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)

One Bank Plaza, 5th floor

Wheeling, WV 26003

(Address of principal executive offices)

(304) 234-9000

(Registrant’s telephone number)

Sareena Khwaja-Dixon, Esq.

ALPS Fund Services, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

(Name and address of agent for service)

Date of fiscal year end:  December 31

Date of reporting period:  January 1 – June 30, 2016

Item 1.  Reports to Stockholders.

Table of Contents

June 30, 2016

Small Company Growth Fund
Portfolio of Investments Summary Table	1
Portfolio of Investments	2
Growth Fund
Portfolio of Investments Summary Table	5
Portfolio of Investments	6
Balanced Fund
Portfolio of Investments Summary Table	9
Portfolio of Investments	10
Government Bond Fund
Portfolio of Investments Summary Table	15
Portfolio of Investments	16
West Virginia Municipal Bond Fund
Portfolio of Investments Summary Table	21
Portfolio of Investments	22
Statements of Assets and Liabilities	27
Statements of Operations	28
Statements of Changes in Net Assets	29
Financial Highlights	32
Notes to Financial Statements	37
Shareholder Expense Example	46
Board Review of Advisory Contract	47
Additional Information	49
Glossary of Terms	50

June 30, 2016 » Semi-Annual Report

Portfolio of Investments Summary Table

June 30, 2016 (Unaudited) WesMark Small Company Growth Fund

At June 30, 2016, the Fund's Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
COMMON STOCKS	92.9%
SHORT‐TERM INVESTMENTS (2)	5.6%
EXCHANGE‐TRADED FUNDS	1.6%
OTHER ASSETS AND LIABILITIES ‐ NET(3)	‐0.1%
TOTAL PORTFOLIO	100.0%

At June 30, 2016, the Fund's Sector Composition⁽⁴⁾ was as follows:

Sector Composition of Common Stocks and Sector ETFs	Percentage of Common Stocks and Sector ETFs
Industrials	21.9%
Financials	15.6%
Health Care	15.4%
Consumer Discretionary	11.4%
Information Technology	10.3%
Consumer Staples	9.0%
Utilities	3.7%
Energy	3.1%
Materials	2.5%
Other (non‐sector ETF Funds)	1.6%
Equity Portfolio Sub‐Total	94.5%
Short‐Term Investments (2)	5.6%
Other Assets and Liabilities ‐ Net (3)	‐0.1%
Total	100.0%

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

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

⁽³⁾ Assets, other than investment in securities, less liabilities. See Statement of Assets and Liabilities. 

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

Semi-Annual Report | June 30, 2016 1

Portfolio of Investments

WesMark Small Company Growth Fund June 30, 2016 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS‐92.9%
CONSUMER DISCRETIONARY‐11.4%
		Apparel Retail‐2.7%
	44,283	Foot Locker, Inc.	$	2,429,365
		Auto Parts & Equipment‐0.6%
	13,758	Standard Motor Products, Inc.		547,293
		Automotive Retail‐4.3%
	27,089	CST Brands, Inc.		1,166,994
	38,395	Lithia Motors, Inc., Class A		2,728,733
				3,895,727
		Consumer Electronics‐0.1%
	22,000	ZAGG, Inc.(1)		115,500
		Footware‐1.3%
	38,714	Skechers U.S.A., Inc., Class A(1)		1,150,580
		Home Furnishings‐1.0%
	27,839	Ethan Allen Interiors, Inc.		919,801
		Restaurants‐1.4%
	4,450	Buffalo Wild Wings, Inc.(1)		618,327
	16,876	Zoe's Kitchen, Inc.(1)		612,093
				1,230,420
TOTAL CONSUMER DISCRETIONARY				10,288,686
CONSUMER STAPLES‐9.0%
		Brewers‐1.7%
	8,868	Boston Beer Co., Inc., Class A(1)		1,516,694
		Food Retail‐1.5%
	9,930	Casey's General Stores, Inc.		1,305,894
		Household Products‐2.5%
	19,033	Spectrum Brands Holdings, Inc.		2,270,827
		Packaged Foods & Meats‐2.6%
	50,775	WhiteWave Foods Co.(1)		2,383,379
		Personal Products‐0.7%
	7,522	Edgewell Personal Care Co.(1)		634,932
TOTAL CONSUMER STAPLES				8,111,726
ENERGY‐3.1%
		Oil & Gas Exploration & Production‐2.4%
	8,700	Antero Resources Corp.(1)		226,026
	41,163	Carrizo Oil & Gas, Inc.(1)		1,475,693
	14,883	Gulfport Energy Corp.(1)		465,243
				2,166,962

Shares/Principal Amount			Value
		Oil & Gas Refining & Marketing‐0.7%
	8,665	Tesoro Corp.	$	649,182
TOTAL ENERGY				2,816,144
FINANCIALS‐15.6%
		Asset Management & Custody Banks‐2.7%
	13,415	Eaton Vance Corp.		474,086
	70,188	Federated Investors, Inc., Class B		2,020,011
				2,494,097
		Investment Banking & Brokerage‐1.6%
	45,541	Stifel Financial Corp.(1)		1,432,265
		Property & Casualty Insurance‐1.6%
	19,500	Allied World Assurance Co. Holdings AG		685,230
	20,000	First American Financial Corp.		804,400
				1,489,630
		Regional Banks‐8.2%
	28,441	Associated Banc‐Corp.		487,763
	20,638	BancorpSouth, Inc.		468,276
	19,000	Banner Corp.		808,260
	105,000	Cardinal Financial Corp.		2,303,700
	33,314	First Horizon National Corp.		459,067
	36,732	Fulton Financial Corp.		495,882
	11,674	MB Financial, Inc.		423,533
	36,553	Old National Bancorp		458,009
	6,640	South State Corp.		451,852
	41,080	TCF Financial Corp.		519,662
	20,712	Trustmark Corp.		514,693
				7,390,697
		Reinsurance‐1.5%
	27,282	Validus Holdings, Ltd.		1,325,632
TOTAL FINANCIALS				14,132,321
HEALTH CARE‐15.4%
		Health Care Equipment‐3.4%
	25,000	Analogic Corp.		1,986,000
	11,603	Hill‐Rom Holdings, Inc.		585,371
	2,800	Integra LifeSciences Holdings Corp.(1)		223,384
	11,049	SurModics, Inc. (1)		259,431
				3,054,186
		Health Care Facilities‐0.7%
	8,999	Amsurg Corp.(1)		697,782
		Health Care Services‐0.3%
	62,000	Sharps Compliance Corp.(1)		272,180
		Health Care Supplies‐2.5%
	11,743	Align Technology, Inc.(1)		945,899
	23,000	Neogen Corp.(1)		1,293,750
				2,239,649

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Portfolio of Investments

June 30, 2016 (Unaudited) WesMark Small Company Growth Fund

Shares/Principal Amount			Value
		Life Sciences Tools & Services‐4.1%
	5,496	Charles River Laboratories International, Inc.(1)	$	453,090
	14,000	ICON PLC(1)		980,140
	36,645	PAREXEL International Corp.(1)		2,304,238
				3,737,468
		Pharmaceuticals‐4.4%
	36,283	Catalent, Inc.(1)		834,146
	56,403	Prestige Brands Holdings, Inc.(1)		3,124,726
				3,958,872
TOTAL HEALTH CARE				13,960,137
INDUSTRIALS‐21.9%
		Aerospace & Defense‐5.2%
	74,350	Hexcel Corp.		3,095,934
	29,246	Moog, Inc., Class A(1)		1,576,944
				4,672,878
		Airlines‐2.5%
	15,000	Allegiant Travel Co.		2,272,500
		Building Products‐6.3%
	44,987	AAON, Inc.		1,237,592
	26,981	Lennox International, Inc.		3,847,491
	18,914	Masco Corp.		585,199
				5,670,282
		Construction & Engineering‐2.2%
	86,112	Quanta Services, Inc.(1)		1,990,909
		Diversified Support Services‐0.9%
	7,261	UniFirst Corp.		840,243
		Electronics‐1.2%
	18,000	OSI Systems, Inc.(1)		1,046,340
		Office Services & Supplies‐0.4%
	27,182	Steelcase, Inc., Class A		368,860
		Trading Companies & Distributors‐1.8%
	24,666	United Rentals, Inc.(1)		1,655,089
		Trucking‐1.4%
	20,528	Ryder System, Inc.		1,255,082
TOTAL INDUSTRIALS				19,772,183
INFORMATION TECHNOLOGY‐10.3%
		Application Software‐0.6%
	1,527	NetScout Systems, Inc.(1)		33,976
	14,253	PTC, Inc.(1)		535,628
				569,604
		Computer Hardware‐0.4%
	14,116	NCR Corp.(1)		392,001

Shares/Principal Amount			Value
		Data Processing & Outsourced Services‐1.5%
	30,000	Syntel, Inc.(1)	$	1,357,800
		Electronic Manufacturing Services‐0.2%
	11,094	Benchmark Electronics, Inc.(1)		234,638
		Internet Software & Services‐1.9%
	18,749	IAC/InterActiveCorp		1,055,569
	49,021	Quotient Technology, Inc. (1)		657,371
				1,712,940
		Semiconductor Equipment‐2.6%
	84,573	Teradyne, Inc.		1,665,243
	30,000	Ultratech, Inc. (1)		689,100
				2,354,343
		Semiconductors‐1.3%
	4,800	First Solar, Inc.(1)		232,704
	45,116	Integrated Device Technology, Inc.(1)		908,185
				1,140,889
		Systems Software‐0.8%
	16,500	Qualys, Inc.(1)		491,865
	16,000	SecureWorks Corp., Class A(1)		225,600
				717,465
		Technology Distributors‐1.0%
	9,232	SYNNEX Corp.		875,378
TOTAL INFORMATION TECHNOLOGY				9,355,058
MATERIALS‐2.5%
		Forest Products‐1.7%
	87,405	Louisiana‐Pacific Corp.(1)		1,516,477
		Paper Products‐0.8%
	39,794	PH Glatfelter Co.		778,370
TOTAL MATERIALS				2,294,847
UTILITIES‐3.7%
		Electric Utilities‐3.4%
	42,644	Great Plains Energy, Inc.		1,296,378
	39,460	Portland General Electric Co.		1,740,975
				3,037,353
		Gas Utilities‐0.3%
	8,253	South Jersey Industries, Inc.		260,960
TOTAL UTILITIES				3,298,313
TOTAL COMMON STOCKS (Cost $61,218,900)				84,029,415
EXCHANGE TRADED FUNDS‐1.6%
	4,887	iShares® Russell 2000® ETF		561,858
	7,466	Vanguard Small‐Cap ETF		863,667

Semi-Annual Report | June 30, 2016 3

Portfolio of Investments

WesMark Small Company Growth Fund June 30, 2016 (Unaudited)

Shares/Principal Amount			Value
TOTAL EXCHANGE TRADED FUNDS (Cost $1,166,824)			$	1,425,525
SHORT TERM INVESTMENTS‐5.6%
		Mutual Funds‐5.6%
	5,065,612	Federated U.S. Treasury Cash Reserve Fund 7‐Day Yield 0.000% (at net asset value)		5,065,612
TOTAL SHORT TERM INVESTMENTS (Cost $5,065,612)				5,065,612
TOTAL INVESTMENTS‐100.1% (Cost $67,451,336)				90,520,552
OTHER ASSETS AND LIABILITIES‐NET(2)‐(0.1)%				(62,823)
NET ASSETS‐100.0%			$	90,457,729

⁽¹⁾ Non-income producing security.

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

Note - The categories of investments are shown as a percentage of net assets at June 30, 2016.

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

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Portfolio of Investments Summary Table

June 30, 2016 (Unaudited) WesMark Growth Fund

At June 30, 2016, the Fund's Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
COMMON STOCKS	89.9%
SHORT‐TERM INVESTMENTS(2)	8.2%
EXCHANGE‐TRADED FUNDS	2.3%
OTHER ASSETS AND LIABILITIES ‐ NET(3)	‐0.4%
TOTAL PORTFOLIO	100.0%

At June 30, 2016, the Fund's Sector Composition⁽⁴⁾ was as follows:

Sector Composition of Common Stocks and Sector ETFs	Percentage of Common Stocks and Sector ETFs
Health Care	21.8%
Information Technology	18.7%
Consumer Discretionary	14.9%
Financials	10.3%
Industrials	9.8%
Consumer Staples	8.8%
Energy	3.3%
Materials	2.3%
Other (non‐sector ETF Funds)	2.3%
Equity Portfolio Sub‐Total	92.2%
Short‐Term Investments (2)	8.2%
Other Assets and Liabilities ‐ Net (3)	‐0.4%
Total	100.0%

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

⁽²⁾ Short-Term Investments include investment in a money market mutual fund and commercial paper.

⁽³⁾ Assets, other than investment in securities, less liabilities. See Statement of Assets and Liabilities.

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

Semi-Annual Report | June 30, 2016 5

Portfolio of Investments

WesMark Growth Fund June 30, 2016 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS‐89.9%
CONSUMER DISCRETIONARY‐14.9%
		Apparel Retail‐2.7%
	38,000	Foot Locker, Inc.	$	2,084,680
	21,000	Ross Stores, Inc.		1,190,490
	70,000	TJX Cos., Inc.		5,406,100
				8,681,270
		Broadcasting‐1.7%
	100,000	CBS Corp., Class B		5,444,000
		Footwear‐0.7%
	37,000	NIKE, Inc., Class B		2,042,400
		General Merchandise Stores‐0.4%
	12,800	Dollar General Corp.		1,203,200
		Home Building‐2.5%
	60,000	Lennar Corp., Class A		2,766,000
	195,000	Toll Brothers, Inc.(1)		5,247,450
				8,013,450
		Home Furnishings‐1.2%
	20,000	Mohawk Industries, Inc.(1)		3,795,200
		Internet Retail‐3.0%
	10,350	Amazon.com, Inc.(1)		7,406,667
	18,280	Expedia, Inc.		1,943,164
				9,349,831
		Movies & Entertainment‐1.2%
	40,000	Walt Disney Co.		3,912,800
		Restaurants‐1.5%
	6,000	Chipotle Mexican Grill, Inc.(1)		2,416,560
	40,000	Starbucks Corp.		2,284,800
				4,701,360
TOTAL CONSUMER DISCRETIONARY				47,143,511
CONSUMER STAPLES‐8.8%
		Distillers & Vintners‐1.6%
	30,000	Constellation Brands, Inc., Class A		4,962,000
		Drugs Retail‐4.1%
	100,000	CVS Health Corp.		9,574,000
	40,000	Walgreens Boots Alliance, Inc.		3,330,800
				12,904,800
		Food Retail‐1.4%
	30,000	Kroger Co.		1,103,700
	75,000	Mondelez International, Inc., Class A		3,413,250
				4,516,950
		Household Products‐0.3%
	10,600	Church & Dwight Co., Inc.		1,090,634
		Packaged Foods & Meats‐1.4%
	14,000	Kellogg Co.		1,143,100

Shares/Principal Amount			Value
	72,000	WhiteWave Foods Co.(1)	$	3,379,680
				4,522,780
TOTAL CONSUMER STAPLES				27,997,164
ENERGY‐3.3%
		Oil & Gas Equipment & Services‐0.4%
	14,000	Schlumberger, Ltd.		1,107,120
		Oil & Gas Exploration & Production‐1.1%
	30,000	EQT Corp.		2,322,900
	25,000	Range Resources Corp.		1,078,500
				3,401,400
		Oil & Gas Refining & Marketing‐1.5%
	95,000	Valero Energy Corp.		4,845,000
		Oil&Gas‐0.3%
	29,000	Noble Energy, Inc.		1,040,230
TOTAL ENERGY				10,393,750
FINANCIALS‐10.3%
		Asset Management & Custody Banks‐1.4%
	2,950	BlackRock, Inc.		1,010,464
	100,000	Invesco, Ltd.		2,554,000
	17,000	State Street Corp.		916,640
				4,481,104
		Consumer Finance‐0.3%
	14,700	Capital One Financial Corp.		933,597
		Diversified Banks‐2.4%
	158,000	Wells Fargo & Co.		7,478,140
		Investment Banking & Brokerage‐1.9%
	6,700	Goldman Sachs Group, Inc.		995,486
	200,000	Morgan Stanley		5,196,000
				6,191,486
		Property & Casualty Insurance‐2.6%
	64,000	Chubb, Ltd.		8,365,440
		Regional Banks‐1.7%
	150,000	BB&T Corp.		5,341,500
TOTAL FINANCIALS				32,791,267
HEALTH CARE‐21.8%
		Biotechnology‐2.8%
	35,000	Amgen, Inc.		5,325,250
	36,000	Celgene Corp.(1)		3,550,680
				8,875,930
		Health Care Distributors‐2.9%
	63,000	Cardinal Health, Inc.		4,914,630
	24,000	McKesson Corp.		4,479,600
				9,394,230

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Portfolio of Investments

June 30, 2016 (Unaudited) WesMark Growth Fund

Shares/Principal Amount			Value
		Health Care Technology‐0.4%
	20,000	Cerner Corp.(1)	$	1,172,000
		Life Sciences Tools & Services‐1.0%
	50,000	Quintiles Transnational Holdings, Inc.(1)		3,266,000
		Managed Health Care‐4.8%
	55,000	Aetna, Inc.		6,717,150
	60,000	UnitedHealth Group, Inc.		8,472,000
				15,189,150
		Pharmaceuticals‐9.9%
	110,000	Abbott Laboratories		4,324,100
	13,500	Allergan plc(1)		3,119,715
	75,000	Johnson & Johnson		9,097,500
	85,000	Merck & Co., Inc.		4,896,850
	32,000	Perrigo Co. PLC		2,901,440
	62,000	Pfizer, Inc.		2,183,020
	100,000	Zoetis, Inc.		4,746,000
				31,268,625
TOTAL HEALTH CARE				69,165,935
INDUSTRIALS‐9.8%
		Aerospace & Defense‐4.8%
	50,000	Boeing Co.		6,493,500
	75,000	Honeywell International, Inc.		8,724,000
				15,217,500
		Air Freight & Logistics‐1.4%
	30,000	FedEx Corp.		4,553,400
		Airlines‐1.0%
	80,500	Southwest Airlines Co.		3,156,405
		Industrial Conglomerates‐2.6%
	256,500	General Electric Co.		8,074,620
TOTAL INDUSTRIALS				31,001,925
INFORMATION TECHNOLOGY‐18.7%
		Application Software‐1.0%
	13,000	salesforce.com, Inc.(1)		1,032,330
	30,000	SAP SE ADR		2,250,600
				3,282,930
		Communications Equipment‐2.6%
	60,000	F5 Networks, Inc.(1)		6,830,400
	10,000	Palo Alto Networks, Inc.(1)		1,226,400
				8,056,800
		Computer Hardware‐2.1%
	70,000	Apple, Inc.		6,692,000
		Data Processing & Outsourced Services‐2.3%
	82,500	MasterCard, Inc., Class A		7,264,950
		Internet Software & Services‐3.3%
	6,000	Alphabet, Inc., Class A(1)		4,221,180

Shares/Principal Amount			Value
	6,016	Alphabet, Inc., Class C(1)	$	4,163,674
	5,368	Equinix, Inc., REIT		2,081,335
				10,466,189
		IT Consulting & Other Services‐0.3%
	17,000	Cognizant Technology Solutions Corp.,   Class A(1)		973,080
		Semiconductors‐3.9%
	61,211	Avago Technologies, Ltd.		9,512,189
	35,000	NXP Semiconductors NV(1)		2,741,900
				12,254,089
		Systems Software‐3.2%
	100,000	Microsoft Corp.		5,117,000
	123,000	Oracle Corp.		5,034,390
				10,151,390
TOTAL INFORMATION TECHNOLOGY				59,141,428
MATERIALS‐2.3%
		Aluminum‐1.0%
	328,801	Alcoa, Inc.		3,047,985
		Diversified Chemicals‐1.3%
	40,000	PPG Industries, Inc.		4,166,000
TOTAL MATERIALS				7,213,985
TOTAL COMMON STOCKS (Cost $195,594,305)				284,848,965
EXCHANGE TRADED FUNDS‐2.3%
	63,108	iShares® S&P 500® Growth ETF		7,357,130
TOTAL EXCHANGE TRADED FUNDS (Cost $6,823,395)				7,357,130
SHORT TERM INVESTMENTS‐8.2%
		Commercial Paper‐1.3%
$	4,000,000	Exxon Mobil Corp., 0.004%, 7/27/2016		3,998,845
		Mutual Funds‐6.9%
	21,856,746	Federated U.S. Treasury Cash Reserve Fund 7‐Day Yield 0.000% (at net asset value)		21,856,746
TOTAL SHORT TERM INVESTMENTS (Cost $25,855,591)				25,855,591
TOTAL INVESTMENTS‐100.4% (Cost $228,273,291)				318,061,686
OTHER ASSETS AND LIABILITIES‐NET(2)‐(0.4)%				(1,362,172	)
NET ASSETS‐100.0%			$	316,699,514

Semi-Annual Report | June 30, 2016   7

Portfolio of Investments

WesMark Growth Fund June 30, 2016 (Unaudited)

⁽¹⁾ Non-income producing security.

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

Note    - The categories of investments are shown as a percentage of net assets at June 30, 2016.

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

8   www.wesmarkfunds.com

Portfolio of Investments Summary Table

June 30, 2016 (Unaudited) WesMark Balanced Fund

At June 30, 2016, the Fund's Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
COMMON STOCKS	60.5%
EXCHANGE-TRADED FUNDS	1.4%
EQUITY PORTFOLIO SUB-TOTAL	61.9%
CORPORATE BONDS	12.3%
U.S. GOVERNMENT AGENCY- COLLATERALIZED MORTGAGE OBLIGATIONS	6.5%
TAXABLE MUNICIPAL BONDS	6.0%
U.S. GOVERNMENT AGENCY- MORTGAGE BACKED SECURITIES	5.9%
U.S. GOVERNMENT AGENCY SECURITIES	4.0%
FIXED INCOME PORTFOLIO SUB-TOTAL	34.7%
SHORT-TERM INVESTMENTS (2)	1.8%
OTHER ASSETS AND LIABILITIES - NET(3)	1.6%
TOTAL PORTFOLIO	100.0%

At June 30, 2016, the Fund's Sector Composition⁽⁴⁾ was as follows:

Sector Composition of Common Stocks and Sector ETFs	Percentage of Common Stocks and Sector ETFs
Financials	10.5%
Consumer Staples	9.8%
Information Technology	7.7%
Industrials	6.7%
Health Care	6.4%
Energy	5.5%
Consumer Discretionary	5.2%
Utilities	3.6%
Materials	3.0%
Telecommunication Services	2.1%
Other (non-sector ETF Funds)	1.4%
Equity Portfolio Sub-Total	61.9%
U.S. Government Agencies (Combined)	16.4%
Corporate Bonds	12.3%
Taxable Municipal Bonds	6.0%
Fixed Income Portfolio Sub-Total	34.7%
Short-Term Investments (2)	1.8%
Other Assets and Liabilities - Net (3)	1.6%
Total	100.0%

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

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

⁽³⁾ Assets, other than investment in securities, less liabilities. See Statement of Assets and Liabilities.

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

Semi-Annual Report | June 30, 2016   9

Portfolio of Investments

WesMark Balanced Fund June 30, 2016 (Unaudited)

Shares/Principal Amount			Value
COMMON STOCKS-60.5%
CONSUMER DISCRETIONARY-5.2%
		Auto Parts & Equipment-0.9%
	20,000	Johnson Controls, Inc.	$	885,200
		Department Stores-1.0%
	24,000	Macy's, Inc.(1)		806,640
	5,000	Nordstrom, Inc.		190,250
				996,890
		Home Improvement Retail-1.6%
	6,500	Home Depot, Inc.		829,985
	10,000	Lowe's Cos., Inc.		791,700
				1,621,685
		Restaurants-1.7%
	15,000	McDonald's Corp.		1,805,100
TOTAL CONSUMER DISCRETIONARY				5,308,875
CONSUMER STAPLES-9.8%
		Drugs Retail-0.9%
	10,000	CVS Health Corp.		957,400
		Household Products-1.1%
	13,500	Procter & Gamble Co.		1,143,045
		Hypermarkets & Super Centers-0.8%
	11,500	Wal-Mart Stores, Inc.		839,730
		Packaged Foods & Meats-2.8%
	10,000	General Mills, Inc.(1)		713,200
	10,000	JM Smucker Co.		1,524,100
	7,500	Nestle SA, Sponsored ADR		579,825
				2,817,125
		Soft Drinks-2.5%
	20,000	Coca-Cola Co.		906,600
	16,000	PepsiCo, Inc.		1,695,040
				2,601,640
		Tobacco-1.7%
	25,000	Altria Group, Inc.		1,724,000
TOTAL CONSUMER STAPLES				10,082,940
ENERGY-5.5%
		Integrated Oil & Gas-4.0%
	19,100	Chevron Corp.		2,002,253
	15,000	Exxon Mobil Corp.		1,406,100
	9,000	Occidental Petroleum Corp.		680,040
				4,088,393
		Oil & Gas Exploration & Production-0.4%
	8,000	Valero Energy Corp.		408,000
		Oil & Gas Refining & Marketing-1.1%
	25,000	HollyFrontier Corp.		594,250

Shares/Principal Amount			Value
	14,000	Marathon Petroleum Corp.	$	531,440
				1,125,690
TOTAL ENERGY				5,622,083
FINANCIALS-10.5%
		Asset Management & Custody Banks-0.8%
	30,000	Federated Investors, Inc., Class B		863,400
		Consumer Finance-1.6%
	30,000	Discover Financial Services		1,607,700
		Diversified Banks-1.2%
	16,000	US Bancorp		645,280
	13,000	Wells Fargo & Co.		615,290
				1,260,570
		Insurance Brokers-1.2%
	27,000	Arthur J Gallagher & Co.		1,285,200
		Other Diversified Financial Services-1.3%
	22,500	JPMorgan Chase & Co.		1,398,150
		Property & Casualty Insurance-1.6%
	13,000	Chubb Ltd.		1,699,230
		Regional Banks-2.2%
	25,000	BB&T Corp.		890,250
	16,000	PNC Financial Services Group, Inc.		1,302,240
				2,192,490
		Retail REITS-0.6%
	12,500	National Retail Properties, Inc.		646,500
TOTAL FINANCIALS				10,953,240
HEALTH CARE-6.4%
		Biotechnology-1.2%
	20,000	AbbVie, Inc.		1,238,200
		Health Care Distributors-0.7%
	10,000	Cardinal Health, Inc.		780,100
		Pharmaceuticals-4.5%
	12,300	Eli Lilly & Co.		968,625
	11,000	Johnson & Johnson(1)		1,334,300
	17,000	Merck & Co., Inc.		979,370
	40,000	Pfizer, Inc.		1,408,400
				4,690,695
TOTAL HEALTH CARE				6,708,995
INDUSTRIALS-6.7%
		Aerospace & Defense-2.2%
	7,000	Boeing Co.		909,090
	6,000	Honeywell International, Inc.		697,920

10   www.wesmarkfunds.com

Portfolio of Investments

June 30, 2016 (Unaudited) WesMark Balanced Fund

Shares/Principal Amount			Value
	6,000	United Technologies Corp.	$	615,300
				2,222,310
		Air Freight & Logistics-0.6%
	5,700	United Parcel Service, Inc., Class B		614,004
		Industrial Conglomerates-0.9%
	30,000	General Electric Co.		944,400
		Industrial Machinery-0.5%
	8,000	Eaton Corp. PLC(1)		477,840
		Railroads-2.5%
	10,000	Norfolk Southern Corp.		851,300
	20,000	Union Pacific Corp.		1,745,000
				2,596,300
TOTAL INDUSTRIALS				6,854,854
INFORMATION TECHNOLOGY-7.7%
		Communications Equipment-0.8%
	30,000	Cisco Systems, Inc.		860,700
		Computer Hardware-2.4%
	26,000	Apple, Inc.		2,485,600
		Semiconductor Equipment-0.6%
	27,000	Applied Materials, Inc.		647,190
		Semiconductors-3.2%
	24,000	Intel Corp.		787,200
	23,850	Microchip Technology, Inc.		1,210,626
	20,000	Texas Instruments, Inc.		1,253,000
				3,250,826
		Systems Software-0.7%
	14,000	Microsoft Corp.		716,380
TOTAL INFORMATION TECHNOLOGY				7,960,696
MATERIALS-3.0%
		Diversified Chemicals-1.8%
	20,000	Dow Chemical Co.		994,200
	13,000	EI du Pont de Nemours & Co.		842,400
				1,836,600
		Paper Products-1.2%
	30,000	International Paper Co.(1)		1,271,400
TOTAL MATERIALS				3,108,000
TELECOMMUNICATION SERVICES-2.1%
		Integrated Telecommunication Services-2.1%
	25,000	AT&T, Inc.		1,080,250

Shares/Principal Amount			Value
	20,000	Verizon Communications, Inc.	$	1,116,800
				2,197,050
TOTAL TELECOMMUNICATION SERVICES				2,197,050
UTILITIES-3.6%
		Electric Utilities-2.5%
	15,000	Duke Energy Corp.		1,286,850
	10,000	NextEra Energy, Inc.		1,304,000
				2,590,850
		Multi-Utilities-1.1%
	15,000	Dominion Resources, Inc.		1,168,950
TOTAL UTILITIES				3,759,800
TOTAL COMMON STOCKS (Cost $47,004,139)				62,556,533
EXCHANGE TRADED FUNDS-1.4%
	18,000	SPDR® Barclays Convertible Securities ETF		789,120
	7,800	SPDR® S&P® Dividend ETF		654,576
TOTAL EXCHANGE TRADED FUNDS (Cost $1,413,013)				1,443,696
CORPORATE BONDS-12.3%
		Automobile Manufacturers-1.0%
$	1,000,000	Toyota Motor Credit Corp., Sr. Unsecured Notes, 2.250%, 12/7/2027(2)		981,915
		Banks-1.0%
	1,000,000	PNC Bank NA, 3.250%, 6/1/2025		1,064,217
		Diversified Banks-1.0%
	1,000,000	Wells Fargo & Co., 3.450%, 2/13/2023		1,036,031
		Diversified Chemicals-1.0%
	1,000,000	Dow Chemical Co., Sr. Unsecured Notes, 3.000%, 11/15/2022		1,033,420
		Industrial Gases-0.9%
	835,000	Air Products & Chemicals, Inc., Sr. Unsecured Notes, 3.350%, 7/31/2024		905,988
		Life Sciences Tools & Services-0.5%
	500,000	Agilent Technologies, Inc., Sr. Unsecured Notes, 3.200%, 10/1/2022		515,605

Semi-Annual Report | June 30, 2016   11

Portfolio of Investments

WesMark Balanced Fund June 30, 2016 (Unaudited)

Shares/Principal Amount			Value
		Oil & Gas Exploration & Production-0.5%
$	500,000	Devon Energy Corp., Sr. Unsecured Notes, 3.250%, 5/15/2022	$	485,598
		Other Diversified Financial Services-1.0%
	1,000,000	JPMorgan Chase & Co., Subordinated Notes, 4.125%, 12/15/2026		1,062,348
		Packaged Foods & Meats-0.5%
	500,000	HJ Heinz Co., Sr. Unsecured Notes, 3.125%, 9/12/2021		500,226
		Pharmaceuticals-1.5%
	500,000	Pfizer, Inc., Sr. Unsecured Notes, 3.400%, 5/15/2024		547,915
	1,000,000	Zoetis, Inc., 3.250%, 2/1/2023		1,020,607
				1,568,522
		Real Estate-0.7%
	750,000	Simon Property Group LP, Sr. Unsecured Notes, 2.750%, 2/1/2023		772,881
		Regional Banks-0.5%
	500,000	PNC Bank NA, Subordinated Notes, 2.950%, 1/30/2023		509,782
		Semiconductors-1.0%
	1,000,000	Lam Research Corp., 3.900%, 6/15/2026		1,054,059
		Software & Services-1.2%
	400,000	Autodesk, Inc., Sr. Unsecured Notes, 3.600%, 12/15/2022		409,591
	750,000	Oracle Corp., Sr. Unsecured Notes, 3.400%, 7/8/2024		804,830
				1,214,421
TOTAL CORPORATE BONDS (Cost $12,305,660)				12,705,013
U.S. GOVERNMENT AGENCY - COLLATERALIZED
MORTGAGE OBLIGATIONS-6.5%
		Federal National Mortgage Association-5.0%
	1,123,066	Series 2003-39, Class JC, 4.000%, 5/25/2033, REMIC		1,213,474
	753,842	Series 2012-54, Class WA, 3.000%, 4/25/2032		790,599
	718,401	Series 2013-72, Class HG, 3.000%, 4/25/2033		760,813

Shares/Principal Amount			Value
$	791,233	Series 2013-9, Class KB, 2.500%, 12/25/2042	$	834,458
	592,322	Series 2012-100, Class NA, 2.000%, 11/25/2041		598,633
	947,874	Series 2015-4517, Class PC, 2.500%, 5/15/2044		979,595
				5,177,572
		Government National Mortgage Association-1.5%
	639,279	Series 2012-84, Class TA, 2.500%, 3/20/2042		657,510
	801,373	Series 2013-88, Class LV, 2.500%, 9/16/2026		835,892
				1,493,402
TOTAL U.S. GOVERNMENT AGENCY -COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $6,504,132)				6,670,974
U.S. GOVERNMENT AGENCY - MORTGAGE BACKED SECURITIES-5.9%
		Commercial Mortgage-Backed Securities-2.2%
	1,500,000	Series 2015-UBS8, Class A4, 3.809%, 11/15/2025		1,662,316
	500,000	Series 2012-C3, Class A4, 3.091%, 9/10/2022		530,655
				2,192,971
		Federal Home Loan Mortgage Corp.-2.2%
	748,864	Pool G30681, 3.500%, 1/1/2034		802,261
	433,243	Pool G18527, 3.000%, 10/1/2029		455,132
	961,017	Pool C91482, 3.500%, 7/1/2032		1,030,285
				2,287,678
		Federal National Mortgage Association-1.5%
	41,674	Pool 254831, 5.000%, 8/1/2023		46,250
	469,893	Pool AM3301, 2.350%, 5/1/2023		488,943
	658,712	Pool MA1449, 3.000%, 5/1/2028		691,736
	187,564	Pool AE0375, 4.000%, 7/1/2025		200,044
	137,916	Pool AD6175, 4.000%, 9/1/2025		145,936
				1,572,909
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE BACKED SECURITIES    (Cost $5,777,646)				6,053,558
U.S. GOVERNMENT AGENCY SECURITIES-4.0%
		Federal Farm Credit Bank-1.3%
	1,300,000	2.940%, 10/27/2025		1,302,155
		Federal Home Loan Bank-1.5%
	1,000,000	2.620%, 9/23/2027		996,055
	450,000	5.250%, 6/10/2022		550,054

12   www.wesmarkfunds.com

Portfolio of Investments

June 30, 2016 (Unaudited) WesMark Balanced Fund

Shares/Principal Amount			Value
			$	1,546,109
		Federal Home Loan Mortgage Corp.-1.2%
	500,000	2.500%, 12/26/2025		500,233
	750,000	2.050%, 5/22/2023		750,389
				1,250,622
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (cost $4,011,607)				4,098,886
TAXABLE MUNICIPAL BONDS-6.0%
		Alaska-0.5%
	500,000	City of Anchorage, Build America General Obligation Unlimited Bonds, 5.368%, 4/1/2026		569,220
		Florida-0.8%
	305,000	Florida Department of Management Services, Build America Revenue Bonds, 6.825%, 8/1/2029		353,340
	425,000	Jacksonville Electric Authority, Bulk Power Supply System, Build America Revenue Bonds, 5.450%, 10/1/2025		515,117
				868,457
		Illinois-0.2%
	200,000	City of Lake Forest, Build America General Obligation Unlimited Bonds, Series C, 4.750%, 12/15/2022		215,170
		Michigan-0.3%
	270,000	Belding Area Schools, General Obligation Unlimited Bonds, 6.700%, 5/1/2027		295,364
		Ohio-0.7%
	630,000	Ohio State Water Development Authority, Build America Revenue Bonds, 4.042%, 12/1/2023		713,084
		Pennsylvania-1.4%
	500,000	Albert Gallatin Area School District, Build America General Obligation Unlimited Bonds, 6.080%, 9/1/2025		582,845

Shares/Principal Amount				Value
$	250,000		Pittsburgh and Allegheny County, Pennsylvania, Sports and Exhibition Authority Revenue Bonds, 4.271%, 12/15/2027	$	273,635
	500,000		State Public School Building Authority, Revenue Bonds, 5.000%, 9/15/2027		556,490
					1,412,970
			Utah-1.0%
	860,000		Weber Basin Water Conservancy District, Build America Revenue Bonds, Series B, 6.400%, 10/1/2029		988,776
			Virginia-0.5%
	500,000		Virginia Public Building Authority, Build America Revenue Bonds, 5.500%, 8/1/2027		565,830
			Wisconsin-0.6%
	500,000		State of Wisconsin Transportation Authority Revenue Bonds, 5.500%, 7/1/2026		574,175
TOTAL TAXABLE MUNICIPAL BONDS (Cost $5,628,323)					6,203,046
SHORT TERM INVESTMENTS-1.8%
			Mutual Funds-1.8%
	1,888,813		Federated U.S. Treasury Cash Reserve Fund 7-Day Yield 0.000% (at net asset value)		1,888,813
TOTAL SHORT TERM INVESTMENTS (Cost $1,888,813)					1,888,813
TOTAL INVESTMENTS-98.4% (Cost $84,533,333)					101,620,519
OTHER ASSETS AND LIABILITIES-NET(3)-1.6%					1,639,889
NET ASSETS-100.0%				$	103,260,408
SCHEDULE OF WRITTEN OPTIONS
Number of Contracts				Value
WRITTEN CALL OPTIONS((0.1%))
	(191	)	Chevron Corp., Expires 07/22/2016, Exercise Price $107.00	$	(14,325	)

Semi-Annual Report | June 30, 2016   13

Portfolio of Investments

WesMark Balanced Fund June 30, 2016 (Unaudited)

Number of Contracts				Value
	(80	)	Eaton Corp. PLC, Expires 07/22/2016, Exercise Price $64.50	$	(1,800	)
	(100	)	General Mills, Inc., Expires 07/15/2016, Exercise Price		(63,000	)
	(300	)	International Paper Co., Expires 07/15/2016, Exercise Price		(1,500	)
	(110	)	Johnson & Johnson, Expires 07/22/2016, Exercise Price$119.00		(28,820	)
	(240	)	Macy's, Inc., Expires 07/22/2016, Exercise Price $36.50		(5,040	)
TOTAL WRITTEN CALL OPTIONS (Premiums received $64,307)				$	(114,485	)

⁽¹⁾ Pledged security, a portion or all of the security is pledged as collateral for written options as of June 30, 2016.

⁽²⁾ Step bond. Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at June 30, 2016.

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

Note - The categories of investments are shown as a percentage of net assets at June 30, 2016.

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

14   www.wesmarkfunds.com

Portfolio of Investments Summary Table

June 30, 2016 (Unaudited) WesMark Government Bond Fund

At June 30, 2016, the Fund's Portfolio Composition⁽¹⁾ was as follows:

Portfolio Composition	Percentage of Total Net Assets
U.S. GOVERNMENT AGENCY ‐ COLLATERALIZED MORTGAGE	52.1%
U.S. GOVERNMENT AGENCY ‐MORTGAGE BACKED SECURITIES	18.9%
TAXABLE MUNICIPAL BONDS	17.6%
U.S. TREASURY BONDS	4.6%
SHORT‐TERM INVESTMENTS(2)	3.5%
U.S. GOVERNMENT AGENCY	3.1%
OTHER ASSETS AND LIABILITIES ‐ NET(3)	0.2%
TOTAL PORTFOLIO	100.0%

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

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

⁽³⁾ Assets, other than investment in securities, less liabilities. See Statement of Assets and Liabilities.

Semi-Annual Report | June 30, 2016   15

Portfolio of Investments

WesMark Government Bond Fund June 30, 2016 (Unaudited)

Shares/Principal Amount			Value
U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS-52.1%
		Federal Home Loan Mortgage Corp. -21.6%
$	53,254	Series 2005-2958, Class QJ, 4.000%, 4/15/2020, REMIC	$	54,894
	651,386	Series 2005-3030, Class FL, 0.842%, 9/15/2035, REMIC(1)		649,609
	31,284	Series 2007-3342, Class FT, 0.892%, 7/15/2037, REMIC(1)		31,439
	304,162	Series 2009-3531, Class CE, 3.000%, 1/15/2039, REMIC		314,460
	183,231	Series 2009-3540, Class KF, 1.492%, 11/15/2036, REMIC(1)		187,746
	1,402,821	Series 2010-3758, Class FB, 0.942%, 11/15/2040, REMIC(1)		1,406,264
	2,313,696	Series 2011-3905, Class MP, 2.000%, 3/15/2041, REMIC		2,345,417
	2,187,783	Series 2011-3914, Class MA, 3.000%, 6/15/2026, REMIC		2,287,265
	7,667,525	Series 2012-3984, Class MA, 2.000%, 1/15/2040, REMIC		7,778,718
	4,158,480	Series 2012-3984, Class PA, 2.000%, 12/15/2039, REMIC		4,196,348
	5,720,581	Series 2012-4002, Class CA, 2.000%, 8/15/2041, REMIC		5,798,540
	2,323,797	Series 2012-4005, Class PA, 2.000%, 10/15/2041, REMIC		2,391,023
	4,175,717	Series 2012-4099, Class BD, 2.000%, 6/15/2039, REMIC		4,235,076
	3,474,994	Series 2012-4136, Class NA, 1.250%, 11/15/2027, REMIC		3,440,530
	3,773,691	Series 2012-4145, Class YC, 1.500%, 12/15/2027, REMIC		3,760,157
	3,301,304	Series 2013-4184, Class PA, 2.000%, 10/15/2042, REMIC		3,376,786
	2,554,391	Series 2013-4249, Class KD, 3.000%, 11/15/2042, REMIC		2,638,206
	806,994	Series 2013-4287, Class AB, 2.000%, 12/15/2026, REMIC		823,915
	1,578,564	Series 2014-4368, Class BE, 2.500%, 5/15/2031, REMIC		1,614,787
	2,521,825	Series 2015-4472, Class MA, 3.000%, 5/15/2045, REMIC		2,640,446
	2,900,629	Series 2015-4531, Class PD, 2.500%, 5/15/2043, REMIC		2,982,825
	1,011,685	Series 2007-3386, Class FP, 0.692%, 2/15/2037(1)		1,007,374
	1,054,703	Series 2011-3919, Class CE, 2.750%, 10/15/2040, REMIC		1,065,602
	1,574,418	Series 2013-4208, Class KA, 1.500%, 5/15/2028, REMIC		1,578,635
				56,606,062

Shares/Principal Amount			Value
		Federal National Mortgage Association-28.2%
$	1,722,654	Series 2003-44, Class Q, 3.500%, 6/25/2033, REMIC	$	1,830,077
	2,400,476	Series 2005-13, Class FQ, 0.853%,3/25/2035, REMIC(1)		2,399,142
	973,535	Series 2011-121, Class PD, 2.000%, 12/25/2040, REMIC		971,429
	1,442,696	Series 2011-45, Class TE, 3.000%, 3/25/2025, REMIC		1,476,659
	3,153,253	Series 2012-103, Class CE, 2.000%, 6/25/2039, REMIC		3,194,465
	3,188,665	Series 2012-103, Class NG, 1.750%, 11/25/2041, REMIC		3,144,669
	3,491,629	Series 2012-153, Class KB, 1.750%, 1/25/2042, REMIC		3,448,022
	3,265,364	Series 2012-17, Class EA, 2.000%, 3/25/2041, REMIC		3,291,977
	2,672,489	Series 2012-30, Class CA, 2.000%, 10/25/2041, REMIC		2,751,284
	1,985,319	Series 2012-31, Class NP, 2.000%, 4/25/2041, REMIC		1,995,455
	2,376,739	Series 2012-69, Class PH, 2.750%, 1/25/2042, REMIC		2,473,375
	2,818,239	Series 2013-10, Class NE, 2.000%, 1/25/2042, REMIC		2,880,581
	3,538,047	Series 2013-102, Class DG, 3.000%, 5/25/2032, REMIC		3,699,369
	3,489,623	Series 2013-20, Class YA, 2.000%, 3/25/2042, REMIC		3,551,711
	3,230,746	Series 2013-27, Class HA, 3.000%, 10/25/2042, REMIC		3,365,155
	3,424,911	Series 2013-9, Class MB, 2.000%, 2/25/2033, REMIC		3,534,066
	1,071,381	Series 2003-39, Class JC, 4.000%, 5/25/2033, REMIC		1,157,628
	3,926,494	Series 2010-102, Class PE, 2.000%, 9/25/2040, REMIC		4,006,639
	785,116	Series 2012-116, Class PC, 2.000%, 10/25/2042, REMIC		798,557
	1,154,465	Series 2012-58, Class PA, 2.000%, 4/25/2042		1,166,152
	2,554,044	Series 2013-23, Class CB, 2.000%, 3/25/2033, REMIC		2,596,665
	598,714	Series 2013-42, Class PD, 1.250%, 5/25/2043, REMIC		585,343
	3,223,772	Series 2013-74, Class DG, 3.500%, 3/25/2028, REMIC		3,440,605
	3,174,227	Series 2013-74, Class HA, 3.000%, 10/25/2037, REMIC		3,323,552
	3,459,339	Series 2013-92, Class A, 3.500%, 12/25/2038, REMIC		3,636,153
	1,350,357	Series 2014-4, Class KA, 3.000%, 1/25/2044, REMIC		1,413,368

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Portfolio of Investments

June 30, 2016 (Unaudited) WesMark Government Bond Fund

Shares/Principal Amount			Value
$	1,396,914	Series 2014-64, Class EB, 2.000%, 4/25/2032, REMIC	$	1,418,930
	799,853	Series 2015-35, Class BH, 1.500%, 6/25/2045, REMIC		802,109
	1,978,234	Series 2016-29, Class PC, 2.000%, 8/25/2045		1,996,358
	2,110,929	Series 2013-4204, Class AD, 1.500%, 8/15/2042		2,100,445
	1,150,662	Series 2012-50, Class ED, 2.250%, 8/20/2040		1,155,379
				73,605,319
		Government National Mortgage Association-2.3%
	1,234,081	Series 2011-11, Class PC, 2.000%, 4/20/2040		1,243,560
	825,569	Series 2012-48, Class MA, 2.500%, 4/16/2042		860,070
	2,366,579	Series 2013-38, Class KA, 1.250%, 2/20/2042		2,281,222
	1,510,560	Series 2016-43, Class UC, 3.500%, 3/20/2046		1,590,686
				5,975,538
TOTAL U.S. GOVERNMENT AGENCY - COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $134,535,284)				136,186,919
U.S. GOVERNMENT AGENCY - MORTGAGE BACKED SECURITIES-18.9%
		Federal Home Loan Mortgage Corp.-2.1%
	1,345,285	Pool J16706, 3.000%, 9/1/2021		1,412,732
	2,091,297	Pool T45079, 2.500%, 5/1/2030		2,149,091
	545,118	Pool C91349, 4.500%, 12/1/2030		599,134
	1,326,299	Pool C91361, 4.000%, 3/1/2031		1,433,342
				5,594,299
		Federal National Mortgage Association-14.9%
	493,865	Pool 972080, 5.000%, 2/1/2023		530,942
	1,210,977	Pool AM2737, 1.660%, 3/1/2023		1,219,467
	1,566,079	Pool AT2054, 2.500%, 4/1/2028		1,615,782
	4,910,195	Pool MA0641, 4.000%, 2/1/2031		5,317,900
	2,700,667	Pool MA0667, 4.000%, 3/1/2031		2,924,971
	2,093,082	Pool MA0695, 4.000%, 4/1/2031		2,266,942
	1,310,821	Pool MA0756, 4.000%, 6/1/2031		1,419,169
	3,501,408	Pool MA0818, 4.000%, 8/1/2031		3,792,577
	1,038,814	Pool 889372, 6.000%, 12/1/2032		1,200,107
	3,657,772	Pool MA1459, 3.000%, 6/1/2033		3,857,038
	4,173,995	Pool AL5169, 4.000%, 4/1/2034		4,538,990
	3,696,789	Pool 995026, 6.000%, 9/1/2036		4,295,292
	377,027	Pool AI7929, 4.000%, 8/1/2041		404,644
	1,003,744	Pool AL6620, 4.500%, 8/1/2042		1,119,439
	1,874,037	Pool 890560, 2.500%, 9/1/2028		1,945,105
	2,270,356	Pool MA1820, 2.500%, 1/1/2029		2,335,035
				38,783,400

Shares/Principal Amount			Value
		FGLMC Collateral-1.3%
$	3,095,942	4.500%, 6/1/2026	$	3,309,750
		Government National Mortgage Association-0.6%
	655,707	Pool 589693, 4.500%, 7/15/2029		726,279
	867,097	Pool G24828, 4.500%, 10/20/2040		902,176
				1,628,455
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE BACKED SECURITIES    (Cost $47,877,043)				49,315,904
U.S. GOVERNMENT AGENCY SECURITIES-3.1%
		Federal Farm Credit Bank-1.9%
	5,000,000	2.100%, 12/5/2022		5,000,170
		Federal Home Loan Mortgage Corp.-1.2%
	3,000,000	2.080%, 5/22/2023		3,104,049
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (cost $8,000,000)				8,104,219
U.S. TREASURY BONDS-4.6%
		U.S. Treasury Bonds-4.6%
	8,000,000	7.625%, 2/15/2025		12,074,688
TOTAL U.S. TREASURY BONDS (cost $11,718,327)				12,074,688
TAXABLE MUNICIPAL BONDS-17.6%
		Alabama-0.2%
	500,000	University of Alabama, Build America General Obligation Direct Payment Bonds, Series B, 4.900%, 10/1/2026		555,435
		Arizona-0.4%
	1,000,000	Maricopa County Elementary School District No. 3-Tempe, Build America General Obligation Bonds, Series A, 6.000%, 7/1/2026		1,155,010
		California-0.3%
	500,000	Pasadena Public Financing Authority, Build America Revenue Bonds, Series B, 6.998%, 3/1/2034		689,510

Semi-Annual Report | June 30, 2016 17

Portfolio of Investments

WesMark Government Bond Fund June 30, 2016 (Unaudited)

Shares/Principal Amount			Value
		Colorado-0.9%
$	1,000,000	Larimer County School District No. R-1 Poudre, Build America General Obligation Bonds, 5.603%, 12/15/2025	$	1,145,290
	1,000,000	Metropolitan State College of Denver, Institutional Enterprise, Build America Revenue Bonds, 5.460%, 12/1/2023		1,206,990
				2,352,280
		Florida-0.5%
	1,000,000	Florida Department of Management Services, Build America Revenue Bonds, 6.825%, 8/1/2029		1,158,490
		Illinois-0.0%
	4,000	Chicago Transit Authority, Transfer Tax Receipts Revenue Bonds, Series B, 6.300%, 12/1/2021		4,325
		Indiana-1.0%
	550,000	Eastern Howard Third Millennium School Building Corp. Revenue Bonds, 2.550%, 1/15/2022		567,787
		Evansville Vanderburgh Public Library Leasing Corp. Revenue Bonds:
	770,000	3.100%, 1/15/2023		810,949
	700,000	3.150%, 7/15/2023		738,031
	470,000	Indiana Bond Bank, Special Project Revenue Bonds, Series C, 5.600%, 2/1/2025		515,228
				2,631,995
		Kansas-0.4%
	450,000	City of Olathe, Water & Sewer System, Build America Revenue Bonds, Series A, 5.300%, 7/1/2026		486,000
		Johnson County Unified School District No. 232 De Soto, Build America General Obligation Bonds:
	200,000	5.400%, 9/1/2022		208,254
	380,000	5.500%, 9/1/2023		395,652
				1,089,906
		Kentucky-0.9%
	1,560,000	Campbell & Kenton Counties Sanitation District No. 1, Build America Revenue Bonds, 5.300%, 8/1/2025		1,618,251
		City of Owensboro, General Obligation Bonds:
	300,000	5.125%, 12/1/2024		332,337

Shares/Principal Amount			Value
$	315,000	5.250%, 12/1/2025	$	348,396
				2,298,984
		Michigan-0.7%
	570,000	City of Lansing, Michigan, Build America General Obligation Bonds, 6.350%, 5/1/2023		626,596
	345,000	County of St. Clair, Michigan, General Obligation Limited Bonds, 2.450%, 4/1/2021		356,264
	825,000	Grand Rapids Community College, Build America General Obligation Bonds, 5.990%, 5/1/2023		923,901
				1,906,761
		Minnesota-0.2%
	500,000	Lake City Independent School District No. 813, Minnesota, Build America General Obligation Bonds, 5.200%, 2/1/2026		546,535
		Mississippi-0.1%
	205,000	Mississippi Development Bank, Revenue Bonds, Series B, 5.150%, 6/1/2023		228,249
		Missouri-0.7%
	1,620,000	County of St. Charles, Missouri, Build America Special Obligation Bonds, 5.805%, 10/1/2025		1,868,038
		New Jersey-0.1%
	245,000	New Jersey Environmental Infrastructure Trust, Revenue Bonds, Series C, 3.000%, 9/1/2021		265,026
		New York-0.5%
	500,000	City of New York NY, Build America Bonds, Series F, 5.237%, 12/1/2021		588,340
	590,000	County of Oneida, General Obligation Bonds, 6.500%, 4/15/2023		689,085
				1,277,425
		North Carolina-0.4%
	925,000	County of Guilford, North Carolina, Build America General Obligation Unlimited Bonds, 4.791%, 8/1/2023		1,108,548
		Ohio-3.5%
	1,250,000	American Municipal Power-Ohio, Inc., Build America Revenue Bonds, 5.964%, 2/15/2024		1,400,775

18 www.wesmarkfunds.com

Portfolio of Investments

June 30, 2016 (Unaudited) WesMark Government Bond Fund

Shares/Principal Amount			Value
$	285,000	City of Columbus Ohio, General Obligation Unlimited Bonds, 4.000%, 2/15/2028	$	323,230
	1,000,000	Coshocton Ohio City School District General Obligation Unlimited Bonds, 5.087%, 12/1/2026		1,064,620
	500,000	County of Cuyahoga, Variable Purpose, Build America General Obligation Bonds, 5.392%, 12/1/2025		609,940
	500,000	Hilliard School District, General Obligation Bonds, 5.550%, 12/1/2025		604,910
	1,085,000	Jackson City, Ohio, School District General Obligation Unlimited Bonds, 3.000%, 12/1/2024		1,112,624
		Miami County, Recovery Zone Economic Development Build America General Obligation Bonds:
	180,000	4.650%, 12/1/2019	��	196,734
	260,000	5.500%, 12/1/2022		289,565
	1,000,000	Northwest Local School District (Stark Summit & Wayne Counties), General Obligation Bonds, 5.050%, 12/1/2025		1,136,550
	580,000	Ohio State Building Authority, Build America Revenue Bonds, 4.780%, 10/1/2020		643,243
	800,000	Ohio State University, Higher Educational Facility Commission Revenue Bonds, 2.459%, 11/1/2021		824,200
	900,000	Willoughby-Eastlake City School District, Certificate of Participation, Series A, 6.544%, 3/1/2026		1,011,708
				9,218,099
		Oklahoma-0.2%
	560,000	City of Oklahoma City OK, General Obligation Limited Bonds, 3.750%, 9/1/2030		621,225
		Oregon-0.7%
	700,000	Washington County Clean Water  Services, 5.701%, 10/1/2030		923,503
	750,000	Washington County, Clean Water Services Sewer, Build America Revenue Bonds, 5.228%, 10/1/2025		932,115
				1,855,618

Shares/Principal Amount			Value
		Pennsylvania-1.2%
$	1,000,000	Lebanon Authority, Build America Revenue Bonds, 5.970%, 12/15/2025	$	1,126,660
	1,000,000	Peters Township, Pennsylvania, School District Washington County General Obligation Limited Bonds, 3.310%, 9/1/2026		1,037,220
	300,000	Pittsburgh and Allegheny County, Pennsylvania, Sports and Exhibition Authority Revenue Bonds, 4.271%, 12/15/2027		328,362
	500,000	University of Pittsburgh, Pennsylvania, Commonwealth System of Higher Education Capital Project Revenue Bonds, Series B, 5.000%, 9/15/2028		554,530
				3,046,772
		South Carolina-0.4%
	925,000	Richland County School District No. 2, General Obligation Bonds, 5.100%, 5/1/2026		1,035,158
		Tennessee-0.5%
	1,000,000	Tennessee State School Bond Authority, 4.848%, 9/15/2027		1,214,900
		Texas-2.6%
	500,000	City of Austin, Electric Utility System, Build America Revenue Bonds, 5.086%, 11/15/2025		598,310
	1,000,000	City of Houston, Utility System Revenue Bonds, Series A, 3.428%, 5/15/2023		1,099,160
	1,000,000	North East Independent School  District, 5.240%, 8/1/2027		1,267,270
	1,000,000	San Antonio Independent School District, Build America General Obligation Bonds, 5.433%, 8/15/2025		1,145,580
	2,195,000	University of Texas System, Build America General Revenue Bonds, Series C, 4.125%, 8/15/2025		2,574,406
				6,684,726
		Utah-0.7%
	500,000	County of Utah, Excise Tax, Build America Revenue Bonds, Series  B, 6.120%, 12/1/2023		565,315

Semi-Annual Report | June 30, 2016   19

Portfolio of Investments

WesMark Government Bond Fund June 30, 2016 (Unaudited)

Shares/Principal Amount			Value
$	1,000,000	Weber Basin Water Conservancy District, Build America Revenue Bonds, Series B, 6.400%, 10/1/2029	$	1,149,740
				1,715,055
		Virginia-0.2%
	500,000	Virginia Beach VA, Government Public Improvement Bonds, 5.200%, 3/15/2030		566,725
		West Virginia-0.3%
		Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds:
	200,000	Series D, 4.500%, 6/1/2023		201,562
	345,000	Series D, 5.000%, 6/1/2028		346,859
	250,000	West Virginia Housing Development Fund Revenue Bonds, 2.700%, 11/1/2023		258,825
				807,246
TOTAL TAXABLE MUNICIPAL BONDS (Cost $42,430,249)				45,902,041
SHORT TERM INVESTMENTS-3.5%
		Mutual Funds-3.5%
	9,117,265	Federated U.S. Treasury Cash Reserve Fund 7-Day Yield  0.000% (at net asset value)		9,117,265
TOTAL SHORT TERM INVESTMENTS (Cost $9,117,265)				9,117,265
TOTAL INVESTMENTS-99.8% (Cost $253,678,168)				260,701,036
OTHER ASSETS AND LIABILITIES-NET(2)-0.2%				452,188
NET ASSETS-100.0%			$	261,153,224

⁽¹⁾ Floating or variable rate security. Interest rate disclosed is that which is in effect at June 30, 2016.

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

Note - The categories of investments are shown as a percentage of net assets at June 30, 2016.

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

20 www.wesmarkfunds.com

Portfolio of Investments Summary Table

June 30, 2016 (Unaudited) WesMark West Virginia Municipal Bond Fund

At June 30, 2016, the Fund's Portfolio Composition⁽¹⁾ was as follows:

Industry	Percentage of Total Net Assets
MUNICIPAL BONDS	98.4%
SHORT-TERM INVESTMENTS(2)	1.1%
OTHER ASSETS AND LIABILITES - NET(3)	0.5%
TOTAL PORTFOLIO VALUE	100.0%

Years to Maturity of Municipal Bonds	Percentage of Total Net Assets
Less than 1 Year	0.5%
1-3 Years	6.2%
3-5 Years	4.6%
5-10 Years	57.5%
10 Years or Greater	29.6%
Short-Term Investments(2)	1.1%
Other Assets and Liabilities - Net(3)	0.5%
TOTAL	100.0%

S&P® Ratings of Municipal Bonds as Percentage of Total Net Assets(4)
AAA	13.5%
AA	33.3%
A	24.9%
Not rated by S&P	26.7%
Short-Term Investments(2)	1.1%
Other Assets and Liabilities - Net(3)	0.5%
TOTAL PORTFOLIO VALUE	100.0%

Moody’s Ratings of Municipal Bonds as Percentage of Total Net Assets(4)
Aaa	6.5%
Aa	28.1%
A	21.0%
Baa	0.9%
Not rated by Moody's	41.9%
Short-Term Investments(2)	1.1%
Other Assets and Liabilities - Net(3)	0.5%
TOTAL PORTFOLIO VALUE	100.0%

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

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

⁽³⁾ Assets, other than investment in securities, less liabilities. See Statements of Assets and Liabilities.

⁽⁴⁾ These tables depict the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s (S&P) and Moody’s Investors Service (Moody’s), each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). These credit-quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “A-” have been included in the “A” rated category.

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

Semi-Annual Report | June 30, 2016   21

Portfolio of Investments

WesMark West Virginia Municipal Bond Fund June 30, 2016 (Unaudited)

Shares/Principal Amount				Value
MUNICIPAL BONDS‐98.4%
		Alabama‐0.9%
$	930,000	City of Huntsville, Alabama, General Obligation Limited Bonds, Series B, 4.000%, 6/1/2027		$	1,060,786
		Arizona‐0.5%
	500,000	City of Phoenix, Arizona, Civic Improvement Corp., Water System Revenue Bonds, 5.000%, 7/1/2025			595,965
		Florida‐0.6%
	615,000	State of Florida, Board of Public Education General Obligation Unlimited Bonds, 5.000%, 6/1/2027			709,692
		Maryland‐1.0%
	1,000,000	State of Maryland, General Obligation Unlimited Bonds, Series B, 5.000%, 8/1/2026			1,221,790
		North Carolina‐0.5%
	500,000	State of North Carolina, General Obligation Unlimited Bonds, Series A, 5.000%, 5/1/2029			579,245
		Ohio‐1.1%
	1,100,000	Westerville, Ohio, General Obligation Limited Bonds, 5.000%, 12/1/2028			1,378,443
		Pennsylvania‐0.7%
	305,000	City of Altoona, Pennsylvania, General Obligation Unlimited Bonds, 4.250%, 9/1/2025			305,662
	500,000	University of Pittsburgh, Pennsylvania, Commonwealth System of Higher Education Capital Project Revenue Bonds, Series B, 5.000%, 9/15/2028			554,530
					860,192
		Texas‐0.6%	��
	200,000	City of Arlington, Texas, Water & Wastewater System Revenue Bonds, Series A, 3.000%, 6/1/2027			215,614
	500,000	City of Irving, Texas, General Obligation Limited Bonds, 5.000%, 9/15/2026			587,410
					803,024

Shares/Principal Amount			Value
		West Virginia‐92.5%
		Berkeley County, West Virginia, Board of Education General Obligation Unlimited Bonds:
$	1,170,000	3.375%, 5/1/2022	$	1,266,080
	400,000	4.000%, 5/1/2024		444,856
		Berkeley County, West Virginia, Building Commission Lease Revenue Bonds (County Facility Project):
	300,000	3.000%, 12/1/2029		312,471
	880,000	4.125%, 12/1/2030		887,586
		Berkeley County, West Virginia, Building Commission Lease Revenue Bonds (Judicial Center Project):
	200,000	Series B, 2.400%, 12/1/2022		209,948
	100,000	Series B, 2.600%, 12/1/2023		105,687
	100,000	Series B, 2.800%, 12/1/2024		106,708
		Berkeley County, West Virginia, Public Service District Revenue Bonds:
	500,000	Series A, 2.200%, 12/1/2022		514,180
	370,000	Series C, 3.000%, 12/1/2029		399,918
	345,000	Series D, 3.000%, 12/1/2024		380,262
	585,000	Series D, 3.000%, 12/1/2025		647,069
		Berkeley County, West Virginia, Public Service Sewer District Revenue Bonds:
	275,000	5.000%, 6/1/2027		344,289
	410,000	5.000%, 6/1/2028		511,229
	655,000	5.000%, 6/1/2029		813,431
	1,045,000	Series A, 3.500%, 10/1/2023		1,085,379
	1,100,000	Series A, 3.650%, 10/1/2024		1,144,627
	700,000	Series A, 4.650%, 3/1/2037		718,718
	285,000	Series C, 3.500%, 10/1/2025		298,327
	575,000	Braxton County, West Virginia, Board of Education General Obligation Unlimited Bonds (Public Schools), 5.000%, 5/1/2022, (FSA)		620,270
		Brooke County, West Virginia, Board of Education General Obligation Unlimited Bonds:
	1,065,000	4.000%, 6/1/2025		1,274,336
	1,100,000	3.000%, 6/1/2026		1,196,778
	965,000	3.000%, 6/1/2027		1,036,806
	100,000	3.000%, 6/1/2030		105,688
		Calhoun County, West Virginia, Board of Education General Obligation Unlimited Bonds (Public Schools):
	195,000	3.600%, 6/1/2024		213,800
	205,000	3.750%, 6/1/2025		226,006

22 www.wesmarkfunds.com

Portfolio of Investments

June 30, 2016 (Unaudited) WesMark West Virginia Municipal Bond Fund

Shares/Principal Amount			Value
$	215,000	3.850%, 6/1/2026	$	236,973
		Charles Town, West Virginia, Waterworks & Sewage System Revenue Bonds:
	185,000	Series A, 3.000%, 3/1/2025		198,411
	190,000	Series A, 3.000%, 3/1/2026		203,836
	620,000	Series A, 4.000%, 3/1/2029		706,149
	405,000	Series A, 3.500%, 12/1/2030		438,336
	135,000	Series E, 3.000%, 6/1/2023		136,289
	135,000	Series E, 3.300%, 6/1/2025		137,026
	125,000	Series E, 3.400%, 6/1/2026		126,872
		City of Buckhannon, West Virginia, Commercial Development Revenue Bonds:
	190,000	Series A, 2.750%, 12/1/2018		191,581
	195,000	Series A, 2.750%, 12/1/2019		196,295
	895,000	Series A, 4.400%, 8/1/2025		908,550
	245,000	Series A, 3.500%, 12/1/2026		246,928
	250,000	Series A, 3.600%, 12/1/2027		251,873
	265,000	Series A, 3.700%, 12/1/2028		266,982
	595,000	City of Buckhannon, West Virginia, Waterworks Revenue Bonds, Series A, 4.000%, 3/1/2029		664,704
		City of Clarksburg, West Virginia, Water Revenue Bonds:
	400,000	Series A, 2.100%, 9/1/2018		407,024
	600,000	Series A, 2.200%, 9/1/2019		614,748
	160,000	Series E, 3.000%, 6/1/2018		165,186
	170,000	Series E, 3.000%, 6/1/2020		179,630
	180,000	Series E, 3.000%, 6/1/2022		190,787
		City of Fairmont, West Virginia Water Revenue Bonds:
	520,000	2.700%, 7/1/2022		534,617
	515,000	2.750%, 7/1/2023		529,008
	500,000	4.000%, 7/1/2024		541,250
	605,000	3.000%, 7/1/2025		622,987
	575,000	3.100%, 7/1/2026		592,060
	1,000,000	3.150%, 7/1/2027		1,027,600
		City of Huntington, West Virginia, Sewerage System Revenue Bonds:
	300,000	3.000%, 11/1/2026		321,216
	300,000	3.000%, 11/1/2028		317,211
		City of Kingwood, West Virginia, Sewer System Revenue Bonds:
	55,000	3.500%, 10/1/2016		55,042
	230,000	4.000%, 10/1/2020		230,216
		City of Martinsburg, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds:
	250,000	Series A, 3.000%, 9/1/2023, (AGM)		252,945

Shares/Principal Amount			Value
$	490,000	Series A, 3.500%, 9/1/2027, (AGM)	$	497,090
		City of Saint Albans, West Virginia, Combined Waterworks & Sewerage System Revenue Bonds:
	220,000	Series A, 4.250%, 6/1/2026		244,191
	600,000	Series B, 4.000%, 12/1/2027		647,730
		City of Wheeling, West Virginia, Waterworks & Sewerage System Revenue Bonds:
	500,000	4.000%, 6/1/2026		564,510
	535,000	Series A, 3.000%, 6/1/2029		565,431
	555,000	Series A, 3.000%, 6/1/2030		583,283
		Fairmont State University, West Virginia, Revenue Bonds:
	725,000	Series A, 5.000%, 6/1/2022		845,248
	1,400,000	Series B, 3.000%, 6/1/2024		1,459,052
	1,000,000	Series B, 3.100%, 6/1/2025		1,043,020
		Hampshire County Building Commission Lease Revenue Bonds:
	250,000	Series A, 3.500%, 1/1/2020		257,942
	720,000	Series A, 5.000%, 1/1/2030		768,514
		Hardy County, West Virginia, Board of Education:
	1,285,000	2.250%, 6/1/2024		1,332,596
	1,000,000	2.450%, 6/1/2026		1,037,950
	610,000	2.625%, 6/1/2028		631,814
		Jefferson County, West Virginia, Public Service Sewer District Revenue Bonds:
	150,000	Series A, 3.000%, 6/1/2020		152,227
	135,000	Series A, 3.250%, 6/1/2023		136,935
		Marshall County, West Virginia, Board of Education General Obligation Unlimited Bonds (Public Schools):
	1,175,000	5.000%, 5/1/2021, (NATL‐RE)		1,217,488
	1,000,000	5.000%, 5/1/2022, (NATL‐RE)		1,035,900
		Monongalia County, West Virginia, Building Commission Lease Revenue Bonds (Monongalia County Building):
	300,000	Series A, 4.000%, 2/1/2022		333,423
	250,000	Series A, 4.000%, 2/1/2023		276,800
	450,000	Series A, 3.000%, 2/1/2025		471,964
	750,000	Series A, 3.125%, 2/1/2026		787,673
	500,000	Morgantown, West Virginia, Revenue Bonds, 3.000%, 12/1/2016, (AGM)		505,085

Semi-Annual Report | June 30, 2016 23

Portfolio of Investments

WesMark West Virginia Municipal Bond Fund June 30, 2016 (Unaudited)

Shares/Principal Amount			Value
$	1,785,000	Parkersburg, West Virginia, Waterworks & Sewer System Revenue Bonds, Series A, 3.000%, 8/1/2025	$	1,868,877
	600,000	Pleasants County, West Virginia, Board of Education General Obligation Unlimited Bonds (Public Schools), 4.000%, 5/1/2026		673,344
	3,470,000	Preston County Board of Education General Obligation Unlimited Bonds, 4.000%, 5/1/2026		3,894,173
	1,195,000	Putnam County, West Virginia, Building Commission Lease Revenue Bonds (County Service Building Project), Series A, 5.375%, 12/1/2023		1,218,159
		Wayne County, West Virginia, Board of Education General Obligation Unlimited Bonds:
	660,000	3.000%, 6/1/2022		717,671
	1,220,000	3.000%, 6/1/2023		1,334,533
	795,000	3.000%, 6/1/2026		863,752
		West Virginia Building Commission Lease Revenue Bonds (West Virginia Regional Jail):
	724,000	Series A, 5.375%, 7/1/2018, (AMBAC)		752,178
	3,000,000	Series A, 5.375%, 7/1/2021, (AMBAC)		3,415,080
	2,505,000	Series C, 5.375%, 7/1/2021		2,828,095
	670,000	West Virginia Economic Development Authority Lease Revenue Bonds (Clarksburg Office Building), 3.500%, 6/1/2030		720,954
	1,750,000	West Virginia Economic Development Authority Lease Revenue Bonds (Correctional Juvenile & Public), 4.000%, 6/1/2024		1,954,277
		West Virginia Economic Development Authority Lease Revenue Bonds (Correctional Juvenile):
	500,000	5.000%, 6/1/2022		585,770
	1,000,000	4.000%, 6/1/2023		1,114,730
		West Virginia Economic Development Authority Lease Revenue Bonds (Department of Environmental Protection):
	1,280,000	Series B, 3.375%, 11/1/2025		1,386,343
	755,000	Series B, 3.500%, 11/1/2026		818,631
		West Virginia Economic Development Authority Lease Revenue Bonds (State Energy Savings Project):
	920,000	4.500%, 6/1/2020		922,732

Shares/Principal Amount			Value
$	860,000	4.750%, 6/1/2022	$	862,365
	1,650,000	West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building & Parking Lot), Series A, 4.750%, 8/1/2029		1,820,725
		West Virginia Economic Development Authority Lease Revenue Bonds (State Office Building):
	1,525,000	Series A, 5.000%, 6/1/2025		1,814,033
	315,000	Series A, 3.375%, 6/1/2029		337,393
	365,000	Series B, 3.375%, 10/1/2023		397,219
	390,000	Series B, 3.500%, 10/1/2024		425,225
	415,000	Series B, 3.625%, 10/1/2025		453,329
	435,000	Series B, 3.750%, 10/1/2026		474,237
	545,000	Series C, 3.000%, 6/1/2023		587,635
	310,000	Series C, 3.500%, 6/1/2030		333,575
	515,000	Series D, 5.000%, 6/1/2025		646,624
	600,000	Series D, 3.250%, 6/1/2028		644,142
	330,000	Series D, 3.375%, 6/1/2029		353,460
	355,000	Series D, 3.500%, 6/1/2030		381,998
		West Virginia Economic Development Authority Lease Revenue Bonds (The Diamond Project):
	500,000	3.000%, 12/15/2019		523,195
	2,050,000	2.500%, 12/15/2022		2,092,517
	570,000	West Virginia Economic Development Authority Lease Revenue Bonds (West Virginia Facilities), Series A, 5.000%, 3/1/2019		571,824
	305,000	West Virginia Economic Development Authority Lottery Revenue Bonds, Series A, 5.000%, 6/15/2028		352,037
	1,000,000	West Virginia Economic Development Authority Revenue Bonds, 3.750%, 6/15/2023		1,089,410
	1,500,000	West Virginia Higher Education Governing Board University Revenue Bonds (Marshall University), 5.000%, 5/1/2023		1,709,730
		West Virginia Higher Education Policy Commission Revenue Bonds (Higher Education Facilities):
	235,000	Series A, 3.750%, 4/1/2019		252,131
	405,000	Series A, 4.000%, 4/1/2020		447,242
	300,000	Series A, 4.250%, 4/1/2023		308,142
	485,000	Series A, 5.000%, 4/1/2026		556,538
	360,000	Series B, 3.200%, 4/1/2024		387,547
	375,000	Series B, 3.375%, 4/1/2025		406,620
	385,000	Series B, 3.500%, 4/1/2026		417,883
	400,000	Series B, 3.600%, 4/1/2027		433,832

24 www.wesmarkfunds.com

Portfolio of Investments

June 30, 2016 (Unaudited) WesMark West Virginia Municipal Bond Fund

Shares/Principal Amount			Value
$	825,000	West Virginia Hospital Finance Authority Lease Revenue Bonds (Veterans Nursing Home), 5.500%, 3/1/2019	$	826,089
		West Virginia Hospital Finance Authority Revenue Bonds (ARCs Improvement):
	1,000,000	Series D, 5.375%, 6/1/2028, (AGM)		1,104,740
	1,000,000	Series D, 4.000%, 6/1/2029		1,145,950
		West Virginia Housing Development Fund Revenue Bonds:
	600,000	Series A, 1.600%, 11/1/2017		605,652
	325,000	Series A, 3.600%, 5/1/2022		350,678
	1,340,000	Series A, 3.200%, 11/1/2023		1,429,727
	700,000	Series A, 3.800%, 11/1/2024		739,375
		West Virginia School Building Authority Excess Lottery Revenue Bonds:
	450,000	4.125%, 7/1/2017		465,075
	450,000	4.250%, 7/1/2018		480,622
	310,000	5.000%, 7/1/2026		336,183
	500,000	Series A, 3.000%, 7/1/2025		537,730
	700,000	Series A, 3.125%, 7/1/2026		751,583
	200,000	Series B, 3.000%, 7/1/2018		208,490
	370,000	Series B, 4.000%, 7/1/2023		408,835
		West Virginia School Building Authority Lottery Revenue Capital Improvement Bonds:
	500,000	Series A, 5.000%, 7/1/2024		629,105
	515,000	Series A, 5.000%, 7/1/2026		633,744
	535,000	Series A, 5.000%, 7/1/2027		655,573
		West Virginia State University Revenue Bonds:
	335,000	Series A, 3.000%, 10/1/2020		347,291
	340,000	Series A, 2.550%, 10/1/2021		349,088
		West Virginia University Revenue Bonds (West Virginia University Project):
	425,000	2.625%, 10/1/2024		429,335
	345,000	Series B, 5.000%, 10/1/2025		405,582
	750,000	Series B, 4.125%, 10/1/2031		834,758
	1,090,000	West Virginia Water Development Authority Infrastructure Revenue Bonds (West Virginia Infrastructure Jobs Program), Series A, 4.750%, 10/1/2023, (AGM)		1,101,194
	500,000	West Virginia Water Development Authority Revenue Bonds, Series A, 5.000%, 11/1/2035, (AGM)		501,450

Shares/Principal Amount			Value
$	435,000	West Virginia Water Development Authority Revenue Bonds (Chesapeake Bay/Greenbrier River Project), Series A, 5.000%, 7/1/2022	$	526,568
	250,000	West Virginia Water Development Authority Revenue Bonds (Loan Program I), Series B‐I, 4.000%, 11/1/2024		287,218
	1,395,000	West Virginia Water Development Authority Revenue Bonds (Loan Program), Series B‐I, 4.000%, 11/1/2025		1,593,634
		West Virginia Water Development Authority Revenue Bonds (Loan Program II):
	605,000	Series A‐II, 3.000%, 11/1/2024		646,418
	600,000	Series A‐II, 3.250%, 11/1/2025		647,844
	1,000,000	Series A‐II, 5.000%, 11/1/2025, (NATL‐RE FGIC)		1,003,110
	900,000	Series A‐II, 4.250%, 11/1/2026, (NATL‐RE FGIC)		902,250
	1,000,000	Series A‐II, 5.000%, 11/1/2033, (NATL‐RE FGIC)		1,002,760
	725,000	Series B‐II, 4.000%, 11/1/2025		827,769
		West Virginia Water Development Authority Revenue Bonds (Loan Program IV):
	500,000	Series A, 5.000%, 11/1/2019, (AGM)		501,520
	1,000,000	Series B‐IV, 5.125%, 11/1/2024, (AMBAC)		1,003,100
	650,000	Series B‐IV, 4.750%, 11/1/2035, (AMBAC)		651,495
	1,000,000	West Virginia, General Obligation Unlimited Bonds, Series A, 5.200%, 11/1/2026		1,123,520
		Wheeling, West Virginia, Waterworks & Sewer System Revenue Bonds:
	625,000	Series A, 3.000%, 6/1/2018		650,788
	875,000	Series A, 3.000%, 6/1/2019		913,920
				113,462,317
TOTAL MUNICIPAL BONDS (Cost $114,701,452)				120,671,454
SHORT TERM INVESTMENTS‐1.1%
		Mutual Funds‐1.1%
	1,334,484	Federated U.S. Treasury Cash Reserve Fund 7‐Day Yield 0.000% (at net asset value)		1,334,484

Semi-Annual Report | June 30, 2016 25

Portfolio of Investments

WesMark West Virginia Municipal Bond Fund June 30, 2016 (Unaudited)

Shares/Principal Amount	Value
TOTAL SHORT TERM INVESTMENTS (Cost $1,334,484)	$	1,334,484
TOTAL INVESTMENTS‐99.5% (Cost $116,035,936)		122,005,938
OTHER ASSETS AND LIABILITIES‐NET(1)‐0.5%		635,297
NET ASSETS‐100.0%	$	122,641,235

⁽¹⁾ Assets, other than investments in securities, less liabilities.

Note - The categories of investments are shown as a percentage of net assets at June 30, 2016. 

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

26 www.wesmarkfunds.com

Statements of Assets and Liabilities

June 30, 2016 (Unaudited)

	WesMark Small Company Growth Fund			WesMark GrowthFund		WesMark Balanced Fund		WesMark Government Bond Fund			WesMark West Virginia Municipal Bond Fund
ASSETS:
Investments in securities, at value (cost - see below)	$	90,520,552		$	318,061,686	$	101,620,519	$	260,701,036		$	122,005,938
Cash		16,375			55,941		23,040		–			–
RECEIVABLE FOR:
Dividends and interest		46,712			286,496		295,273		1,158,770			977,080
Investments sold		4,520,175			–		–		–			–
Fund shares sold		233,187			639,748		1,920,629		470,876			2,841
Receivable due from Advisor		–			–		–		6			–
Prepaidexpenses		6,773			19,572		10,580		15,283			8,255
TotalAssets		95,343,774			319,063,443		103,870,041		262,345,971			122,994,114
LIABILITIES:
PAYABLE FOR:
Written options, at value (Premiums received $–, $–, $64,307, $– and $–)		–			–		114,485		–			–
Investments purchased		4,333,030			–		–		–			–
Fund shares redeemed		507,217			2,252,714		441,642		779,208			132,549
Income distribution payable		–			–		–		311,113			154,435
Investment advisory fees		36			106		17		–			1
Fund Accounting and Administration fees		8,718			21,724		14,521		33,173			24,388
Audit and Legal fees		10,048			10,038		10,038		10,038			9,478
Shareholder Services fee (Note 5)		19,339			68,867		21,244		53,401			27,372
Transfer Agency fees		3,833			7,120		4,050		3,379			2,072
Registration fees		98			–		430		–			271
Printing and Postage fees		2,415			2,355		2,289		1,321			1,443
Trustees' fees and expenses		36			55		79		274			14
Chief compliance officer fees		818			818		818		818			818
Otheraccruedliabilitiesandexpenses		457			132		20		22			38
TotalLiabilities		4,886,045			2,363,929		609,633		1,192,747			352,879
Net Assets	$	90,457,729		$	316,699,514	$	103,260,408	$	261,153,224		$	122,641,235
NET ASSETS CONSIST OF :
Paid-in capital	$	62,129,391		$	211,726,468	$	85,455,613	$	253,510,455		$	116,587,991
Accumulated net investment income (loss)		(121,512	)		91,442		28,397		(133,206	)		–
Accumulated net realized gain on investments and written options		5,380,634			15,093,209		739,390		753,107			83,242
Net unrealized appreciation on investments and writtenoptions		23,069,216			89,788,395		17,037,008		7,022,868			5,970,002
Net Assets	$	90,457,729		$	316,699,514	$	103,260,408	$	261,153,224		$	122,641,235
Shares Outstanding, No Par Value, Unlimited Shares Authorized		7,435,341			18,370,332		8,498,245		25,602,026			11,367,194
Net asset value, offering price & redemption price pershare	$	12.17		$	17.24	$	12.15	$	10.20		$	10.79
Investments,atidentifiedcost	$	67,451,336		$	228,273,291	$	84,533,333	$	253,678,168		$	116,035,936

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

Semi-Annual Report | June 30, 2016 27

Statements of Operations

For the Six Months Ended June 30, 2016 (Unaudited)

	WesMark Small Company Growth Fund			WesMark Growth Fund			WesMark Balanced Fund			WesMark Government Bond Fund		WesMark West Virginia Municipal Bond Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes*	$	423,335		$	2,508,636		$	938,403		$	1,832	$	587
Interest		–			178			609,019			3,201,555		1,840,446
TotalInvestmentIncome		423,335			2,508,814			1,547,422			3,203,387		1,841,033
EXPENSES:
Investment adviser fee (Note 5)		329,628			1,172,684			370,700			773,639		361,013
Fund Accounting and Administration fee (Note 5)		37,211			118,520			45,725			112,604		60,966
Custodian fees (Note 5)		10,595			20,246			8,696			16,064		9,213
Transfer agent fees		16,650			28,777			18,762			18,217		14,116
Trustees' fees (Note 8)		11,472			21,441			11,843			18,540		12,577
Auditing fees		8,922			8,922			8,922			8,922		8,931
Chief compliance officer fees		305			305			305			305		305
Legal fees		5,825			5,827			5,827			5,827		7,735
Shareholder services fee (Note 5)		109,876			390,895			123,567			322,349		150,422
Registration fees		6,808			7,099			6,590			6,850		3,857
Printing and Postage fees		2,853			2,954			2,922			3,339		3,460
Insurance premiums		2,790			10,006			3,147			7,047		3,294
Miscellaneous		1,912			6,889			2,046			5,151		2,359
TotalExpenses		544,847			1,794,565			609,052			1,298,854		638,248
WAIVERS AND REIMBURSEMENTS (NOTE 5):
Waiver/reimbursementofinvestmentadviserfee		–			–			–			–		(19,371	)
NetExpenses		544,847			1,794,565			609,052			1,298,854		618,877
Net Investment Income (Loss)		(121,512	)		714,249			938,370			1,904,533		1,222,156
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		6,427,496			16,711,627			670,702			1,326,874		36,718
Net realized gain on written options		–			–			65,250			–		–
Net change in unrealized appreciation (depreciation) of investments		(9,120,537	)		(32,497,189	)		3,549,206			5,651,030		2,492,793
Netchangeinunrealizeddepreciationofwrittenoptions		–			–			(50,178	)		–		–
Netrealizedandunrealizedgain(loss)oninvestments		(2,693,041	)		(15,785,562	)		4,234,980			6,977,904		2,529,511
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,814,553	)	$	(15,071,313	)	$	5,173,350		$	8,882,437	$	3,751,667
*Foreign tax withholding	$	–		$	11,227		$	8,063		$	–	$	–

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

28 www.wesmarkfunds.com

Statements of Changes in Net Assets

	WesMark Small Company Growth Fund						WesMark Growth Fund
	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015			For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income (loss)	$	(121,512	)	$	(461,443	)	$	714,249		$	1,517,972
Net realized gain		6,427,496			4,872,999			16,711,627			7,104,294
Netchangeinunrealizeddepreciation		(9,120,537	)		(6,995,083	)		(32,497,189	)		(15,008,109	)
Net decrease in net assets resulting from operations		(2,814,553	)		(2,583,527	)		(15,071,313	)		(6,385,843	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)
From net investment income		–			–			(638,819	)		(1,591,161	)
Fromnetrealizedcapitalgains		–			(5,808,625	)		–			(10,499,288	)
Decreaseinnetassetsfromdistributionstoshareholders		–			(5,808,625	)		(638,819	)		(12,090,449	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)
Proceeds from sale of shares		5,255,702			10,856,114			11,048,394			21,888,786
Shares issued in reinvestment of distributions		–			2,471,262			231,815			4,527,085
Costofsharesredeemed		(4,238,150	)		(9,997,269	)		(12,599,454	)		(33,697,867	)
Net increase (decrease) resulting from beneficial interest transactions		1,017,552			3,330,108			(1,319,245	)		(7,281,996	)
NetDecreaseinNetAssets		(1,797,001	)		(5,062,045	)		(17,029,377	)		(25,758,288	)
NET ASSETS:
BeginningofPeriod		92,254,730			97,316,775			333,728,891			359,487,179
End of Period*	$	90,457,729		$	92,254,730		$	316,699,514		$	333,728,891
*Including accumulated net investment income (loss) of:	$	(121,512	)	$	–		$	91,442		$	16,012

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

Semi-Annual Report | June 30, 2016 29

Statements of Changes in Net Assets

	WesMark Balanced Fund						WesMark Government Bond Fund
	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015			For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	938,370		$	1,617,795		$	1,904,533		$	4,011,060
Net realized gain(1)		735,952			3,927,219			1,326,874			49,721
Long-term capital gain distributions from other investment companies		–			35,995			–			–
Netchangeinunrealizedappreciation(depreciation)		3,499,028			(7,567,535	)		5,651,030			(1,779,200	)
Net increase (decrease) in net assets resulting from operations		5,173,350			(1,986,508	)		8,882,437			2,281,581
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)
From net investment income		(963,033	)		(1,690,448	)		(2,175,752	)		(4,556,355	)
Fromnetrealizedcapitalgains		–			(4,831,314	)		–			–
Decreaseinnetassetsfromdistributionstoshareholders		(963,033	)		(6,521,762	)		(2,175,752	)		(4,556,355	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)
Proceeds from sale of shares		5,245,208			16,236,965			13,835,304			21,589,804
Shares issued in reinvestment of distributions		189,027			1,318,917			358,200			770,678
Costofsharesredeemed		(7,433,337	)		(10,400,444	)		(17,844,301	)		(33,967,472	)
Net increase (decrease) resulting from beneficial interest transactions		(1,999,102	)		7,155,438			(3,650,797	)		(11,606,990	)
NetIncrease(Decrease)inNetAssets		2,211,215			(1,352,832	)		3,055,888			(13,881,764	)
NET ASSETS:
BeginningofPeriod		101,049,193			102,402,025			258,097,336			271,979,100
End of Period*	$	103,260,408		$	101,049,193		$	261,153,224		$	258,097,336
*Including accumulated net investment income (loss) of:	$	28,397		$	53,060		$	(133,206	)	$	138,013

⁽¹⁾ Prior to December 31, 2015, the Funds presented realized gain/loss by investment type. This change in presentation was made to conform to industry standards and had no effect on the Funds' change in net assets.

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

30 www.wesmarkfunds.com

Statements of Changes in Net Assets

	WesMark West Virginia Municipal Bond Fund
	For the Six Months Ended June 30, 2016 (Unaudited)			For theYear Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	1,222,156		$	2,624,192
Net realized gain		36,718			145,444
Netchangeinunrealizedappreciation(depreciation)		2,492,793			(244,233	)
Netincreaseinnetassetsresultingfromoperations		3,751,667			2,525,403
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 4)
From net investment income		(1,222,156	)		(2,608,914	)
Fromnetrealizedcapitalgains		–			(167,831	)
Decreaseinnetassetsfromdistributionstoshareholders		(1,222,156	)		(2,776,745	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 3)
Proceeds from sale of shares		5,241,842			9,635,048
Shares issued in reinvestment of distributions		271,934			644,862
Costofsharesredeemed		(3,858,104	)		(12,540,463	)
Net increase (decrease) resulting from beneficial interest transactions		1,655,672			(2,260,552	)
NetIncrease(Decrease)inNetAssets		4,185,183			(2,511,895	)
NET ASSETS:
BeginningofPeriod		118,456,052			120,967,947
End of Period*	$	122,641,235		$	118,456,052
*Including accumulated net investment income of:	$	–		$	–

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

Semi-Annual Report | June 30, 2016 31

Financial Highlights

WesMark Small Company Growth Fund

	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011 (1)
PER COMMON SHARE OPERATING PERFORMANCE
NetAssetValueBeginningofYear	$	12.58		$	13.79		$	13.75		$	10.00		$	10.09		$	10.82
Income (Loss) from Investment Operations:
Net Investment Loss		(0.02	)		(0.06	)		(0.09	)		(0.09	)		(0.06	)		(0.07	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.39	)		(0.32	)		0.51			4.05			0.48			0.08
TotalfromInvestmentOperations		(0.41	)		(0.38	)		0.42			3.96			0.42			0.01
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
FromNetRealizedGainonInvestments		–			(0.83	)		(0.38	)		(0.21	)		(0.51	)		(0.74	)
TotalDistributions		–			(0.83	)		(0.38	)		(0.21	)		(0.51	)		(0.74	)
Net Asset Value, End of Year	$	12.17		$	12.58		$	13.79		$	13.75		$	10.00		$	10.09
Total Return		(3.26	)%(2)		(2.87	)%		3.08	%		39.95	%		4.14	%		0.07	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses		1.24	%(3)		1.22	%		1.22	%		1.24	%		1.27	%		1.29	%
Net Investment Loss		(0.28	)%(3)		(0.47	)%		(0.66	)%		(0.74	)%		(0.62	)%		(0.67	)%
Net Assets Value End of Year (000 omitted)	$	90,458		$	92,255		$	97,317		$	92,566		$	67,261		$	67,543
PortfolioTurnoverRate		26	%		45	%		16	%		15	%		71	%		89	%

⁽¹⁾ Beginning with the year ended December 31, 2011, the Fund was audited by Cohen Fund Audit Services, Ltd. The previous year was audited by another independent registered public accounting firm.

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

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

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

32 www.wesmarkfunds.com

Financial Highlights

WesMark Growth Fund

	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011 (1)
PER COMMON SHARE OPERATING PERFORMANCE
NetAssetValueBeginningofYear	$	18.10		$	19.12		$	17.89		$	13.64		$	12.55		$	13.45
Income (Loss) from Investment Operations:
Net Investment Income		0.03			0.09			0.08			0.07			0.09			0.06
Net Realized and Unrealized Gain (Loss) on Investments		(0.86	)		(0.45	)		1.82			4.66			1.39			(0.89	)
TotalfromInvestmentOperations		(0.83	)		(0.36	)		1.90			4.73			1.48			(0.83	)
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income		(0.03	)		(0.09	)		(0.08	)		(0.07	)		(0.08	)		(0.07	)
From Net Realized Gain on Investments		–			(0.57	)		(0.59	)		(0.41	)		(0.31	)		–
TotalDistributions		(0.03	)		(0.66	)		(0.67	)		(0.48	)		(0.39	)		(0.07	)
Net Asset Value, End of Year	$	17.24		$	18.10		$	19.12		$	17.89		$	13.64		$	12.55
Total Return		(4.56	)%(2)		(1.94	)%		10.66	%		34.92	%		11.75	%		(6.13	)%
RATIOS TO AVERAGE NET ASSETS
Net Expenses		1.15	%(3)		1.14	%		1.14	%		1.15	%		1.16	%		1.17	%
Net Investment Income		0.46	%(3)		0.43	%		0.47	%		0.42	%		0.66	%		0.52	%
Net Assets Value End of Year (000 omitted)	$	316,700		$	333,729		$	359,487		$	341,781		$	272,140		$	260,667
PortfolioTurnoverRate		30	%		21	%		16	%		19	%		83	%		95	%

⁽¹⁾ Beginning with the year ended December 31, 2011, the Fund was audited by Cohen Fund Audit Services, Ltd. The previous year was audited by another independent registered public accounting firm.

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

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

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

Semi-Annual Report | June 30, 2016 33

Financial Highlights 

WesMark Balanced Fund

	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011 (1)
PER COMMON SHARE OPERATING PERFORMANCE
NetAssetValueBeginningofYear	$	11.65		$	12.67		$	12.09		$	11.02		$	10.56		$	10.23
Income (Loss) from Investment Operations:
Net Investment Income		0.10			0.19			0.20			0.19			0.21			0.18
Net Realized and Unrealized Gain (Loss) on Investments		0.51			(0.43	)		0.70			1.30			0.68			0.33
TotalfromInvestmentOperations		0.61			(0.24	)		0.90			1.49			0.89			0.51
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income		(0.11	)		(0.20	)		(0.19	)		(0.20	)		(0.20	)		(0.18	)
From Net Realized Gain on Investments		–			(0.58	)		(0.13	)		(0.22	)		(0.23	)		–
TotalDistributions		(0.11	)		(0.78	)		(0.32	)		(0.42	)		(0.43	)		(0.18	)
Net Asset Value, End of Year	$	12.15		$	11.65		$	12.67		$	12.09		$	11.02		$	10.56
Total Return		5.30	%(2)		(1.94	)%		7.50	%		13.57	%		8.44	%		5.08	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses		1.23	%(3)		1.22	%		1.22	%		1.25	%		1.27	%		1.31	%
Net Investment Income		1.90	%(3)		1.57	%		1.57	%		1.60	%		1.87	%		1.77	%
Net Assets Value End of Year (000 omitted)	$	103,260		$	101,049		$	102,402		$	88,671		$	71,096		$	64,675
PortfolioTurnoverRate		17	%		30	%		18	%		26	%		31	%		38	%

⁽¹⁾ Beginning with the year ended December 31, 2011, the Fund was audited by Cohen Fund Audit Services, Ltd. The previous year was audited by another independent registered public accounting firm.

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

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

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

34 www.wesmarkfunds.com

Financial Highlights

WesMark Government Bond Fund

	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011 (1)
PER COMMON SHARE OPERATING PERFORMANCE
NetAssetValueBeginningofYear	$	9.94		$	10.03		$	9.78		$	10.34		$	10.29		$	10.09
Income (Loss) from Investment Operations:
Net Investment Income		0.06			0.14			0.16			0.17			0.19			0.24
Net Realized and Unrealized Gain (Loss) on Investments		0.28			(0.06	)		0.27			(0.53	)		0.09			0.23
TotalfromInvestmentOperations		0.34			0.08			0.43			(0.36	)		0.28			0.47
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income		(0.08	)		(0.17	)		(0.18	)		(0.20	)		(0.21	)		(0.24	)
From Net Realized Gain on Investments		–			–			0.00	(2)		–			(0.02	)		(0.03	)
Total Distributions		(0.08	)		(0.19	)		(0.18	)		(0.20	)		(0.23	)		(0.27	)
Net Asset Value, End of Year	$	10.20		$	9.94		$	10.03		$	9.78		$	10.34		$	10.29
Total Return		3.48	%(3)		0.81	%		4.43	%		(3.53	)%		2.75	%		4.71	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses		1.01	%(4)		1.00	%		1.00	%		1.01	%		1.01	%		1.02	%
Net Investment Income		1.48	%(4)		1.51	%		1.64	%		1.72	%		1.84	%		2.31	%
Net Assets Value End of Year (000 omitted)	$	261,153		$	258,097		$	271,979		$	266,537		$	271,373		$	256,466
PortfolioTurnoverRate		12	%		13	%		17	%		26	%		56	%		69	%

⁽¹⁾ Beginning with the year ended December 31, 2011, the Fund was audited by Cohen Fund Audit Services, Ltd. The previous year was audited by another independent registered public accounting firm.

⁽²⁾ Less than $0.005 per share.

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

⁽⁴⁾ Ratios for periods of less than a year are annualized.

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

Semi-Annual Report | June 30, 2016 35

Financial Highlights

WesMark West Virginia Municipal Bond Fund

	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011 (1)
PER COMMON SHARE OPERATING PERFORMANCE
NetAssetValueBeginningofYear	$	10.57		$	10.59		$	10.16		$	10.72		$	10.56		$	10.15
Income (Loss) from Investment Operations:
Net Investment Income		0.11			0.23			0.25			0.27			0.30			0.33
Net Realized and Unrealized Gain (Loss) on Investments		0.22			(0.01	)		0.44			(0.55	)		0.18			0.42
TotalfromInvestmentOperations		0.33			0.22			0.69			(0.28	)		0.48			0.75
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From Net Investment Income		(0.11	)		(0.23	)		(0.25	)		(0.27	)		(0.30	)		(0.33	)
From Net Realized Gain on Investments		–			(0.01	)		(0.01	)		(0.01	)		(0.02	)		(0.01	)
TotalDistributions		(0.11	)		(0.26	)		(0.26	)		(0.28	)		(0.32	)		(0.34	)
Net Asset Value, End of Year	$	10.79		$	10.57		$	10.59		$	10.16		$	10.72		$	10.56
Total Return		3.12	%(2)		2.14	%		6.87	%		(2.58	)%		4.53	%		7.52	%
RATIOS TO AVERAGE NET ASSETS
Net Expenses		1.03	%(3)		0.96	%		0.96	%		0.97	%		0.97	%		0.99	%
Net Investment Income		2.03	%(3)		2.19	%		2.38	%		2.64	%		2.78	%		3.24	%
Expense Waiver/Reimbursement(4)		0.03	%(3)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net Assets Value End of Year (000 omitted)	$	122,641		$	118,456		$	120,968		$	110,705		$	114,375		$	99,118
PortfolioTurnoverRate		3	%		15	%		15	%		15	%		17	%		15	%

⁽¹⁾ Beginning with the year ended December 31, 2011, the Fund was audited by Cohen Fund Audit Services, Ltd. The previous year was audited by another independent registered public accounting firm.

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

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

⁽⁴⁾ This expense decrease is reflected in both the net expense and the net investment income ratios shown.

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

36 www.wesmarkfunds.com

Notes to Financial Statements

June 30, 2016 (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 Government Bond Fund (“Government Bond Fund”)	Diversified	To achieve high current income consistent with preservation of capital
WesMark West Virginia Municipal Bond Fund (“West Virginia Municipal Bond Fund”)	Non‐diversified	To achieve current income which is exempt from federal income tax and income taxes imposed by the State of West Virginia

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

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

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

The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the

Semi-Annual Report | June 30, 2016 37

Notes to Financial Statements

June 30, 2016 (Unaudited)

resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

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

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

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

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

A three‐tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability

developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three‐tier hierarchy of inputs is summarized in the three broad Levels listed below.

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

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

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

The following is a summary of the inputs used as of June 30, 2016 in valuing the Funds’ investments carried at fair value:

Small Company Growth Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	84,029,415	$	–	$	–	$	84,029,415
Exchange Traded Funds		1,425,525		–		–		1,425,525
Short Term Investments		5,065,612		–		–		5,065,612
Total	$	90,520,552	$	–	$	–	$	90,520,552

Growth Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	284,848,965	$	–	$	–	$	284,848,965
Exchange Traded Funds		7,357,130		–		–		7,357,130
Short Term Investments		21,856,746		3,998,845		–		25,855,591
Total	$	314,062,841	$	3,998,845	$	–	$	318,061,686

38 www.wesmarkfunds.com

Notes to Financial Statements

June 30, 2016 (Unaudited)

Balanced Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	62,556,533	$	–	$	–	$	62,556,533
Exchange Traded Funds		1,443,696		–		–		1,443,696
Corporate Bonds		–		12,705,013		–		12,705,013
U.S. Government Agency ‐ Collateralized Mortgage Obligations		–		6,670,974		–		6,670,974
U.S. Government Agency ‐ Mortgage Backed Securities		–		6,053,558		–		6,053,558
U.S. Government Agency Securities		–		4,098,886		–		4,098,886
Taxable Municipal Bonds		–		6,203,046		–		6,203,046
Short Term Investments		1,888,813		–		–		1,888,813
Total	$	65,889,042	$	35,731,477	$	–	$	101,620,519

Other Financial Instruments
Liabilities
Written Options	$	(114,485	)	$	–	$	–	$	(114,485	)
Total	$	(114,485	)	$	–	$	–	$	(114,485	)

Government Bond Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
U.S. Government Agency - Collateralized Mortgage Obligations	$	–	$	136,186,919	$	–	$	136,186,919
U.S. Government Agency - Mortgage Backed Securities		–		49,315,904		–		49,315,904
U.S. Government Agency Securities		–		8,104,219		–		8,104,219
U.S. Treasury Bonds		–		12,074,688		–		12,074,688
Taxable Municipal Bonds		–		45,902,041		–		45,902,041
Short Term Investments		9,117,265		–		–		9,117,265
Total	$	9,117,265	$	251,583,771	$	–	$	260,701,036

West Virginia Municipal Bond Fund

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 -Other Significant Observable Inputs		Level 3 -Significant Unobservable Inputs		Total
Municipal Bonds	$	–	$	120,671,454	$	–	$	120,671,454
Short Term Investments		1,334,484		–		–		1,334,484
Total	$	1,334,484	$	120,671,454	$	–	$	122,005,938

All securities of the Funds were valued using either Level 1 or Level 2 inputs during the six months ended June 30, 2016. Thus, a reconciliation of assets in which unobservable inputs (Level 3) were used is not applicable for the Funds.

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

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

Investment Income, Expenses and Distributions – Investment transactions are accounted for on a trade‐date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Interest income and expenses are accrued

daily. Dividend   income and  distributions to shareholders are recorded on the ex‐dividend date. Non‐cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex‐dividend date or when the Fund is informed

Semi-Annual Report | June 30, 2016 39

Notes to Financial Statements

June 30, 2016 (Unaudited)

of the ex‐dividend date. Trust level expenses are allocated to each Fund based on net assets, equally across all Funds, or to a specific Fund, whichever is deemed most appropriate for a particular expense. Each Fund pays its own expenses.

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

Premium and Discount Amortization/Paydown Gains and Losses – All premiums and discounts on fixed‐income securities are amortized/ accreted for financial statement purposes and are included in interest income on the Statement of Operations. 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 of 1986, as amended, (the “Code”) and to distribute to shareholders each year substantially all of its income. As of and during the year ended December 31, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have not incorporated uncertain tax positions that require a provision for income taxes and federal and state taxing authorities.

The Funds may be subject to taxes imposed by governments of countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income is earned.

Withholding taxes on foreign dividends have been provided for in accordance   with  the  Funds’  understanding  of  the  applicable country’s tax rules and rates.

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

occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

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

Derivative Instruments and Hedging Activities – The following discloses   the   Funds’   use   of   derivative   instruments   and hedging activities.

The Funds’ exposure to derivative contracts and hybrid instruments, either directly or indirectly through another investment company, may involve risks different from or possibly greater than the risk associated with investing directly in a security instead of the derivative. Risks include: 1) the value of the derivative may not correlate with the value of the underlying security or may correlate inversely; 2) any potential risk reduction may be offset with gain limitations; 3) derivatives may be difficult to price, thus involving additional payments by the Funds; 4) possible adverse tax consequences; 5) possible unforeseen redemption request by a derivative counter party increasing possible portfolio losses or costs, or preventing a Fund from implementing its investment strategy; and 6) other risks, such as but not limited to, stock market, interest rate, credit, currency, liquidity, and leverage risks.

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

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

Writing Covered Call Options and Purchasing Put Options

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

40 www.wesmarkfunds.com

Notes to Financial Statements

June 30, 2016 (Unaudited)

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

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

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

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

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

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

›› Sell call options on a security to generate income from premiums, and in anticipation of a decrease or only limited increase  in the value of the underlying security. If a Fund writes a call option on a security that it owns and that call option is exercised, a  Fund must deliver the security to the buyer and foregoes any possible profit from an increase in the market price of the security over the exercise price plus the premium received.

Put Options ‐ A put option gives the holder the right to sell the security to the writer of the option. A Fund may use put options in the following ways:

›› Buy put options on a security in anticipation of a decrease in the value of the Reference Instrument; or

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

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

The WesMark Balanced Fund had the following transactions in written options during the six months ended June 30, 2016:

	Written Call Options
	Contracts			Premiums
Outstanding, December 31, 2015		–		$	–
Positions opened		(2,529	)		(158,962	)
Closed		338			18,725
Exercised		320			23,066
Options expired		850			52,863
Expired		–			–
Outstanding, June 30, 2016		(1,021	)		(64,307	)
Fair Value, June 30, 2016				$	(114,485	)

The WesMark Balanced Fund had average written call option contracts volume of 152 during the six months ended June 30, 2016.

The effect of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2016:

Risk Exposure	Asset Derivatives Statements of Assets and Liabilities Location		Fair Value		Liability Derivatives Statements of Assets and Liabilities Location	Fair Value
WesMark Balanced Fund
Equity Contracts
(Written Options)		N/A		N/A	Written Options, At value	$	114,485
Total				N/A		$	114,485

Semi-Annual Report | June 30, 2016 41

Notes to Financial Statements

June 30, 2016 (Unaudited)

The effect of derivatives instruments on the Statements of Operations for the six months ended June 30, 2016:

Risk Exposure	Statements of Operations Location	Realized Gain on Derivatives Recognized in Income		Change in Unrealized Depreciation on Derivatives Recognized in Income
WesMark Balanced Fund
Equity Contracts (Written Options)	Net realized gain on written options/Net change in unrealized appreciation of written options	$	65,250	$	(50,178	)
Total		$	65,250	$	(50,178	)

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015
Small Company Growth Fund
Shares sold		460,158			790,106
Shares issued to shareholders in payment of distributions declared		–			193,521
Shares redeemed		(356,052	)		(711,777	)
Net increase resulting from share transactions		104,106			271,850
Common shares outstanding, end of period		7,435,341			7,331,235

	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015
Growth Fund
Shares sold		655,951			1,166,841
Shares issued to shareholders in payment of distributions declared		13,361			244,204
Shares redeemed		(739,012	)		(1,774,359	)
Net decrease resulting from share transactions		(69,700	)		(363,314	)
Common shares outstanding, end of period		18,370,332			18,440,032

	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015
Balanced Fund
Shares sold		440,296			1,319,379
Shares issued to shareholders in payment of distributions declared		16,091			109,760
Shares redeemed		(635,382	)		(835,523	)
Net increase/(decrease) resulting from share transactions		(178,995	)		593,616
Common shares outstanding, end of period		8,498,245			8,677,240

42 www.wesmarkfunds.com

Notes to Financial Statements

June 30, 2016 (Unaudited)

	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015
Government Bond Fund
Shares sold		1,368,733			2,153,634
Shares issued to shareholders in payment of distributions declared		35,391			76,733
Shares redeemed		(1,763,761	)		(3,385,536	)
Net decrease resulting from share transactions		(359,637	)		(1,155,169	)
Common shares outstanding, end of period		25,602,026			25,961,663

	For the Six Months Ended June 30, 2016 (Unaudited)			For the Year Ended December 31, 2015
West Virginia Municipal Bond Fund
Shares sold		490,548			913,850
Shares issued to shareholders in payment of distributions declared		25,421			61,118
Shares redeemed		(360,489	)		(1,190,359	)
Net increase/(decrease) resulting from share transactions		155,480			(215,391	)
Common shares outstanding, end of period		11,367,194			11,211,714

4. FEDERAL TAX INFORMATION AND TAX BASIS

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences were primarily attributed to differences in the treatment of net operating loss, paydown adjustments, and treatment of certain other investments. For the Funds’ most recent year ended December 31, 2015, permanent differences identified and reclassified among the components of net assets were as follows:

				Increase/(Decrease)
Fund Name	Paid-in Capital			Accumulated Net Investment Income			Accumulated Net Realized Gain (Loss) on Investments
Small Company Growth Fund	$	(468,385	)	$	461,443		$	6,942
Growth Fund	$	–		$	–		$	–
Balanced Fund	$	–		$	32,294		$	(32,294	)
Government Bond Fund	$	–		$	545,521		$	(545,521	)
West Virginia Municipal Bond Fund	$	–		$	(15,278	)	$	15,278

Included in the amounts reclassified for Small Company Growth Fund was a net operating loss offset to paid in capital of $469,039.

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

Semi-Annual Report  |  June 30, 2016 43

Notes to Financial Statements

June 30, 2016 (Unaudited)

For federal income tax purposes, the following amounts apply as of June 30, 2016:

Fund Name	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation		Cost of Investments for Income Tax Purposes
Small Company Growth Fund	$	24,385,305	$	(1,316,089	)	$	23,069,216	$	67,451,336
Growth Fund	$	94,105,075	$	(4,316,680	)	$	89,788,395	$	228,273,291
Balanced Fund	$	17,723,863	$	(636,677	)	$	17,087,186	$	84,533,333
Government Bond Fund	$	7,249,525	$	(226,657	)	$	7,022,868	$	253,678,168
West Virginia Municipal Bond Fund	$	6,008,611	$	–		$	6,008,611	$	116,035,936

The tax character of distributions as reported on the Statements of Changes in Net Assets for the year ended December 31, 2015 was as follows:

	For Year Ended December 31, 2015
Fund Name	Tax-Exempt Income		Ordinary Income		Long-Term Capital Gain		Total
Small Company Growth Fund	$	–	$	–	$	5,808,625	$	5,808,625
Growth Fund	$	–	$	1,591,161	$	10,499,288	$	12,090,449
Balanced Fund	$	–	$	1,690,448	$	4,831,314	$	6,521,762
Government Bond Fund	$	–	$	4,556,355	$	–	$	4,556,355
West Virginia Municipal Bond Fund	$	2,643,811	$	14,802	$	118,132	$	2,776,745

As of December 31, 2015, the Funds most recent year end, the components of distributable earnings on a tax basis were as follows:

Fund Name	Undistributed tax-exempt income		Undistributed net investment income		Accumulated net realized gain (loss) on investments			Net unrealized appreciation on investments		Total
Small Company Growth Fund	$	–	$	–	$	(1,046,862	)	$	32,189,753	$	31,142,891
Growth Fund	$	–	$	16,012	$	(1,618,418	)	$	122,285,584	$	120,683,178
Balanced Fund	$	–	$	53,060	$	3,438		$	13,537,980	$	13,594,478
Government Bond Fund	$	–	$	138,013	$	(573,767	)	$	1,371,838	$	936,084
West Virginia Municipal Bond Fund	$	–	$	53	$	7,863		$	3,515,817	$	3,523,733

As of December 31, 2015, the following Funds had available for Federal income tax purposes unused capital losses that may be used to offset future realized capital gains. The following losses will be carried forward indefinitely to offset future realized gains:

Fund Name	ST		LT
Government Bond Fund	$	155,791	$	302,414

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

The Funds elect to defer to the period ending December 31, 2016, capital losses recognized during the period November 1, 2015 to December 31, 2015 in the amount of:

Fund Name	Capital Losses
Small Company Growth Fund	$	1,046,862
Growth Fund	$	1,618,418
Government Bond Fund	$	115,562

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

44 www.wesmarkfunds.com

Notes to Financial Statements

June 30, 2016 (Unaudited)

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

For the six months ended June 30, 2016, the Adviser waived the following fees.

Fund Name	Adviser Fee Waiver
West Virginia Municipal Bond Fund	$	19,371

As of February 29, 2016, the Board of Trustees approved the termination of the Adviser’s voluntary waiver.

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

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

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

Shareholder Services Fee – Under the terms of Shareholder Services Agreements with WesBanco Bank (“WesBanco”) and other financial institutions, the Funds may pay WesBanco, or other financial institutions, up to 0.25% of average daily net assets. The fee is used to finance certain services for shareholders and to maintain shareholder accounts. WesBanco and the financial institutions may voluntarily choose to waive any portion of their fee. WesBanco and the financial institutions can modify or terminate this voluntary waiver at any time at their sole discretion.

Custodian Fees – WesBanco is the Funds’ custodian. The custodian fee paid to WesBanco is based on the level of each Fund’s average daily net assets for the period, plus out‐of‐pocket expenses. WesBanco may voluntarily choose to waive any portion of its fee. WesBanco can modify or terminate this voluntary waiver at any time at its sole discretion. Please refer to the Statement of Operations for the fees incurred for this related party.

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

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long‐term U.S. government securities and short‐term obligations, for the six months ended June 30, 2016, were as follows:

Fund	Purchases		Sales
Small Company Growth Fund	$	22,258,111	$	22,660,757
Growth Fund		90,239,008		114,174,058
Balanced Fund		15,766,812		13,986,878
Government Bond Fund		29,937,883		30,632,703
West Virginia Municipal Bond Fund		5,314,033		3,718,145

Purchases and Sales of U.S. Government Securities, other than short‐term securities, for the six months ended June 30, 2016 were as follows:

Fund	Purchases		Sales
Balanced Fund	$	999,840	$	5,052,381
Government Bond Fund		–		5,683,050

7. CONCENTRATION OF RISK

Since the West Virginia Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax‐exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at June 30, 2016, 27% of the securities in the portfolio were backed by letters of credit, bond insurance of various financial institutions, or financial guaranty assurance agencies.

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

8. COMPENSATION OF TRUSTEES

None of the Trustees are entitled to receive any retirement, pension plans or deferred compensation benefits from the Trust. Interested Trustees receive the same compensation as Independent Trustees. No officers of the Funds are compensated by the Funds, but officers may be reimbursed by the Funds for travel and related expenses incurred in performing their duties.

Semi-Annual Report  |  June 30, 2016 45

Shareholder Expense Example

June 30, 2016 (Unaudited)

As a shareholder of a Fund, you incur ongoing costs, including management fees and to the extent applicable, shareholder services fees and other Fund expenses. This example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from December 31, 2015 to June 30, 2016.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

	Beginning Account Value January 1, 2016	Ending Account Value June 30, 2016	Expense Paid During Period(1)	Net Expense Ratios(2)
WesMark Small Company Growth Fund
Actual Fund Return	$1,000.00	$967.40	$6.07	1.24%
Hypothetical Fund Return (assuming a 5% return before expenses)	$1,000.00	$1,018.70	$6.22	1.24%
WesMark Growth Fund
Actual Fund Return	$1,000.00	$954.40	$5.59	1.15%
Hypothetical Fund Return (assuming a 5% return before expenses)	$1,000.00	$1,019.14	$5.77	1.15%
WesMark Balanced Fund
Actual Fund Return	$1,000.00	$1,053.00	$6.28	1.23%
Hypothetical Fund Return (assuming a 5% return before expenses)	$1,000.00	$1,018.75	$6.17	1.23%
WesMark Government Bond Fund
Actual Fund Return	$1,000.00	$1,034.80	$5.11	1.01%
Hypothetical Fund Return (assuming a 5% return before expenses)	$1,000.00	$1,019.84	$5.07	1.01%
WesMark West Virginia Municipal Bond Fund
Actual Fund Return	$1,000.00	$1,031.20	$5.20	1.03%
Hypothetical Fund Return (assuming a 5% return before expenses)	$1,000.00	$1,019.74	$5.17	1.03%

⁽¹⁾ Expenses are equal to the Funds' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six month period).

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

46 www.wesmarkfunds.com

Board Review of Advisory Contract

June 30, 2016 (Unaudited)

As required by the 1940 Act, the Board of Trustees (“Board” or “Trustees”) of the WesMark Funds (“Funds”) has reviewed, at its May 2016 meeting, the Funds’ investment advisory contract with WesBanco Investment Department (“Adviser”). The Board met telephonically earlier in the month to discuss the materials received in connection with their consideration of the renewal of the investment advisory agreement and made one additional request to the Adviser at that time. Following a review and approval by the Funds’ Independent Trustees in executive session at the May meeting, the Board reviewed and approved the continuation of the Funds’ investment advisory agreement with the Adviser for the one‐year period commencing on May 31, 2016. The Board’s decision to approve the investment advisory agreement reflects the exercise of its business judgment on whether to continue the existing arrangements.

The Board is aware that various courts, including the United States Supreme Court, have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an Adviser’s fiduciary duty with respect to its receipt of compensation: the nature, extent and quality of the services provided by the Adviser, including the investment performance of a Fund and the Adviser; the Adviser’s cost of providing the services; the extent to which the Adviser may realize “economies of scale” as a Fund grows larger and whether fee levels reflect these economies of scale; any profits or indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser’s relationship with a Fund; performance and expenses of comparable funds; and the extent to which the independent Board members are fully informed about all facts bearing on the Adviser’s services and fees. The Funds’ Board is aware of these factors and is guided by them in its review of the Funds’ advisory contract to the extent they are appropriate and relevant, as discussed further below.

In connection with its review, the Board requests and receives a significant amount of detailed information about the Funds and the WesBanco organization. The Adviser and other service providers of the Funds provide much of this information at each regular meeting of the Board, and furnish additional reports in connection with the particular meeting at which the Board’s formal review of the advisory contract occurs. In between regularly scheduled meetings, the Board receives additional information on particular matters as the need arises. Thus, the Board’s evaluation of an advisory contract is informed by reports covering such matters as: the Adviser’s investment philosophy, personnel, and processes; a Fund’s short‐ and long‐term performance (in absolute terms, as well as in relationship to its particular investment program and certain competitor or “peer group” funds and/or other benchmarks, as appropriate), and comments on the reasons for performance; a Fund’s expenses (including the advisory fee itself and the overall expense structure of a Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for any expense limitations); the use and allocation of brokerage commissions derived from trading a Fund’s portfolio securities; the nature and extent of the advisory and other services provided to a Fund by the Adviser and its affiliates; compliance and audit reports concerning the Funds and the WesBanco companies that service them; and relevant developments in the mutual fund industry

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

With respect to the nature and quality of the services provided by the Adviser, the Board received and considered information concerning the nature, extent and quality of the services provided to the Funds. The Trustees considered the background and experience of the members of the portfolio management teams responsible for the day‐to‐day management of the Funds and considered the functioning of the portfolio management teams for the Funds. In this regard the Board discussed the work load and work allocation among the various portfolio managers. The Trustees also considered the new resources that the Adviser recently added in investment research and trading. The Board concluded it was satisfied with the functioning of the portfolio management teams and was satisfied with the capabilities and commitment of the Adviser to provide high quality service to the Funds. The Board agreed to continue to monitor the performance and development of such teams.

With respect to a Fund’s performance and expenses in particular, the Board has found the use of comparisons to other mutual funds with comparable investment programs to be useful, given the high degree of competition within the mutual fund business. While mindful that courts have cautioned against giving such comparisons too much weight, the Board focuses on comparisons with other similar mutual funds (rather than non‐mutual fund products or services) because it is believed that they are more relevant. For example, other mutual funds are the products most like the Funds, and they are readily available as alternative investment vehicles. The range of their fees and expenses therefore appears to be a generally reliable indication of what consumers have found to be reasonable in the marketplace in which the Funds compete. A Fund’s ability to deliver competitive performance when compared to its peer group may be a useful indicator of how the Adviser is executing on the Fund’s investment program, which would in turn assist the Board in reaching a conclusion that the nature, extent, and quality of the Adviser’s investment management services are such as to warrant continuation of the advisory contract. The Funds are the only advisory clients of the Adviser. However, personnel of the Adviser may assist in the provision of asset management services for clients of affiliates of the Adviser. The Board is aware of these arrangements and is briefed on any changes to these arrangements.

For the one year and three year period ended March 31, 2016, the performance of the WesMark Small Company Growth Fund and WesMark Growth Fund were below the median of the relevant peer groups. The WesMark West Virginia Municipal Bond Fund’s Performance for the one year period ended March 31, 2016 was below the median of the relevant peer group but for the three year period ended March 31, 2016 was above the median of the relevant peer group. The performance of the WesMark Balanced Fund and WesMark Government Bond Fund for the one year period ended March 31, 2016 was above the median of the relevant peer group but for the three year period ended March 31, 2016 was below the median of the relevant

Semi-Annual Report | June 30, 2016 47

Board Review of Advisory Contract

June 30, 2016 (Unaudited)

peer group. The Board reviewed the performance of the Funds for the first quarter of 2016 and noted that the WesMark West Virginia Municipal Bond Fund and WesMark Balanced Fund were above the median of their respective peer groups for the quarter, while the WesMark Growth Fund, WesMark Small Company Growth Fund and the WesMark Government Fund were below the median of their respective peer groups for the quarter. The Board also noted that the peer performance comparisons for the WesMark West Virginia Municipal Bond Fund were of limited value because of the unique nature of the West Virginia municipal bond market and the limited number of municipal bond funds dedicated to West Virginia. Overall the Board concluded that it was satisfied with the Advisor’s performance in managing the Funds. The Board will continue to monitor these efforts and performance of the Funds.

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

The Board also considered whether “economies of scale” may exist and whether the Funds benefit from any such economies. The Board noted that, while the Funds have grown in recent years, each of the Funds is still of relatively small size relative to many of its peers. Under these circumstances, the Board concluded there were no meaningful “economies of scale” enjoyed by the adviser in managing the Funds. However, the Board noted that shareholders of a Fund may benefit from an increase in size of the Fund due to the fixed expenses of the Fund being spread over a larger asset base potentially resulting in lower expense ratios for the Funds. The Trustees also noted that the Adviser had made investments in the hiring of investment management personnel and that the benefits of those investments were likely to be experienced by the Funds as a whole.

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

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

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

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

The Board based its decision to renew the advisory contracts on the totality of the circumstances and relevant factors and with a view to past and future long‐term considerations. The Board does not consider any one factor to be determinative. With respect to the factors that were relevant, the Board’s decision to approve the contract reflects its determination that the Adviser’s performance and actions provide a satisfactory basis to support the decision to continue the existing arrangements. Because the totality of circumstances includes considering the relationship of each Fund to the WesMark family of Funds, the Board does not approach consideration of each Fund’s advisory contract as if that were the only fund offered by the Adviser.

48 www.wesmarkfunds.com

Additional Information

June 30, 2016 (Unaudited)

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

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

FEDERAL TAX INFORMATION

For the year ended December 31, 2015, 99.43% of the distributions from net investment income for West Virginia Municipal Bond Fund are exempt from federal income tax.

Of the ordinary income (including short‐term capital gain) distributions made by the Funds during the year ended December 31, 2015, the percentages qualifying for the dividend received deduction available to corporate shareholders are as follows:

Fund Name	Percentage
Growth Fund	100.00%
Balanced Fund	82.58%

For the year ended December 31, 2015, the following percentages of total ordinary dividends paid by the Funds are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information will be reported in conjunction with the reporting of your distributions on Form 1099‐DIV. The percentages were as follows:

Fund Name	Percentage
Growth Fund	100.00%
Balanced Fund	86.44

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Small Company Growth Fund, Growth Fund, Balanced Fund, and West Virginia Municipal Bond Fund designated $5,808,625, $10,499,288, $4,831,314, and $118,132, respectively as long‐term capital gain dividends.

Semi-Annual Report | June 30, 2016 49

Glossary of Terms

June 30, 2016 (Unaudited)

Maturity – maturity date refers to the final payment date of a loan or other financial instrument, at which point the principal (and all remaining interest) is due to be paid.

Investment Ratings:

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

50 www.wesmarkfunds.com

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Item 2.  Code of Ethics.

Not applicable to this semi-annual report.

Item 3.  Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.  Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.  Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6.  Investments.

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

(b) Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

No changes to report.

Item 11.  Controls and Procedures.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Exhibits.

(a)(1) Not applicable to this semi-annual report.

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

(a)(3) Not applicable to the registrant.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant	WesMark Funds
By	/s/ David B. Ellwood
	David B. Ellwood President and Chief Executive Officer (Principal Executive Officer)
Date	September 6, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David B. Ellwood
	David B. Ellwood President and Chief Executive Officer (Principal Executive Officer)
Date	September 6, 2016

By	/s/ Steven Kellas
	Steven Kellas Treasurer and Chief Financial Officer (Principal Financial Officer)
Date	September 6, 2016