
Share registration cost	--	9,252	9,593	6,837	5,996
Income distribution payable	--	--	--	399,064	172,270
Accrued expenses	2,163	4,979	1,447	834	467
Total liabilities	315,550	3,137,110	49,610	555,763	207,074
Net Assets Consist of:
Paid in capital	22,606,369	248,440,348	64,370,464	186,061,957	74,519,046
Net unrealized appreciation (depreciation) of investments	(374,210)	5,565,065	3,558,227	732,062	2,342,369
Accumulated net realized gain (loss) on investments	(4,381,402)	(5,326,558)	(6,329,485)	(564,287)	257,162
Undistributed net investment income (Accumulated net investment income (loss)	(41,851)	489,486	50,497	54,139	5,301
Total Net Assets	$ 17,808,906	$ 249,168,341	$ 61,649,703	$ 186,283,871	$ 77,123,878
Shares Outstanding, No Par Value, Unlimited Shares Authorized	2,670,506	20,544,549	7,022,717	18,909,342	7,365,367
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Net Asset Value Per Share	$ 6.67	$ 12.13	$ 8.78	$ 9.85	$ 10.47
Offering Price Per Share (b)	$ 7.00(c)	$ 12.73(c)	$ 9.22(c)	$ 10.23(d)	$ 10.88(d)
Redemption Proceeds Per Share	$ 6.67	$ 12.13	$ 8.78	$ 9.85	$ 10.47
Investments, at identified cost	$ 18,291,275	$ 244,478,409	$ 57,766,837	$ 184,210,057	$ 74,141,406

(a) Including $71,007, $4,173,174, $613,253, $2,257,651 and $702,014, respectively, of investments in affiliated issuers (Note 5).

(b) See "What Do Shares Cost?" in the Prospectus.

(c) Computation of offering price per share 100/95.25 of net asset value.

(d) Computation of offering price per share 100/96.25 of net asset value.

See Notes which are an integral part of the Financial Statements

WESMARK FUNDS
STATEMENTS OF OPERATIONS

Six months ended July 31, 2004, (unaudited)

	WesMark Small Company Growth Fund	WesMark Growth Fund	WesMark Balanced Fund	WesMark Bond Fund	WesMark West Virginia Municipal Bond Fund
Investment Income:
Dividends (a)	$ 94,470	$ 1,925,025 (b)	$ 513,101 (c)	$ 120,326	9,029
Interest	7,650	24,981	421,715	3,977,580	1,510,737
Total income	102,120	1,950,006	934,816	4,097,906	1,519,766
Expenses:
Investment adviser fee (Note 5)	70,536	968,875	238,862	552,963	231,123
Administrative personnel and services fee (Note 5)	37,337	169,180	41,708	120,701	50,449
Custodian fees (Note 5)	4,264	17,244	6,576	12,578	7,300
Transfer and dividend disbursing agent fees and expenses (Note 5)	13,863	26,938	16,403	16,223	12,346
Directors'/Trustees' fees	1,086	1,485	1,400	1,519	1,040
Auditing fees	7,749	7,750	8,124	8,521	8,281
Legal fees	2,339	2,454	2,483	2,952	2,484
Portfolio accounting fees	4,999	64,850	17,304	48,990	24,846
Shareholder services fee (Note 5)	23,512	322,958	79,620	230,401	96,301
Share registration costs	8,864	7,684	11,293	10,950	9,799
Printing and postage	2,530	3,034	3,665	2,396	904
Insurance premiums	2,290	4,330	2,712	3,972	2,929
Tax expense	--	--	--	--	811
Miscellaneous	326	1,808	242	1,148	731
Total expenses	179,695	1,598,590	430,392	1,013,314	449,344
Waivers and Reimbursement (Note 5):
Waiver of investment adviser fee	(1,295)	(9,511)	(6,566)	(8,388)	(38,521)
Waiver of administrative personnel and services fee	(25,024)	--	--	--	--
Waiver of shareholder services fee	(9,405)	(129,183)	(31,848)	(92,160)	(38,521)
Reimbursement by administrator	--	--	--	--	(811)
Total waivers and reimbursement	(35,724)	(138,694)	(38,414)	(100,548)	(77,853)
Net expenses	143,971	1,459,896	391,978	912,766	371,491
Net investment income (loss)	(41,851)	490,110	542,838	3,185,140	1,148,275
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments	495,207	7,292,384	1,274,763	113,283	96,100
Net change in unrealized appreciation/depreciation of investments	(2,590,641)	(21,569,972)	(3,607,779)	(3,423,178)	(1,271,579)
Net realized and unrealized loss on investments	(2,095,434)	(14,277,588)	(2,333,016)	(3,309,895)	(1,175,479)
Change in net assets resulting from operations	$ (2,137,285)	$ (13,787,478)	$ (1,790,178)	$ (124,755)	$ (27,204)

(a) Including $1,434, $10,551, $7,240, $13,691 and $9,029, respectively, received from affiliated issuers (Note 5).

(b) Net of foreign taxes withheld of $22,500.

(c) Net of foreign taxes withheld of $4,050.

See Notes which are an integral part of the Financial Statements

WESMARK FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

	WesMark Small Company Growth Fund			WesMark Growth Fund			WesMark Balanced Fund
		Six Months Ended (unaudited) July 31, 2004	Year Ended January 31, 2004		Six Months Ended (unaudited) July 31, 2004	Year Ended January 31, 2004		Six Months Ended (unaudited) July 31, 2004	Year Ended January 31, 2004
Increase (Decrease) in Net Assets:
Operations--
Net investment income (loss)		$ (41,851)	$ (208,070)		$ 490,110	$ 264,351		$ 542,838	$ 1,060,121
Net realized gain (loss) on investments		495,207	(1,953,962)		7,292,384	(3,211,333)		1,274,763	(3,746,319)
Net change in unrealized appreciation/depreciation of investments		(2,590,641)	9,408,654		(21,569,972)	75,054,940		(3,607,779)	14,754,537
Change in net assets resulting from operations		(2,137,285)	7,246,622		(13,787,478)	72,107,958		(1,790,178)	12,068,339
Distributions to Shareholders--
Distributions from net investment income		--	--		(264,613)	(337,580)		(505,688)	(1,059,292)
Share Transactions--
Proceeds from sale of shares		1,677,884	978,849		11,690,591	18,095,217		3,684,901	3,935,313
Net asset value of shares issued to shareholders in payment of distributions declared		--	--		155,125	198,719		169,328	349,384
Cost of shares redeemed		(913,072)	(2,740,120)		(8,685,581)	(15,059,189)		(5,709,908)	(8,301,283)
Change in net assets from share transactions		764,812	(1,761,271)		3,160,135	3,234,747		(1,855,679)	(4,016,586)
Change in net assets		(1,372,473)	5,485,351		(10,891,956)	75,005,125		(4,151,545)	6,992,461
Net Assets:
Beginning of period		19,181,379	13,696,028		260,060,297	185,055,172		65,801,248	58,808,787
End of period		17,808,906	19,181,379		249,168,341	260,060,297		61,649,703	65,801,248
Undistributed net investment income (Accumulated net investment income (loss) included in net assets at end of period		$ (41,851)	$ --		$ 489,486	$ 263,989		$ 50,497	$ 13,347

See Notes which are an integral part of the Financial Statements

WESMARK FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	WesMark Bond Fund			WesMark West Virginia Municipal Bond Fund
		Six Months Ended (unaudited) July 31, 2004	Year Ended January 31, 2004		Six Months Ended (unaudited) July 31, 2004	Year Ended January 31, 2004
Increase (Decrease) in Net Assets:
Operations--
Net investment income		$ 3,185,140	$ 5,147,749		$ 1,148,275	$ 2,231,322
Net realized gain on investments		113,283	1,356,539		96,100	201,284
Net change in unrealized appreciation/depreciation of investments		(3,423,178)	(469,853)		(1,271,579)	412,133
Change in net assets resulting from operations		(124,755)	6,034,435		(27,204)	2,844,739
Distributions to Shareholders-
Distributions from net investment income		(3,139,303)	(5,139,479)		(1,143,392)	(2,227,450)
Distributions from net realized gain on investments		--	--		--	(69,861)
Change in net assets from distributions to shareholders		(3,139,303)	(5,139,479)		(1,143,392)	(2,297,311)
Share Transactions--
Proceeds from sale of shares		15,358,214	21,993,186		5,043,350	7,992,070
Net asset value of shares issued to shareholders in payment of distributions declared		912,123	1,459,668		150,853	302,161
Cost of shares redeemed		(9,137,910)	(10,483,720)		(4,014,335)	(2,684,486)
Change in net assets from share transactions		7,132,427	12,969,134		1,179,868	5,609,745
Change in net assets		3,868,369	13,864,090		9,272	6,157,173
Net Assets:
Beginning of period		182,415,502	168,551,412		77,114,606	70,957,433
End of period		186,283,871	182,415,502		77,123,878	77,114,606
Undistributed net investment income included in net assets at end of period		$ 54,139	$ 8,302		$ 5,301	$ 418

See Notes which are an integral part of the Financial Statements

WESMARK FUNDS
FINANCIAL HIGHLIGHTS

(For a share outstanding throughout the period)

Year Ended January 31,	Net Asset Value, Beginning of Period	Net Investment Income (Loss)	Net Realized and Unrealized Gain (Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distributions from Net Realized Gain on Investments	Total Distributions
WesMark Small Company Growth Fund
2001(c)	$ 10.00	(0.01)	(0.36)	(0.37)	--	(0.23)	(0.23)
2002	$ 9.40	(0.05)	(2.24)	(2.29)	--	(0.21)	(0.21)
2003	$ 6.90	--	(2.15)	(2.15)	--	--	--
2004	$ 4.75	--	2.73	2.73	--	--	--
2004(e)	$ 7.48	(0.02)	(0.79)	(0.81)	--	--	--
WesMark Growth Fund
2000	$ 12.74	0.01	3.95	3.96	(0.01)	(1.60)	(1.61)
2001	$ 15.09	0.08	3.48	3.56	(0.08)	(3.47)	(3.55)
2002	$ 15.10	0.04	(2.61)	(2.57)	(0.03)	(0.59)	(0.62)
2003	$ 11.91	0.02	(2.69)	(2.67)	(0.01)	--	(0.01)
2004	$ 9.23	0.01	3.59	3.60	(0.02)	--	(0.02)
2004(e)	$ 12.81	0.02	(0.69)	(0.67)	(0.01)	--	(0.01)
WesMark Balanced Fund
2000	$ 9.81	0.25	1.07	1.32	(0.25)	(0.24)	(0.49)
2001	$ 10.64	0.27	1.26	1.53	(0.27)	(0.76)	(1.03)
2002	$ 11.14	0.21	(1.57)	(1.36)	(0.21)	(0.22)	(0.43)
2003	$ 9.35	0.17	(1.73)	(1.56)	(0.18)	--	(0.18)
2004	$ 7.61	0.14	1.49	1.63	(0.14)	--	(0.14)
2004(e)	$ 9.10	0.08	(0.33)	(0.25)	(0.07)	--	(0.07)
WesMark Bond Fund
2000	$ 10.11	0.56	(0.89)	(0.33)	(0.56)	(0.01)	(0.57)
2001	$ 9.21	0.59	0.63	1.22	(0.59)	--	(0.59)
2002	$ 9.84	0.53	0.11	0.64	(0.53)	--	(0.53)
2003	$ 9.95	0.39	0.03	0.42	(0.39)	--	(0.39)
2004	$ 9.98	0.30	0.05	0.35	(0.30)	--	(0.30)
2004(e)	$ 10.03	0.17	(0.18)	(0.01)	(0.17)	--	(0.17)
WesMark West Virginia Municipal Bond Fund
2000	$ 10.41	0.44	(0.72)	(0.28)	(0.44)	(0.03)	(0.47)
2001	$ 9.66	0.45	0.61	1.06	(0.45)	(0.00)(f)	(0.45)
2002	$ 10.27	0.45 (g)	0.04 (g)	0.49	(0.44)	--	(0.44)
2003	$ 10.32	0.39	0.22	0.61	(0.39)	--	(0.39)
2004	$ 10.54	0.32	0.10	0.42	(0.32)	(0.01)	(0.33)
2004(e)	$ 10.63	0.16	(0.16)	0.00	(0.16)	--	(0.16)

(a) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized.

(b) This voluntary expense decrease is reflected in both the expense and the net investment income (loss) ratios shown.

(c) Reflects operations for the period from August 8, 2000 (date of initial public investment) to January 31, 2001.

(d) Computed on an annualized basis.

(e) For the six months ended July 31, 2004 (unaudited).

(f) Represents less than $0.01.

(g) As required effective February 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountants ("AICPA") Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on debt securities. For the year ended January 31, 2002, this change increased the net investment income per share by $0.01, decreased net realized and unrealized gain per share by $0.01, and increased the ratio of net investment income to average net assets from 4.32% to 4.36%. Per share, ratios and supplemental data for the periods prior to February 1, 2001, have not been restated to reflect this change in presentation.

See Notes which are an integral part of the Financial Statements

		Ratios to Average Net Assets
Net Asset Value, End of Period	Total Return(a)		Expenses	Net Investment Income (Loss)	Expense Waiver/ Reimbursement(b)	Net Assets, End of Period (000 omitted)	Portfolio Turnover Rate
WesMark Small Company Growth Fund
$ 9.40	(3.16)%		1.70 %(d)	(0.40)%(d)	0.28 %(d)	$ 25,162	27 %
$ 6.90	(24.53)%		1.47 %	(0.73)%	0.20 %	$ 23,044	24 %
$ 4.75	(31.16)%		1.48 %	(0.91)%	0.29 %	$ 13,696	40 %
$ 7.48	57.47 %		1.66 %	(1.31)%	0.46 %	$ 19,181	66 %
$ 6.67	(10.83)%		1.53 %(d)	(0.44)%(d)	0.38 %(d)	$ 17,809	29 %
WesMark Growth Fund
$15.09	31.22 %		0.95 %	0.10 %	0.01 %	$ 183,304	71 %
$15.10	25.41 %		0.97 %	0.58 %	0.01 %	$ 256,282	77 %
$11.91	(17.23)%		0.97 %	0.30 %	0.01 %	$ 241,313	37 %
$ 9.23	(22.40)%		1.12 %	0.18 %	0.01 %	$ 185,055	36 %
$12.81	39.04 %		1.14 %	0.12 %	0.11 %	$ 260,060	60 %
$12.13	(5.21)%		1.13 %(d)	0.38 %(d)	0.11 %(d)	$ 249,168	16 %
WesMark Balanced Fund
$10.64	13.52 %		0.90 %	2.38 %	0.15 %	$ 73,864	44 %
$11.14	14.99 %		0.98 %	2.41 %	0.11 %	$ 86,205	48 %
$ 9.35	(12.40)%		0.97 %	2.09 %	0.10 %	$ 77,839	42 %
$ 7.61	(16.87)%		1.18 %	2.07 %	0.03 %	$ 58,809	36 %
$ 9.10	21.64 %		1.24 %	1.71 %	0.12 %	$ 65,801	52 %
$ 8.78	(2.75)%		1.23 %(d)	1.70 %(d)	0.12 %(d)	$ 61,650	18 %
WesMark Bond Fund
$ 9.21	(3.41)%		0.72 %	5.85 %	0.10 %	$ 125,123	26 %
$ 9.84	13.71 %		0.82 %	6.22 %	0.06 %	$ 152,227	25 %
$ 9.95	6.61 %		0.78 %	5.28 %	0.05 %	$ 161,789	50 %
$ 9.98	4.27 %		0.94 %	3.89 %	0.01 %	$ 168,551	64 %
$10.03	3.52 %		0.99 %	2.97 %	0.11 %	$ 182,416	74 %
$ 9.85	(0.12)%		0.99 %(d)	3.46 %(d)	0.11 %(d)	$ 186,284	20 %
WesMark West Virginia Municipal Bond Fund
$ 9.66	(2.77)%		0.65 %	4.37 %	0.30 %	$ 64,057	30 %
$10.27	11.26 %		0.73 %	4.53 %	0.30 %	$ 63,625	29 %
$10.32	4.92 %		0.66 %	4.36 %(g)	0.30 %	$ 65,595	26 %
$10.54	6.04 %		0.84 %	3.76 %	0.21 %	$ 70,957	17 %
$10.63	4.06 %		0.97 %	3.05 %	0.21 %	$ 77,115	34 %
$10.47	(0.04)%		0.96 %(d)	2.98 %(d)	0.20 %(d)	$ 77,124	9 %

WESMARK FUNDS
SHAREHOLDER EXPENSE EXAMPLE

July 31, 2004 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including management fees, shareholder services fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund 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 six-month period ended July 31, 2004.

Actual Expenses

The first section of the table below 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 entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and assumed rate of return of 5% per year before expenses, which is not a 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 provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare these 5% hypothetical examples 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 and do not reflect any transaction costs, such as sales charges (loads), or redemption fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value February 1, 2004	Ending Account Value July 31, 2004	Expenses Paid During Period(1)
Actual
WesMark Small Company Growth Fund	$ 1,000	$ 891.70	$ 7.20
WesMark Growth Fund	$ 1,000	$ 947.90	$ 5.47
WesMark Balanced Fund	$ 1,000	$ 972.50	$ 6.03
WesMark Bond Fund	$ 1,000	$ 998.80	$ 4.92
WesMark West Virginia Municipal Bond Fund	$ 1,000	$ 999.60	$ 4.77
Hypothetical (assuming a 5% return before expenses)
WesMark Small Company Growth Fund	$ 1,000	$ 1,017.39	$ 7.67
WesMark Growth Fund	$ 1,000	$ 1,019.38	$ 5.67
WesMark Balanced Fund	$ 1,000	$ 1,018.88	$ 6.17
WesMark Bond Fund	$ 1,000	$ 1,020.08	$ 4.97
WesMark West Virginia Municipal Bond Fund	$ 1,000	$ 1,020.23	$ 4.82

(1) Expenses are equal to a Fund's annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 ( to reflect the one-half year period) were as follows:

WesMark Small Company Growth Fund	1.53%
WesMark Growth Fund	1.13%
WesMark Balanced Fund	1.23%
WesMark Bond Fund	0.99%
WesMark West Virginia Municipal Bond Fund	0.96%

WESMARK FUNDS
NOTES TO FINANCIAL STATEMENTS

July 31, 2004 (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 five 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 Bond Fund ("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

The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio 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.

Investment Valuation--Domestic and foreign equity securities are valued at the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available. If unavailable, the security is generally valued at the mean between the last closing bid and asked prices. With respect to valuation of foreign securities, trading in foreign cities may be completed at times which vary from the closing of the New York Stock Exchange ("NYSE"). Therefore, foreign securities are valued at the latest closing price on the exchange on which they are traded prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at the foreign exchange rate in effect at 4:00 p.m., Eastern Time, on the day the value of the foreign security is determined. Fixed income, listed corporate bonds, unlisted securities and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available. Securities for which no quotations are readily available are valued at fair value as determined in accordance with procedures established by and under general supervision of the Board of Trustees.

Investment Income, Expenses and Distributions--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.

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

Federal Taxes--It is each Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for federal income tax are necessary.

Withholding taxes on foreign interest and dividends have been provided for in accordance with 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 maintains 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 may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities 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 restricted securities may be resold in the secondary market in transactions exempt from registration. Such 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 general supervision of the Trustees.

Use of Estimates--The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other--Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

(3) Shares of Beneficial Interest

The following table summarizes share activity:

	Small Company Growth Fund
		Six Months Ended July 31, 2004	Year Ended January 31, 2004
Shares sold		90,033	156,669
Shares redeemed		(63,799)	(475,811)
Net change resulting from share transactions		26,234	(319,142)
	Growth Fund
		Six Months Ended July 31, 2004	Year Ended January 31, 2004
Shares sold		918,988	1,628,450
Shares issued to shareholders in payment of distributions declared		12,571	21,163
Shares redeemed		(689,634)	(1,401,665)
Net change resulting from share transactions		241,925	247,948
	Balanced Fund
		Six Months Ended July 31, 2004	Year Ended January 31, 2004
Shares sold		408,143	462,473
Shares issued to shareholders in payment of distributions declared		18,974	41,543
Shares redeemed		(635,014)	(1,004,484)
Net change resulting from share transactions		(207,897)	(500,468)
	Bond Fund
		Six Months Ended July 31, 2004	Year Ended January 31, 2004
Shares sold		1,542,136	2,198,842
Shares issued to shareholders in payment of distributions declared		92,089	145,865
Shares redeemed		(917,775)	(1,047,870)
Net change resulting from share transactions		716,450	1,296,837
	West Virginia Municipal Bond Fund
		Six Months Ended July 31, 2004	Year Ended January 31, 2004
Shares sold		476,853	751,916
Shares issued to shareholders in payment of distributions declared		14,351	28,481
Shares redeemed		(382,570)	(253,589)
Net change resulting from share transactions		108,634	526,808

(4) Federal Tax Information

For federal income tax purposes, the following amounts apply as of July 31, 2004:

Fund Name	Cost of Investments	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation
Small Company Growth Fund	$ 18,291,275	$ 2,147,453	$ 2,521,663	$ (374,210)
Growth Fund	244,478,409	18,848,170	13,283,105	5,565,065
Balanced Fund	57,766,837	6,399,415	2,841,188	3,558,227
Bond Fund	184,210,057	2,760,193	2,028,131	732,062
West Virginia Municipal Bond Fund	74,088,400	2,653,760	258,385	2,395,375

The difference between book-basis and tax basis unrealized appreciation is attributed to differing treatments for the amortization/accretion tax elections on fixed income securities.

At January 31, 2004, the Funds had capital loss carryforwards which will reduce the Funds' taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

Fund Name	2009	2010	2011	2012	Total
Small Company Growth Fund	$ --	$ 52,070	$ 1,714,474	$ 2,807,517	$ 4,574,061
Growth Fund	--	488,563	3,959,173	8,171,207	12,618,943
Balanced Fund	--	11,959	2,894,019	4,698,269	7,604,247
Bond Fund	677,570	--	--	--	677,570

(5) Investment Adviser Fee and Other Transactions with Affiliates

Investment Adviser Fee--WesBanco Investment Department, the Funds' investment adviser (the "Adviser"), receives for its services 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 %
Bond Fund	0.60 %
West Virginia Municipal Bond Fund	0.60 %

The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Administrative Fee--Federated Services Company ("FServ") provides the Funds with certain administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.150% to 0.075% of the average aggregate net assets of the Trust for the period, subject to a $75,000 minimum per Fund. FServ may voluntarily choose to waive any portion of its fee. FServ can modify or terminate this voluntarily waiver at any time at its sole discretion.

Distribution (12b-1) Fee--The Funds have adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds may compensate Edgewood Services, Inc. ("Edgewood"), the principal distributor, from the net assets of the Funds to finance activities intended to result in the sale of each Fund's shares. The Plan provides that the Funds may incur distribution expenses up to 0.25% of the average daily net assets of the Fund's shares, annually, to compensate Edgewood. Edgewood may voluntarily choose to waive any portion of its fee. Edgewood can modify or terminate this voluntary waiver at any time at its sole discretion.

For the six months ended July 31, 2004, the Funds did not incur fees under the Plan.

Shareholder Services Fee--Under the terms of a Shareholder Services Agreement with WesBanco Trust and Investment Services ("WesBanco"), the Funds may pay WesBanco, or other financial institutions up to 0.25% of average daily net assets for the period. The fee is used to finance certain services for shareholders and to maintain shareholder accounts. 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.

Transfer and Dividend Disbursing Agent Fees and Expenses--Prior to July 1, 2004 FServ, through its subsidiary, Federated Shareholder Services Company ("FSSC"), served as transfer and dividend disbursing agent for the Funds. The fees paid to FSSC were based on the size, type and number of accounts and transactions made by shareholders. The fees paid to FSSC during the reporting period were as follows:

Fund Name
Small Company Growth Fund	$11,503
Growth Fund	$22,249
Balanced Fund	$13,708
Bond Fund	$13,397
West Virginia Municipal Bond Fund	$10,227

Custodian Fees--WesBanco is the Funds' custodian. The fee 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.

Other Affiliated Parties and Transactions--Pursuant to an exemptive order issued by the Securities Exchange Commission, the Funds may invest in certain affiliated money market funds which are distributed by an affiliate of the Funds' distributor.

Income distributions earned by the affiliated money market funds are recorded as income in the accompanying financial statements as follows:

Fund Name	Affiliated Fund Name	Income from Affiliated Issuers
Small Company Growth Fund	U.S. Treasury Cash Reserves	$ 1,434
Growth Fund	U.S. Treasury Cash Reserves	10,551
Balanced Fund	U.S. Treasury Cash Reserves	7,240
Bond Fund	Prime Obligations Fund	13,691
West Virginia Municipal Bond Fund	Tax-Free Obligations Fund	9,029

General--Certain of the Officers and Trustees of the Trust 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 (and in-kind contributions), for the six months ended July 31, 2004, were as follows:

Fund Name	Purchases	Sales
Small Company Growth Fund	$ 5,150,412	$ 5,162,565
Growth Fund	46,634,041	40,889,258
Balanced Fund	11,479,907	7,819,775
Bond Fund	24,824,416	--
West Virginia Municipal Bond Fund	14,319,692	6,479,959

(7) Concentration of Credit 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 July 31, 2004, 51.9% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 22.7% of total investments.

Additionally, the Funds may invest a portion of its 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.

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 Internet site at http://www.sec.gov.

Quarterly Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-Q." Information on Form N-Q is available without charge and upon request by calling the Funds toll-free at 1-800-864-1013. 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).

[Logo of WesMark Funds]

[Logo of WesMark Funds]

Family of Funds

COMBINED SEMI-ANNUAL REPORT

[Logo of WesBanco]

Investment Department

Investment Adviser
A Division of WesBanco Bank, Inc.

Cusip 951025501
Cusip 951025204
Cusip 951025303
Cusip 951025402
Cusip 951025105

Edgewood Services, Inc., Distributor

25752 (9/04)

Item 2.        Code of Ethics

               Not Applicable

Item 3.        Audit Committee Financial Expert

               Not Applicable

Item 4.        Principal Accountant Fees and Services

               Not Applicable

Item 5         Audit Committee of Listed Registrants

               Not Applicable

Item 6         Schedule of Investments

               Not Applicable

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

               Not Applicable

Item 8.        Purchases of Equity Securities by Closed-End Management
               Investment Company and Affiliated Purchasers

               Not Applicable

Item 9.        Submission of Matters to a Vote of Security Holders

     There  are  no  material   changes  to  report  since  the  filing  of  the
registrant's  definitive  proxy  statement  on  August  2,  2004  in  which  the
registrant described its procedures by which shareholders may recommend nominees
to the Board of Trustees.

Item 10.       Controls and Procedures

(a)  The   registrant's   President  and  Treasurer   have  concluded  that  the
     registrant's  disclosure  controls  and  procedures  (as  defined  in  rule
     30a-3(c)  under the Act) are  effective  in design  and  operation  and are
     sufficient to form the basis of the certifications required by Rule 30a-(2)
     under the Act, based on their evaluation of these  disclosure  controls and
     procedures 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 Act)  during the last
     fiscal half year (the  registrant's  second fiscal half year in the case of
     an annual report) that have materially  affected,  or are reasonably likely
     to materially  affect,  the  registrant's  internal  control over financial
     reporting.

Item 11.       Exhibits


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/ Richard J. Thomas, Principal Financial Officer
Date           September 23, 2004


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/ Charles L. Davis, Jr., Principal Executive Officer
Date           September 23, 2004


By             /S/ Richard J. Thomas, Principal Financial Officer
Date           September 23, 2004