Commerce 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

Investment Company Act file number 811-8598

The Commerce Funds

(Exact name of Registrant as specified in charter)

922 Walnut St., Fourth Floor, Mail Code = TB4-1, Kansas City, Missouri 64106

(Address of principal executive offices) (Zip code)

Diana E. McCarthy, Esq.,

Faegre Drinker Biddle & Reath LLP

One Logan Square

Suite 2000

Philadelphia, PA 19103-6996

(Name and address of agent for service)

Registrant’s telephone number, including area code:1-800-995-6365

Date of fiscal year end: 10/31

Date of reporting period: 04/30/20

ITEM 1. REPORTS TO SHAREHOLDERS.

The Semi-Annual Report to Shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1) is filed herewith.

COMMERCE FUNDS

Table of Contents

Performance Summaries	2
Schedules of Investments
Growth	3
Value	5
MidCap Growth	7
Bond	9
Short-Term Government	21
National Tax-Free Intermediate Bond	25
Missouri Tax-Free Intermediate Bond	35
Kansas Tax-Free Intermediate Bond	42
Statements of Assets and Liabilities	47
Statements of Operations	49
Statements of Changes in Net Assets	51
Financial Highlights	55
Notes to Financial Statements	63
Other Information	79

Please note:

The information in this semi-annual report is as of April 30, 2020 and is unaudited. The securities mentioned in this report may no longer be held by the Funds. To view more recent information about each Fund’s performance and portfolio or to obtain a prospectus, please visit our website atwww.commercefunds.com. This report is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus, which contains more complete information about the Funds’ investment policies, management and expenses. Investors should read the prospectus carefully before investing.

You may also receive information about the Funds by calling toll free 1-800-995-6365 or by writing to P.O. Box 219525, Kansas City, Missouri, 64121-9525, or you may contact your investment professional. The Commerce Funds publish performance and portfolio information for each Fund at the end of every calendar quarter. Investors should read the prospectus carefully before investing or sending money.

COMMERCE FUNDS

Performance Summaries

April 30, 2020 (Unaudited)

The following is performance information for the Funds. The returns represent past performance. Past performance is no guarantee of future results. The Funds’ investment returns will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Funds are not subject to a sales charge, so a sales charge is not applied to their total returns. In addition to the Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Funds. Please visit our website at www.commercefunds.com to obtain the most recentmonth-end returns.

Performance Review
November 1, 2019 - April 30, 2020	Fund Total  Return(a)			Index Total Return			Index
Equity Funds:
Growth		2.24	%		6.09	%	Russell 1000® Growth(b)
Value		–12.75			–13.66		Russell 1000® Value(c)
MidCap Growth		–4.87			–1.78		Russell Midcap® Growth(d)
Fixed Income Funds:
Bond		1.06			4.86		Bloomberg Barclays U.S. Aggregate Bond(e)
Short-Term Government		2.41			3.97		Bloomberg Barclays U.S. 1-5 Year Government Bond Index(f)
National Tax-Free Intermediate Bond		0.04			–0.80		Bloomberg Barclays 3-15 Year Blend Municipal Bond(g)
Missouri Tax-Free Intermediate Bond		0.15			–0.80		Bloomberg Barclays 3-15 Year Blend Municipal Bond(g)
Kansas Tax-Free Intermediate Bond		0.47			–0.80		Bloomberg Barclays 3-15 Year Blend Municipal Bond(g)

(a) Returns reflect any fee waivers or expense reductions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(b) The Russell 1000® Growth Index, an unmanaged index, measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, taxes or expenses.

(c) The Russell 1000® Value Index, an unmanaged index, measures the performance of the large-cap value segment of the U.S. equity universe. It includes Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Index figures do not reflect any deduction for fees, taxes or expenses.

(d) The Russell Midcap® Growth Index, an unmanaged index, measures the performance of the mid-cap growth segment at the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, taxes or expenses.

(e) The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities. The Index figures do not reflect any deduction for fees, taxes or expenses.

(f) The Bloomberg Barclays U.S. 1-5 Year Government Bond Index is an unmanaged index comprised of U.S. Treasury and Agency securities with a minimum principal amount outstanding of $250 million and a final maturity of at least one year but no more than five years. The Index figures do not reflect any deduction for fees, taxes or expenses.

(g) The Bloomberg Barclays 3-15 Year Blend Municipal Bond Index is an unmanaged index comprised of investment-grade municipal securities ranging from 2 to 17 years in maturity. The Index figures do not reflect any deduction for fees, taxes or expenses.

Recent Market Events related to COVID-19

In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. The outbreak has resulted in travel and border restrictions, quarantines, curfews, restrictions on large gatherings, cancellations, lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains and general public concern and uncertainty. While governments have taken unprecedented actions to limit disruption to the financial system caused by COVID-19, global financial markets have experienced, and may continue to experience, significant losses in value, volatility and liquidity constraints resulting from the spread of the disease. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Funds, including political, social and economic risks. Any such impact could adversely affect a Fund’s performance and the performance of the securities in which a Fund invests, and may lead to losses on your investment in the Fund. The full extent of the impact of COVID-19 on a Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the disease. The Commerce Funds’ long-term commitment to shareholders remains unchanged, and we encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting Commercefunds.com.

2

COMMERCE GROWTH FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 95.6%
	Aerospace & Defense – 1.1%
	5,125	Lockheed Martin Corp.		$    1,993,932
	Beverages – 2.2%
	15,585	PepsiCo, Inc.		2,061,740
	38,300	The Coca-Cola Co.		1,757,587
				3,819,327
	Biotechnology – 1.1%
	8,430	Amgen, Inc.		2,016,625
	Building Products – 1.6%
	18,630	Armstrong World Industries, Inc.		1,436,000
	7,870	Lennox International, Inc.		1,469,172
				2,905,172
	Capital Markets – 3.1%
	15,310	Cboe Global Markets, Inc.		1,521,508
	24,075	Intercontinental Exchange, Inc.		2,153,509
	16,200	T. Rowe Price Group, Inc.		1,873,206
				5,548,223
	Chemicals – 3.3%
	10,720	Ecolab, Inc.		2,074,320
	24,970	RPM International, Inc.		1,658,258
	3,920	The Sherwin-Williams Co.		2,102,570
				5,835,148
	Commercial Services & Supplies – 2.1%
	47,282	Rollins, Inc.		1,891,280
	17,470	Waste Management, Inc.		1,747,349
				3,638,629
	Communications Equipment – 1.0%
	41,775	Cisco Systems, Inc.		1,770,425
	Computers & Peripherals – 7.3%
	43,855	Apple, Inc.		12,884,599
	Diversified Consumer Services – 0.8%
	38,225	Service Corp. International		1,404,387
	Electrical Equipment – 1.9%
	18,345	AMETEK, Inc.		1,538,595
	9,265	Rockwell Automation, Inc.		1,755,532
				3,294,127
	Electronic Equipment & Instruments – 1.9%
	22,100	Amphenol Corp. Class A		1,950,546
	31,625	FLIR Systems, Inc.		1,372,525
				3,323,071
	Entertainment* –  1.1%
	266,575	Zynga, Inc. Class A		2,009,975
	Equity Real Estate Investment Trusts (REITs) – 2.2%
	13,045	Crown Castle International Corp.		2,079,764
	9,260	Public Storage		1,717,267
				3,797,031

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – 3.3%
	23,150	Abbott Laboratories		$     2,131,884
	7,665	Becton Dickinson & Co.		1,935,642
	9,645	Stryker Corp.		1,798,117
				5,865,643
	Health Care Providers & Services – 2.5%
	9,660	Laboratory Corp. of America Holdings*		1,588,587
	9,820	UnitedHealth Group, Inc.		2,872,055
				4,460,642
	Hotels, Restaurants & Leisure – 3.2%
	10,145	McDonald’s Corp.		1,902,796
	25,095	Starbucks Corp.		1,925,540
	21,210	Yum! Brands, Inc.		1,833,180
				5,661,516
	Industrial Conglomerates – 2.1%
	12,685	Honeywell International, Inc.		1,800,001
	5,685	Roper Technologies, Inc.		1,938,756
				3,738,757
	Interactive Media & Services* – 7.9%
	6,430	Alphabet, Inc. Class A		8,659,281
	25,630	Facebook, Inc. Class A		5,246,717
				13,905,998
	Internet & Catalog Retail* – 6.0%
	4,305	Amazon.com, Inc.		10,650,570
	IT Services – 12.9%
	11,695	Automatic Data Processing, Inc.		1,715,539
	15,545	Broadridge Financial Solutions, Inc.		1,803,220
	14,525	Fidelity National Information Services, Inc.		1,915,702
	18,810	Fiserv, Inc.*		1,938,559
	6,435	FleetCor Technologies, Inc.*		1,552,444
	12,145	Jack Henry & Associates, Inc.		1,986,315
	9,615	Mastercard, Inc. Class A		2,643,836
	25,405	Paychex, Inc.		1,740,751
	18,780	PayPal Holdings, Inc.*		2,309,940
	8,885	VeriSign, Inc.*		1,861,319
	18,425	Visa, Inc. Class A		3,292,916
				22,760,541
	Life Sciences Tools & Services – 3.2%
	24,365	Agilent Technologies, Inc.		1,867,821
	2,265	Mettler-Toledo International, Inc.*		1,630,664
	6,245	Thermo Fisher Scientific, Inc.		2,090,077
				5,588,562
	Machinery – 1.1%
	11,485	Illinois Tool Works, Inc.		1,866,313
	Media – 1.0%
	45,320	Comcast Corp. Class A		1,705,392

The accompanying notes are an integral part of these financial statements. 3

COMMERCE GROWTH FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Multiline Retail – 1.3%
	12,840	Dollar General Corp.		$     2,250,852
	Personal Products – 1.1%
	10,625	The Estee Lauder Cos., Inc. Class A		1,874,250
	Pharmaceuticals – 2.2%
	14,145	Johnson & Johnson		2,122,316
	13,865	Zoetis, Inc.		1,792,883
				3,915,199
	Road & Rail – 1.0%
	11,500	Union Pacific Corp.		1,837,585
	Semiconductors & Semiconductor Equipment – 1.1%
	16,390	Texas Instruments, Inc.		1,902,387
	Software – 12.8%
	6,445	ANSYS, Inc.*		1,687,494
	25,185	Cadence Design Systems, Inc.*		2,043,259
	34,475	CDK Global, Inc.		1,354,178
	12,750	Citrix Systems, Inc.		1,848,878
	79,540	Microsoft Corp.		14,254,363
	7,360	Palo Alto Networks, Inc.*		1,446,314
				22,634,486
	Specialty Retail – 1.2%
	9,210	The Home Depot, Inc.		2,024,634
	Textiles, Apparel & Luxury Goods – 1.0%
	21,040	Nike, Inc. Class B		1,834,267
	TOTAL COMMON STOCKS
	(Cost $116,753,063)			$168,718,265
	Exchange Traded Fund – 1.5%
	15,340	iShares Russell 1000 Growth ETF
	(Cost $2,587,832)			$    2,650,445

Shares	Dividend Rate			Value
Investment Company – 3.5%
State Street Institutional US Government Money Market Fund — Premier Class
6,229,724		0.191	%	$	6,229,724
(Cost $6,229,724)
TOTAL INVESTMENTS – 100.6%
(Cost $125,570,619)				$	177,598,434
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%					(990,851)
NET ASSETS – 100.0%				$	176,607,583

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*Non-income producing security.

PORTFOLIO COMPOSITION

	AS OF 04/30/20			AS OF 10/31/19
Information Technology		37.0	%		36.0	%
Consumer Discretionary		13.5			13.0
Industrials		10.9			12.9
Health Care		12.4			11.4
Communication Services		10.0			10.0
Investment Company		3.5			1.3
Materials		3.3			3.3
Consumer Staples		3.2			3.4
Financials		3.1			4.4
Real Estate		2.2			2.2
Exchange-Traded Fund		1.5			2.1
TOTAL INVESTMENTS		100.6	%		100.0	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

4 The accompanying notes are an integral part of these financial statements.

COMMERCE VALUE FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 93.0%
	Aerospace & Defense – 2.3%
	14,250	Lockheed Martin Corp.		$    5,544,105
	Air Freight & Logistics – 1.8%
	47,500	United Parcel Service, Inc. Class B		4,496,350
	Beverages – 3.9%
	40,000	PepsiCo, Inc.		5,291,600
	95,000	The Coca-Cola Co.		4,359,550
				9,651,150
	Biotechnology – 6.3%
	35,500	Amgen, Inc.		8,492,310
	83,000	Gilead Sciences, Inc.		6,972,000
				15,464,310
	Capital Markets – 9.2%
	11,250	BlackRock, Inc.		5,647,950
	40,500	CME Group, Inc.		7,217,505
	113,000	Morgan Stanley		4,455,590
	45,500	T. Rowe Price Group, Inc.		5,261,165
				22,582,210
	Commercial Banks – 7.7%
	62,500	JPMorgan Chase & Co.		5,985,000
	339,000	People’s United Financial, Inc.		4,301,910
	93,000	U.S. Bancorp.		3,394,500
	181,500	Wells Fargo & Co.		5,272,575
				18,953,985
	Communications Equipment – 2.2%
	126,000	Cisco Systems, Inc.		5,339,880
	Containers & Packaging – 3.5%
	120,000	International Paper Co.		4,110,000
	92,000	Sonoco Products Co.		4,493,280
				8,603,280
	Distributors – 1.7%
	53,000	Genuine Parts Co.		4,201,840
	Diversified Telecommunication Services – 5.3%
	253,500	AT&T, Inc.		7,724,145
	91,500	Verizon Communications, Inc.		5,256,675
				12,980,820
	Electric Utilities – 3.2%
	93,000	Duke Energy Corp.		7,873,380
	Electrical Equipment – 1.7%
	75,000	Emerson Electric Co.		4,277,250
	Equity Real Estate Investment Trusts (REITs) – 1.8%
	67,500	WP Carey, Inc.		4,440,150
	Food Products – 2.5%
	103,500	General Mills, Inc.		6,198,615
	Health Care Providers & Services – 1.8%
	73,500	CVS Health Corp.		4,523,925
	Hotels, Restaurants & Leisure – 2.2%
	28,500	McDonald’s Corp.		5,345,460

Shares		Description	Value
	Common Stocks – (continued)
	Household Products – 4.4%
	40,000	Kimberly-Clark Corp.		$    5,539,200
	44,500	The Procter & Gamble Co.		5,245,215
				10,784,415
	Industrial Conglomerates – 2.0%
	33,000	3M Co.		5,013,360
	Insurance – 3.2%
	113,500	MetLife, Inc.		4,095,080
	104,500	Principal Financial Group, Inc.		3,804,845
				7,899,925
	IT Services – 3.8%
	38,000	International Business Machines Corp.		4,771,280
	65,500	Paychex, Inc.		4,488,060
				9,259,340
	Machinery – 1.9%
	39,500	Caterpillar, Inc.		4,597,010
	Multi-Utilities – 3.2%
	100,500	Dominion Energy, Inc.		7,751,565
	Oil, Gas & Consumable Fuels – 3.3%
	88,500	Chevron Corp.		8,142,000
	Pharmaceuticals – 9.6%
	59,500	Johnson & Johnson		8,927,380
	62,000	Merck & Co., Inc.		4,919,080
	253,500	Pfizer, Inc.		9,724,260
				23,570,720
	Semiconductors & Semiconductor Equipment – 2.2%
	46,000	Texas Instruments, Inc.		5,339,220
	Specialty Retail – 2.3%
	25,500	The Home Depot, Inc.		5,605,665
	TOTAL COMMON STOCKS
	(Cost $223,254,998)			$228,439,930
	Exchange Traded Fund – 4.3%
	95,000	iShares Russell 1000 Value Index Fund
	(Cost $12,696,917)			$  10,475,650

Shares	Dividend Rate			Value
Investment Company – 2.4%
State Street Institutional US Government Money Market Fund — Premier Class
5,857,317		0.191	%	$	5,857,317
(Cost $5,857,317)
TOTAL INVESTMENTS – 99.7%
(Cost $241,809,232)				$	244,772,897
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%					734,561
NET ASSETS – 100.0%				$	245,507,458

The accompanying notes are an integral part of these financial statements. 5

COMMERCE VALUE FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

PORTFOLIO COMPOSITION

	AS OF 4/30/20			AS OF 10/31/19
Financials		20.1	%		20.4	%
Health Care		17.7			15.1
Consumer Staples		10.8			7.4
Industrials		9.7			9.5
Information Technology		8.2			7.5
Utilities		6.4			3.9
Consumer Discretionary		6.2			9.5
Communication Services		5.3			4.8
Exchanged Traded Fund		4.3			3.4
Materials		3.5			3.9
Energy		3.3			8.8
Investment Company		2.4			1.5
Real Estate		1.8			3.9
TOTAL INVESTMENTS		99.7	%		99.6	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

6 The accompanying notes are an integral part of these financial statements.

COMMERCE MIDCAP GROWTH FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 95.4%
	Aerospace & Defense – 1.8%
	20,600	HEICO Corp.		$    1,804,560
	5,665	TransDigm Group, Inc.		2,056,848
				3,861,408
	Air Freight & Logistics – 1.2%
	34,730	CH Robinson Worldwide, Inc.		2,462,357
	Building Products – 1.0%
	27,290	Armstrong World Industries, Inc.		2,103,513
	Capital Markets – 4.9%
	8,845	FactSet Research Systems, Inc.		2,432,375
	18,665	Morningstar, Inc.		2,910,994
	7,805	MSCI, Inc.		2,552,235
	22,480	T. Rowe Price Group, Inc.		2,599,362
				10,494,966
	Chemicals – 1.2%
	37,050	RPM International, Inc.		2,460,490
	Commercial Banks – 0.6%
	38,290	Comerica, Inc.		1,334,789
	Commercial Services & Supplies – 1.3%
	67,617	Rollins, Inc.		2,704,680
	Communications Equipment – 1.0%
	15,290	Motorola Solutions, Inc.		2,198,855
	Containers & Packaging – 1.2%
	87,280	Sealed Air Corp.		2,495,335
	Distributors – 1.2%
	12,310	Pool Corp.		2,605,535
	Diversified Consumer Services – 2.0%
	17,795	Bright Horizons Family Solutions, Inc.*		2,072,228
	61,060	Service Corp. International		2,243,344
				4,315,572
	Diversified Financial Services – 1.2%
	55,600	Voya Financial, Inc.		2,511,452
	Electrical Equipment – 2.5%
	31,460	AMETEK, Inc.		2,638,550
	14,170	Rockwell Automation, Inc.		2,684,932
				5,323,482
	Electronic Equipment & Instruments – 5.0%
	28,775	Amphenol Corp. Class A		2,539,682
	22,540	CDW Corp.		2,497,432
	67,460	FLIR Systems, Inc.		2,927,764
	12,140	Zebra Technologies Corp. Class A*		2,788,072
				10,752,950
	Entertainment* – 1.2%
	338,000	Zynga, Inc. Class A		2,548,520

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – 3.0%
	24,850	Extra Space Storage, Inc.		$    2,192,764
	31,530	Lamar Advertising Co. Class A		1,817,705
	8,610	SBA Communications Corp.		2,496,211
				6,506,680
	Food Products – 3.6%
	52,260	Campbell Soup Co.		2,611,955
	17,305	McCormick & Co., Inc.		2,714,116
	17,195	The Hershey Co.		2,277,134
				7,603,205
	Health Care Equipment & Supplies – 6.2%
	56,380	Hologic, Inc.*		2,824,638
	9,885	IDEXX Laboratories, Inc.*		2,744,076
	8,075	The Cooper Cos., Inc.		2,315,103
	20,635	Varian Medical Systems, Inc.*		2,360,231
	15,555	West Pharmaceutical Services, Inc.		2,943,939
				13,187,987
	Health Care Providers & Services – 2.3%
	5,440	Chemed Corp.		2,266,141
	16,620	Laboratory Corp. of America Holdings*		2,733,159
				4,999,300
	Health Care Technology – 1.2%
	37,150	Cerner Corp.		2,577,838
	Hotels, Restaurants & Leisure – 3.6%
	6,725	Domino’s Pizza, Inc.		2,433,980
	42,005	Dunkin’ Brands Group, Inc.		2,639,594
	136,035	The Wendy’s Co.		2,701,655
				7,775,229
	Household Products – 1.2%
	36,215	Church & Dwight Co., Inc.		2,534,688
	Industrial Conglomerates – 1.0%
	17,115	Carlisle Cos., Inc.		2,070,230
	IT Services – 15.1%
	24,135	Akamai Technologies, Inc.*		2,358,231
	38,775	Black Knight, Inc.*		2,736,352
	33,300	Booz Allen Hamilton Holding Corp.		2,445,552
	23,500	Broadridge Financial Solutions, Inc.		2,726,000
	24,340	Euronet Worldwide, Inc.*		2,233,438
	23,320	Fiserv, Inc.*		2,403,359
	10,725	FleetCor Technologies, Inc.*		2,587,406
	75,760	Genpact Ltd.		2,608,417
	38,900	GoDaddy, Inc. Class A*		2,700,827
	15,085	Jack Henry & Associates, Inc.		2,467,152
	34,695	Paychex, Inc.		2,377,301
	12,950	VeriSign, Inc.*		2,712,896
	13,475	WEX, Inc.*		1,783,012
				32,139,943

The accompanying notes are an integral part of these financial statements. 7

COMMERCE MIDCAP GROWTH FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Life Sciences Tools & Services – 4.9%
	30,900	Agilent Technologies, Inc.		$    2,368,794
	12,225	Bio-Techne Corp.		2,750,625
	20,605	IQVIA Holdings, Inc.*		2,938,067
	3,455	Mettler-Toledo International, Inc.*		2,487,393
				10,544,879
	Machinery – 6.6%
	44,090	Fortive Corp.		2,821,760
	48,685	Graco, Inc.		2,174,272
	18,105	IDEX Corp.		2,781,471
	17,560	Nordson Corp.		2,825,580
	23,555	The Middleby Corp.*		1,310,365
	35,315	The Toro Co.		2,253,450
				14,166,898
	Multiline Retail – 1.3%
	16,210	Dollar General Corp.		2,841,613
	Professional Services* – 1.2%
	3,905	CoStar Group, Inc.		2,531,455
	Road & Rail – 1.1%
	23,125	Landstar System, Inc.		2,389,044
	Semiconductors & Semiconductor Equipment – 2.4%
	45,395	Maxim Integrated Products, Inc.		2,495,817
	13,030	Monolithic Power Systems, Inc.		2,604,827
				5,100,644
	Software – 9.7%
	9,885	ANSYS, Inc.*		2,588,190
	34,030	Cadence Design Systems, Inc.*		2,760,854
	16,530	Citrix Systems, Inc.		2,397,015
	11,630	Palo Alto Networks, Inc.*		2,285,411
	38,580	PTC, Inc.*		2,671,665
	154,785	SolarWinds Corp.*		2,628,249
	17,800	Synopsys, Inc.*		2,796,736
	7,880	Tyler Technologies, Inc.*		2,527,037
				20,655,157
	Specialty Retail – 2.6%
	23,455	Advance Auto Parts, Inc.		2,835,944
	27,285	Tractor Supply Co.		2,767,518
				5,603,462
	Textiles, Apparel & Luxury Goods – 1.1%
	32,310	Columbia Sportswear Co.		2,355,076
	TOTAL COMMON STOCKS
	(Cost $175,101,267)			$  203,757,232
	Exchange Traded Fund – 3.2%
	48,505	iShares Russell Midcap Growth Index Fund
	Cost $6,546,292)			$      6,823,684

Shares	Dividend Rate			Value
Investment Company – 1.4%
State Street Institutional US Government Money Market Fund — Premier Class
3,033,198		0.191	%	$	3,033,198
(Cost $3,033,198)
TOTAL INVESTMENTS – 100.0%
(Cost $184,680,757)				$	213,614,114
LIABILITIES IN EXCESS OF OTHER ASSETS – 0.0%					(73,381)
NET ASSETS – 100.0%				$	213,540,733

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

PORTFOLIO COMPOSITION

	AS OF 04/30/20			AS OF 10/31/19
Information Technology		33.2	%		31.5	%
Industrials		17.6			19.1
Health Care		14.7			11.8
Consumer Discretionary		11.9			14.2
Financials		6.7			7.1
Consumer Staples		4.8			2.4
Exchange Traded Fund		3.2			3.3
Real Estate		3.0			3.5
Materials		2.3			2.4
Investment Company		1.4			1.2
Communication Services		1.2			3.4
TOTAL INVESTMENTS		100.0	%		99.9	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

8 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – 43.4%
Aerospace/Defense – 0.5%
Boeing Co.(a)
$  3,000,000		5.805	%	05/01/50	$	3,000,000
United Technologies Corp.
2,000,000		5.700		04/15/40		2,854,954
						5,854,954
Auto Manufacturers – 1.8%
BMW Finance NV(a)(b)
4,000,000		2.400		08/14/24		3,969,971
Ford Motor Co.(a)
2,000,000		4.346		12/08/26		1,585,000
Ford Motor Credit Co. LLC
2,500,000		4.134		08/04/25		2,122,325
General Motors Co.(a)
3,450,000		6.600		04/01/36		3,166,274
General Motors Financial Co., Inc.(a)
2,000,000		3.950		04/13/24		1,900,642
PACCAR Financial Corp.
5,000,000		2.150		08/15/24		5,072,064
Volkswagen Group of America Finance LLC(b)
4,000,000		4.750		11/13/28		4,362,493
						22,178,769
Banks – 7.3%
Bank of America Corp.
3,000,000		4.000		01/22/25		3,241,204
(3M USD LIBOR + 1.040%)
3,749,000		3.419	(a)(c)	12/20/28		4,023,698
BB&T Corp.(a)
5,455,000		2.500		08/01/24		5,625,375
Citigroup, Inc.
3,000,000		5.500		09/13/25		3,438,232
3,500,000		4.450		09/29/27		3,834,041
Cooperatieve Rabobank UA
3,100,000		2.750		01/10/23		3,206,244
Credit Suisse AG
3,000,000		3.000		10/29/21		3,076,422
Deutsche Bank AG
2,000,000		3.125		01/13/21		1,998,463
HSBC Holdings PLC
3,130,000		6.100		01/14/42		4,431,103
HSBC USA, Inc.
1,052,000		9.300		06/01/21		1,132,053
JPMorgan Chase & Co.(c)
(3M USD LIBOR + 0.610%)
1,500,000		3.514	(a)	06/18/22		1,535,246
(3M USD LIBOR + 1.000%)
150,000		1.991		04/26/23		147,087
(3M USD LIBOR + 1.160%)
1,650,000		3.702	(a)	05/06/30		1,824,509
(3M USD LIBOR + 1.330%)
2,000,000		4.452	(a)	12/05/29		2,310,614
(3M USD LIBOR + 3.470%)
1,222,000		4.230	(a)	12/29/49		1,118,130

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
KeyBank NA
$  5,700,000		3.400	%	05/20/26	$	5,970,142
Lloyds Bank PLC
1,640,000		6.375		01/21/21		1,696,061
Mitsubishi UFJ Financial Group, Inc.
3,000,000		3.777		03/02/25		3,233,263
Morgan Stanley
4,375,000		4.100		05/22/23		4,619,984
Northern Trust Corp.(a)
5,438,000		3.150		05/03/29		5,992,178
PNC Bank NA(a)
2,500,000		2.950		01/30/23		2,604,906
The PNC Financial Services Group, Inc.(a)
3,750,000		3.150		05/19/27		4,083,575
(3M USD LIBOR + 3.678%)
2,500,000		6.750	(c)	07/29/49		2,535,950
U.S. Bancorp(a)
2,050,000		3.600		09/11/24		2,220,803
UBS Group Funding Switzerland AG(a)(b)(c)
(3M USD LIBOR + 0.954%)
2,750,000		2.859		08/15/23		2,805,755
Wells Fargo & Co.
2,500,000		4.100		06/03/26		2,700,629
1,500,000		4.650		11/04/44		1,759,041
5,000,000		4.750		12/07/46		5,927,627
Wells Fargo Bank NA(d)
2,000,000		6.180		02/15/36		2,484,525
						89,576,860
Beverages – 1.0%
Anheuser-Busch InBev Worldwide, Inc.(a)
6,000,000		4.439		10/06/48		6,524,934
PepsiCo, Inc.(a)
2,190,000		4.450		04/14/46		2,889,825
The Coca Cola Co.
2,325,000		1.450		06/01/27		2,325,546
						11,740,305
Biotechnology – 0.2%
Amgen, Inc.
1,295,000		6.400		02/01/39		1,992,265
Chemicals(a) – 0.6%
Air Products and Chemicals, Inc.
2,000,000		1.850		05/15/27		2,026,387
PPG Industries, Inc.
2,355,000		2.400		08/15/24		2,425,815
Praxair, Inc.
2,740,000		3.200		01/30/26		2,984,768
						7,436,970
Commercial Services – 1.0%
Henry J. Kaiser Family Foundation
6,250,000		3.356		12/01/25		6,636,264

The accompanying notes are an integral part of these financial statements. 9

COMMERCE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services – (continued)
Northwestern University
$  1,000,000		4.643	%	12/01/44	$	1,333,415
The Corp. of Gonzaga University
3,500,000		4.158		04/01/46		3,870,227
						11,839,906
Distribution/Wholesale(a) – 0.2%
WW Grainger, Inc.
2,260,000		4.600		06/15/45		2,784,608
Diversified Financial Services – 3.2%
Air Lease Corp.(a)
2,500,000		3.000		09/15/23		2,295,701
Aircastle Ltd.(a)
1,000,000		4.250		06/15/26		857,273
American Express Co.(a)
3,115,000		3.125		05/20/26		3,347,097
Brookfield Finance, Inc.(a)
2,000,000		4.250		06/02/26		2,094,782
Capital One Bank USA NA(a)(c)
(SOFR + 0.911%)
4,000,000		2.280		01/28/26		3,851,011
CDP Financial, Inc.(b)
1,000,000		3.150		07/24/24		1,091,425
CME Group, Inc.
1,685,000		3.000		09/15/22		1,764,290
Franklin Resources, Inc.
5,000,000		2.850		03/30/25		5,257,290
Invesco Finance PLC
6,509,000		3.125		11/30/22		6,620,714
Janus Capital Group, Inc.(a)
3,000,000		4.875		08/01/25		3,174,912
Legg Mason, Inc.
3,895,000		5.625		01/15/44		4,514,497
TD Ameritrade Holding Corp.(a)
1,225,000		2.750		10/01/29		1,262,689
The Charles Schwab Corp.
2,500,000		3.225		09/01/22		2,590,983
						38,722,664
Electric – 3.8%
Arizona Public Service Co.
2,150,000		6.875		08/01/36		2,927,286
Consumers Energy Co.(a)
3,290,000		3.950		07/15/47		4,193,365
Duke Energy Progress LLC(a)
2,000,000		2.800		05/15/22		2,065,138
Emerson Electric Co.
2,000,000		1.800	(a)	10/15/27		1,992,345
1,000,000		6.125		04/15/39		1,422,796
Entergy Louisiana LLC(a)
3,000,000		3.780		04/01/25		3,227,921

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electric – (continued)
Gulf Power Co.(a)
$  1,250,000		4.550	%	10/01/44	$	1,527,514
Louisville Gas & Electric Co.(a)
1,850,000		4.650		11/15/43		2,301,784
National Grid USA
3,375,000		8.000		11/15/30		4,758,669
Ohio Power Co.
2,870,000		5.850		10/01/35		4,028,346
Pacific Gas & Electric Co.(e)
2,000,000		6.350		02/15/38		2,250,000
PacifiCorp
1,900,000		6.100		08/01/36		2,647,465
PPL Electric Utilities Corp.(a)
1,025,000		4.750		07/15/43		1,343,218
PSEG Power LLC
5,500,000		8.625		04/15/31		7,364,118
Southern California Edison Co.
1,000,000		5.550		01/15/37		1,246,048
Wisconsin Public Service Corp.(a)
3,000,000		3.300		09/01/49		3,280,503
						46,576,516
Electronics(a) – 0.2%
PerkinElmer, Inc.
2,410,000		3.300		09/15/29		2,440,405
Gas(a) – 0.6%
Atmos Energy Corp.
1,400,000		4.125		03/15/49		1,728,426
Boston Gas Co.(b)
1,000,000		3.001		08/01/29		1,050,471
Northwest Natural Gas Co.
4,650,000		3.869		06/15/49		5,022,917
						7,801,814
Healthcare-Services – 2.5%
Adventist Health System(a)
7,000,000		2.952		03/01/29		7,011,391
Ascension Health
3,000,000		2.532	(a)	11/15/29		3,115,912
1,500,000		3.945		11/15/46		1,751,341
Baptist Health South Florida, Inc.
3,695,000		4.342		11/15/41		4,396,752
Community Health Network, Inc.
2,225,000		4.237		05/01/25		2,442,170
Mayo Clinic
2,600,000		3.774		11/15/43		2,913,527
SSM Health Care Corp.(a)
3,000,000		3.688		06/01/23		3,125,749
4,990,000		3.823		06/01/27		5,289,244
						30,046,086

10 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – 3.9%
American International Group, Inc.(a)
$  2,000,000		3.750	%		07/10/25	$	2,134,619
Arch Capital Group Ltd.
2,149,000		7.350			05/01/34		3,136,295
Berkshire Hathaway Finance Corp.(a)
4,220,000		4.200			08/15/48		5,314,570
Guardian Life Global Funding(b)
2,000,000		2.000			04/26/21		2,019,099
Loews Corp.
3,000,000		6.000			02/01/35		4,095,865
MassMutual Global Funding II(b)
6,150,000		2.950			01/11/25		6,282,283
MetLife, Inc.(a)
2,055,000		10.750			08/01/39		3,122,655
Metropolitan Life Global Funding I(b)
1,360,000		2.400			06/17/22		1,391,745
New York Life Global Funding(b)
2,000,000		2.000			04/13/21		2,019,113
Prudential Financial, Inc.(a)(c)
(3M USD LIBOR + 4.175%)
2,000,000		5.875			09/15/42		2,107,160
Reinsurance Group of America, Inc.
2,100,000		5.000			06/01/21		2,174,127
2,000,000		3.950	(a)		09/15/26		2,145,881
Reliance Standard Life Global Funding II(b)
1,750,000		2.750			01/21/27		1,707,311
The Prudential Insurance Co. of America(b)
2,775,000		8.300			07/01/25		3,578,491
The Travelers Cos., Inc.(a)
2,000,000		4.100			03/04/49		2,536,413
Travelers Property Casualty Corp.
1,493,000		7.750			04/15/26		1,996,078
Voya Financial, Inc.
1,800,000		3.650			06/15/26		1,890,545
							47,652,250
Internet(a) – 0.1%
Booking Holdings, Inc.
1,750,000		3.600			06/01/26		1,828,731
Machinery-Diversified(a) – 0.3%
Rockwell Automation, Inc.
3,000,000		3.500			03/01/29		3,334,197
Media – 0.6%
CBS Corp.
2,500,000		7.875			09/01/23		2,857,904
Comcast Corp.
1,250,000		6.400			05/15/38		1,817,889
The Walt Disney Co.
1,000,000		3.700			03/23/27		1,131,829
1,000,000		7.125			04/08/28		1,300,133
							7,107,755

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Metals & Mining – 0.3%
The Timken Co.
$  2,750,000		6.875	%		05/08/28	$	3,313,624
Miscellaneous Manufacturing – 0.5%
General Electric Co.
1,500,000		4.500			03/11/44		1,527,827
(3M USD LIBOR + 3.330%)
1,894,000		5.000	(a)(c)		12/29/49		1,551,896
Siemens Financieringsmaatschappij NV(b)
3,000,000		2.700			03/16/22		3,085,181
							6,164,904
Oil-Field Services – 2.5%
Apache Corp.
2,835,000		5.100	(a)		09/01/40		1,916,107
1,360,000		7.375			08/15/47		1,017,345
BP Capital Markets America, Inc.
3,250,000		2.750			05/10/23		3,334,641
Equinor ASA
1,795,000		6.800			01/15/28		2,288,331
Exxon Mobil Corp.(a)
3,000,000		2.726			03/01/23		3,118,915
Halliburton Co.(a)
5,000,000		5.000			11/15/45		4,058,885
HollyFrontier Corp.(a)
3,850,000		5.875			04/01/26		3,937,451
Phillips 66(a)
3,000,000		4.650			11/15/34		3,226,425
Saudi Arabian Oil Co.(b)
5,000,000		3.500			04/16/29		5,032,746
Tosco Corp.
2,095,000		8.125			02/15/30		2,928,213
							30,859,059
Paper and Forest Products – 0.8%
Georgia-Pacific LLC(a)(b)
5,000,000		2.100			04/30/27		5,001,132
International Paper Co.
2,925,000		8.700			06/15/38		4,467,126
							9,468,258
Pharmaceuticals – 1.6%
Bristol-Myers Squibb Co.(a)(b)
3,250,000		3.900			02/20/28		3,788,357
CVS Pass-Through Trust(b)
2,583,096		7.507			01/10/32		3,047,256
Johnson & Johnson
4,970,000		5.950			08/15/37		7,465,288
Pfizer, Inc.
2,900,000		7.200			03/15/39		4,858,753
							19,159,654

The accompanying notes are an integral part of these financial statements. 11

COMMERCE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – 1.7%
Buckeye Partners LP(a)
$  2,000,000		4.350	%		10/15/24	$	1,840,000
DCP Midstream Operating LP
3,397,000		8.125			08/16/30		2,649,660
Energy Transfer Operating LP(a)
3,000,000		4.900			03/15/35		2,708,347
Kinder Morgan Energy Partners LP
4,175,000		5.800			03/15/35		4,743,425
Tennessee Gas Pipeline Co. LLC
628,000		8.375			06/15/32		758,699
1,450,000		7.625			04/01/37		1,752,555
TransCanada PipeLines Ltd.(a)
2,500,000		4.875			01/15/26		2,779,205
Transcanada Trust(a)(c)
(3M USD LIBOR + 3.208%)
4,660,000		5.300			03/15/77		4,194,000
							21,425,891
Real Estate – 4.5%
Columbia Property Trust Operating Partnership LP(a)
2,485,000		4.150			04/01/25		2,583,346
ERP Operating LP(a)
1,505,000		2.850			11/01/26		1,590,466
Mid-America Apartments LP(a)
1,860,000		4.300			10/15/23		1,934,861
1,700,000		3.600			06/01/27		1,797,368
National Retail Properties, Inc.(a)
1,000,000		3.900			06/15/24		1,019,845
Office Properties Income Trust(a)
4,000,000		4.250			05/15/24		3,766,769
Omega Healthcare Investors, Inc.(a)
4,500,000		4.750			01/15/28		4,413,421
Piedmont Operating Partnership LP(a)
1,290,000		3.400			06/01/23		1,264,567
2,800,000		4.450			03/15/24		2,809,433
Post Apartment Homes LP(a)
1,500,000		3.375			12/01/22		1,512,727
SBA Tower Trust(b)
5,000,000		2.877	(a)		07/09/21		5,022,487
3,520,000		3.448			03/15/23		3,575,088
1,575,000		2.836			01/15/25		1,603,943
Scentre Group Trust 1/Scentre Group Trust 2(a)(b)
4,000,000		3.750			03/23/27		3,983,452
Simon Property Group LP(a)
2,815,000		3.750			02/01/24		2,843,798
3,000,000		4.750			03/15/42		3,096,745
STORE Capital Corp.(a)
2,000,000		4.500			03/15/28		1,947,966
UDR, Inc.(a)
2,640,000		3.750			07/01/24		2,630,359

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Real Estate – (continued)
Ventas Realty LP(a)
$  2,910,000		3.500	%		02/01/25	$	2,876,976
VEREIT Operating Partnership LP(a)
2,400,000		3.950			08/15/27		2,264,430
Washington Real Estate Investment Trust(a)
1,580,000		3.950			10/15/22		1,557,326
Weingarten Realty Investors(a)
1,000,000		3.850			06/01/25		1,015,501
							55,110,874
Semiconductors(a) – 1.0%
Maxim Integrated Products, Inc.
5,016,000		3.375			03/15/23		5,169,331
QUALCOMM, Inc.
2,930,000		3.250			05/20/27		3,199,621
Texas Instruments, Inc.
2,925,000		3.875			03/15/39		3,523,883
							11,892,835
Software(a) – 0.2%
Adobe, Inc.
2,000,000		2.150			02/01/27		2,095,897
Telecommunications – 1.3%
AT&T, Inc.(a)
4,380,000		3.600			07/15/25		4,700,617
Bell Canada, Inc.(a)
2,600,000		4.464			04/01/48		3,242,657
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC(b)
2,000,000		4.738			03/20/25		2,105,000
Verizon Communications, Inc.
4,748,000		4.329			09/21/28		5,616,606
							15,664,880
Transportation – 1.2%
Burlington Northern Santa Fe LLC(a)
1,220,000		4.950			09/15/41		1,550,942
Canadian National Railway Co.
1,190,000		6.200			06/01/36		1,759,606
1,310,000		2.450	(a)		05/01/50		1,274,803
Canadian Pacific Railway Co.
1,980,000		5.750			01/15/42		2,779,936
2,500,000		6.125	(a)(f)		09/15/15		3,785,026
Kansas City Southern(a)
1,000,000		4.950			08/15/45		1,216,013
1,500,000		4.700			05/01/48		1,783,332
The Kansas City Southern Railway Co.(a)
500,000		4.950			08/15/45		608,007
							14,757,665
TOTAL CORPORATE OBLIGATIONS
(Cost $501,362,765)						$	528,828,596

12 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 18.2%
Collateralized Mortgage Obligations – 15.6%
Adjustable Rate Mortgage Trust Series2004-5, Class 3A1(c)(g)
$     143,476		3.868	%		04/25/35	$	139,486
Agate Bay Mortgage Loan Trust Series2014-3, Class A2(b)(c)(g)
2,593,757		3.500			11/25/44		2,630,566
Agate Bay Mortgage Loan Trust Series2015-3, Class A8(b)(c)(g)
750,443		3.000			04/25/45		750,163
Agate Bay Mortgage Loan Trust Series2016-1, Class A5(b)(c)(g)
1,139,516		3.500			12/25/45		1,139,122
Agate Bay Mortgage Loan Trust Series2016-2, Class A3(b)(c)(g)
929,166		3.500			03/25/46		943,623
Banc of America Alternative Loan Trust Series2005-10, Class 6A1
29,305		5.500			11/25/20		28,787
Banc of America Alternative Loan Trust Series2006-3, Class 6A1
7,910		6.000			04/25/36		7,868
Bear StearnsAlt-A Trust Series2004-8, Class 1A(c)
(1M USD LIBOR + 0.700%)
70,076		1.187			09/25/34		69,833
Bear StearnsAlt-A Trust Series2005-9, Class 25A1(c)(g)
1,152,139		3.926			11/25/35		912,542
Bear Stearns Asset Backed Securities Trust Series2003-AC7, Class A2(h)
235,735		5.750			01/25/34		233,107
Citicorp Mortgage Securities Trust, Inc. Series2006-4, Class 3A1
3,421		5.500			08/25/21		3,398
Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2
577,490		6.750			08/25/34		597,045
Citigroup Mortgage Loan Trust, Inc. Series2005-10, Class 1A5A(c)(g)
146,470		4.369			12/25/35		131,309
Citigroup Mortgage Loan Trust, Inc. Series2007-AR5, Class 1A3A(c)(g)
73,994		3.989			04/25/37		64,009
Citigroup Mortgage Loan Trust, Inc. Series2015-A, Class A1(b)(c)(g)
936,078		3.500			06/25/58		954,139
Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1
24,875		5.250			09/25/19		24,823
Countrywide Alternative Loan Trust Series2005-J1, Class 3A1
15,063		6.500			08/25/32		15,131
Countrywide Alternative Loan Trust Series2007-J2, Class 2A1
16,715		6.000			07/25/37		16,504

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Countrywide Home Loans Trust Series2005-27, Class 2A1
$     579,900		5.500	%		12/25/35	$	419,370
Countrywide Home Loans Trust Series2005-6, Class 2A1
98,972		5.500			04/25/35		90,297
Countrywide Home Loans Trust Series2005-7, Class 1A1(c)
(1M USD LIBOR + 0.540%)
717,851		1.027			03/25/35		649,852
CS First Boston Mortgage Securities Corp. Series2003-19, Class 1A4
163,747		5.250			07/25/33		171,060
CS First Boston Mortgage Securities Corp. Series2005-5, Class 2A9
240,354		5.500			07/25/35		239,527
CSMC Trust Series2013-6, Class 1A1(b)(c)(g)
10,277,149		2.500			07/25/28		10,307,640
CSMC Trust Series 2014-WIN2, Class A3(b)(c)(g)
2,057,852		3.500			10/25/44		2,074,933
CSMC Trust Series2017-HL2, Class A1(b)(c)(g)
3,421,098		3.500			10/25/47		3,511,068
CSMC Trust Series2017-HL2, Class A3(b)(c)(g)
2,779,005		3.500			10/25/47		2,799,196
EverBank Mortgage Loan Trust Series2013-2, Class A(b)(c)(g)
2,049,844		3.000			06/25/43		2,101,432
FHLMC REMIC Series 1579, Class PM
34,499		6.700			09/15/23		37,037
FHLMC REMIC Series 2103, Class TE
41,810		6.000			12/15/28		48,059
FHLMC REMIC Series 2110, Class PG
192,420		6.000			01/15/29		218,604
FHLMC REMIC Series 2391, Class Z
532,310		6.000			12/15/31		601,020
FHLMC REMIC Series 2603, Class C
124,419		5.500			04/15/23		129,306
FHLMC REMIC Series 2866, Class DH
41,148		4.000			09/15/34		41,580
FHLMC REMIC Series 4088, Class EP
2,873,096		2.750			09/15/41		2,982,133
FHLMC REMIC Series 4272, Class DG
1,006,354		3.000			04/15/43		1,057,717
FHLMC REMIC Series 4370, Class PA
864,074		3.500			09/15/41		920,466
FHLMC REMIC Series 4679, Class DY
264,429		3.500			07/15/42		282,480
FHLMC REMIC Series 4710, Class WA
454,083		3.500			03/15/44		464,248
FHLMC REMIC Series 4729, Class AG
2,365,000		3.000			01/15/44		2,442,149
FHLMC REMIC Series 4770, Class JH
1,227,658		4.500			10/15/45		1,293,273
FHLMC REMIC Series 4792, Class AC
790,328		3.500			05/15/48		832,934

The accompanying notes are an integral part of these financial statements. 13

COMMERCE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
FHLMC REMIC Series 4840, Class MB
$  8,505,855		4.500	%	09/15/46	$	9,334,185
FHLMC REMIC Series 4841, Class VH
4,217,000		4.500		10/15/37		4,675,226
First Horizon Alternative Mortgage Securities Series2006-RE1, Class A1
976,147		5.500		05/25/35		826,294
Flagstar Mortgage Trust Series2017-2, Class A5(b)(c)(g)
1,131,238		3.500		10/25/47		1,145,548
Flagstar Mortgage Trust Series2018-2, Class A4(b)(c)(g)
6,263,680		3.500		04/25/48		6,487,989
Flagstar Mortgage Trust Series 2019-1INV, Class A3(b)(c)(g)
4,680,531		3.500		10/25/49		4,752,908
FNMA REMIC Series2001-45, Class WG
37,956		6.500		09/25/31		42,316
FNMA REMIC Series2003-117, Class KB
2,203,505		6.000		12/25/33		2,602,048
FNMA REMIC Series2003-14, Class AP
24,071		4.000		03/25/33		25,316
FNMA REMIC Series2004-53, Class NC
176,266		5.500		07/25/24		186,034
FNMA REMIC Series2015-2, Class PA
2,959,424		2.250		03/25/44		3,046,579
FNMA REMIC Series2015-30, Class JA
2,274,969		2.000		05/25/45		2,339,629
FNMA REMIC Series2016-16, Class PD
3,419,921		3.000		12/25/44		3,589,725
FNMA REMIC Series2017-110, Class A
9,700,793		3.500		03/25/38		10,104,251
FNMA REMIC Series2019-78, Class VD
1,643,000		3.000		01/25/40		1,766,390
FNMA Series2003-W6, Class 3A
80,194		6.500		09/25/42		94,261
GNMA REMIC Series2015-167, Class KM
268,402		3.000		12/20/43		283,237
GNMA REMIC Series2015-94, Class AT
896,593		2.250		07/16/45		933,435
GNMA REMIC Series2016-129, Class W
951,250		2.500		07/20/46		997,658
GNMA REMIC Series2018-160, Class GE
1,108,493		4.500		01/20/47		1,151,786
GNMA REMIC Series2018-37, Class KT
1,187,536		3.500		03/20/48		1,273,437
GSR Mortgage Loan Trust Series2004-12, Class 1A1(c)
(1M USD LIBOR + 0.340%)
389,829		0.827		12/25/34		348,035
GSR Mortgage Loan Trust Series2004-7, Class 1A1(c)(g)
85,632		3.679		06/25/34		77,084
Impac CMB Trust Series2003-2F, Class A(h)
231,676		5.730		01/25/33		241,923

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Impac CMB Trust Series2004-4, Class 1A1(c)
(1M USD LIBOR + 0.640%)
$     449,708		1.127	%	09/25/34	$	420,477
Impac CMB Trust Series2004-4, Class 2A2(h)
1,576,385		4.865		09/25/34		1,677,526
Impac Secured Assets Corp. Series2004-2, Class A6(h)
7,333		4.090		08/25/34		7,291
JPMorgan Alternative Loan Trust Series2006-S1, Class 1A16
1,008,383		6.000		03/25/36		723,182
JPMorgan Mortgage Trust Series2007-A2, Class 4A2(c)(g)
220,445		3.737		04/25/37		183,134
JPMorgan Mortgage Trust Series2013-3, Class A3(b)(c)(g)
1,590,741		3.388		07/25/43		1,633,991
JPMorgan Mortgage Trust Series2014-2, Class 1A1(b)(c)(g)
1,505,524		3.000		06/25/29		1,524,546
JPMorgan Mortgage Trust Series2015-6, Class A5(b)(c)(g)
1,613,677		3.500		10/25/45		1,622,384
JPMorgan Mortgage Trust Series2017-3, Class 1A3(b)(c)(g)
6,821,181		3.500		08/25/47		6,945,786
JPMorgan Mortgage Trust Series2017-4, Class A3(b)(c)(g)
1,955,428		3.500		11/25/48		1,985,003
JPMorgan Mortgage Trust Series2017-4, Class A5(b)(c)(g)
1,311,475		3.500		11/25/48		1,329,082
JPMorgan Mortgage Trust Series2017-6, Class A3(b)(c)(g)
5,752,567		3.500		12/25/48		5,990,827
JPMorgan Mortgage Trust Series2018-4, Class A5(b)(c)(g)
2,980,923		3.500		10/25/48		3,018,104
Master Adjustable Rate Mortgages Trust Series2003-2, Class 6A1(c)(g)
419,005		4.097		07/25/33		381,108
Master Alternative Loans Trust Series2004-4, Class 1A1
94,662		5.500		05/25/34		98,352
Master Alternative Loans Trust Series2004-4, Class 8A1
573,176		6.500		05/25/34		601,130
Master Alternative Loans Trust Series2004-9, Class A6(h)
4,639		5.643		08/25/34		4,647
Mello Mortgage Capital Acceptance Series 2018-MTG1, Class A1(b)(c)(g)
2,624,273		3.500		03/25/48		2,711,444
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1, Class A3(c)(g)
134,985		3.277		03/25/33		125,149
Morgan Stanley Mortgage Loan Trust Series2005-7, Class 2A1(c)(g)
696,849		5.365		11/25/35		569,145
Morgan Stanley Mortgage Loan Trust Series2007-12, Class 3A22
723,584		6.000		08/25/37		471,188
NRP Mortgage Trust Series2013-1, Class A23(b)(c)(g)
1,215,735		3.250		07/25/43		1,217,331
OBX Trust Series 2019-INV2, Class A5(b)(c)(g)
970,437		4.000		05/27/49		1,017,620

14 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
PHH Mortgage Pass-Through Certificates Series 2008-CIM1, Class 11A1(c)
(1M USD LIBOR + 2.250%)
$     492,874		3.235	%	05/25/38	$	453,465
RBSGC Mortgage Pass-Through Certificates Series2007-B, Class 2A1(c)(g)
295,408		4.578		11/25/21		243,277
RBSGC Mortgage Pass-Through Certificates Series2007-B, Class 3A1(c)(g)
18,257		4.671		07/25/35		17,810
Residential Accredit Loans, Inc. Series 2005-QS11, Class A2(c)
(1M USD LIBOR + 0.500%)
182,123		0.987		07/25/35		138,703
Residential Asset Securitization Trust Series2004-A6, Class A1
5,926		5.000		08/25/19		5,919
Residential Funding Mortgage Securities I, Inc. Series2005-S7, Class A5
101,406		5.500		11/25/35		91,544
Seasoned Credit Risk Transfer Trust Series2017-3, Class MA
3,892,904		3.000		07/25/56		4,093,185
Seasoned Loans Structured Transaction Series2018-1, Class A2
1,245,000		3.500		06/25/28		1,322,206
Sequoia Mortgage Trust Series2004-10, Class A1A(c)
(1M USD LIBOR + 0.620%)
292,372		1.338		11/20/34		257,711
Sequoia Mortgage Trust Series2012-2, Class A3(c)(g)
790,890		3.500		04/25/42		804,907
Sequoia Mortgage Trust Series2013-2, Class A1(c)(g)
1,931,602		1.874		02/25/43		1,890,276
Sequoia Mortgage Trust Series2013-6, Class A1(c)(g)
3,651,269		2.500		05/25/43		3,652,299
Sequoia Mortgage Trust Series2015-2, Class A10(b)(c)(g)
2,404,986		3.500		05/25/45		2,426,333
Sequoia Mortgage Trust Series2015-3, Class A4(b)(c)(g)
2,028,442		3.500		07/25/45		2,040,006
Sequoia Mortgage Trust Series2015-3, Class A5(b)(c)(g)
1,448,887		3.000		07/25/45		1,449,675
Sequoia Mortgage Trust Series2015-4, Class A1(b)(c)(g)
1,575,019		3.000		11/25/30		1,587,536
Sequoia Mortgage Trust Series2016-3, Class A1(b)(c)(g)
2,173,801		3.500		11/25/46		2,232,850
Sequoia Mortgage Trust Series2017-1, Class A4(b)(c)(g)
4,126,204		3.500		02/25/47		4,186,243
Sequoia Mortgage Trust Series2017-5, Class A1(b)(c)(g)
2,484,909		3.500		08/25/47		2,542,260
Sequoia Mortgage Trust Series2017-6, Class A1(b)(c)(g)
6,906,728		3.500		09/25/47		7,092,365
Sequoia Mortgage Trust Series2018-2, Class A1(b)(c)(g)
2,267,684		3.500		02/25/48		2,320,189
ShellpointCo-Originator Trust Series2017-2, Class A1(b)(c)(g)
6,119,644		3.500		10/25/47		6,270,384

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Structured Adjustable Rate Mortgage Loan TrustSeries 2004-14, Class 1A(c)(g)
$     520,750		3.718	%	10/25/34	$	503,138
Structured Adjustable Rate Mortgage Loan Trust Series2004-4, Class 3A4(c)(g)
91,538		3.835		04/25/34		84,315
Structured Asset Securities Corp. Series2003-31A, Class 2A7(c)(g)
186,930		3.665		10/25/33		173,453
Structured Asset Securities Corp. Series2003-34A, Class 3A3(c)(g)
239,506		3.739		11/25/33		225,623
Structured Asset Securities Corp. Series2003-34A, Class 6A(c)(g)
189,081		4.071		11/25/33		170,055
Washington Mutual Alternative Mortgage Pass-Through Certificates Series2005-4, Class 4A1
32,443		5.500		06/25/20		29,297
WinWater Mortgage Loan Trust Series2015-5, Class A3(b)(c)(g)
6,546,597		3.500		08/20/45		6,747,317
WinWater Mortgage Loan Trust Series2015-5, Class A5(b)(c)(g)
1,248,134		3.500		08/20/45		1,251,696
WinWater Mortgage Loan Trust Series2016-1, Class 1A5(b)(c)(g)
3,375,650		3.500		01/20/46		3,456,211
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $186,791,780)					$	190,720,825
Commercial Mortgage Obligations – 0.9%
Citigroup Commercial Mortgage Trust Series 2015-GC29, Class A2
$       83,023		2.674	%	04/10/48	$	82,978
Commercial Mortgage Pass-Through CertificatesSeries 2014-CR14, Class A2
944,054		3.147		02/10/47		944,105
Commercial Mortgage Trust Series 2014-CR15, Class A2
1,475,045		2.928		02/10/47		1,477,363
GNMA REMIC Series2013-68, Class B(c)(g)
1,040,000		2.500		08/16/43		1,076,656
JPMBB Commercial Mortgage Securities TrustSeries 2014-C19, Class A2
13,578		3.046		04/15/47		13,689
LSTAR Commercial Mortgage Trust Series2016-4, Class A2(b)
3,000,000		2.579		03/10/49		3,024,593
Morgan Stanley Bank of America Merrill Lynch TrustSeries 2015-C22, Class A2
4,082,860		2.739		04/15/48		4,079,575
TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $10,753,652)					$	10,698,959

The accompanying notes are an integral part of these financial statements. 15

COMMERCE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – 1.7%
FHLMC
$     109,026		7.000	%	05/01/26	$	119,929
19,809		7.500		12/01/30		23,999
24,790		7.500		01/01/31		29,614
54,003		7.000		08/01/31		63,119
625,377		5.000		05/01/33		707,319
1,014,311		4.000		06/01/42		1,127,472
1,538,243		3.000		06/01/45		1,600,805
(1 Year CMT + 2.229%)
94,895		4.713	(c)	05/01/34		98,244
(12M USD LIBOR + 1.600%)
2,200,606		2.786	(c)	07/01/45		2,275,442
(12M USD LIBOR + 1.841%)
78,521		3.842	(c)	01/01/36		79,042
FNMA
15,114		9.000		02/01/25		15,384
852,843		2.500		05/01/28		892,045
5,107		8.000		07/01/28		5,149
1,181,619		4.500		01/01/48		1,247,347
(12M USD LIBOR + 1.584%)
764,131		2.629	(c)	12/01/45		783,832
(12M USD LIBOR + 1.740%)
59,449		3.925	(c)	10/01/34		59,770
(12M USD LIBOR + 1.760%)
78,275		3.760	(c)	02/01/35		78,877
(6M USD LIBOR + 1.413%)
17,956		3.288	(c)	02/01/33		18,099
GNMA
18,519		8.000		02/15/22		19,138
16,283		7.500		08/20/25		17,875
75,631		7.500		07/20/26		85,961
38,770		6.500		04/15/31		43,057
122,861		6.500		05/15/31		138,565
3,501,693		2.500		06/20/31		3,596,092
811,620		5.000		02/20/49		875,433
UMBS
7,328		6.500		03/01/26		8,163
18,263		6.500		10/01/28		20,511
29,111		6.000		07/01/29		32,338
10,541		7.500		09/01/29		10,684
30,204		7.000		03/01/31		34,325
4,926		7.500		03/01/31		5,608
15,966		7.000		11/01/31		16,655
29,138		7.000		01/01/32		29,811
72,318		6.000		12/01/32		80,365
25,387		5.000		07/01/33		27,576
2,103,825		3.500		08/01/35		2,260,667
4,100,048		5.000		08/01/48		4,557,851
TOTAL FEDERAL AGENCIES
(Cost $ 20,480,286)					$	21,086,163
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $218,025,718)					$	222,505,947

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities  – 15.8%
Automotive(b) – 3.1%
Avis Budget Rental Car Funding AESOP LLC Series2015-2A, Class A
$  5,200,000		2.630	%	12/20/21	$	4,887,996
Avis Budget Rental Car Funding AESOP LLC Series2018-1A, Class A
4,150,000		3.700		09/20/24		3,952,031
Avis Budget Rental Car Funding AESOP LLC Series2019-3A, Class A
11,100,000		2.360		03/20/26		9,853,481
Ford Credit Auto Owner Trust Series2016-1, Class A
7,000,000		2.310		08/15/27		7,002,762
Ford Credit Auto Owner Trust Series2017-1, Class A
2,500,000		2.620		08/15/28		2,520,092
Ford Credit Auto Owner Trust Series2018-1, Class A
5,000,000		3.190		07/15/31		5,103,872
Hertz Vehicle Financing II LP Series2019-1A, Class A
4,500,000		3.710		03/25/23		4,342,910
						37,663,144
Credit Card – 0.5%
Cabela’s Credit Card Master Note Trust Series2015-2, Class A1
5,680,000		2.250		07/17/23		5,696,316
Home Equity – 0.9%
Accredited Mortgage Loan Trust Series2004-4, Class A1B(c)
(1M USD LIBOR + 0.780%)
827,493		1.267		01/25/35		790,273
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6(h)
591,972		4.188		05/25/34		593,355
EquiFirst Mortgage Loan Trust Series2003-2, Class 2A2(h)
213,348		4.250		09/25/33		218,368
Morgan Stanley ABS Capital I, Inc. Trust Series2005-HE1, Class M1(c)
(1M USD LIBOR + 0.675%)
3,024,629		1.162		12/25/34		2,757,250
New Residential Mortgage Loan Trust Series2017-6A, Class A1(b)(c)(g)
4,534,185		4.000		08/27/57		4,736,858
Renaissance Home Equity Loan Trust Series2005-3, Class AF4(h)
918,448		5.140		11/25/35		940,206
Southern Pacific Secured Asset Corp. Series1998-2, Class A7(h)
1,336,336		7.490		07/25/29		1,350,680
						11,386,990
Manufactured Housing – 0.1%
Green Tree Financial Corp. Series1998-3, Class A5
355,336		6.220		03/01/30		360,617

16 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Manufactured Housing – (continued)
Green Tree Financial Corp. Series1998-3, Class A6(c)(g)
$         44,382		6.760	%	03/01/30	$	45,015
Mid-State Trust Series 2011, Class A1
173,339		4.864		07/15/38		175,920
						581,552
Other – 9.0%
AFN LLC Series2019-1A, Class A1(b)
4,954,167		3.780		05/20/49		4,842,661
ARL Second LLC Series2014-1A, Class A1(b)
1,164,783		2.920		06/15/44		1,142,108
CAL Funding III Ltd. Series2018-1A, Class A(b)
4,308,333		3.960		02/25/43		4,139,319
Chase Funding Mortgage Loan Asset-Backed CertificatesSeries 2002-3, Class 1A5(h)
1,225,727		5.907		06/25/32		1,198,576
Chase Funding Mortgage Loan Asset-Backed CertificatesSeries 2004-1, Class 2A2(c)
(1M USD LIBOR + 0.460%)
4,269,292		0.947		12/25/33		3,638,682
CLI Funding LLC Series2018-1A, Class A(b)
986,012		4.030		04/18/43		948,775
Countrywide Asset-Backed Certificates Series2007-QH1, Class A1(b)(c)
(1M LIBOR + 0.200%)
487,306		0.687		02/25/37		402,838
Cronos Containers Program Ltd. Series2013-1A, Class A(b)
300,000		3.080		04/18/28		291,399
Cronos Containers Program Ltd. Series2014-2A, Class A(b)
1,990,741		3.270		11/18/29		1,950,656
Domino’s Pizza Master Issuer LLC Series2017-1A, Class A23(b)
6,337,500		4.118		07/25/47		6,542,328
Global SC Finance IV Ltd. Series2017-1A, Class A(b)
1,860,798		3.850		04/15/37		1,781,986
Global SC Finance SRL Series2013-1A, Class A(b)
882,000		2.980		04/17/28		857,918
GreatAmerica Leasing Receivables Funding LLCSeries 2018-1, Class A3(b)
655,645		2.600		06/15/21		658,126
Harvest SBA Loan Trust Series2018-1, Class A(b)(c)
(1M USD LIBOR + 2.250%)
3,436,440		2.737		08/25/44		3,241,511
Home Partners of America Trust Series2019-1, Class A(b)
7,703,885		2.908		09/17/39		7,819,892
Invitation Homes Trust Series 2018-SFR2, Class A(b)(c)
(1M USD LIBOR + 0.900%)
4,191,795		1.714		06/17/37		4,048,823
Jimmy Johns Funding LLC Series2017-1A, Class A2I(b)
4,862,500		3.610		07/30/47		4,857,881
Long Beach Mortgage Loan Trust Series2003-4, Class AV1(c)
(1M USD LIBOR + 0.620%)
194,018		1.107		08/25/33		178,092

Principal Amount	Interest Rate			Maturity Date		Value
Asset-Backed Securities  – (continued)
Other – (continued)
Longtrain Leasing III LLC Series2015-1A, Class A1(b)
$     2,709,230		2.980	%		01/15/45	$	2,676,434
Longtrain Leasing III LLC Series2015-1A, Class A2(b)
4,900,951		4.060			01/15/45		4,675,869
NP SPE II LLC Series2016-1A, Class A1(b)
2,502,357		4.164			04/20/46		2,568,807
Sofi Consumer Loan Program Trust Series2018-3, Class A2(b)
4,558,830		3.670			08/25/27		4,495,777
State of Hawaii Department of Business Economic Development & Tourism Series2014-A, Class A2
8,000,000		3.242			01/01/31		8,334,160
Structured Asset Investment Loan Trust Series2003-BC5, Class M1(c)
(1M USD LIBOR + 1.125%)
382,412		1.612			06/25/33		373,659
Structured Asset Securities Corp. Series2005-9XS, Class 1A3A(h)
287,504		5.750			06/25/35		289,786
TAL Advantage V LLC Series2014-3A, Class A(b)
2,291,667		3.270			11/21/39		2,208,809
Towd Point Mortgage Trust Series2015-1, Class 1A2(b)(c)(g)
5,000,000		3.250			11/25/60		5,050,129
Towd Point Mortgage Trust Series2015-4, Class A1B(b)(c)(g)
1,777,996		2.750			04/25/55		1,782,331
Towd Point Mortgage Trust Series2016-2, Class A1(b)(c)(g)
711,422		3.000			08/25/55		717,648
Towd Point Mortgage Trust Series2016-3, Class A1(b)(c)(g)
1,927,998		2.250			04/25/56		1,923,869
Towd Point Mortgage Trust Series2017-3, Class A2(b)(c)(g)
1,850,000		3.000			07/25/57		1,845,398
Towd Point Mortgage Trust Series2018-2,Class A2(b)(c)(g)
5,500,000		3.500			03/25/58		5,529,360
Trafigura Securitisation Finance PLC Series2018-1A, Class A2(b)
4,335,000		3.730			03/15/22		4,323,498
Trinity Rail Leasing LLC Series2019-1A, Class A(b)
4,820,378		3.820			04/17/49		4,699,831
Trinity Rail Leasing LLC Series2019-2A, Class A2(b)
3,000,000		3.100			10/18/49		2,805,691
Vantage Data Centers Issuer LLC Series2018-1A, Class A2(b)
1,467,500		4.072			02/16/43		1,487,908
Wendy’s Funding LLC Series2019-1A, Class A2I(b)
2,962,500		3.783			06/15/49		2,876,469
Wendys Funding LLC Series2018-1A, Class A2I(b)
2,932,500		3.573			03/15/48		2,810,156
							110,017,160
Student Loan – 2.2%
DRB Prime Student Loan Trust Series2016-B, Class A2(b)
1,139,001		2.890			06/25/40		1,157,340
DRB Prime Student Loan Trust Series2017-A, Class A2B(b)
2,905,403		2.850			05/27/42		2,987,374

The accompanying notes are an integral part of these financial statements. 17

COMMERCE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loan – (continued)
Massachusetts Educational Financing Authority Series2018-A, Class A
$     3,598,058		3.850	%		05/25/33	$	3,748,996
Navient Private Education Loan Trust Series2015-AA, Class A2A(b)
3,440,044		2.650			12/15/28		3,462,098
Navient Private Education Refi Loan Trust Series2018-A, Class A2(b)
1,125,000		3.190			02/18/42		1,130,060
Sofi Professional Loan Program LLC Series2016-B, Class A2B(b)
1,445,690		2.740			10/25/32		1,451,816
Sofi Professional Loan Program LLC Series2016-E, Class A2B(b)
2,476,346		2.490			01/25/36		2,479,087
Sofi Professional Loan Program Trust Series2018-C, Class A2FX(b)
6,000,000		3.590			01/25/48		6,066,072
South Carolina Student Loan Corp. Series2015-A, Class A(c)
(1M USD LIBOR + 1.500%)
2,378,809		1.987			01/25/36		2,352,872
Towd Point Asset Trust Series2018-SL1, Class A(b)(c)
(1M USD LIBOR + 0.600%)
2,155,093		2.227			01/25/46		2,122,929
							26,958,644
TOTAL ASSET-BACKED SECURITIES
(Cost $194,006,564)						$	192,303,806
U.S. Treasury Obligations – 10.4%
United States Treasury Bonds
$     5,000,000		3.125	%		11/15/41	$	6,873,047
5,000,000		2.750			08/15/42		6,508,398
9,000,000		2.750			11/15/42		11,714,063
4,000,000		2.500			02/15/45		5,048,750
United States Treasury Inflation Indexed Bonds
5,353,850		0.375			01/15/27		5,622,222
8,012,830		0.750			02/15/42		9,499,388
United States Treasury Notes
10,000,000		1.375			08/31/20		10,042,578
3,000,000		1.750			10/31/20		3,024,023
6,000,000		1.750			09/30/22		6,221,016
1,000,000		2.125			12/31/22		1,050,234
5,000,000		1.375			08/31/23		5,183,789
5,000,000		2.250			01/31/24		5,364,453
10,000,000		2.125			03/31/24		10,708,594
6,000,000		2.875			05/31/25		6,754,922
10,000,000		1.500			08/15/26		10,632,031
10,000,000		2.250			02/15/27		11,169,141
10,000,000		1.625			08/15/29		10,926,172
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $112,498,055)						$	126,342,821

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 8.8%
Alaska(a) – 0.1%
Anchorage AK Certificate Participation (Taxable) Series A
$     1,290,000		2.765	%	07/01/22	$	1,328,313
California – 1.9%
Anaheim California Public Financing Authority Revenue Bonds Build America Bonds(a)
4,000,000		5.685		10/01/40		5,627,400
Beverly Hills CA Unified School District GO Bonds (Capital Appreciation) (Refunding) Series 2016(a)(i)
5,000,000		0.000		08/01/38		2,798,450
California State Municipal Finance Authority Refunding Revenue Bonds (Taxable-Refunding-University Of San Diego) Series B
3,130,000		2.536		10/01/29		3,151,378
Foothill-De Anza CA Community College District GO Bonds (Taxable — Election of 2006) Series E(a)
1,730,000		3.223		08/01/38		1,836,776
Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B(a)
3,000,000		6.507		08/01/43		4,439,670
Poway CA Unified School District GO Bonds (Taxable-Refunding-Improvement Date2002-1) Series 2019
3,750,000		2.414		08/01/27		3,851,137
San Mateo Union High School District GO Bonds Refunding Taxable Series B(a)
2,055,000		2.520		09/01/20		2,063,816
						23,768,627
Connecticut – 0.3%
Connecticut State GO Bonds Unlimited (Taxable) Series A
3,500,000		3.743		09/15/25		3,872,995
Idaho(a) – 0.5%
Idaho Housing & Finance Association Economic Development Revenue Bonds Taxable (Facilities Project) Series 2011(b)
4,100,000		7.000		01/01/31		4,315,701
Idaho State Building Authority Revenue Bonds Taxable (Idaho Board of Education Project) Series A
1,500,000		3.120		09/01/24		1,585,785
						5,901,486
Illinois – 0.4%
Will County Elementary School District No 122 GO Bonds (Taxable-Refunding) Series A
2,750,000		2.111		10/01/27		2,772,495
Will County Forest Preservation District GO Bonds Build America Bonds Direct Payment Series 2009
1,000,000		5.700		12/15/27		1,219,600
Winnebago County IL GO Bonds Series 2018
1,035,000		3.900		12/30/25		1,144,689
						5,136,784

18 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Indiana(a) – 0.1%
Indiana University Revenue Bonds (Taxable-Refunding) Series B
$  1,000,000		2.767	%	06/01/37	$	1,006,140
Kentucky – 0.7%
Kentucky State Property & Buildings Commission Revenue Bonds (Taxable-Refunding) Series D
5,000,000		2.522		11/01/27		5,070,400
River City, Inc. KY Parking Authority Revenue Bonds (Refunding) Series B(a)
2,890,000		2.750		12/01/33		2,965,689
						8,036,089
Michigan – 0.6%
Cedar Springs MI Public School District GO Bonds (Taxable-Refunding) Series B(Q-SBLF)
1,800,000		2.035		05/01/21		1,813,410
Dearborn MI GO Bonds (Taxable) Series B
1,750,000		3.879		05/01/27		1,918,595
Fraser MI Public School District GO Bonds (Taxable-Refunding) Series 2019(Q-SBLF)
2,150,000		2.380		05/01/29		2,175,564
Utica Community Schools GO Bonds (Taxable-Qualified School Construction-Direct Payment)(Q-SBLF)(a)
1,500,000		5.875		05/01/22		1,531,890
						7,439,459
Mississippi(a) – 0.1%
Mississippi Medical Center Educational Building Corp. Revenue Bonds (Taxable-Refunding-University) Series B
1,465,000		3.000		06/01/23		1,508,379
Missouri(a) – 0.5%
Curators University of Missouri System Facilities Revenue Bonds Build America Bonds
2,500,000		5.792		11/01/41		3,558,225
Missouri State Highways & Transit Commission State Road Revenue Bonds Build America Bonds Series 2010
2,800,000		4.820		05/01/23		3,059,168
						6,617,393
Nebraska – 0.3%
University of Nebraska Facilities Corp. Revenue Bonds (Taxable-Refunding) Series A
3,750,000		2.175		10/01/26		3,859,950
Nevada(a) – 0.2%
Clark County Nevada Sales & Excise Tax Revenue Bonds Build America Bonds Series C
2,525,000		5.100		07/01/21		2,540,478
New Jersey(a) – 0.3%
Rutgers New Jersey State University Revenue Bonds (Taxable-Refunding) Series R
4,000,000		2.588		05/01/27		4,072,600

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
New York(a) – 0.7%
New York GO Build America Bonds Series 2010
$  2,000,000		4.908	%	06/01/21	$	2,073,860
1,055,000		5.008		06/01/22		1,121,159
New York State Thruway Authority Revenue Bonds (Taxable-Refunding) Series M
2,755,000		2.500		01/01/27		2,708,193
New York State Urban Development Corp. Revenue Bonds Series B
1,950,000		3.350		03/15/26		2,066,961
						7,970,173
Ohio – 0.8%
City of Cincinnati OH GO Bonds (Taxable-Refunding) Series A(a)
2,865,000		1.880		12/01/31		2,789,335
Kent OH State University Revenue Bonds (Taxable-Refunding) Series B(a)
1,700,000		2.221		05/01/26		1,737,230
South-Western City OH School District Franklin & Pickaway Countries GO Bonds (CABS-Taxable-Refunding) Series C(i)
2,740,000		0.000		12/01/28		2,242,334
University of Cincinnati Revenue Bonds (Taxable-Refunding) Series B
3,000,000		1.775		06/01/29		2,925,750
						9,694,649
Oregon – 0.2%
Oregon Education Districts Full Faith & Credit Pension Obligations GO Bonds (Taxable) Series 2018(a)
495,000		4.220		06/30/30		571,171
Portland OR Community College District GO Bonds Series 2018
1,250,000		3.970		06/01/27		1,438,287
						2,009,458
Pennsylvania(a) – 0.3%
State Public School Building Authority Revenue Bonds (Qualified School Construction Bonds)
3,000,000		6.495		09/15/28		3,937,980
Rhode Island – 0.2%
Rhode Island State Student Loan Authority Loan Revenue Bonds (Taxable) Series 1
2,000,000		2.530		12/01/25		2,021,180
Texas(a) – 0.4%
City of Houston TX GO Bonds (Taxable-Refunding) Series B
5,000,000		2.130		03/01/26		5,027,750
Washington(a) – 0.2%
Seattle Municipal Light & Power Revenue Bonds Taxable Clean Renewable Energy Bonds Series C
2,000,000		3.750		06/01/33		2,230,560
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $99,132,471)					$	107,980,443

The accompanying notes are an integral part of these financial statements. 19

COMMERCE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Shares	Dividend Rate				Value
Investment Company – 2.1%
State Street Institutional US Government Money Market Fund — Premier Class
25,101,900		0.191%			$	25,101,900
(Cost $25,101,900)
U.S. Government Agency Obligations – 1.4%
FFCB
2,860,000		5.190	%	04/22/21	$	2,996,924
FHLB
3,700,000		1.500		08/15/24		3,864,394
2,650,000		7.125		02/15/30		4,078,880
FNMA
5,550,000		1.625		10/15/24		5,809,516
New Valley Generation III
180,237		5.131		01/15/21		185,670
New Valley Generation V
534,709		4.929		01/15/21		545,041
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $16,050,403)					$	17,480,425
TOTAL INVESTMENTS – 100.1%
(Cost $1,166,177,876)					$	1,220,543,938
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%						(1,468,193)
NET ASSETS – 100.0%					$	1,219,075,745

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)	Variable rate security. The interest rate shown reflects the rate as of April 30, 2020.
(d)	Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.
(e)	Security is currently in default and/ornon-income producing.
(f)	Actual maturity date is September 15, 2115.
(g)	Rate shown is that which is in effect on April 30, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(h)	Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of April 30, 2020. Maturity date disclosed is the ultimate maturity.
(i)	Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.

Investment Abbreviations:
AG	—Aktiengesellschaft(German Corporation)
AMT	—AlternativeMinimum Tax
ASA	—Allmennaksjeselskap(Norwegian Public Company)
FFCB	—FederalFarm Credit Bank
FHLB	—FederalHome Loan Bank
FHLMC	—FederalHome Loan Mortgage Corp.
FNMA	—FederalNational Mortgage Association
GNMA	—GovernmentNational Mortgage Association
GO	—GeneralObligation
LIBOR	—LondonInterbank Offered Rate
LLC	—LimitedLiability Company
LP	—LimitedPartnership
NA	—NationalAssociation
NV	—NaamlozeVennootschap (Dutch Public Company)
PLC	—PublicLimited Company
Q-SBLF	—QualifiedSchool Bond Loan Fund
REMIC	—RealEstate Mortgage Investment Conduit
UMBS	—UniformMortgage Backed Securities

PORTFOLIO COMPOSITION

	AS OF 4/30/20			AS OF 10/31/19
Corporate Obligations		43.4	%		41.8	%
Asset-Backed Securities		15.8			18.0
Collateralized Mortgage Obligations		15.6			17.7
U.S. Treasury Obligations		10.4			7.2
Municipal Bond Obligations		8.8			8.6
Investment Company		2.1			0.8
U.S. Government Agency Obligations		1.4			1.4
Federal Agencies		1.7			2.1
Commercial Mortgage Obligations		0.9			1.9
TOTAL INVESTMENTS		100.1	%		99.5	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

20 The accompanying notes are an integral part of these financial statements.

COMMERCE SHORT-TERM GOVERNMENT FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 56.9%
Collateralized Mortgage Obligations – 37.2%
Adjustable Rate Mortgage Trust Series2004-5, Class 3A1(a)(b)
$     20,565		3.868	%	04/25/35	$	19,993
Banc of America Funding Corp. Series2004-A, Class 1A3(a)(b)
4,009		4.717		09/20/34		3,646
Banc of America Mortgage Securities, Inc. Series2003-J, Class 2A1(a)(b)
102,739		4.031		11/25/33		92,359
Bear Stearns Adjustable Rate Mortgage Trust Series2004-9, Class 24A1(a)(b)
45,572		4.536		11/25/34		40,046
Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class A1(a)(b)
24,581		4.630		09/25/34		21,684
Fannie Mae Grantor Trust Series2011-T2, Class A1
653,667		2.500		08/25/51		675,322
FHLMC REMIC PAC Series 159, Class H
10		4.500		09/15/21		10
FHLMC REMIC PAC Series 2022, Class PE
9,976		6.500		01/15/28		11,252
FHLMC REMIC PAC Series 2109, Class PE
23,577		6.000		12/15/28		26,511
FHLMC REMIC PAC Series 23, Class PK
38,993		6.000		11/25/23		41,638
FHLMC REMIC PAC Series 4689, Class HA
475,088		3.500		06/15/43		501,992
FHLMC REMIC Series2010-109, Class M
706,185		3.000		09/25/40		740,694
FHLMC REMIC Series2012-112, Class AP
576,437		2.000		09/25/40		584,794
FHLMC REMIC Series 3816, Class HA
1,409,326		3.500		11/15/25		1,502,746
FHLMC REMIC Series 4467, Class DA
431,484		3.000		11/15/41		438,618
FHLMC REMIC Series 4640, Class LD
501,974		4.000		09/15/43		530,447
FHLMC REMIC Series 4713, Class DV
518,122		3.500		11/15/28		557,583
FHLMC REMIC Series 4776, Class C
354,864		4.500		03/15/43		361,984
FHLMC REMIC Series 4879, Class A
394,802		4.000		10/15/46		413,193
FNMA REMIC PAC Series1992-129, Class L
9,303		6.000		07/25/22		9,676
FNMA REMIC PAC Series1992-89, Class MA(c)
1,702		0.000		06/25/22		1,687
FNMA REMIC Series1991-137, Class H
3,606		7.000		10/25/21		3,696
FNMA REMIC Series1993-182, Class FA(a)
(10 Year CMT - 0.650%)
2,608		0.030		09/25/23		2,605

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
FNMA REMIC Series2003-117, Class KB
$   408,383		6.000	%	12/25/33	$	482,246
FNMA REMIC Series2003-14, Class AP
32,364		4.000		03/25/33		34,038
FNMA REMIC Series2011-146, Class NB
550,749		4.000		09/25/41		578,085
FNMA REMIC Series2012-100, Class WA
584,412		1.500		09/25/27		592,258
FNMA REMIC Series2012-110, Class CA
557,359		3.000		10/25/42		593,151
FNMA REMIC Series2012-118, Class EB
622,643		1.500		11/25/27		630,014
FNMA REMIC Series2013-112, Class G
502,715		2.125		07/25/40		515,161
FNMA REMIC Series2015-15, Class CA
861,745		3.500		04/25/35		935,509
FNMA REMIC Series2015-19, Class CA
598,432		3.500		01/25/43		632,200
FNMA REMIC Series2015-2, Class PA
460,198		2.250		03/25/44		473,750
FNMA REMIC Series2016-104, Class BA
487,801		3.000		01/25/47		521,901
FNMA REMIC Series2016-53, Class BV
730,520		3.500		11/25/27		792,849
FNMA REMIC Series2016-96, Class A
543,727		1.750		12/25/46		550,731
FNMA REMIC Series2017-51, Class EA
555,945		3.000		11/25/42		572,304
FNMA REMIC Series2017-7, Class JA
471,408		2.000		02/25/47		476,422
FNMA REMIC Series2019-10, Class PT
551,033		3.500		03/25/49		597,302
FNMA REMIC Series2019-68, Class B
701,261		3.000		11/25/49		737,404
GNMA REMIC Series2009-65, Class AF
48,857		4.000		07/20/39		51,149
GNMA REMIC Series2010-115, Class QJ
4,554		3.500		11/20/38		4,553
GNMA REMIC Series2010-14, Class PA
30,741		3.000		02/20/40		32,259
GNMA REMIC Series2010-89, Class GL
94,731		4.000		05/20/39		96,560
GNMA REMIC Series2012-13, Class EG
1,223,698		2.000		10/20/40		1,264,214
GNMA REMIC Series2013-188, Class LE
1,004,334		2.500		11/16/43		1,047,610
GNMA REMIC Series 2014-131, Class DM
461,642		3.000		02/20/44		485,493
GNMA REMIC Series2015-65, Class BD
587,338		2.250		05/20/45		612,032

The accompanying notes are an integral part of these financial statements. 21

COMMERCE SHORT-TERM GOVERNMENT FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
GNMA REMIC Series2015-94, Class AT
400,540		2.250			07/16/45		416,999
GNMA REMIC Series2019-21, Class MA
$   765,585		3.500	%		09/20/47	$	828,781
GSR Mortgage Loan Trust Series2003-6F, Class A1
15,435		3.000			09/25/32		15,154
GSR Mortgage Loan Trust Series2005-AR3, Class 2A1(a)
(1M USD LIBOR + 0.440%)
71,663		0.927			05/25/35		58,441
GSR Mortgage Loan Trust Series2006-AR1, Class 2A4(a)(b)
338,204		3.906			01/25/36		315,501
Impac CMB Trust Series2003-2F, Class A(d)
143,419		5.730			01/25/33		149,762
Impac CMB Trust Series2003-8, Class 2A1(a)
(1M USD LIBOR + 0.900%)
5,601		1.387			10/25/33		5,486
Impac CMB Trust Series2004-7, Class 1A1(a)
(1M USD LIBOR + 0.740%)
49,810		1.227			11/25/34		48,017
Impac CMB Trust Series2005-2, Class 2A2(a)
(1M USD LIBOR + 0.800%)
56,824		1.287			04/25/35		49,856
Impac Secured Assets Corp. Series2006-1, Class 2A1(a) (1M USD LIBOR + 0.350%)
335,684		0.837			05/25/36		286,597
IndyMac Index Mortgage Loan Trust Series2004-AR6, Class 6A1(a)(b)
44,779		4.102			10/25/34		40,337
Lehman XS Trust Series2005-7N, Class 1A1A(a)
(1M USD LIBOR + 0.540%)
103,222		1.027			12/25/35		92,543
Master Adjustable Rate Mortgages Trust Series2004-13, Class 2A1(a)(b)
55,992		4.352			04/21/34		53,410
Master Alternative Loans Trust Series2004-9, Class A6(d)
984		5.643			08/25/34		986
MortgageIT Trust Series2005-1, Class 1A1(a)
(1M USD LIBOR + 0.640%)
404,951		1.127			02/25/35		379,583
MortgageIT Trust Series2005-1, Class 1A2(a)
(1M USD LIBOR + 0.780%)
348,317		1.267			02/25/35		327,172
Residential Accredit Loans, Inc. Series2004-QA4, Class NB21(a)(b)
16,948		4.351			09/25/34		15,642
Securitized Asset Sales, Inc. Series1993-7, Class TA6
1,709		6.250			12/25/23		1,696
Sequoia Mortgage Trust Series 10, Class 1A(a)
(1M USD LIBOR + 0.800%)
25,758		1.518			10/20/27		23,926
Sequoia Mortgage Trust Series2003-2, Class A1(a)
(1M USD LIBOR + 0.660%)
42,128		1.378			06/20/33		38,708

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Structured Asset Securities Corp. Series2003-31A, Class 2A7(a)(b)
$   169,578		3.665	%		10/25/33	$	157,352
Vendee Mortgage Trust Series1996-2, Class 1Z
47,000		6.750			06/15/26		53,484
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $22,184,022)						$	23,250,804
Commercial Mortgage Obligations – 1.8%
GNMA REMIC Series2010-141, Class B
$   603,607		2.717	%		02/16/44	$	617,909
GNMA REMIC Series2014-47, Class BC
469,340		3.574			06/16/45		478,863
TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $1,070,236)						$	1,096,772
Federal Agencies – 17.9%
FHLMC
$       5,580		6.000			10/01/23		6,201
19,661		5.000			05/01/27		21,317
272,979		2.500			04/01/28		285,599
750,000		2.000	(e)		09/25/39		757,500
(12M USD LIBOR + 1.585%)
508,644		2.628	(a)		07/01/46		522,874
(12M USD LIBOR + 1.600%)
444,228		2.786	(a)		07/01/45		459,335
FNMA
490,528		3.500			12/01/27		519,015
449,609		2.500			03/01/28		470,276
924,386		2.500			05/01/28		966,701
530,198		2.500			07/01/28		549,250
534,278		3.000			09/01/28		559,265
336,294		2.500			01/01/30		347,551
696,124		2.500			02/01/32		719,524
347,799		3.500			10/01/32		374,749
829,582		3.000			08/01/33		867,554
(12M USD LIBOR + 1.584%)
388,871		2.629	(a)		12/01/45		398,897
(12M USD LIBOR + 1.740%)
27,721		3.925	(a)		10/01/34		27,870
GNMA(a)
(1 Year CMT + 1.500%)
75		3.125			11/20/24		77
(1 Year CMT + 1.500%)
163		3.125			12/20/24		164
(1 Year CMT + 1.500%)
4,017		3.875			04/20/26		4,041
(1 Year CMT + 1.500%)
2,768		3.250			08/20/26		2,793
(1 Year CMT + 1.500%)
4,603		4.000			01/20/28		4,736
UMBS
586,857		3.000			11/01/26		619,013
505,929		3.000			12/01/26		534,371

22 The accompanying notes are an integral part of these financial statements.

COMMERCE SHORT-TERM GOVERNMENT FUND

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
UMBS – (continued)
$       4,838		7.000	%		11/01/31	$	5,047
514,843		5.000			02/01/32		563,105
101,834		6.000			07/01/33		113,315
859,976		3.500			07/01/34		923,983
483,638		3.500			08/01/35		519,694
TOTAL FEDERAL AGENCIES
(Cost $10,897,415)						$	11,143,817
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $34,151,673)						$	35,491,393
U.S. Treasury Obligations – 22.5%
United States Treasury Inflation Indexed Bonds
$1,116,749		0.125	%		04/15/22	$	1,107,227
United States Treasury Notes
275,000		2.250			03/31/21		280,296
2,000,000		2.250			07/31/21		2,051,562
1,000,000		1.750			11/30/21		1,024,297
1,500,000		1.375			10/15/22		1,542,188
750,000		1.625			10/31/23		785,127
1,000,000		2.125			03/31/24		1,070,859
750,000		2.000			04/30/24		800,391
750,000		1.500			10/31/24		788,877
1,000,000		2.250			11/15/24		1,085,781
1,750,000		2.125			11/30/24		1,892,188
500,000		1.125			02/28/25		518,945
1,000,000		1.625			02/15/26		1,067,383
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $13,608,725)						$	14,015,121
U.S. Government Agency Obligations – 16.5%
FHLB
$   600,000		3.000	%		12/09/22	$	638,176
500,000		2.875			06/14/24		547,340
775,000		0.500			04/14/25		772,165
FHLMC(e)
1,000,000		1.875			11/27/20		1,009,167
400,000		2.000			12/18/20		404,411
500,000		3.100			06/29/23		502,123
FNMA
1,000,000		1.750	(e)		11/20/20		1,008,517
500,000		1.250			05/06/21		505,521
1,000,000		1.400	(e)		08/25/21		1,014,470
900,000		2.075	(e)		02/28/22		928,979
500,000		2.000			10/05/22		520,187
1,000,000		2.875			09/12/23		1,082,774
500,000		2.500			02/05/24		538,486
750,000		1.625			10/15/24		785,070
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $9,982,472)						$	10,257,386

Principal Amount	Interest Rate			Maturity Date		Value
Asset-Backed Securities(a) – 2.0%
Home Equity – 0.9%
Morgan Stanley Capital, Inc. Series2002-HE3, Class A2
(1M USD LIBOR + 1.080%)
$   301,327		1.567	%		03/25/33	$	282,541
Terwin Mortgage Trust Series2004-7HE, Class A3(f)
(1M USD LIBOR + 0.700%)
233,528		1.187			07/25/34		214,408
Terwin Mortgage Trust Series2004-9HE, Class A1(f)
(1M USD LIBOR + 0.400%)
96,860		0.887			09/25/34		88,418
							585,367
Other – 1.1%
Countrywide Asset-Backed Certificates Series2004-6, Class 2A4
(1M USD LIBOR + 0.900%)
231,718		1.387			11/25/34		208,269
Towd Point Mortgage Trust Series2016-3, Class A1(b)(f)
481,999		2.250			04/25/56		480,967
							689,236
TOTAL ASSET-BACKED SECURITIES
(Cost $1,237,256)						$	1,274,603
Shares	Dividend Rate					Value
Investment Company  – 1.9%
State Street Institutional US Government Money Market Fund — Premier Class
1,159,175		0.191	%			$	1,159,175
(Cost $1,159,175)
TOTAL INVESTMENTS – 99.8%
(Cost $60,139,301)						$	62,197,678
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%							126,336
NET ASSETS – 100.0%						$	62,324,014

The accompanying notes are an integral part of these financial statements. 23

COMMERCE SHORT-TERM GOVERNMENT FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. The interest rate shown reflects the rate as of April 30, 2020.
(b)	Rate shown is that which is in effect on April 30, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(c)	Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.
(d)	Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of April 30, 2020. Maturity date disclosed is the ultimate maturity.
(e)	Security with “Call” features with resetting interest rates.
(f)	Exempt from registration under Rule 144A of the Securities Act 1933. Such securities may be resold, normally to qualified institutional buyers in transactions exempt from registration.

Investment Abbreviations:
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
PAC	—Planned Amortization Class
REMIC	—Real Estate Mortgage Investment Conduit
UMBS	—Uniform Mortgage Backed Securities

PORTFOLIO COMPOSITION

	AS OF 4/30/20			AS OF 10/31/19
Collateralized Mortgage Obligations		37.2	%		37.8	%
U.S. Treasury Obligations		22.5			11.9
Federal Agencies		17.9			17.4
U.S. Government Agency Obligations		16.5			26.0
Asset-Backed Securities		2.0			4.1
Investment Company		1.9			1.5
Commercial Mortgage Obligations		1.8			2.5
TOTAL INVESTMENTS		99.8	%		101.2	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

24 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONALTAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – 92.0%
Alabama – 0.9%
Millbrook AL GO Bonds (Refunding) Series 2019(AA-/NR)
$  1,625,000		5.000	%		09/01/25	$	1,911,715
1,705,000		5.000			09/01/26		2,048,387
							3,960,102
Alaska – 1.8%
Alaska State Housing Finance Corp. Revenue Bonds (Refunding) Series A (AA+/Aa2)(a)
1,000,000		5.000			12/01/29		1,184,520
Alaska State Municipal Bond Bank Authority Revenue Bonds (Master Resolution) Series A (A+/NR)
1,000,000		4.000			10/01/24		1,102,630
1,000,000		5.000			10/01/25		1,173,120
1,000,000		5.000	(a)		10/01/28		1,204,300
Alaska State Municipal Bond Bank Authority Revenue Bonds Series B (AMT) (A+/NR)(a)
450,000		5.000			03/01/27		508,356
University of Alaska AK Revenue Bonds (Refunding)Series V-2 (A+/Baa1)
500,000		4.000			10/01/25		521,190
University of Alaska AK Revenue Bonds (Refunding-General) Series S (A+/Baa1)(a)
2,050,000		4.000			10/01/26		2,102,583
							7,796,699
Arizona – 2.1%
Arizona Industrial Development Authority Revenue Bonds Series 2020 (NR/Aa2)
1,650,000		5.000			02/01/31		2,060,305
1,000,000		5.000			05/01/31		1,251,590
Goodyear Community Facilities Utilities District No 1 GO Bonds (Refunding) Series 2016(A-/A1)(a)
880,000		4.000			07/15/32		961,541
McAllister Academic Village LLC AZ Revenue Bonds (Arizona State University) (Refunding) Series 2016(AA-/Aa3)(a)
1,000,000		5.000			07/01/27		1,205,350
Pima County AZ Regional Transportation Excise Tax Revenue Bonds (Pima County Regional Transportation Fund) (AA+/NR)
1,000,000		5.000			06/01/22		1,082,690
1,000,000		5.000			06/01/23		1,117,600
Yuma AZ Municipal Property Corp. Excise Tax Revenue Bonds (Refunding-Senior Lien) Series 2015(AA-/A1)(a)
1,050,000		4.000			07/01/26		1,176,116
							8,855,192
Arkansas – 1.9%
Arkansas State Development Finance Authority State Agency Facilities Revenue Bonds (Department of Community Correction Project) Series 2018(AA-/NR)(a)
980,000		4.000			11/01/31		1,126,402
1,095,000		4.000			11/01/34		1,233,835
1,000,000		4.000			11/01/35		1,121,750

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Arkansas – (continued)
City of Benton AR Public Utilities Revenue Bonds(Taxable-Refunding) Series 2020 (NR/A1)
$     375,000		1.950	%		09/01/23	$	382,466
650,000		2.050			09/01/24		665,424
500,000		2.280			09/01/26		516,310
250,000		2.400	(a)		09/01/27		256,078
Fort Smith AR Water & Sewer Revenue Bonds (Refunding) Series 2018 (A/NR)(a)
500,000		5.000			10/01/31		616,260
National Park AR Community College District GO Bonds (Refunding) Series 2018 (A+/NR)(a)
645,000		4.000			03/01/30		717,969
635,000		4.000			03/01/32		696,900
500,000		4.000			03/01/36		540,795
							7,874,189
California – 0.7%
Corona-Norca CA Unified School District GO Bonds Series E(AA-/Aa3)(b)
450,000		0.000			08/01/26		522,301
San Francisco City & County Airports Commission Revenue Bonds Refunding Second Series H (AMT) (A+/A1)
2,000,000		5.000			05/01/21		2,064,820
University of California CA Revenue Bonds (Unrefunded-General) Series Q (AA/NR)(a)
235,000		5.250			05/15/22		235,771
							2,822,892
Colorado – 2.1%
Colorado State Board for Community Colleges & Occupational Educational System Revenue Bonds (Refunding-Arapahoe Community College — Castle Rock Collaboration Campus) Series A (NR/Aa3)(a)
450,000		4.000			11/01/31		508,905
850,000		4.000			11/01/32		954,652
Colorado State Health Facilities Authority Revenue Bonds Series A (A+/NR)
1,000,000		5.000			11/01/23		1,099,790
Colorado State Housing & Finance Authority Revenue Bonds (Taxable) SeriesC-1 (GNMA) (AAA/Aaa)
310,000		2.025			05/01/24		311,345
280,000		2.075			11/01/24		281,358
250,000		2.125			05/01/25		251,753
250,000		2.175			11/01/25		251,888
300,000		2.336			05/01/26		304,587
350,000		2.386			11/01/26		355,463
500,000		2.436			05/01/27		508,735
500,000		2.466			11/01/27		508,230
625,000		2.539			05/01/28		636,769
575,000		2.589			11/01/28		586,028
Colorado State School of Mines Institutional Enterprise (Refunding) Series2018-A (NR/A1)(a)(c)
(1M USD LIBOR)
2,500,000		1.160			02/01/23		2,473,975
							9,033,478

The accompanying notes are an integral part of these financial statements. 25

COMMERCE NATIONALTAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Connecticut – 1.7%
Connecticut State Health & Educational Facilities Authority Revenue Bonds (Refunding Fairfield University) Series S(A-/A3)
$  1,000,000		5.000	%		07/01/28	$	1,162,890
1,000,000		5.000	(a)		07/01/29		1,152,230
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series A (AMT) (NR/A1)(a)
750,000		3.250			11/15/24		765,713
1,115,000		3.750			11/15/27		1,153,490
Connecticut State Housing Finance Authority Housing Finance Mortgage Program Revenue Bonds (Taxable Refunding)Series A-4 (AAA/Aaa)
770,000		1.810			05/15/24		771,378
330,000		1.860			11/15/24		330,221
530,000		1.900			05/15/25		531,261
765,000		1.950			11/15/25		767,295
500,000		2.090			05/15/26		502,625
							7,137,103
Florida – 3.6%
County of Broward FL Airport System Revenue Bonds Series A (AMT) (A+/A1)(a)
2,755,000		5.000			10/01/36		3,163,319
County of Broward FL Port Facilities Revenue Bond (Refunding) Series A (A/A1)
870,000		5.000			09/01/24		984,335
County of Broward FL Port Facilities Revenue Bond Series A (A/A1)
620,000		5.000			09/01/28		737,868
Florida State Housing Finance Corp. Revenue Bonds Series 1 (GNMA/FNMA/FHLMC) (NR/Aaa)
1,000,000		2.000			07/01/27		1,010,550
925,000		2.050			01/01/28		933,898
960,000		2.100			07/01/28		971,069
975,000		2.125	(a)		01/01/29		985,033
Jupiter County FL (Community Center Project) GO Bonds Series 2001 (AAA/Aaa)
35,000		5.500			07/01/21		36,035
Lake County FL School Board Certificates of Participation (Refunding-Master Lease Program) Series A (A/NR)(a)
725,000		5.000			06/01/24		802,126
Miami-Dade County FL Aviation Revenue Bonds (Miami International Airport) Series A (A/A2)(a)
1,000,000		5.000			10/01/22		1,013,520
Miami-Dade County FL Aviation Revenue Bonds (Unrefunded-Miami International Airport) SeriesA-1 (A/A2)(a)(d)
760,000		5.500			10/01/20		775,033
Miami-Dade County FL Educational Facilities Authority Revenue Bonds (Refunding-University of Miami) Series B (AMBAC)(A-/A3)(a)
685,000		5.250			04/01/21		711,126
Orange County FL Tourist Development Tax Revenue Bonds (Refunding) Series 2010(AA-/NR)
2,000,000		5.000			10/01/23		2,261,620

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Florida – (continued)
Seminole County FL School Board Certificates of Participation Series B(AA-/Aa3)(a)
$     500,000		5.000	%		07/01/24	$	539,660
Tallahassee FL Health Facilities Revenue Bonds (Tallahassee Memorial Healthcare, Inc. Project) Series A (NR/Baa1)
330,000		5.000			12/01/20		335,953
							15,261,145
Georgia – 0.3%
Cherokee County GA Water & Sewer Authority Revenue Bonds (Refunding & Improvement) Series 1993 (NPFG) (NR/Aa2)
45,000		5.500			08/01/23		48,193
Fulton County GA Development Authority Revenue Bonds (Refunding-Robert W Woodruff Arts Center, Inc.) Series A (NR/A2)
1,000,000		5.000			03/15/26		1,166,960
							1,215,153
Illinois – 11.2%
Champaign County IL Community Unit School District No. 4 GO Bonds (Refunding) Series 2019 (AA/Aa2)
630,000		4.000			06/01/28		742,562
Cook County IL School District No. 111 Burbank GO Bonds (Refunding) Series 2018 (A+/NR)(a)
1,500,000		4.000			12/01/37		1,608,525
Cook County IL School District No. 63 East Maine GO Bonds (Refunding) Series 2019 (NR/Aa2)(a)
1,460,000		4.000			12/01/34		1,577,807
Cook County IL Township High School District No. 208 Riverside-Brookfield GO Bonds (Refunding) Series B (AA+/NR)
1,090,000		5.000			12/15/25		1,285,339
Countryside IL GO Bonds (Taxable-Refunding) Series 2014 (NR/Aa2)
500,000		3.300			01/01/24		530,020
DeKalb, Kane & Lasalle Counties Community College District No. 523 GO Bonds Series A(AA-/NR)(a)(d)
400,000		5.000			02/01/21		412,788
Du Page & Cook County Community School District No. 181 GO Bonds (School Building) Series 2017 (AAA/Aaa)(a)
2,220,000		4.000			01/15/30		2,517,191
Du Page & Will County Community School District No. 204 Indian Prairie (Refunding) Series 2016 (NR/Aa1)
5,000,000		2.000			12/30/22		5,129,950
Elk Grove Village GO Bonds Series 2017 (AA+/NR)
530,000		3.000			01/01/24		560,025
550,000		3.000			01/01/25		587,873
1,140,000		5.000			01/01/26		1,354,468
525,000		5.000	(a)		01/01/28		646,464
Hoffman Estates IL GO Bonds (Taxable-Refunding) Series A (AA+/Aa3)(a)
1,200,000		4.200			12/01/25		1,317,816

26 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONALTAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
Illinois Finance Authority Revenue Bonds (Refunding-Columbia College) (ETM) Series 2011 (NR/NR)
$     440,000		4.500	%		12/01/20	$	449,346
Illinois Finance Authority Revenue Bonds(Refunding-OSF Healthcare System) Series A (A/A3)(a)
1,000,000		4.000			11/15/33		1,047,800
Illinois Finance Authority Revenue Bonds (Rush University Medical Center Obligated Group) Series A (A+/A1)
500,000		5.000			11/15/24		565,175
Kane County IL Forest Preservation District GO Bonds Series A (AA+/NR)(a)
1,695,000		3.000			12/15/26		1,824,820
Kendall Kane & Will Counties IL Community Unit School District No. 308 GO Bonds (Refunding) Series 2016 (NR/A2)
1,115,000		5.000			02/01/24		1,248,220
1,000,000		5.000			02/01/25		1,145,760
Lake County IL Community Consolidated School District No. 46 Grayslake GO Bonds (Refunding) Series 2015 (AA+/NR)
1,000,000		5.000			11/01/23		1,122,070
Lake County IL Community Consolidated School District No. 73 Hawthorn GO Bonds (Refunding) Series B (AA+/NR)(a)
2,450,000		4.000			01/01/33		2,709,602
Mount Prospect IL GO Bonds (Refunding) Series A (AA+/NR)(a)
1,000,000		3.000			12/01/28		1,053,540
Peoria IL GO Bonds (Refunding) Series B(AA-/A2)
1,205,000		5.000			01/01/24		1,297,158
Quad Cities IL Regional Economic Development Authority Revenue Bonds (Augustana College) Series 2012 (Refunding) (NR/Baa1)(a)
750,000		4.750			10/01/32		763,447
Rolling Meadows IL GO Bonds Series 2019 (AA+/NR)(a)
495,000		4.000			12/15/34		553,742
515,000		4.000			12/15/35		574,792
535,000		4.000			12/15/36		595,278
555,000		4.000			12/15/37		615,079
580,000		4.000			12/15/38		641,358
600,000		4.000			12/15/39		661,986
Round Lake IL GO Bonds (Refunding) Series 2019 (NR/Aa2)
815,000		4.000			01/01/24		888,611
765,000		4.000			01/01/25		847,268
Saint Clair County IL High School District No. 203 O’Fallon GO Bonds (Refunding) Series 2017 (NR/Aa2)
845,000		4.000			12/01/23		911,501
685,000		4.000			12/01/24		748,678
735,000		4.000			12/01/25		816,600
Will County IL Community Unit School District No. 365 Valley View GO Bonds (Prerefunded-Capital Appreciation) Series 2003 (AGM) (AA/Aa2)(b)
4,770,000		0.000			11/01/23		4,609,919

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
Winnebago County IL GO Bonds (Refunding) Series C (NR/Aa2)
$     765,000		5.000	%	12/30/25	$	900,688
905,000		5.000		12/30/28		1,129,766
960,000		5.000		12/30/29		1,214,611
						47,207,643
Indiana – 5.5%
Carmel IN Local Public Improvement Bank Revenue Bonds SeriesB-1 (AA/NR)(a)
1,810,000		4.000		01/15/34		2,017,951
Carmel IN Local Public Improvement Bond Bank Revenue Bonds SeriesB-1 (AA/NR)(a)
1,000,000		4.000		01/15/35		1,110,910
Decatur Township IN Multi-School Building Corp. Revenue Bonds (Refunding-First Mortgage) (Multi Purpose) Series 2015 (AA+/NR)
2,315,000		5.000		07/15/23		2,590,277
Eastern Pulaski IN Multi-School Building Corp. Revenue Bonds (First Mortgage) Series 2015 (AA+/NR)(a)
840,000		4.000		07/15/28		907,780
Evansville IN Redevelopment Authority Revenue Bonds (Build America Bonds-Taxable) Series B (A/A2)(a)
675,000		6.050		02/01/23		682,681
Greater Clark IN Building Corp. Revenue bonds (1st Mortgage) Series 2018 (AA+/NR)(a)
1,000,000		4.000		07/15/32		1,136,530
Indiana Finance Authority Revenue Bonds (Educational Facilities-Butler University Project) Series A(A-/NR)(a)
540,000		5.000		02/01/25		599,135
425,000		5.000		02/01/27		469,676
700,000		5.000		02/01/28		772,163
600,000		5.000		02/01/29		660,132
Indiana State Finance Authority Revenue Bond (Refunding-Educational Facilities-Indianapolis Museum of Art) Series B (NR/A2)(a)
815,000		5.000		02/01/28		866,655
Indiana State University Revenue Bonds (Build America Bonds) (NR/A1)(a)
530,000		5.310		04/01/25		531,033
Lake Central Multi-District School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series B (AA+/NR)
1,000,000		5.000		07/15/24		1,140,940
Plainfield IN High School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series 2014 (AA+/NR)(a)
1,000,000		4.000		01/15/26		1,106,040
Portage IN Redevelopment Authority Lease Rent Revenue Bonds Series 2015 (A/NR)(a)
1,665,000		4.000		08/01/30		1,814,117
St. Joseph County IN Economic Development Revenue Bonds (Refunding Saint Marys College) Series 2017(A-/NR)
1,500,000		5.000		04/01/27		1,712,670

The accompanying notes are an integral part of these financial statements. 27

COMMERCE NATIONALTAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Indiana – (continued)
Upland IN Economic Development Revenue Bonds (Taylor University Project) (Refunding) Series 2012 (NR/Baa1)(a)
$     900,000		4.500	%	09/01/32	$	903,357
Vinton-Tecumseh IN School Building Corporation Revenue Bonds (First Mortgage) Series A (AA+/NR)(a)
625,000		5.000		07/15/30		759,019
500,000		5.000		07/15/31		604,095
500,000		5.000		07/15/32		600,355
Westfield High School 1995 Building Corp. Revenue Bonds (1st Mortgage) Series B (AA+/NR)(a)
1,000,000		5.000		01/15/31		1,180,970
750,000		5.000		07/15/31		884,640
						23,051,126
Iowa(a) – 0.7%
Iowa State University of Science And Technology Athletic Facilities Revenue Bonds Series 2020 (NR/Aa3)
2,825,000		3.000		07/01/31		3,034,926
Kansas(a) – 1.8%
Geary County KS Unified School District No. 475 GO Bonds Series A (NR/Aa2)
700,000		4.000		09/01/33		765,359
700,000		4.000		09/01/34		763,189
Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (A/NR)
1,500,000		4.000		07/01/36		1,585,065
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)
1,015,000		5.000		09/01/30		1,187,154
910,000		5.000		09/01/34		1,045,536
Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/Aa3)
1,000,000		5.000		09/01/30		1,170,110
1,000,000		5.000		09/01/31		1,160,180
						7,676,593
Kentucky – 2.4%
Barren County KY School District Finance Corp. Revenue Bonds (Refunding) Series 2015 (NR/A1)(a)
1,000,000		5.000		08/01/26		1,154,100
Kentucky State Property & Building Commission Revenue Bonds (Project No. 112) Series B(A-/A1)(a)
400,000		5.000		11/01/27		453,300
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series B (NR/A1)
1,000,000		5.000		05/01/26		1,130,670
750,000		5.000	(a)	05/01/28		853,470
915,000		5.000	(a)	05/01/29		1,029,942
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series D (NR/A1)
750,000		5.000		05/01/27		858,330
Oldham County KY School District Finance Corp. (Refunding) Series 2016 (NR/A1)
545,000		5.000		06/01/20		546,548

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kentucky – (continued)
Oldham County KY School District Finance Corp. (Refunding) Series 2016 (NR/A1) – (continued)
$     595,000		5.000	%	06/01/21	$	618,223
590,000		5.000		06/01/22		632,468
610,000		5.000		06/01/23		671,018
690,000		5.000		06/01/24		777,223
Owensboro KY GO Bonds Series A (NR/A1)(a)
1,200,000		5.000		05/01/25		1,331,928
						10,057,220
Louisiana – 1.6%
Iberia Parish LA Parish wide School District GO Bonds Series 2017(AA-/NR)
510,000		3.000		03/01/24		540,758
530,000		4.000		03/01/25		593,934
550,000		4.000		03/01/26		626,147
570,000		4.000		03/01/27		657,330
450,000		4.000	(a)	03/01/28		522,608
Louisiana Public Facilities Authority Revenue Bonds (Refunding-Ochsner Clinic Foundation Project) Series 2015 (NR/A3)(a)
800,000		5.000		05/15/30		887,360
Louisiana State GO Bonds Series A(AA-/Aa3)(a)
1,655,000		4.000		04/01/35		1,825,862
St. Tammany LA Parish Wide School District No 12 GO Bonds (Refunding) Series 2017 (AA/NR)(a)
980,000		4.000		03/01/28		1,148,531
						6,802,530
Maine – 3.1%
Maine State Governmental Facilities Authority Revenue Bonds Series A(AA-/Aa3)(a)
2,485,000		4.000		10/01/32		2,826,489
Maine State Health & Higher Educational Facilities Authority Revenue Bonds (Refunding) Series B (NR/A1)(a)
1,000,000		4.000		07/01/33		1,084,870
Maine State Health & Higher Educational Facilities Authority Revenue Bonds Series A (A+/A1)(a)
1,000,000		5.000		07/01/35		1,155,800
Maine State Health & Higher Educational Facilities Authority Revenue Bonds Series A (NR/A1)(a)
1,000,000		5.000		07/01/24		1,034,670
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series B (AA+/Aa1)
1,300,000		1.950		11/15/24		1,314,807
835,000		2.050		11/15/25		845,964
1,000,000		2.100		11/15/26		1,011,910
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series E (AA+/Aa1)(a)
840,000		2.150		11/15/29		845,065
870,000		2.250		11/15/30		872,880
905,000		2.350		11/15/31		905,217
Portland ME Airport Revenue Bonds (Refunding-General) Series 2016(A-/Baa1)
145,000		5.000		01/01/23		157,084
470,000		5.000		01/01/24		521,677

28 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONALTAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Maine – (continued)
Portland ME Airport Revenue Bonds (Refunding-General) Series 2016(A-/Baa1) – (continued)
$     215,000		5.000	(a)%	01/01/34	$	239,357
330,000		5.000	(a)	01/01/35		366,366
						13,182,156
Maryland(a) – 0.5%
Maryland State Water Quality Financing Administration Bay Restoration Fund Revenue Bonds Series 2015 (AA/Aa2)
2,000,000		2.800		03/01/26		2,098,720
Massachusetts – 0.5%
Massachusetts Educational Financing Authority Education Loan Revenue Bonds (Issue I) Series A (AA/NR)(a)
205,000		5.100		01/01/25		205,141
Massachusetts Educational Financing Authority Revenue Bonds Series J (AMT) (AA/NR)(a)
450,000		4.250		07/01/22		461,516
Massachusetts State Housing Finance Agency Revenue Bonds Series B (AMT) (AA/Aa2)
310,000		2.500		12/01/20		311,572
295,000		2.700		06/01/21		298,233
300,000		3.050		06/01/22		307,881
315,000		3.250		06/01/23		330,145
						1,914,488
Michigan – 5.7%
Comstock Park MI Public Schools GO Bonds (Refunding) Series 2015(Q-SBLF) (AA/NR)
730,000		5.000		05/01/24		834,865
Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series A (NR/A1)(a)
445,000		5.000		07/01/30		529,319
495,000		5.000		07/01/32		579,477
Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series B (NR/A1)(a)
380,000		5.000		07/01/31		447,933
Grand Valley MI State University Revenue Bonds (Refunding) Series A (A+/A1)(a)
1,500,000		4.000		12/01/29		1,652,490
1,375,000		4.000		12/01/30		1,508,210
Jackson College MI GO Bonds (Refunding) Series 2016 (NR/Aa2)
940,000		3.000		05/01/25		1,004,531
Jenison MI Public Schools GO Bonds (Refunding) Series 2017 (NR/Aa3)
1,110,000		4.000		05/01/23		1,201,586
Kalamazoo MI Public Schools GO Bonds Series 2018 (NR/Aa3)(a)
2,370,000		4.000		05/01/31		2,712,749
Kenowa Hills MI Public School GO Bonds (School Building & Site) Series II(Q-SBLF) (AA/NR)(a)
1,000,000		4.000		11/01/30		1,155,710

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Michigan – (continued)
Mattawan MI Consolidated School District GO Bonds Series I(Q-SBLF) (AA/NR)(a)
$     750,000		5.000	%	05/01/26	$	888,292
Michigan State Building Authority Revenue Bonds (Refunding) Series I(AA-/Aa2)(a)
1,300,000		4.000		10/15/36		1,405,963
Michigan State Finance Authority Limited Obligation Revenue Bonds (Refunding) (Kalamazoo College Project) Series 2018 (NR/A2)(a)
1,590,000		4.000		12/01/36		1,638,479
Michigan State Housing Development Authority Revenue Bond Series B (AA+/Aa2)(a)
1,750,000		3.000		06/01/29		1,854,720
Michigan State Housing Development Authority Revenue Bonds (Taxable-Refunding) Series B (AA/NR)
500,000		2.816		04/01/25		510,490
1,000,000		2.866		10/01/25		1,024,430
Michigan State Housing Development Authority Revenue Bonds Series A (AA/NR)
400,000		2.150		04/01/25		408,252
470,000		2.550	(a)	04/01/28		484,946
410,000		2.600	(a)	10/01/28		423,251
Northwest Community Schools GO Bonds (School Building & Site) Series 2013(Q-SBLF) (AA/NR)(a)
1,000,000		4.000		05/01/24		1,083,710
Portland MI Public Schools GO Bonds (Refunding) Series 2016(Q-SBLF) (AA/NR)(a)
1,150,000		4.000		05/01/27		1,301,639
Saginaw Township MI Community School District (Refunding) Series 2015(Q-SBLF) (NR/Aa1)(a)
750,000		4.000		05/01/28		848,377
Washtenaw MI Community College GO Bonds (Refunding) Series 2015 (NR/Aa1)
645,000		4.000		04/01/25		727,218
						24,226,637
Minnesota – 0.1%
Minnesota State Housing & Finance Agency Revenue Bonds Series A (GNMA/FNMA/FHLMC) (AA+/Aa1)
400,000		1.700		07/01/26		396,824
Mississippi – 1.4%
Alcorn State University Educational Building Corp. (Refunding-Facilities)(Re-Financing Project) Series 2016 (NR/Aa2)(a)
1,560,000		4.000		09/01/33		1,731,225
Mississippi State Development Bank Special Obligation (Pearl Public School District) Series 2016 (NR/Aa3)(a)
600,000		4.000		04/01/34		651,906
Mississippi State Development Bank Special Obligation (Vicksburg Warren School District) Series 2018 (A+/NR)(a)
490,000		5.250		03/01/34		591,940

The accompanying notes are an integral part of these financial statements. 29

COMMERCE NATIONALTAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Mississippi – (continued)
Mississippi State Development Bank Special Obligation Revenue Bonds (Hinds County Project) Series 2017 (NR/Aa3)(a)
$     300,000		5.000	%	11/01/29	$	366,672
400,000		5.000		11/01/30		484,916
500,000		5.000		11/01/31		603,015
400,000		5.000		11/01/32		478,864
Mississippi State Gaming Tax Revenue Bonds Series2015-E (A+/A3)
1,055,000		5.000		10/15/25		1,186,010
						6,094,548
Missouri – 1.2%
Greene County MO GO Bonds Limited-Wilson Creek Marketplace NID Project (Refunding) Series A (NR/Aa2)(a)(d)
500,000		5.000		04/01/22		540,980
Jackson County MO Special Obligation Revenue Bonds (Harry S. Truman Sports Complex) Series 2014 (NR/A1)(a)
2,300,000		5.000		12/01/26		2,481,217
Joplin Industrial Development Authority Health Facilities Revenue Bonds (Freeman Health Systems ) Series 2011 (A/NR)
515,000		4.250		02/15/21		528,509
Kansas City MO Industrial Development Authority Apartments Special Obligation Revenue Bonds(Kansas City International Apartments Terminal Modified Project) Series B (A/A2)
1,155,000		5.000		03/01/27		1,341,440
						4,892,146
Nebraska – 0.5%
Nebraska Public Power Generation Agency Revenue Bonds (Refunding) (Whelan Energy Center Unit 2) Series A (NR/A2)
1,750,000		5.000		01/01/23		1,922,200
Sarpy County NE Hospital Authority No.1 Revenue Bonds (Refunding-Nebraska Medicine) Series 2016(AA-/NR)(a)
35,000		3.000		05/15/46		33,619
						1,955,819
Nevada – 1.1%
Clark County NV School District GO Bonds (Refunding) Series C (AGM) (AA/A1)
4,010,000		5.000		06/15/27		4,838,065
New Jersey – 3.5%
Middlesex County NJ Cops Certificates of Participation (Refunding) Series 2017 (AA+/NR)
705,000		4.000		06/15/26		808,261
500,000		4.000		06/15/27		582,775
500,000		4.000	(a)	06/15/28		583,565
760,000		4.000	(a)	06/15/29		881,767
New Jersey Housing & Mortgage Finance Agency MF Conduit Revenue Bonds (Lexington Manor Apartments Project) Series B (NR/Aaa)
785,000		3.150		06/15/25		818,331
New Jersey State Higher Education Assistance Authority Student Loan Revenue Bonds (Refunding) Series 1A (AA/Aaa)(a)
735,000		4.750		12/01/23		735,404

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
New Jersey – (continued)
New Jersey State Transportation Trust Fund Authority Revenue Bonds (Capital Appreciation) Transportation System Series 2006 (AMBAC) (AA+/Aa1)(b)
$  1,255,000		0.000	%	12/15/26	$	1,074,669
Passaic County NJ GO Bonds (Refunding-Taxable Pension) Series 2003 (AGM) (NR/Aa1)
35,000		5.750		02/15/21		36,259
Union City NJ GO Bonds (Refunding) Series 2017 (NR/Baa1)
1,575,000		5.000		11/01/20		1,599,318
1,830,000		5.000		11/01/22		1,953,983
Ventnor City NJ GO Bonds (Refunding) Series 2017 (AA/NR)
1,470,000		4.000		12/01/22		1,579,544
1,530,000		4.000		12/01/23		1,683,398
690,000		4.000		12/01/26		798,682
705,000		4.000		12/01/27		825,266
730,000		4.000	(a)	12/01/28		847,121
						14,808,343
New Mexico(a) – 1.2%
Las Cruces NM Joint Utility Revenue Bonds (Subordinate Line System Improvement) Series 2018 (NR/Aa3)
845,000		4.000		06/01/29		952,898
500,000		4.000		06/01/30		560,910
1,000,000		4.000		06/01/32		1,095,770
500,000		4.000		06/01/33		542,465
University of New Mexico NM Revenue Bonds (Refunding & Improvement-Subordinate Lien) Series A(AA-/Aa3)
1,685,000		2.250		06/01/27		1,746,958
						4,899,001
New York(a) – 0.2%
Monroe Country NY Development Corp. Revenue Bonds (Refunding John Fisher College) Series A(A-/NR)
500,000		5.000		06/01/29		522,950
New York City Housing Development Corp. Revenue Bonds (Multi Family Development) Series G (AA+/Aa2)
250,000		3.800		11/01/37		253,210
						776,160
North Carolina – 0.8%
North Carolina State Housing Finance Agency Homeownership Revenue Bonds Series39-B (GNMA/FNMA/FHLMC) (AA+/Aa1)(a)
1,200,000		3.200		01/01/29		1,296,600
Western Carolina University Revenue Bonds (Refunding-Limited Obligation-Student Housing) (A/NR)
200,000		2.000		06/01/20		200,176
420,000		3.000		06/01/21		429,093
330,000		4.000		06/01/22		345,995
350,000		4.000		06/01/23		374,017
480,000		4.000	(a)	06/01/25		509,664
						3,155,545

30 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONALTAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Ohio – 6.0%
Akron OH Certificates of Participation (District Energy Project) Series 2018 (A+/NR)(a)
$     885,000		4.000	%	12/01/29	$	992,253
960,000		4.000		12/01/31		1,058,976
Akron OH GO Bonds (Refunding)(AA-/NR)(a)
545,000		5.000		12/01/26		633,481
Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR)(a)
1,060,000		4.000		12/01/34		1,145,160
Kent OH State University Revenue Bonds (Taxable-Refunding) Series B (A+/Aa3)(a)
880,000		2.321		05/01/27		893,429
1,295,000		2.447		05/01/28		1,323,115
Licking Heights OH Local School District GO Bonds (Refunding) Series C (NR/Aa3)
765,000		5.000		10/01/27		945,991
1,115,000		5.000	(a)	10/01/28		1,372,966
Mahoning County OH Career & Technical Center Board of Education Certificates of Participation (Refunding) Series 2017(AA-/NR)(a)
630,000		4.000		12/01/26		695,060
650,000		4.000		12/01/27		713,434
665,000		4.000		12/01/28		727,716
500,000		4.000		12/01/29		545,060
Miami Valley Career Technology Center OH GO Bonds Series 2018 (NR/Aa2)(a)
725,000		4.000		12/01/34		817,641
2,245,000		4.000		12/01/36		2,511,863
2,170,000		4.000		12/01/37		2,420,461
Middletown OH GO Bonds (Refunding-Various Purpose) Series 2017 (NR/A1)
1,095,000		4.000		12/01/25		1,247,030
1,045,000		5.000		12/01/27		1,305,142
Ohio State Higher Educational Facility Commission Revenue Bonds (Xavier University-Refunding) Series C(A-/A3)(a)
1,000,000		5.000		05/01/27		1,109,810
1,000,000		5.000		05/01/28		1,107,100
750,000		5.000		05/01/29		827,280
Ohio State Hospital Refunding Revenue Bonds (Cleveland Clinic Health System Obligated Group) Series A (AA/Aa2)
1,000,000		5.000		01/01/24		1,122,770
Ohio State Hospital Revenue Bonds (University Hospitals Health System, Inc.) Series A (A/A2)(a)
1,000,000		5.000		01/15/24		1,077,320
University of Toledo OH Revenue Bonds (Refunding-General Receipt) Series A (A/A1)(a)
700,000		4.000		06/01/36		744,303
						25,337,361
Oklahoma – 1.4%
Leflore County OK Public Facility Authority Educational Facility Lease Revenue Bonds (Poteau Public School Project) Series 2019(A-/NR)
1,350,000		4.000		12/01/28		1,570,928
1,795,000		4.000	(a)	12/01/30		2,079,615

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Oklahoma – (continued)
Oklahoma State Capitol Improvement Authority Facility Revenue Bonds (Department of Correction) Series D(AA-/NR)(a)
$  2,000,000		4.000	%	07/01/38	$	2,207,360
						5,857,903
Pennsylvania – 11.1%
Brandywine Heights PA Area School District GO Bonds (Refunding) Series A(AA-/NR)
1,650,000		5.000		02/01/26		1,957,263
Brandywine Heights PA Area School District GO Bonds (Refunding) Series B(AA-/NR)
1,365,000		4.000		02/01/23		1,463,048
Butler County PA Hospital Authority Revenue Bonds (Refunding) Series 2015 (NR/Baa2)
500,000		5.000		07/01/25		567,235
450,000		5.000	(a)	07/01/26		509,076
490,000		5.000	(a)	07/01/27		553,058
Centre County PA Hospital Authority Revenue Bonds (Refunding Hospital Mount Nittany Medical Center Project) Series A (A+/NR)
1,000,000		5.000		11/15/26		1,172,430
Columbia Borough PA School District GO Bonds (Refunding) Series 2019 (A+/NR)
1,500,000		4.000		02/15/22		1,572,390
1,790,000		4.000		02/15/23		1,915,604
Delaware County PA Authority University Revenue Bonds (Neumann University) (BBB/NR)(a)
1,250,000		5.250		10/01/31		1,258,600
Delaware Valley PA Regional Financial Authority Revenue Bonds Series A(CNTY-GTD) (A+/A1)
2,100,000		5.000		09/01/33		2,679,369
Pennsylvania State Commonwealth GO Bonds (Refunding) Series 3 (A+/Aa3)
1,895,000		5.375		07/01/21		1,992,934
Pennsylvania State Economic Development Financing Authority Governmental Lease Revenue Bonds (Taxable-Refunding-Forum Place Project) Series 2020 (A/A2)
1,250,000		2.082		03/01/24		1,233,175
1,550,000		2.132		03/01/25		1,523,898
Pennsylvania State Housing Finance Agency SF Mortgage Revenue Bonds Series 130A (AA+/Aa2)(a)
795,000		2.100		10/01/30		787,996
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Refunding-Subordinated) Series B (NR/A3)(a)
1,500,000		5.000		06/01/29		1,717,140
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds(Taxable-Refunding-1st) Series 2020 (NR/A1)
335,000		2.355		12/01/26		340,135
400,000		2.533		12/01/27		409,228
325,000		2.583		12/01/28		333,876
350,000		2.633		12/01/29		360,626
530,000		2.733	(a)	12/01/30		543,054

The accompanying notes are an integral part of these financial statements. 31

COMMERCE NATIONALTAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Pennsylvania – (continued)
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds SeriesA-2 (NR/A1)(a)
$  3,000,000		5.000	%		12/01/35	$	3,626,760
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series C (A+/A1)(a)
500,000		5.000			12/01/26		579,245
Peters Township PA School District Washington County GO Bonds Series C (NR/Aa2)(a)
1,000,000		4.000			09/01/36		1,127,960
Plum Boro PA Municipal Authority Sewer Revenue Bonds (Refunding) Series C (AA/NR)
1,175,000		3.000			11/15/27		1,292,371
Salisbury Township PA School District GO Bonds Series A (AA/NR)(a)
1,390,000		4.000			02/15/27		1,537,674
Scranton PA School District GO Bonds (Refunding) Series E (AA/A2)(a)
1,000,000		5.000			12/01/32		1,187,840
Shikellamy School District PA GO Bonds Series 2020 (AA/NR)(a)
1,945,000		2.000			09/01/28		1,949,435
1,610,000		2.000			09/01/29		1,604,848
Southcentral PA General Authority Revenue Bond (AICUP Financing Program-York College Of Pennsylvania Project) Series PP4(A-/NR)(a)
915,000		5.000			11/01/31		1,013,783
State Public School Building Authority Revenue Bonds (Refunding-Montgomery County Community College) (NR/A1)(a)
1,065,000		5.000			05/01/29		1,201,735
Wayne County PA Hospital & Health Facilities Authority Revenue Bond (Memorial Hospital Project) Series A(CNTY-GTD)(AA-/NR)
550,000		4.000			07/01/25		617,837
520,000		4.000			07/01/27		601,921
400,000		5.000	(a)		07/01/28		486,008
500,000		4.000	(a)		07/01/33		545,840
Wilkes-Barre PA Finance Authority Revenue Bonds (Refunding-University of Scranton) Series A(A-/NR)
1,000,000		5.000			11/01/24		1,050,580
2,205,000		4.000	(a)		11/01/29		2,178,584
Wilson PA School District GO Bonds Series A (AA/NR)
650,000		4.000			05/15/26		742,527
840,000		4.000	(a)		05/15/27		963,791
York PA GO Bonds (Refunding) Series A(A-/NR)
1,640,000		5.000			11/15/26		1,837,833
							47,036,707
Rhode Island – 2.0%
Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B(AA-/Aa3)(a)
1,600,000		5.000			11/01/30		1,987,056

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Rhode Island – (continued)
Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B(AA-/Aa3)(a) – (continued)
$  1,685,000		5.000	%		11/01/31	$	2,079,105
760,000		4.000			11/01/32		870,002
980,000		4.000			11/01/33		1,116,583
Rhode Island State & Providence Plantations Lease Certificates of Participation (Refunding) (School Deafening Project) Series D(AA-/Aa3)(a)
1,000,000		5.000			04/01/29		1,215,080
Rhode Island State Health & Educational Building Corp. Higher Education Facility Revenue Bonds (Bryant University Project) (A/A2)
950,000		5.000			06/01/21		990,527
							8,258,353
South Carolina – 0.5%
Laurens County SC School District No. 055 Installment Purchase Revenue Bonds (Refunding) Series 2015(A-/A2)
1,000,000		5.000			12/01/24		1,140,850
Scago Educational Facilities Corp. for Colleton School District Revenue Bonds (Refunding)(A-/A3)(a)
1,000,000		5.000			12/01/26		1,133,370
							2,274,220
South Dakota – 0.7%
South Dakota Housing Development Authority Revenue Bonds (Home Ownership Mortgage) Series D (AAA/Aaa)
570,000		2.700			05/01/25		597,035
South Dakota State Health & Educational Facilities Authority Revenue Bonds Series 2017 (NR/A1)
750,000		5.000			09/01/23		824,422
825,000		5.000			09/01/24		928,290
605,000		5.000			09/01/25		695,369
							3,045,116
Tennessee – 0.7%
Greeneville TN Health & Educational Facilities Board Hospital Revenue Bonds (Refunding-Ballad Health Obligated Group) Series A(A-/Baa1)
500,000		5.000			07/01/28		591,870
600,000		5.000	(a)		07/01/29		706,116
500,000		5.000	(a)		07/01/30		584,660
Tennessee Housing Development Agency Revenue Bonds Homeownership Program Series 1C(Non-AMT) (GO of Agency) (AA+/Aa1)(a)
550,000		3.500			07/01/27		560,972
Tennessee Housing Development Agency Revenue Bonds Residential Financing Program Series 1C(Non-AMT-NonACE-Issue) (AA+/Aa1)(a)
315,000		4.050			01/01/38		333,185
							2,776,803
Texas – 6.6%
Arlington TX Higher Education Finance Corp. Revenue Bonds (KIPP Texas, Inc.) Series 2018(PSF-GTD) (AAA/NR)(a)
1,000,000		4.000			08/15/30		1,145,730
1,000,000		4.000			08/15/31		1,138,760

32 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONALTAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Texas – (continued)
Arlington TX Higher Education Finance Corp. Revenue Bonds (Responsive Education Solutions) Series A(PSF-GTD) (AAA/NR)
$     725,000		5.000	%		08/15/25	$	851,194
Arlington TX Higher Education Finance Corp. Revenue Bonds (Uplift Education) Series B(PSF-GTD) (AAA/NR)(a)
540,000		4.000			12/01/30		609,093
485,000		4.000			12/01/32		540,382
Austin TX Community College District Public Facility Corp. Lease Revenue Bonds Series C (AA/Aa2)(a)
745,000		4.000			08/01/32		841,425
500,000		4.000			08/01/33		562,005
Celina TX GO Bonds (Certificates of Obligation) (Waterworks & Sewer System) Series 2015 (AA/Aa3)(a)
930,000		5.000			09/01/27		1,096,172
980,000		5.000			09/01/28		1,152,911
City of Dallas TX GO Bonds (Refunding & Improvement) Series 2017(AA-/NR)
2,000,000		5.000			02/15/26		2,362,380
Clifton TX Higher Education Finance Corp. Revenue Bond (Refunding-Idea Public Schools) Series 2017(PSF-GTD) (AAA/NR)(a)
2,500,000		4.000			08/15/28		2,989,175
El Paso County TX Community College District Revenue Bonds Series 2016 (AGM) (AA/NR)(a)
2,000,000		4.000			04/01/31		2,212,020
El Paso Independent School District Public Facility Corp. Lease Revenue Bonds Series 2018 (NR/Aa3)(a)
815,000		4.000			02/15/36		899,483
EL Paso TX GO Bonds Series 2016 (AA/NR)(a)
5,000,000		5.000			08/15/28		6,094,350
Katy TX Independent School District GO Bonds (Refunding) Series A(PSF-GTD) (AAA/Aaa)
300,000		5.000			02/15/25		352,155
Kyle TX GO Bonds (Refunding) Series 2015(AA-/NR)(a)
1,000,000		4.000			08/15/26		1,116,720
McGregor TX Independent School District GO Bonds (Capital Appreciation) Series 2001(PSF-GTD) (AAA/NR)(b)
1,000,000		0.000			02/15/25		864,740
Wichita Falls TX GO Bonds Series A (AA/Aa2)(a)
880,000		4.000			09/01/31		1,004,177
870,000		4.000			09/01/32		983,344
750,000		4.000			09/01/33		841,110
							27,657,326
Utah – 0.4%
Salt Lake City UT Airport Revenue Bonds Series A (A+/A2)
1,000,000		5.000			07/01/26		1,145,110
Salt Lake City UT Airport Revenue Bonds Series B (A+/A2)(a)
500,000		5.000			07/01/34		568,675
							1,713,785

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Vermont – 0.8%
Vermont Economic Development Authority Revenue Bonds (Central Vermont Public Service Corp.-Recovery Zone Facility) (NR/WR)
$  1,000,000		5.000	%		12/15/20	$	1,020,170
Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (A/NR)
300,000		5.000			06/15/24		330,459
400,000		5.000			06/15/25		448,680
400,000		5.000			06/15/26		456,000
780,000		5.000			06/15/27		902,795
Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (AA/NR)
410,000		4.000			06/15/20		410,984
							3,569,088
Washington(a) – 1.5%
Chelan County Public Utility District No 1 Revenue Bonds (Variable Refunding) Series B (AA+/Aa3)(e)(f)
2,205,000		0.250			07/01/32		2,205,000
Grays Harbor County WA Public Utility District No. 1 Revenue Bonds (Refunding) Series A (A/A1)
250,000		4.000			01/01/40		262,883
Port of Seattle WA Special Facilities Revenue Bonds (Refunding) Series 2013 (A/A1)
900,000		3.600			06/01/26		935,001
Washington State GO Bonds (Built America) Series D (AA+/Aaa)
1,485,000		4.586			08/01/21		1,550,696
Washington State Health Care Facilities Authority Revenue Bonds (Multicare Health System) Series A(AA-/Aa3)
495,000		5.000			08/15/27		571,913
Washington State Health Care Facilities Authority Revenue Bonds (Refunding-Providence St. Joseph Health) Series B(AA-/Aa3)
150,000		5.000			10/01/30		182,786
Washington State Housing Finance Commission Revenue Bonds(Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa)
775,000		3.450			12/01/30		820,965
							6,529,244
West Virginia(a) – 0.6%
West Virginia State Higher Education Policy Commission Revenue Bonds (Refunding Community & Technical College Capital Improvement) Series 2017 (AAA/A1)
2,065,000		5.000			07/01/30		2,419,746
Wisconsin(a) – 1.6%
City of Waukesha Revenue Bonds Series C (NR/MIG1)(g)
2,000,000		3.000			07/01/21		2,034,160
Luxemburg-Casco WI School District Brown & Kewaunee Counties GO Notes (Refunding) Series 2018(AA-/NR)
520,000		4.000			03/01/30		596,518
765,000		4.000			03/01/31		861,757

The accompanying notes are an integral part of these financial statements. 33

COMMERCE NATIONALTAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Wisconsin(a) – (continued)
Luxemburg-Casco WI School District Brown & Kewaunee Counties GO Notes (Refunding) Series 2018(AA-/NR) – (continued)
$     540,000		4.000	%	03/01/32	$	604,654
Wisconsin Public Finance Authority Revenue Bonds (Taxable Refunding Hawai Pacific Health Obligated Group) Series A (NR/A1)
1,440,000		4.082		07/01/29		1,621,916
Wisconsin State Health & Educational Facilities Authority Revenue Bonds (Refunding-Ascension Health Credit Group) Series A (AA+/Aa2)
1,000,000		4.000		11/15/34		1,065,750
						6,784,755
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $375,511,480)					$	388,284,850
Corporate Obligations(a) – 1.2%
Healthcare-Services – 1.2%
Sutter Health (A+/A1)
4,700,000		3.695	%	08/15/28	$	5,114,656
(Cost $5,046,711)
TOTAL CORPORATE OBLIGATIONS
(Cost $5,046,711)					$	5,114,656
Shares	Dividend Rate				Value
Investment Company – 6.3%
State Street Institutional US Government Money Market Fund — Premier Class
26,708,168		0.191	%		$	26,708,168
(Cost $26,708,168)
TOTAL INVESTMENTS – 99.5%
(Cost $407,266,359)					$	420,107,674
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%						2,078,479
NET ASSETS – 100.0%					$	422,186,153

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates.
(b)	Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.
(c)	Variable rate security. The interest rate shown reflects the rate as of April 30, 2020.
(d)	Prerefunded security. Maturity date disclosed is prerefunding date.
(e)	Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.

(f)	Rate shown is that which is in effect on April 30, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(g)	All or portion represents a forward commitment.
Security ratings disclosed, if any, are issued by S&P Global Ratings/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ETM	—Escrow to Maturity
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
NR	—Not Rated
PSF-GTD	—Guaranteed by Permanent School Fund
Q-SBLF	—Qualified School Bond Loan Fund
WR	—Withdrawn Rating

PORTFOLIO COMPOSITION

	AS OF 04/30/20			AS OF 10/31/19
General Obligation		34.0	%		33.7	%
Lease		13.2			13.4
Education		11.7			12.6
Hospital		8.1			9.3
Limited Tax		6.9			7.3
Investment Company		6.3			0.2
Single Family Housing		5.8			4.5
Transportation		5.3			3.4
Prerefunded/Escrow to Maturity		1.7			4.6
Water/Sewer		1.7			4.3
Power		1.7			3.2
Student		1.2			1.3
Multi Family Housing		1.2			1.2
Not For Profit		0.5			0.6
Crossover		0.2			0.2
TOTAL INVESTMENTS		99.5	%		99.8	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

34 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURITAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – 96.8%
California(a) – 1.8%
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NPFG) (A+/Baa2)
$  2,000,000		0.000	%		07/01/27	$	1,737,320
Manteca CA Unified School District GO Bonds Capital Appreciation Election 2004 Series 2006 (NPFG) (NR/Aa2)
3,180,000		0.000			08/01/28		2,722,589
Washington CA Unified School District GO Bonds Capital Appreciation Election of 2004 (Yolo County) Series A (NPFG) (A+/Baa2)
2,400,000		0.000			08/01/29		1,966,080
							6,425,989
Florida(b) – 0.6%
Orange County FL Tourist Development Tax Revenue Bonds Series A(AA-/Aa2)
2,000,000		4.000			10/01/33		2,196,640
Illinois(b) – 2.1%
Illinois Finance Authority Revenue Bonds (OSF Healthcare System) Series 2016 (A/A3)
2,500,000		3.250			05/15/39		2,262,575
Illinois Housing Development Authority Revenue Bonds (Refunding Homeowner Mortgage) Series C (AA/Aa2)
3,000,000		2.900			08/01/31		3,093,570
Kendall Kane & Will Counties IL Community Unit School District No. 308 Series 2014 (NR/A2)
2,000,000		4.125			02/01/30		2,136,880
							7,493,025
Indiana(b) – 0.6%
Carmel IN Local Public Improvement Bond Bank Revenue Bonds SeriesB-1 (AA/NR)
2,000,000		4.000			01/15/35		2,221,820
Kansas(b) – 0.4%
Dickinson County KS Public Building Commission Revenue Bonds Series 2018(AA-/NR)
1,280,000		5.000			08/01/44		1,476,480
Maine(b) – 0.8%
Maine Governmental Facilities Authority Revenue Bonds Series A(AA-/Aa3)
2,640,000		4.000			10/01/33		2,988,031
Michigan(b) – 1.3%
Michigan State Housing Development Authority Revenue Bonds(Non-ACE) Series B (AA+/Aa2)
1,705,000		2.950			12/01/28		1,806,396
Michigan State Housing Development Authority Revenue Bonds(Non-AMT)(Non-ACE) Series B (AA+/Aa2)
2,920,000		2.550			06/01/27		3,039,983
							4,846,379
Missouri – 87.7%
Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)(b)
760,000		4.000			08/15/28		873,787

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)(b) – (continued)
$     645,000		4.000	%	08/15/29	$	732,752
825,000		4.000		08/15/30		931,178
555,000		4.000		08/15/31		622,227
Bi-State Development Agency MO Metro District Revenue Bonds (Refunding-Combined Lien) Series A (AA+/Aa2)(b)
1,000,000		5.000		10/01/33		1,090,080
Branson MO Reorganized School District No.R-4 GO Bonds Series 2012 (A+/NR)(b)
2,000,000		4.000		03/01/27		2,078,980
Brentwood MO Certificates of Participation Series 2018(AA-/NR)(b)
2,070,000		4.000		10/01/33		2,277,228
1,655,000		4.000		10/01/34		1,814,741
Cape Girardeau County MO Industrial Development Authority Revenue Bonds (St. Francis Medical Center) Series A (A+/NR)(b)
750,000		5.000		06/01/26		793,410
Cape Girardeau County MO Reorganized School District No.R-2 GO Bonds (Kearney Direct Deposit Program) Series 2018 (AA+/NR)(b)
900,000		4.000		03/01/31		1,039,824
750,000		4.000		03/01/37		838,238
Chesterfield MO Certificates of Participation (AMBAC) (NR/Aa1)
600,000		5.000		02/15/22		643,236
City of Brentwood MO Certificates of Participation Series 2019(AA-/NR)(b)
1,415,000		4.000		10/01/36		1,522,483
1,735,000		4.000		10/01/38		1,858,983
City of Columbia MO Water & Electric System Revenue Bonds (Refunding) Series B (A+/NR)
3,015,000		5.000		10/01/27		3,768,901
Clay County MO Public School District No. 53 Liberty GO Bonds (Refunding) Series 2016 (AA/NR)(b)
1,000,000		4.000		03/01/34		1,098,100
1,000,000		4.000		03/01/35		1,094,700
1,000,000		4.000		03/01/36		1,088,950
Clay County MO Public School District No. 53 Liberty GO Bonds Series 2018 (AA/NR)(b)
1,000,000		4.000		03/01/33		1,104,390
1,000,000		4.000		03/01/34		1,098,100
Clay County MO Public School District No.R-II GO Bonds (Refunding) Series A (AA+/NR)(b)
1,735,000		4.000		03/01/30		2,009,685
Clay Jackson & Platte County MO Consolidated Public Library District No. 3 Certificates of Participation Series 2018 (NR/Aa3)
3,125,000		5.000		03/01/23		3,462,094
Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)(b)
500,000		4.000		10/01/42		520,785

The accompanying notes are an integral part of these financial statements. 35

COMMERCE MISSOURITAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
County of Cole MO Reorganized School District No. 2 GO Series 2019 (AA+/NR)(b)
$  3,370,000		5.000	%	03/01/36	$	3,860,065
County of Franklin MO Certificates of Participation (Refunding) Series B (A+/NR)
1,075,000		4.000		04/01/27		1,241,303
1,100,000		4.000	(b)	04/01/28		1,262,855
Duckett Creek MO Sewer District Revenue Bonds (Refunding-System) Series 2015 (NR/Aa3)
1,300,000		5.000		12/01/24		1,508,546
1,215,000		5.000		12/01/25		1,446,470
Fenton MO Fire Protection District GO Bonds Series 2019 (AA+/NR)(b)
1,150,000		4.000		03/01/32		1,293,911
1,200,000		4.000		03/01/33		1,342,872
625,000		4.000		03/01/34		697,344
Festus MO School District No.R-VI Lease Certificates of Participation (School District Project) Series 2019 (A+/NR)
700,000		5.000		04/01/28		868,035
830,000		5.000	(b)	04/01/30		1,038,811
905,000		5.000	(b)	04/01/31		1,126,028
Grain Valley MO Certificates of Participation (Refunding) (NR/NR)(b)
130,000		5.000		09/01/20		130,295
Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series 2014 (A+/A1)(b)
1,000,000		5.000		12/30/26		1,131,840
Greene County MO Certificates of Participation Series 2018 (NR/Aa3)(b)
1,130,000		5.000		09/01/36		1,358,802
1,000,000		5.000		09/01/37		1,198,690
Greene County MO GO Bonds Limited-Jamestown NID Project Series B (NR/Aa2)(b)(c)
4,280,000		5.000		04/01/22		4,630,789
Greene County MO Reorganized School District No.R-2 GO Bonds Series 2018 (Liberty School Building Direct Deposit Program) (AA+/NR)(b)
875,000		5.000		03/01/38		1,039,308
Greene County MO Reorganized School District No.R-3 GO Bonds Series B (Direct Deposit Program) (AA+/NR)(b)
905,000		4.000		03/01/30		1,048,280
985,000		4.000		03/01/32		1,108,263
Greenwood MO GO Build America Bonds Taxable Series B(AA-/NR)(b)
425,000		5.625		03/01/25		426,309
Hannibal MO Industrial Development Authority Revenue Bonds (Hannibal Regional Hospital Healthcare System, Inc.) Series 2017 (BBB+/NR)(b)
3,225,000		5.000		10/01/37		3,535,825
Hazelwood MO School District GO Bonds (Direct Deposit Program) (Refunding) Series A (AA+/NR)(b)
2,000,000		4.000		03/01/28		2,263,140

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Independence MO School District (Refunding) (Direct Deposit Program) Series 2016 (AA+/NR)(b)
$  1,500,000		4.000	%	03/01/30	$	1,693,515
Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR)
600,000		3.000		04/01/22		621,120
875,000		3.000		04/01/23		911,251
500,000		3.000		04/01/24		526,790
960,000		3.000	(b)	04/01/26		1,008,720
Jackson County MO Public Building Corp. Leasehold Revenue Bonds Series A (NPFG) (NR/Aa3)(b)
355,000		5.000		12/01/20		356,051
Jackson County MO Reorganized School District No. 7 Certificates of Participation Series 2016 (AA/NR)
500,000		4.000		05/01/24		549,975
900,000		4.000		05/01/25		1,008,522
700,000		4.000	(b)	05/01/27		802,186
630,000		4.000	(b)	05/01/29		716,631
675,000		4.000	(b)	05/01/30		763,796
Jackson County MO Reorganized School District No. 7 GO Bonds (Refunding) (AA+/NR)(b)
840,000		4.000		03/01/28		984,455
580,000		4.000		03/01/30		671,826
Jackson County MO Reorganized School District No.4 Blue Springs GO Bonds (Direct Deposit Program) Series A (AA+/NR)(b)
1,000,000		5.500		03/01/35		1,282,250
1,000,000		5.500		03/01/36		1,276,600
Jackson County MO Revenue Bonds (Refunding) Series 2014 (NR/A1)
550,000		5.000		12/01/23		591,069
Jackson County MO School District Hickman MillsC-1 Certificates of Participation (Energy Conservation Project) Series 2015(A-/NR)(b)
475,000		3.000		04/15/28		488,376
575,000		3.250		04/15/30		592,014
550,000		3.300		04/15/31		565,659
700,000		3.375		04/15/32		718,627
Jackson County MO School District No. 58 GO Bonds Series B (NR/Aa3)
2,020,000		4.000		03/01/26	��	2,331,363
1,365,000		4.000	(b)	03/01/28		1,602,660
Jackson County MO Special Obligation Revenue Bonds (Refunding-Truman Sports Complex Project) Series 2014 (NR/A1)(b)
1,000,000		5.000		12/01/25		1,081,230
Jackson County MO Special Obligation Revenue Bonds (Right of Way Project) (NR/A1)(b)
1,345,000		4.000		12/01/26		1,517,483
1,455,000		4.000		12/01/28		1,632,204
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Center Projects) (NR/Aa3)(b)
595,000		4.250		12/01/23		634,145

36 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURITAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Control Project) Series B (NR/Aa3)
$     920,000		3.850	%	12/01/20	$	934,830
500,000		4.350	(b)	12/01/23		521,055
820,000		4.500	(b)	12/01/24		855,654
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)(b)
15,000		4.000		03/01/30		17,060
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2018 (AA+/NR)(b)
1,525,000		4.000		03/01/29		1,776,655
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Freeman Health System Project) (A/NR)(b)(c)
1,000,000		5.500		02/15/21		1,037,130
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Freeman Health System Project) Series 2014 (A/NR)(b)
1,895,000		5.000		02/15/27		2,088,764
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Taxable-Refunding-Freeman Health System Project) Series B (A/NR)
480,000		2.200		02/15/23		483,931
450,000		2.318		02/15/24		459,635
500,000		2.378		02/15/25		511,750
1,020,000		2.558		02/15/26		1,050,620
815,000		2.844		02/15/28		836,972
825,000		2.894		02/15/29		848,653
Kansas City MO GO Bonds (Refunding & Improvement) Series A (AA/Aa2)(b)
5,425,000		4.500		02/01/24		5,733,465
Kansas City MO Industrial Development Authority Apartments Special Obligation Revenue Bonds(Kansas City International Apartments Terminal Modified Project) Series B (A/A2)
2,540,000		5.000		03/01/28		2,984,068
1,370,000		5.000		03/01/29		1,621,642
Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Downtown Redevelopment District) Series A(AA-/A1)(b)
2,130,000		5.500		09/01/29		2,253,902
Kansas City MO Sanitary Sewer System Revenue Bonds (Refunding) Series A (AA/Aa2)(b)
1,895,000		4.000		01/01/33		2,066,043
Kansas City MO Special Obligation Revenue Bonds (Downtown Streetcar Project) Series A(AA-/A1)(b)
760,000		5.000		09/01/31		762,105
Kansas City MO Special Obligation Revenue Bonds (Refunding) Series C(AA-/A1)
1,000,000		5.000		09/01/27		1,218,980
1,000,000		5.000	(b)	09/01/31		1,203,060
Liberty MO Public School District No. 53 Lease Participation Certificates (Refunding) (School Board Association) Series 2016(AA-/NR)(b)
1,040,000		3.000		04/01/27		1,094,798

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Maplewood Richmond Heights Mosch District GO Bonds (Refunding) Series 2019(AA-/NR)(b)
$     940,000		4.000	%	03/01/28	$	1,083,106
1,055,000		4.000		03/01/29		1,209,146
500,000		4.000		03/01/30		568,395
Metropolitan St. Louis MO Sewer District Wastewater System Revenue Bonds (Taxable-Refunding) Series C (AAA/NR)(b)
3,000,000		2.514		05/01/28		3,135,990
Metropolitan St. Louis MO Sewer District Wastewater System Revenue Bonds Series A (AAA/Aa1)(b)(c)
485,000		5.000		05/01/22		526,477
Missouri Development Finance Board Annual Appropriation Revenue Bonds (Fulton State Hospital Project) Series 2014 (AA+/Aa1)
1,000,000		5.000		10/01/22		1,095,340
Missouri Development Finance Board Cultural Facilities Revenue Bonds (Nelson Gallery Foundation) Series A(AA-/NR)
1,000,000		5.000		12/01/20		1,023,630
Missouri Development Finance Board Cultural Facilities Revenue Bonds(VAR-Nelson Gallery Foundation) Series A (AAA/Aaa)(b)(d)(e)
5,000,000		0.070		12/01/33		5,000,000
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds (Refunding) Series 2014(A-/A3)
640,000		5.000		01/01/25		743,379
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds (Refunding-Iatan 2 Project) Series A (NR/A2)(b)
3,115,000		5.000		01/01/31		3,494,002
Missouri School Board Association Lease Certificates of Participation for Liberty Public School District No. 53(AA-/NR)(b)
400,000		4.000		04/01/28		418,524
425,000		5.000		04/01/31		452,927
475,000		5.000		04/01/32		505,362
500,000		5.000		04/01/33		531,095
500,000		5.000		04/01/34		530,655
Missouri State Board of Public Buildings Special Obligation (Refunding) Series A (AA+/Aa1)(b)
2,450,000		5.000		10/01/21		2,491,527
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)(b)
1,015,000		4.000		04/01/26		1,120,590
1,825,000		3.000		10/01/26		1,837,428
635,000		2.000		04/01/27		648,951
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series B (AA+/Aa1)(b)
800,000		4.000		04/01/28		880,184
Missouri State Development Finance Board Revenue Bonds(Variable-St. Louis Convention Center) Series C(AA-/NR)(b)(d)(e)
2,100,000		0.100		12/01/20		2,100,000

The accompanying notes are an integral part of these financial statements. 37

COMMERCE MISSOURITAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Environmental Improvement & Energy Resources Authority Revenue Bonds(Tri-County Water Authority Project) (NR/Aa3)(b)
$     595,000		5.000	%	01/01/30	$	686,892
775,000		5.000		01/01/31		893,405
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (Unrefunded Balance-State Revolving Funds Program) Series B (GO of Authority) (NR/Aaa)(b)
5,000		5.000		01/01/22		5,015
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Revenue Bonds (Unrefunded-State Revolving Funds Programs) Series A (NR/Aaa)(b)
90,000		5.500		01/01/23		90,315
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (A.T. Still University of Health Sciences) Series 2011(A-/NR)
400,000		3.500		10/01/21		415,324
1,850,000		5.250	(b)(c)	10/01/21		1,967,197
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Kansas City University of Medicine And Biosciences) Series A (NR/A1)(b)
1,440,000		4.500		06/01/28		1,571,630
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding- Southeast MO State University) Series 2019 (A/NR)
600,000		5.000		10/01/25		693,774
640,000		5.000		10/01/26		752,870
2,030,000		5.000		10/01/27		2,431,838
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding-Kansas City Art Institute) Series 2018(A-/NR)(b)
670,000		5.000		09/01/33		729,617
800,000		5.000		09/01/38		865,048
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (University of Central Missouri) Series C (A+/NR)(b)
2,400,000		5.000		10/01/26		2,696,784
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds(Refunding-Cox Health) Series A (NR/A2)(b)
2,500,000		5.000		11/15/35		2,737,200
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds(Refunding-St. Luke’s Episcopal-Presbyterian Hospitals) Series B (A/NR)(b)
1,000,000		5.000		12/01/33		1,093,200
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (St. Lukes Episcopal) Series 2011 (A/NR)(b)(c)
2,270,000		5.000		12/01/21		2,369,539
Missouri State Health & Educational Facilities Authority Health Facllities Revenue Bonds(Refunding-St. Luke’s Episcopal-Presbyterian Hospitals) Series B (A/NR)(b)
1,375,000		5.000		12/01/31		1,513,669

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Health & Educational Facilities Authority Revenue Bonds (Kansas City University of Medicine & Biosciences) Series A (NR/A1)(b)
$     950,000		5.000	%	06/01/34	$	1,137,255
1,100,000		5.000		06/01/37		1,296,306
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding & Improvement-Webster University Project) Series 2011 (NR/Baa1)(b)(c)
2,000,000		5.000		04/01/21		2,077,340
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Children’s Mercy Hospital) Series 2016 (A+/NR)(b)
1,250,000		4.000		05/15/33		1,337,487
Missouri State Health & Educational Facilities Authority Revenue Bonds(Refunding-The Children’s Mercy Hospital) Series 2016 (A+/NR)(b)
1,250,000		4.000		05/15/39		1,316,688
Missouri State Health & Educational Facilities Authority Revenue Bonds(Variable-St. Louis University)Series B-REMK(AA-/Aa1)(b)(d)(e)
3,000,000		0.070		10/01/24		3,000,000
Missouri State Health & Educational Facilities Authority Revenue Bonds(Variable-The Washington University) Series A (JP Morgan Chase Bank SPA) (AA+/Aa1)(b)(d)(e)
5,000,000		0.070		09/01/30		5,000,000
Missouri State Housing Development Commission Multi Family Housing Revenue Bonds (Courthouse Apartments LLC) Series2009-1 (FHA) (AA+/NR)(b)
610,000		5.250		07/01/42		611,763
Missouri State Housing Development Commission Multi Family Housing Revenue Bonds (Samantha Heights Apartments Project) Series 2 (FHA) (AA+/NR)(b)
500,000		4.375		07/01/30		507,960
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series B (GNMA/FNMA/FHLMC) (AA+/NR)(b)
560,000		2.400		11/01/30		565,527
545,000		2.500		05/01/31		549,567
575,000		2.550		11/01/31		579,721
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) SeriesB-2 (GNMA/FNMA/FHLMC) (AA+/NR)(b)
1,105,000		3.550		11/01/30		1,164,361
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series D (GNMA/FNMA/FHLMC) (AA+/NR)
490,000		2.000		11/01/21		493,969
450,000		3.050	(b)	11/01/28		478,454
395,000		3.150	(b)	11/01/29		418,826
445,000		3.250	(b)	11/01/30		475,082

38 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURITAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program)(Non-AMT) SeriesE-4 (GNMA/FNMA/FHLMC) (AA+/NR)(b)
$     160,000		3.600	%	11/01/23	$	164,480
225,000		3.750		05/01/24		231,633
185,000		3.800		05/01/25		190,546
Missouri State of Health & Educational Facilities Authority Revenue Bonds (Refunding) Series A (NR/A2)(b)
3,750,000		5.000		11/15/32		4,141,312
Missouri State Public Utilities Commission Revenue Notes Series 2019 (NR/NR)(b)
1,350,000		1.500		03/01/21		1,351,647
Missouri State University Auxiliary Enterprise System Revenue Bonds (Refunding) Series A (A+/A1)(b)
2,835,000		4.000		04/01/26		2,939,328
Nixa MO Public Schools GO Bonds (Direct Deposit Program) (Refunding) Series 2019 (AA+/NR)(b)
500,000		4.000		03/01/33		567,005
800,000		4.000		03/01/34		904,520
Northwest Missouri State University Revenue Bonds (Housing System) (NR/A3)(b)
2,750,000		4.000		06/01/26		2,828,760
2,925,000		4.000		06/01/27		3,006,432
1,000,000		4.000		06/01/28		1,026,870
O’Fallon MO Special Obligation Revenue Bonds Series 2012(AA-/NR)(b)
1,135,000		4.000		11/01/22		1,185,962
Ozark MO Certificates of Participation Series 2014 (A+/NR)(b)
500,000		5.000		09/01/44		543,385
Ozark MO Reorganized School District No.R-6 GO Bonds (Direct Deposit Program) (Refunding & Improvement) Series 2015 (AA+/NR)(b)
1,000,000		4.000		03/01/30		1,072,150
1,000,000		4.000		03/01/34		1,060,990
1,500,000		4.000		03/01/35		1,588,110
Platte County MOR-3 School District Building Corp. Leasehold Revenue Bonds (School Project)(AA-/NR)(b)
1,000,000		4.000		04/01/23		1,052,320
550,000		4.000		04/01/28		578,001
800,000		4.000		04/01/29		839,520
1,475,000		4.000		04/01/30		1,549,812
Rolla MO Certificates of Participation Series B (A+/NR)(b)
225,000		3.150		07/01/27		231,077
410,000		3.450		07/01/32		418,221
Saint Louis MO Airport Revenue Bonds(Lambert-St. Louis International Airport) Series 2005 (NPFG) (A/A2)
2,135,000		5.500		07/01/28		2,591,570
Saint Louis MO Airport Revenue Bonds (Refunding-St. Louis Lambert International Airport) Series C (A/A2)
500,000		5.000		07/01/27		581,920
1,000,000		5.000		07/01/28		1,177,270

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series 2012 (AA+/NR)(b)
$  3,000,000		4.000	%	04/01/23	$	3,167,490
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series A (AA+/NR)(b)
1,300,000		4.000		04/01/23		1,372,579
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series B (AA+/NR)(b)(c)
1,000,000		4.000		04/01/21		1,030,100
Southern Platte MO Fire Protection District Series 2018 (NR/Aa2)(b)
540,000		4.000		03/01/38		585,214
Springfield MO Public Utility Revenue Bonds (Refunding) Series 2015 (AA+/NR)(b)
1,310,000		4.000		08/01/31		1,462,104
Springfield MO Special Obligation Revenue Bonds (Refunding) Series A (NR/Aa2)
925,000		2.000		05/01/21		935,480
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (AMT) (NR/Aa2)
2,275,000		5.000		07/01/27		2,678,744
1,220,000		5.000	(b)	07/01/28		1,427,766
1,400,000		5.000	(b)	07/01/30		1,614,606
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (NR/Aa3)
1,335,000		2.000		05/01/21		1,349,725
1,000,000		4.000	(b)	05/01/26		1,077,180
1,405,000		4.000	(b)	05/01/27		1,512,623
Springfield MO Special Obligation Revenue Bonds (Sewer Systems Improvement Project) Series 2012 (NR/Aa2)
1,275,000		5.000		04/01/22		1,373,672
1,340,000		5.000	(b)	04/01/23		1,442,349
Springfield MO Special Obligation Revenue Bonds Series 2020 (NR/Aa2)(b)
470,000		4.000		11/01/34		525,371
475,000		4.000		11/01/35		528,585
815,000		4.000		11/01/36		903,428
845,000		4.000		11/01/37		933,657
920,000		4.000		11/01/38		1,013,518
St. Charles County MO Public Water Supply District No. 2 Certificates of Participation (Refunding) Series 2016 (AA+/NR)(b)
1,000,000		4.000		12/01/31		1,113,320
St. Charles MO Certificates of Participation Build America Bonds Series B (NR/Aa3)(b)
1,250,000		5.650		02/01/30		1,258,950
St. Charles MO Certificates of Participation Series 2012 (NR/A1)(b)
1,000,000		3.000		05/01/22		1,001,410

The accompanying notes are an integral part of these financial statements. 39

COMMERCE MISSOURITAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
St. Joseph MO Industrial Development Authority Special Obligation Revenue Bonds (Refunding) (Sewer System Improvements Project) Series B (A+/NR)(b)
$  1,085,000		5.000	%	04/01/26	$	1,270,578
St. Louis County MO Community College District Certificates of Participation Series 2017 (AA/NR)(b)
1,000,000		4.000		04/01/35		1,110,650
2,000,000		4.000		04/01/36		2,211,780
2,515,000		4.000		04/01/37		2,771,555
St. Louis County MO Library District Certificates of Participation (AA/Aa2)(b)
1,855,000		4.000		04/01/25		1,995,832
1,930,000		4.000		04/01/26		2,073,457
2,010,000		4.000		04/01/27		2,157,594
St. Louis County MO Parkway School District No.C-2 GO Bonds Series B (AAA/NR)(b)
1,000,000		4.000		03/01/32		1,096,990
St. Louis County MO Regional Convention & Sports Complex Authority Revenue Bonds (Refunding-Convention & Sports Facilities) Series B (AA/NR)
875,000		5.000		08/15/20		885,518
St. Louis County MO Special School District Certificates of Participation (Lease) Series B (AA/NR)(b)
1,735,000		4.000		04/01/26		1,820,535
St. Louis MO Airport Revenue Bonds (Refunding-Lambert International Airport) Series 2012 (AMT) (A/A2)(b)
1,280,000		5.000		07/01/23		1,351,987
St. Louis MO Junior College District Building Corp. Leasehold Revenue Bonds (Refunding) (AA/NR)
750,000		3.000		04/01/21		763,868
800,000		3.000		04/01/22		830,168
800,000		3.000	(b)	04/01/23		824,968
St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR)
2,710,000		5.000		02/15/27		3,278,937
St. Louis MO Municipal Finance Corporation Revenue Bonds Series A (A/NR)
1,320,000		5.000		04/15/25		1,545,509
1,390,000		5.000		04/15/26		1,662,648
St. Louis MO Municipal Finance Corporation Sales Tax Leasehold Revenue Bonds (Refunding) Series 2016 (A/NR)
1,000,000		5.000		02/15/24		1,136,320
2,595,000		4.000	(b)	02/15/35		2,799,875
St. Louis MO Municipal Library District Revenue Bonds (Refunding) Series 2020 (AA/NR)(b)
1,900,000		3.000		03/15/39		1,908,113
St. Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)(b)
1,000,000		4.000		04/01/29		1,145,200
1,000,000		4.000		04/01/30		1,138,740

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
St. Peters MO Certificates of Participation (Refunding) Series 2013 (NR/Aa3)(b)
$     695,000		3.250	%	05/01/21	$	695,000
Stone County MO Reorganized School District No. 4 (Refunding-MO Direct Deposit Program) Series 2016 (AA+/NR)(b)
1,725,000		4.000		03/01/33		1,882,303
1,840,000		4.000		03/01/34		2,002,638
Truman MO State University Housing Society Revenue Bonds (Refunding-Revenue) Series 2016 (NR/A1)(b)
865,000		3.000		06/01/25		901,434
Truman State University MO Housing System Revenue Bonds (Refunding) (NR/A1)(b)
765,000		4.000		06/01/21		766,698
University MO School District GO Bonds (Refunding) (Direct Deposit Program) Series 2017 (AA+/NR)
1,760,000		4.000		02/15/26		2,024,246
Valley Park MO Fire Protection District GO Bonds Series 2019 (AA/NR)
360,000		4.000		03/01/25		405,580
535,000		4.000		03/01/26		613,249
555,000		4.000		03/01/27		647,840
450,000		4.000	(b)	03/01/35		500,292
500,000		4.000	(b)	03/01/37		552,225
755,000		4.000	(b)	03/01/39		829,715
Webster County MO Marshfield School District No.R-1 GO Bonds (Direct Deposit Program) Series A (AA+/NR)(b)
500,000		4.000		03/01/32		579,270
890,000		4.000		03/01/33		1,020,616
Wentzville MO Certificates of Participation (Refunding) Series 2015 (NR/A1)
1,160,000		4.000		08/01/25		1,305,592
1,000,000		4.000	(b)	08/01/26		1,121,210
Wentzville MO School District No. 4 (Refunding) (Direct Deposit Program) Series 2016 (AA+/Aa1)(a)(b)
2,000,000		0.000		03/01/26		1,782,700
2,095,000		0.000		03/01/27		1,794,703
Wentzville MO School District No. 4 (Refunding) (Direct Deposit Program) Series 2017 (AA+/Aa1)(b)
3,200,000		4.000		03/01/29		3,657,760
WentzvilleR-IV School District MO Lease Certificates of Participation (Refunding & Improvement Certificates) Series 2016 (NR/Aa3)(b)
1,810,000		4.000		04/01/32		1,966,420
1,800,000		4.000		04/01/33		1,939,122
1,800,000		4.000		04/01/34		1,935,198
WentzvilleR-IV School District MO Lease Certificates of Participation Series 2015 (NR/Aa3)
565,000		5.000		04/01/24		644,620
990,000		4.000	(b)	04/01/25		1,087,159
						319,697,378

40 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURITAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
North Dakota(b) – 0.8%
North Dakota State Housing Finance Agency Homeownership Revenue Bonds (Home Mortgage Finance Program) Series C (NR/Aa2)
$  2,310,000		2.600	%		07/01/28	$	2,384,221
495,000		3.150			01/01/36		508,538
							2,892,759
Pennsylvania(b) – 0.3%
Delaware County Authority University Revenue Bonds for Neumann University (BBB/NR)
1,000,000		5.000			10/01/25		1,010,870
Tennessee – 0.4%
Knox County Health Educational & Housing Facility Board Revenue Bonds (Refunding) (University Health Systems, Inc.) Series 2017 (BBB/NR)
1,500,000		3.375			04/01/26		1,590,855
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $341,448,707)						$	352,840,226
Shares	Dividend Rate					Value
Investment Company – 2.6%
State Street Institutional US Government Money Market Fund — Premier Class
9,329,888		0.191	%			$	9,329,888
(Cost $9,329,888)
TOTAL INVESTMENTS – 99.4%
(Cost $350,778,595)						$	362,170,114
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%							2,251,960
NET ASSETS – 100.0%						$	364,422,074

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.
(b)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Prerefunded security. Maturity date disclosed is prerefunding date.
(d)	Rate shown is that which is in effect on April 30, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(e)	Variable rate security. The interest rate shown reflects the rate as of April 30, 2020.
Security ratings disclosed, if any, are issued by S&P Global Ratings/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
FHA	—Insured by Federal Housing Administration
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
LLC	—Limited Liability Company
Non-ACE	—Non-Adjust Current Earnings
Non-AMT	—Non-Alternative Minimum Tax
NR	—Not Rated
SPA	—Stand-byPurchase Agreement

PORTFOLIO COMPOSITION

	AS OF 04/30/20			AS OF 10/31/19
Lease		30.8	%		28.8	%
General Obligation		23.0			22.0
Higher Education		9.6			11.7
Hospital		8.9			10.3
Limited Tax		5.8			7.3
Single Family Housing		4.4			4.6
Water/Sewer		4.0			3.5
Prerefunded/Escrow to Maturity		3.2			2.7
Investment Company		2.6			1.7
Power		2.2			2.2
Transportation		1.8			2.0
Not For Profit		1.6			1.0
Crossover		1.2			1.2
Multi Family Housing		0.3			0.3
Industrial Development Revenue/ Pollution Control Revenue		—			0.1
TOTAL INVESTMENTS		99.4	%		99.4	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

The accompanying notes are an integral part of these financial statements. 41

COMMERCE KANSASTAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 98.2%
Alabama(a) – 0.6%
Homewood AL Educational Building Authority Revenue Bonds (Refunding Educational Facilities Samford University) Series A (NR/A3)
$  1,000,000		4.000	%	12/01/35	$	1,029,100
California(b) – 2.7%
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NPFG) (A+/Baa2)
670,000		0.000		07/01/27		582,002
Manteca CA Unified School District GO Bonds Capital Appreciation Election 2004 Series 2006 (NPFG) (NR/Aa2)
2,000,000		0.000		08/01/28		1,712,320
San Marcos Unified School District GO Bonds (Capital Appreciation)(AA-/Aa3)
2,275,000		0.000		08/01/24		2,139,729
						4,434,051
Illinois(a) – 1.1%
Illinois State Housing Development Authority Revenue Bonds (Homeowner Mortgage) SubseriesA-1 (GNMA/FNMA/FHLMC) (AA/Aa2)
665,000		3.500		08/01/31		712,594
Lake County IL Community Consolidated School District No. 73 Hawthorn GO Bonds (Refunding) Series B (AA+/NR)
1,000,000		4.000		01/01/33		1,105,960
						1,818,554
Indiana(a) – 1.0%
Carmel IN Local Public Improvement Bond Bank Revenue Bonds SeriesB-1 (AA/NR)
440,000		4.000		01/15/35		488,800
Wabash City IN Schools Building Corp. Revenue Bonds Series 2019 (AA+/NR)
1,050,000		4.000		07/15/30		1,231,524
						1,720,324
Kansas – 86.6%
Allen County KS Public Building Community Revenue Bonds (Allen County Hospital Project) Series 2012 (A/NR)(a)(c)
3,425,000		5.000		12/01/22		3,798,291
Arkansas City KS Public Building Commission Revenue Bonds (Refunding) Series 2019 (A/NR)
560,000		5.000		09/01/27		692,149
585,000		5.000		09/01/28		737,357
415,000		5.000	(a)	09/01/29		520,236
Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AGM) (AA/Aa2)(a)
800,000		4.000		10/01/27		906,608
Bourbon County KS Unified School District No.234-Fort Scott GO Bonds Series 2014 (A/NR)
900,000		5.000		09/01/23		1,006,596
Butler County KS Unified School District No. 385 GO Bonds (Refunding-School Building) Series 2017(AA-/Aa3)(a)
1,000,000		4.000		09/01/30		1,157,120
500,000		4.000		09/01/31		568,725

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Butler County KS Unified School District No. 385 GO Bonds Series 2019 (NR/Aa3)
$     815,000		3.000	%	12/01/20	$	825,888
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding — Bel Aire & Park City Project) Series 2017 (AGM) (AA/NR)
1,315,000		5.000		09/01/26		1,584,220
1,305,000		4.000	(a)	09/01/28		1,515,744
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding) (AMBAC) (NR/WR)
1,000,000		5.250		09/01/24		1,144,010
City of Abilene KS Public Building Commission Revenue Bonds (Refunding-Hospital District No. 1) Series 2017(AA-/NR)(a)
560,000		5.000		12/01/28		697,088
600,000		4.000		12/01/29		694,362
650,000		4.000		12/01/30		747,955
City of Dodge KS GO Bonds (Refunding) Series B (A+/NR)
670,000		4.000		09/01/26		768,309
740,000		4.000	(a)	09/01/28		865,067
City of Manhattan KS Hospital Revenue Bonds (Refunding-Mercy Regional Hospital Center, Inc.) Series 2013 (A+/NR)(a)
2,000,000		5.000		11/15/29		2,128,540
City of Mulvane KS GO Bonds (Refunding) Series A(AA-/NR)
500,000		5.000		09/01/25		590,745
City of Salina KS Water & Sewage System Revenue Bonds (Refunding) Series A (NR/Aa3)(a)
495,000		3.000		10/01/27		536,402
350,000		3.000		10/01/28		375,595
300,000		3.000		10/01/29		318,777
City of Topeka KS Combined Utility Revenue Bonds (Build America Bonds)(PMT-Recovery Zone Economic Development) Series 2010 (NR/Aa3)(a)
250,000		5.250		08/01/40		251,780
City of Topeka KS Combined Utility Revenue Bonds (Refunding) Series A (NR/Aa3)(a)
545,000		4.000		08/01/27		627,944
445,000		3.000		08/01/28		480,996
525,000		3.000		08/01/29		564,275
City of Topeka KS GO Bonds (Refunding) Series A (AA/NR)(a)
2,000,000		2.000		08/15/28		2,001,200
County of Shawnee KS Certificates of Participation First Responders Communications Projects Series 2012 (NR/Aa2)(a)(c)
1,145,000		4.000		09/01/20		1,157,652
Dickinson County KS Public Building Commission Revenue Bonds Series 2018(AA-/NR)(a)
1,550,000		3.250		08/01/33		1,639,404
1,000,000		5.000		08/01/44		1,153,500
Dickinson County KS Unified School District No. 435 GO Bonds (Taxable-Refunding) Series 2019 (A+/NR)(a)
375,000		2.950		09/01/32		377,156

42 The accompanying notes are an integral part of these financial statements.

COMMERCE KANSASTAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Dodge City KS Revenue Bonds (Refunding & Improvement) Series B (A+/NR)
$  1,815,000		4.000	%	09/01/20	$	1,833,622
Douglas County KS Unified School District No. 491 GO Bonds (Edora-Refunding) SeriesB-2019 BAM (AA/A2)
1,010,000		4.000		09/01/29		1,186,891
Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (NR/NR)(a)
1,530,000		4.000		09/01/30		1,726,590
Franklin County KS Unified School District No. 290 GO Bonds Series A (NR/A1)(a)(c)
2,470,000		5.000		09/01/25		2,972,521
Geary Country KS GO Bonds (Refunding) Series 2016 (A/NR)(a)
1,000,000		4.000		09/01/29		1,136,860
Geary County KS Unified Government GO Bonds (Refunding & Improvement) Series B(AA-/NR)(a)
380,000		4.000		12/01/26		433,086
310,000		5.000		12/01/37		358,159
Geary County KS Unified School District No. 475 (Taxable) Series C (NR/Aa2)(a)
865,000		3.661		09/01/32		917,021
Goddard KS GO Bonds Series2019-1 (NR/NR)(a)
1,000,000		3.000		12/01/22		1,025,960
Johnson & Miami Counties KS Unified School District No. 230 GO Bonds Series A (NR/Aa3)(a)
1,000,000		4.000		09/01/32		1,141,230
Johnson & Miami County KS Unified School District No. 230 GO Bonds (Refunding) Series 2016 (NR/Aa3)
1,000,000		5.000		09/01/26		1,218,860
1,000,000		3.500	(a)	09/01/30		1,085,060
Johnson & Miami County KS Unified School District No. 230 GO Bonds Series B (NR/Aa3)(a)
1,000,000		4.000		09/01/33		1,121,710
Johnson County KS Improvement GO Bond Series A (AAA/Aaa)(a)
2,000,000		4.000		09/01/34		2,270,660
Johnson County KS Park & Recreation District Certificates of Participation Series A (NR/Aa2)(a)
1,000,000		4.000		09/01/23		1,063,640
Johnson County KS Public Building Commission Lease Purchase Revenue Bonds (Refunding) Series C (AAA/Aaa)
500,000		4.000		09/01/20		505,375
Johnson County KS Unified School District No. 229 GO Bonds Series A (AA+/Aaa)(a)
225,000		4.000		10/01/23		225,086
Johnson County KS Unified School District No. 231 GO Bonds (Improvement) Series2013-A(AA-/NR)
2,395,000		5.000		10/01/22		2,616,729
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series A(AA-/NR)(a)
1,500,000		4.000		10/01/36		1,637,280

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Johnson County KS Unified School District No. 233 GO Bonds (Refunding & Improvement) Series C (AA/Aa2)(a)
$     500,000		5.000	%	09/01/27	$	525,370
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series B (AA/Aa2)(a)
1,000,000		4.000		09/01/31		1,126,160
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series C (AA/Aa2)(a)
1,000,000		4.000		09/01/29		1,143,960
Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds (Refunding & Improvement) Series B (NR/Aaa)(a)
630,000		4.000		10/01/30		721,533
Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds (Refunding) Series A (NR/Aaa)(a)
1,000,000		4.000		10/01/35		1,100,890
Junction City KS GO Bonds (Refunding Water & Sewer System) Series B (A+/NR)(a)
825,000		5.500		09/01/36		869,278
Junction City KS GO Bonds (Refunding) Series A (A+/NR)(a)
600,000		5.000		09/01/33		626,742
600,000		5.000		09/01/34		626,580
Kansas City KS Community College District Certificates of Participation (Refunding) Series A(AA-/NR)
500,000		4.000		04/01/21		513,480
700,000		4.000		04/01/22		738,773
945,000		4.000		04/01/23		1,017,926
545,000		4.000		04/01/24		599,124
1,000,000		4.000		04/01/25		1,117,870
350,000		4.000		04/01/26		397,946
Kansas City KS Community College District Certificates of Participation (Taxable-Refunding) Series B(AA-/NR)
605,000		2.450		04/01/27		618,171
Kansas Development Finance Authority Hospital Revenue Bonds (Refunding-Adventist Health Sunbelt Obligation Group) Series A (AA/Aa2)(a)
1,500,000		5.000		11/15/32		1,578,615
Kansas Development Finance Authority Revenue Bonds (Wichita University Project) Series A (NR/Aa3)(a)
525,000		3.000		06/01/23		525,661
Kansas Development Finance Authority Revenue Bonds (Wichita University Union Corporation Student Housing Project) SeriesF-1 (NR/Aa3)(a)
1,000,000		5.000		06/01/24		1,042,910
790,000		5.250		06/01/42		820,731
Kansas State Department of Transportation Highway Revenue Bonds Series 2015 (AA/Aa2)(a)
1,250,000		5.000		09/01/29		1,454,437
1,110,000		5.000		09/01/34		1,271,094
Kansas State Development Finance Authority Health Facilities Revenue Bonds (KU Health System) Series J (AAA/NR)(a)(d)(e)
2,630,000		0.100		03/01/41		2,630,000

The accompanying notes are an integral part of these financial statements. 43

COMMERCE KANSASTAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Kansas State Development Finance Authority Revenue Bonds (Department of Commerce) Series K (A+/A1)(a)
$  2,000,000		3.500	%	06/01/23	$	2,003,320
Kansas State Development Finance Authority Revenue Bonds (Kansas State Projects) SeriesE-1 (A+/Aa3)(a)
700,000		5.000		11/01/22		713,909
Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series F (A+/Aa3)(a)
1,895,000		3.000		11/01/32		1,933,601
Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (A+/Aa3)(a)
2,000,000		4.000		03/01/31		2,152,880
Kansas State Development Finance Authority Revenue Bonds Series G (A+/Aa3)(a)
1,000,000		5.000		04/01/30		1,099,690
Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (A/NR)(a)
1,335,000		4.000		07/01/37		1,406,196
Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series II (NR/NR)
2,770,000		4.000		05/01/21		2,854,319
Leavenworth County KS Unified School District No. 453 GO Bonds Series A (NR/Aa3)(a)
1,165,000		4.000		09/01/31		1,314,202
500,000		4.000		09/01/38		545,185
Leavenworth County KS Unified School District No. 464 GO Bonds (Refunding & Improvement) Series B (NR/A1)(a)(c)
500,000		4.000		09/01/22		537,140
Leavenworth County KS Unified School District No. 469 Lansing GO Bonds (Refunding) Series 2016 (NR/A1)
1,000,000		4.000		09/01/26		1,140,260
Newton KS GO Bonds (Refunding) Series A(AA-/NR)(a)
1,555,000		3.000		09/01/27		1,623,871
1,180,000		3.000		09/01/28		1,231,708
Pratt County KS Public Building Commission Revenue Bonds(AA-/NR)
400,000		5.000		12/01/20		409,264
Reno County KS Unified School District No. 313 GO Bonds Series A (NR/A2)(a)
1,930,000		4.000		09/01/26		2,043,677
Riley County KS Unified School District No. 383 GO Bonds (Prerefunded-Refunding) Series 2016 (NR/NR)(a)(c)
170,000		3.000		09/01/26		190,677
Riley County KS Unified School District No. 383 GO Bonds (Unrerefunded-Refunding) Series 2016 (NR/Aa2)(a)
1,830,000		3.000		09/01/30		1,945,070
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)(a)
920,000		5.000		09/01/28		1,082,638
965,000		5.000		09/01/29		1,131,945

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Sedgwick County KS Unified School District No. 260 GO Bonds (Refunding) Series 2016 (NR/Aa3)
$  1,000,000		4.000	%	10/01/30	$	1,193,810
1,000,000		4.000		10/01/31		1,194,790
Sedgwick County KS Unified School District No. 261 GO Bonds (Unrefunded-Refunding & School Improvement) Series 2007 (AGM) (AA/NR)(a)
25,000		5.000		11/01/32		25,079
Sedgwick County KS Unified School District No. 261 GO Bonds Series 2016 (NR/A1)(a)
985,000		3.000		11/01/32		1,024,676
Sedgwick County KS Unified School District No. 262 GO Bonds (Refunding) Series 2015 (A+/NR)(a)
800,000		4.000		09/01/25		887,120
1,500,000		4.000		09/01/26		1,660,770
Sedgwick County KS Unified School District No. 262 GO Bonds Series 2016 (A+/NR)(a)(c)
1,425,000		5.000		09/01/24		1,668,960
Sedgwick County KS Unified School District No. 265 GO Bonds (Refunding) Series B (NR/Aa3)(a)
1,300,000		4.000		10/01/29		1,490,502
Sedgwick County KS Unified School District No. 266 GO Bonds Series A (AA/NR)
300,000		3.000		09/01/26		324,885
715,000		4.000	(a)	09/01/29		840,840
Seward County KS Unified School District No. 480 GO Bonds (Refunding & Improvement) (A+/A1)(a)(c)
1,000,000		5.000		09/01/22		1,099,720
Seward County KS Unified School District No. 480 GO Bonds (Refunding) Series 2017 (NR/A1)(a)
1,000,000		4.000		09/01/28		1,149,580
Shawnee County KS Certificates of Participation (Refunding) Series B (NR/Aa2)
845,000		3.000		09/01/20		850,932
Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)(a)
485,000		4.000		09/01/30		541,852
1,000,000		4.000		09/01/31		1,109,330
1,065,000		5.000		09/01/32		1,240,033
Shawnee County KS GO Bonds (Refunding) Series 2015 (NR/Aa1)
435,000		3.000		09/01/22		454,053
450,000		3.000		09/01/23		475,636
490,000		3.000		09/01/25		530,190
Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)(a)
600,000		4.000		09/01/29		681,474
650,000		4.000		09/01/30		733,031
Shawnee County KS Unified School District No. 345 Seaman GO Bonds (Commercial Mortgage Backed Securities-Refunding-Improvement) Series A (NR/Aa3)(a)(b)
2,000,000		0.000		09/01/23		1,894,800

44 The accompanying notes are an integral part of these financial statements.

COMMERCE KANSASTAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2015 (AA/NR)(a)
$     910,000		4.000	%	09/01/27	$	1,023,723
State of Kansas Department of Transportation High Way Revenue Bonds Series A (AA/Aa2)
1,000,000		5.000		09/01/27		1,215,150
1,250,000		5.000	(a)	09/01/32		1,478,750
Topeka KS Public Building Commission Revenue Bonds (Refunding 10th & Jackson Project) Series A (NPFG) (A+/Baa2)(a)
1,000,000		5.000		06/01/23		1,003,100
Topeka KS Public Building Commission Revenue Bonds (Refunding Department of Social and Rehabilitation Project) Series B (NPFG) (A+/Baa2)(a)
300,000		5.000		06/01/23		300,930
475,000		5.000		06/01/24		476,472
University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series A(AA-/NR)
1,500,000		5.000		03/01/28		1,845,975
1,930,000		5.000	(a)	09/01/48		2,278,732
Washburn University KS Revenue Bonds Series 2014 (Refunding) (NR/A1)
435,000		3.000		07/01/20		436,544
460,000		3.000		07/01/22		478,267
Wichita KS GO Bonds(AMT-Airport) Series C (AA+/Aa1)
590,000		5.000		12/01/25		698,926
Wichita KS GO Bonds Series B (AMT) (AA+/Aa1)(a)
940,000		4.000		12/01/42		1,023,933
Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/NR)(a)
1,000,000		5.000		09/01/32		1,149,510
Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B(AA-/NR)(a)
415,000		4.000		10/01/26		462,493
Wichita KS Water & Sewer Utility Revenue Bonds Series A(AA-/NR)(a)
1,560,000		4.000		10/01/29		1,809,241
Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds (Public Utilities) Series A (A/A2)(a)
525,000		5.000		09/01/28		569,630
Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds (Refunding & Improvement) Series A (A/A2)(a)
1,000,000		5.000		09/01/26		1,148,510
1,000,000		4.250		09/01/39		1,068,200
Wyandotte County KS School District No. 204 GO Bonds Series A (NR/Aa3)(a)
1,000,000		3.000		09/01/37		1,022,660
Wyandotte County KS School District No. 500 GO Bonds (Refunding)(AA-/Aa3)
1,405,000		4.000		09/01/20		1,419,640

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Wyandotte County Kansas City KS Unified Government Utility System (Refunding & Improvement) Revenue BondsSeries 2011-A (A/NR)
$  1,400,000		5.000	%	09/01/20	$	1,418,886
						144,738,169
Massachusetts(a) – 0.0%
Massachusetts Educational Financing Authority Education Loan Revenue Bonds (Issue I) Series A (AA/NR)
50,000		5.300		01/01/30		50,036
Michigan(a) – 1.1%
Michigan State Housing Development Authority, SF Mortgage Revenue Bonds(Non-ACE) Series B (AA+/Aa2)
1,665,000		2.900		06/01/28		1,763,268
Nevada(a) – 0.6%
Clark County NV GO Bonds (Refunding Las Vegas Convention & Visitors Authority) Series C (AA+/Aa1)
1,000,000		3.000		07/01/35		1,026,210
Ohio(a) – 0.6%
Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR)
1,000,000		4.000		12/01/42		1,050,780
Pennsylvania(a) – 0.4%
Delaware County Authority University Revenue Bonds for Neumann University (BBB/NR)
605,000		5.000		10/01/25		611,576
Tennessee – 0.3%
Knox County Health Educational & Housing Facility Board Revenue Bonds (Refunding) (University Health Systems, Inc.) Series 2017 (BBB/NR)
500,000		3.375		04/01/26		530,285
Texas(a) – 1.4%
Arlington TX Higher Education Finance Corp. Revenue Bonds (KIPP Texas, Inc.) Series 2018(PSF-GTD) (AAA/NR)
1,000,000		4.000		08/15/32		1,130,740
Austin TX Community College District Public Facility Corp. Lease Revenue Bonds Series C (NR/Aa2)
1,090,000		4.000		08/01/35		1,216,702
						2,347,442
Utah(a) – 0.7%
Unified Fire Service Area Local Building Authority Lease Revenue Bonds (Refunding) Series 2016 (NR/Aa2)
675,000		3.000		04/01/34		694,744
Utah State Building Ownership Authority Lease Revenue Bonds (State Facilities Master Lease Program) Series 2016 (AA+/Aa1)
500,000		3.000		05/15/34		518,330
						1,213,074
Washington(a)(c) – 0.5%
Washington State Health Care Facilities Authority Revenue Bonds (Overlake Hospital Medical Center) (NR/WR)
750,000		5.250		07/01/20		755,452

The accompanying notes are an integral part of these financial statements. 45

COMMERCE KANSASTAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments(continued)

April 30, 2020 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Wisconsin(a) – 0.6%
Wisconsin State Health & Educational Facilities Authority Revenue Bonds (Refunding-Ascension Health Credit Group) Series A (AA+/Aa2)
$  1,000,000		4.000	%		11/15/34	$	1,065,750
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $158,076,504)						$	164,154,071

Shares	Dividend Rate			Value
Investment Company – 1.0%
State Street Institutional US Government Money Market Fund — Premier Class
1,756,723		0.191	%	$	1,756,723
(Cost $1,756,723)
TOTAL INVESTMENTS – 99.2%
(Cost $159,833,227)				$	165,910,794
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%					1,304,898
NET ASSETS – 100.0%				$	167,215,692

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates.
(b)	Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.
(c)	Prerefunded security. Maturity date disclosed is prerefunding date.
(d)	Variable Rate Security. The interest rate shown reflects the rate as of April 30, 2020.
(e)	Rate shown is that which is in effect on April 30, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
Security ratings disclosed, if any, are issued by S&P Global Ratings/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
NR	—Not Rated
PSF-GTD	—Guaranteed by Permanent School Fund
WR	—Withdrawn Rating

PORTFOLIO COMPOSITION

	AS OF 04/30/20			AS OF 10/31/19
General Obligation		45.3	%		45.0	%
Lease		17.4			17.6
Hospital		8.9			10.2
Prerefunded/Escrow to Maturity		7.3			5.8
Water/Sewer		6.1			6.0
Education		4.3			4.8
Transportation		3.2			2.7
Power		2.2			3.0
Limited Tax		1.7			3.3
Single Family Housing		1.5			1.8
Investment Company		1.0			0.9
Crossover		0.3			0.3
TOTAL INVESTMENTS		99.2	%		101.4	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.

46 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Statements of Assets and Liabilities

April 30, 2020 (Unaudited)

	Growth Fund		Value Fund			MidCap Growth Fund		Bond Fund
Assets:
Investments at value (identified cost $125,570,619, $241,809,232, $184,680,757 and $1,166,177,876, respectively)	$	177,598,434	$	244,772,897		$	213,614,114	$	1,220,543,938
Cash		—		—			—		1,418
Receivables:
Interest and dividends		16,286		453,431			12,309		7,815,257
Fund shares sold		84,464		644,219			189,720		1,346,859
Other		1,983		3,218			2,686		14,038
Total Assets		177,701,167		245,873,765			213,818,829		1,229,721,510
Liabilities:
Payables:
Investments purchased		892,909		—			—		6,604,297
Dividends		—		—			—		2,195,234
Fund shares redeemed		30,150		146,586			102,130		896,676
Advisory fees		53,960		57,760			81,613		353,625
Deferred trustee fees		44,575		58,415			30,434		287,477
Administrative fees		18,549		26,473			22,536		135,887
Accrued expenses		53,441		77,073			41,383		172,569
Total Liabilities		1,093,584		366,307			278,096		10,645,765
Net Assets:
Paid-in capital		123,659,338		252,375,897			185,541,898		1,172,507,435
Total distributable earnings (loss)		52,948,245		(6,868,439	)		27,998,835		46,568,310
Net Assets	$	176,607,583	$	245,507,458		$	213,540,733	$	1,219,075,745
Shares Outstanding/Net Asset Value
Total shares outstanding, no par value (unlimited number of shares authorized):		4,892,949		9,523,350			5,456,770		59,849,743
Net asset value (net assets/shares outstanding)	$	36.09	$	25.78		$	39.13	$	20.37

The accompanying notes are an integral part of these financial statements. 47

COMMERCE FUNDS

Statements of Assets and Liabilities(continued)

April 30, 2020 (Unaudited)

	Short-Term Government Fund			National Tax-Free Intermediate Bond Fund		Missouri Tax-Free Intermediate Bond Fund		Kansas Tax-Free Intermediate Bond Fund
Assets:
Investments at value (identified cost $60,139,301, $407,266,359, $350,778,595 and $159,833,227, respectively)	$	62,197,678		$	420,107,674	$	362,170,114	$	165,910,794
Receivables:
Interest and dividends		230,201			4,488,896		2,724,475		1,354,960
Fund shares sold		53,742			585,490		412,830		469,438
Reimbursement from Adviser		15,617			—		—		2,163
Other		814			4,904		4,323		1,938
Total Assets		62,498,052			425,186,964		365,311,742		167,739,293
Liabilities:
Payables:
Investments purchased on an extended settlement basis		—			2,033,760		—		—
Dividends		41,689			641,562		549,319		245,513
Fund shares redeemed		11,455			1,081		6,831		101,553
Advisory fees		25,575			114,923		103,858		60,305
Deferred trustee fees		46,185			86,916		98,970		36,872
Administrative fees		7,033			47,429		41,343		18,861
Accrued expenses		42,101			75,140		89,347		60,497
Total Liabilities		174,038			3,000,811		889,668		523,601
Net Assets:
Paid-in capital		65,354,358			407,797,484		355,700,717		161,234,179
Total distributable earnings (loss)		(3,030,344	)		14,388,669		8,721,357		5,981,513
Net Assets	$	62,324,014		$	422,186,153	$	364,422,074	$	167,215,692
Shares Outstanding/Net Asset Value
Total shares outstanding, no par value (unlimited number of shares authorized):		3,596,675			21,247,973		18,482,786		8,499,156
Net asset value (net assets/shares outstanding)	$	17.33		$	19.87	$	19.72	$	19.67

48 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Statements of Operations

For the Six Months Ended April 30, 2020 (Unaudited)

	Growth Fund		Value Fund			MidCap Growth Fund			Bond Fund
Investment Income:
Dividends	$	1,024,075	$	5,102,226		$	1,291,065		$	150,753
Interest		—		—			—			19,779,991
Total Investment Income		1,024,075		5,102,226			1,291,065			19,930,744
Expenses:
Advisory fees		341,134		410,730			537,509			2,151,056
Administration fees		117,681		188,969			151,575			830,462
Custody, accounting and administrative services		34,426		35,252			35,454			65,734
Transfer Agent fees		32,393		59,228			29,457			40,815
Professional fees		26,943		36,829			31,193			127,653
Shareholder servicing fees		14,498		150,601			21,967			210,645
Registration fees		13,130		16,942			15,082			16,997
Printing and mailing fees		3,423		6,157			4,482			24,180
Trustee fees		7,290		12,151			9,429			54,161
Other		9,606		11,921			10,913			27,679
Total Expenses		600,524		928,780			847,061			3,549,382
Net Investment Income	$	423,551	$	4,173,446		$	444,004		$	16,381,362
Realized and unrealized gain (loss)
Net realized gain (loss)		560,768		(10,168,495	)		(1,102,576	)		1,380,009
Net change in unrealized gain (loss)		3,014,291		(31,787,026	)		(11,217,621	)		(4,875,055	)
Net realized and unrealized gain (loss)		3,575,059		(41,955,521	)		(12,320,197	)		(3,495,046	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,998,610	$	(37,782,075	)	$	(11,876,193	)	$	12,886,316

The accompanying notes are an integral part of these financial statements. 49

COMMERCE FUNDS

Statements of Operations(continued)

For the Six Months Ended April 30, 2020 (Unaudited)

	Short-Term Government Fund			National Tax-Free Intermediate Bond Fund			Missouri Tax-Free Intermediate Bond Fund			Kansas Tax-Free Intermediate Bond Fund
Investment Income:
Interest	$	735,559		$	5,232,432		$	4,861,509		$	2,170,702
Dividends		7,768			47,015			20,828			28,286
Total Investment Income		743,327			5,279,447			4,882,337			2,198,988
Expenses:
Advisory fees		148,935			693,040			633,450			363,277
Custody, accounting and administrative services		47,721			61,995			53,231			47,198
Administration fees		41,099			286,463			253,571			113,807
Transfer Agent fees		17,732			21,520			25,990			18,436
Professional fees		17,512			49,039			46,236			28,045
Shareholder servicing fees		13,106			10,380			55,129			16,496
Registration fees		9,299			15,443			12,038			10,415
Trustee fees		3,386			18,823			16,653			7,469
Printing and mailing fees		1,332			8,227			7,311			3,248
Other		7,367			13,691			12,624			8,946
Total Expenses		307,489			1,178,621			1,116,233			617,337
Less — expense reductions		(104,938	)		—			—			(39,963	)
Net Expenses		202,551			1,178,621			1,116,233			577,374
Net Investment Income	$	540,776		$	4,100,826		$	3,766,104		$	1,621,614
Realized and unrealized gain (loss)
Net realized gain		228,644			1,128,420			190,691			75,941
Net change in unrealized gain (loss)		699,924			(5,047,356	)		(3,613,116	)		(919,569	)
Net realized and unrealized gain (loss)		928,568			(3,918,936	)		(3,422,425	)		(843,628	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,469,344		$	181,890		$	343,679		$	777,986

50 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Statements of Changes in Net Assets

	Growth Fund						Value Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Year Ended October 31, 2019
From Operations:
Net investment income	$	423,551		$	888,248		$	4,173,446		$	6,220,169
Net realized gain (loss)		560,768			9,109,887			(10,168,495	)		14,324,618
Net change in unrealized gain (loss)		3,014,291			16,695,958			(31,787,026	)		14,044,958
Net increase (decrease) in net assets resulting from operations		3,998,610			26,694,093			(37,782,075	)		34,589,745
Distributions to Shareholders:
From distributable earnings		(10,013,406	)		(10,962,638	)		(17,948,970	)		(26,253,766	)
From Share Transactions:
Proceeds from sales of shares		27,789,464			46,446,484			47,582,621			92,248,719
Reinvestment of distributions		2,708,120			3,506,471			9,081,108			12,844,437
Cost of shares redeemed		(16,054,266	)		(21,273,028	)		(42,407,036	)		(47,636,049	)
Net increase in net assets resulting from share transactions		14,443,318			28,679,927			14,256,693			57,457,107
TOTAL INCREASE (DECREASE)		8,428,522			44,411,382			(41,474,352	)		65,793,086
Net Assets:
Beginning of period		168,179,061			123,767,679			286,981,810			221,188,724
End of period	$	176,607,583		$	168,179,061		$	245,507,458		$	286,981,810

The accompanying notes are an integral part of these financial statements. 51

COMMERCE FUNDS

Statements of Changes in Net Assets(continued)

	MidCap Growth Fund						Bond Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Year Ended October 31, 2019
From Operations:
Net investment income	$	444,004		$	623,638		$	16,381,362		$	34,163,449
Net realized gain (loss)		(1,102,576	)		13,769,207			1,380,009			894,787
Net change in unrealized gain (loss)		(11,217,621	)		18,303,980			(4,875,055	)		80,084,677
Net increase (decrease) in net assets resulting from operations		(11,876,193	)		32,696,825			12,886,316			115,142,913
Distributions to Shareholders:
From distributable earnings		(14,509,824	)		(15,147,303	)		(18,112,183	)		(36,117,722	)
From Share Transactions:
Proceeds from sales of shares		31,140,465			63,051,963			120,748,396			208,987,812
Reinvestment of distributions		3,228,475			2,943,603			4,795,139			8,838,942
Cost of shares redeemed		(17,138,718	)		(22,567,243	)		(98,621,726	)		(194,375,265	)
Net increase in net assets resulting from share transactions		17,230,222			43,428,323			26,921,809			23,451,489
TOTAL INCREASE (DECREASE)		(9,155,795	)		60,977,845			21,695,942			102,476,680
Net Assets:
Beginning of period		222,696,528			161,718,683			1,197,379,803			1,094,903,123
End of period	$	213,540,733		$	222,696,528		$	1,219,075,745		$	1,197,379,803

52 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Statements of Changes in Net Assets(continued)

	Short-Term Government Fund						National Tax-Free Intermediate Bond  Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Year Ended October 31, 2019
From Operations:
Net investment income	$	540,776		$	1,372,311		$	4,100,826		$	8,567,312
Net realized gain (loss)		228,644			(143,045	)		1,128,420			1,478,453
Net change in unrealized gain (loss)		699,924			1,948,557			(5,047,356	)		22,601,410
Net increase in net assets resulting from operations		1,469,344			3,177,823			181,890			32,647,175
Distributions to Shareholders:
From distributable earnings		(763,815	)		(1,490,983	)		(5,591,030	)		(9,018,330	)
From Share Transactions:
Proceeds from sales of shares		16,039,125			17,845,619			40,947,907			77,541,416
Reinvestment of distributions		427,452			662,024			236,366			329,208
Cost of shares redeemed		(13,552,022	)		(33,030,664	)		(27,381,439	)		(49,950,844	)
Net increase (decrease) in net assets resulting from share transactions		2,914,555			(14,523,021	)		13,802,834			27,919,780
TOTAL INCREASE (DECREASE)		3,620,084			(12,836,181	)		8,393,694			51,548,625
Net Assets:
Beginning of period		58,703,930			71,540,111			413,792,459			362,243,834
End of period	$	62,324,014		$	58,703,930		$	422,186,153		$	413,792,459

The accompanying notes are an integral part of these financial statements. 53

COMMERCE FUNDS

Statements of Changes in Net Assets(continued)

	Missouri Tax-Free Intermediate Bond  Fund						Kansas Tax-Free Intermediate Bond  Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Year Ended October 31, 2019			For the Six Months Ended April 30, 2020 (Unaudited)			For the Year Ended October 31, 2019
From Operations:
Net investment income	$	3,766,104		$	7,811,173		$	1,621,614		$	3,433,945
Net realized gain		190,691			940,419			75,941			168,322
Net change in unrealized gain (loss)		(3,613,116	)		17,398,500			(919,569	)		7,872,076
Net increase in net assets resulting from operations		343,679			26,150,092			777,986			11,474,343
Distributions to Shareholders:
From distributable earnings		(3,747,001	)		(7,784,178	)		(1,615,725	)		(3,417,665	)
From Share Transactions:
Proceeds from sales of shares		25,606,510			60,746,649			13,017,408			27,143,394
Reinvestment of distributions		426,088			944,160			113,418			262,003
Cost of shares redeemed		(24,046,408	)		(54,018,331	)		(5,808,517	)		(22,226,243	)
Net increase in net assets resulting from share transactions		1,986,190			7,672,478			7,322,309			5,179,154
TOTAL INCREASE (DECREASE)		(1,417,132	)		26,038,392			6,484,570			13,235,832
Net Assets:
Beginning of period		365,839,206			339,800,814			160,731,122			147,495,290
End of period	$	364,422,074		$	365,839,206		$	167,215,692		$	160,731,122

54 The accompanying notes are an integral part of these financial statements.

COMMERCE GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Growth Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	37.43		$	34.61		$	33.21		$	27.83		$	29.44		$	34.95
Net investment income(a)		0.09			0.21			0.23			0.24			0.28			0.23
Net realized and unrealized gain		0.79			5.69			3.04			6.77			1.26			2.37
Total from investment operations		0.88			5.90			3.27			7.01			1.54			2.60
Distributions to shareholders from net investment income		(0.20	)		(0.22	)		(0.23	)		(0.24	)		(0.21	)		(0.25	)
Distributions to shareholders from net realized gains		(2.02	)		(2.86	)		(1.64	)		(1.39	)		(2.94	)		(7.86	)
Total distributions		(2.22	)		(3.08	)		(1.87	)		(1.63	)		(3.15	)		(8.11	)
Net asset value, end of period	$	36.09		$	37.43		$	34.61		$	33.21		$	27.83		$	29.44
Total return(b)		2.24	%		19.10	%		10.23	%		26.67	%		5.64	%		8.51	%
Net assets, end of period (in 000s)	$	176,608		$	168,179		$	123,768		$	117,301		$	88,227		$	75,447
Ratio of net expenses to average net assets		0.70	%(c)		0.75	%		0.76	%		0.78	%		0.82	%		1.04	%
Ratio of total expenses to average net assets		0.70	%(c)		0.75	%		0.76	%		0.78	%		0.82	%		1.04	%
Ratio of net investment income to average net assets		0.50	%(c)		0.61	%		0.67	%		0.81	%		1.01	%		0.79	%
Portfolio turnover rate		11	%		39	%		45	%		34	%		37	%		40	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value (“NAV”) at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

The accompanying notes are an integral part of these financial statements. 55

COMMERCE VALUE FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Value Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	31.50		$	30.97		$	33.02		$	29.98		$	31.65		$	32.50
Net investment income(a)		0.44			0.76			0.81			0.87			0.77			0.86
Net realized and unrealized gain (loss)		(4.22	)		3.32			1.20			3.63			1.58			0.06
Total from investment operations		(3.78	)		4.08			2.01			4.50			2.35			0.92
Distributions to shareholders from net investment income		(0.40	)		(0.79	)		(0.80	)		(0.87	)		(0.76	)		(0.85	)
Distributions to shareholders from net realized gains		(1.54	)		(2.76	)		(3.26	)		(0.59	)		(3.26	)		(0.92	)
Total distributions		(1.94	)		(3.55	)		(4.06	)		(1.46	)		(4.02	)		(1.77	)
Net asset value, end of period	$	25.78		$	31.50		$	30.97		$	33.02		$	29.98		$	31.65
Total return(b)		(12.75	)%		14.65	%		6.22	%		15.29	%		8.48	%		2.88	%
Net assets, end of period (in 000s)	$	245,507		$	286,982		$	221,189		$	250,755		$	273,983		$	199,796
Ratio of net expenses to average net assets		0.68	%(c)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.68	%(c)		0.71	%		0.79	%		0.74	%		0.74	%		0.73	%
Ratio of net investment income to average net assets		3.05	%(c)		2.52	%		2.56	%		2.73	%		2.61	%		2.70	%
Portfolio turnover rate		18	%		36	%		49	%		47	%		41	%		33	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

56 The accompanying notes are an integral part of these financial statements.

COMMERCE MIDCAP GROWTH FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	MidCap Growth Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	43.88		$	40.44		$	40.46		$	34.64		$	36.10		$	38.82
Net investment income(a)		0.08	(b)		0.14			0.18			0.20			0.21			0.16
Net realized and unrealized gain (loss)		(1.99	)		7.00			2.58			7.43			1.21			2.39
Total from investment operations		(1.91	)		7.14			2.76			7.63			1.42			2.55
Distributions to shareholders from net investment income		(0.14	)		(0.17	)		(0.20	)		(0.18	)		(0.12	)		(0.05	)
Distributions to shareholders from net realized gains		(2.70	)		(3.53	)		(2.58	)		(1.63	)		(2.76	)		(5.22	)
Total distributions		(2.84	)		(3.70	)		(2.78	)		(1.81	)		(2.88	)		(5.27	)
Net asset value, end of period	$	39.13		$	43.88		$	40.44		$	40.46		$	34.64		$	36.10
Total return(c)		(4.87	)%		19.76	%		7.04	%		23.03	%		4.24	%		7.02	%
Net assets, end of period (in 000s)	$	213,541		$	222,697		$	161,719		$	150,539		$	106,270		$	67,451
Ratio of net expenses to average net assets		0.77	%(d)		0.81	%		0.83	%		0.82	%		0.87	%		1.03	%
Ratio of total expenses to average net assets		0.77	%(d)		0.81	%		0.83	%		0.82	%		0.87	%		1.03	%
Ratio of net investment income to average net assets		0.40	%(b)(d)		0.33	%		0.44	%		0.55	%		0.62	%		0.44	%
Portfolio turnover rate		22	%		53	%		71	%		58	%		39	%		50	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized fromnon-recurring special dividends which amounted to $0.04 per share and 0.19% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

The accompanying notes are an integral part of these financial statements. 57

COMMERCE BOND FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Bond Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	20.46		$	19.05		$	20.04		$	20.22		$	19.96		$	20.43
Net investment income(a)		0.28			0.60			0.59			0.60			0.61			0.64
Net realized and unrealized gain (loss)		(0.06	)		1.45			(0.94	)		(0.12	)		0.33			(0.34	)
Total from investment operations		0.22			2.05			(0.35	)		0.48			0.94			0.30
Distributions to shareholders from net investment income		(0.31	)		(0.64	)		(0.64	)		(0.65	)		(0.66	)		(0.70	)
Distributions to shareholders from net realized gains		—			—			—			(0.01	)		(0.02	)		(0.07	)
Total distributions		(0.31	)		(0.64	)		(0.64	)		(0.66	)		(0.68	)		(0.77	)
Net asset value, end of period	$	20.37		$	20.46		$	19.05		$	20.04		$	20.22		$	19.96
Total return(b)		1.06	%		10.90	%		(1.80	)%		2.44	%		4.79	%		1.49	%
Net assets, end of period (in 000s)	$	1,219,076		$	1,197,380		$	1,094,903		$	1,078,318		$	1,098,321		$	981,447
Ratio of net expenses to average net assets		0.59	%(c)		0.62	%		0.66	%		0.66	%		0.67	%		0.68	%
Ratio of total expenses to average net assets		0.59	%(c)		0.62	%		0.66	%		0.66	%		0.67	%		0.68	%
Ratio of net investment income to average net assets		2.72	%(c)		3.04	%		3.00	%		2.99	%		3.05	%		3.18	%
Portfolio turnover rate		7	%		16	%		17	%		26	%		17	%		21	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

58 The accompanying notes are an integral part of these financial statements.

COMMERCE SHORT-TERM GOVERNMENT FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Short-Term Government Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	17.14		$	16.73		$	17.11		$	17.34		$	17.43		$	17.54
Net investment income(a)		0.16			0.34			0.28			0.22			0.21			0.17
Net realized and unrealized gain (loss)		0.21			0.44			(0.35	)		(0.17	)		(0.02	)		(0.04	)
Total from investment operations		0.37			0.78			(0.07	)		0.05			0.19			0.13
Distributions to shareholders from net investment income		(0.18	)		(0.37	)		(0.31	)		(0.28	)		(0.28	)		(0.24	)
Net asset value, end of period	$	17.33		$	17.14		$	16.73		$	17.11		$	17.34		$	17.43
Total return(b)		2.41	%		4.73	%		(0.38	)%		0.31	%		1.09	%		0.81	%
Net assets, end of period (in 000s)	$	62,324		$	58,704		$	71,540		$	99,011		$	107,942		$	103,997
Ratio of net expenses to average net assets		0.68	%(c)		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Ratio of total expenses to average net assets		1.03	%(c)		1.03	%		0.92	%		0.88	%		0.88	%		0.83	%
Ratio of net investment income to average net assets		1.82	%(c)		2.02	%		1.64	%		1.28	%		1.21	%		0.97	%
Portfolio turnover rate		23	%		30	%		17	%		21	%		35	%		68	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

The accompanying notes are an integral part of these financial statements. 59

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	NationalTax-Free Intermediate Bond Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	20.13		$	18.92		$	19.63		$	19.84		$	19.54		$	19.45
Net investment income(a)		0.20			0.43			0.43			0.43			0.43			0.42
Net realized and unrealized gain (loss)		(0.19	)		1.23			(0.68	)		(0.12	)		0.30			0.09
Total from investment operations		0.01			1.66			(0.25	)		0.31			0.73			0.51
Distributions to shareholders from net investment income		(0.20	)		(0.43	)		(0.43	)		(0.43	)		(0.43	)		(0.42	)
Distributions to shareholders from net realized gains		(0.07	)		(0.02	)		(0.03	)		(0.09	)		—			—
Total distributions		(0.27	)		(0.45	)		(0.46	)		(0.52	)		(0.43	)		(0.42	)
Net asset value, end of period	$	19.87		$	20.13		$	18.92		$	19.63		$	19.84		$	19.54
Total return(b)		0.04	%		8.89	%		(1.31	)%		1.62	%		3.76	%		2.63	%
Net assets, end of period (in 000s)	$	422,186		$	413,792		$	362,244		$	338,416		$	328,038		$	286,406
Ratio of net expenses to average net assets		0.57	%(c)		0.59	%		0.59	%		0.61	%		0.62	%		0.64	%
Ratio of total expenses to average net assets		0.57	%(c)		0.59	%		0.59	%		0.61	%		0.62	%		0.64	%
Ratio of net investment income to average net assets		1.98	%(c)		2.20	%		2.21	%		2.22	%		2.17	%		2.16	%
Portfolio turnover rate		15	%		29	%		33	%		37	%		27	%		36	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

60 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	MissouriTax-Free Intermediate Bond Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	19.89		$	18.84		$	19.52		$	19.68		$	19.53		$	19.52
Net investment income(a)		0.20			0.44			0.47			0.48			0.47			0.47
Net realized and unrealized gain (loss)		(0.17	)		1.05			(0.68	)		(0.16	)		0.15			0.01
Total from investment operations		0.03			1.49			(0.21	)		0.32			0.62			0.48
Distributions to shareholders from net investment income		(0.20	)		(0.44	)		(0.47	)		(0.48	)		(0.47	)		(0.47	)
Net asset value, end of period	$	19.72		$	19.89		$	18.84		$	19.52		$	19.68		$	19.53
Total return(b)		0.15	%		7.98	%		(1.09	)%		1.70	%		3.21	%		2.48	%
Net assets, end of period (in 000s)	$	364,422		$	365,839		$	339,801		$	344,291		$	346,467		$	310,149
Ratio of net expenses to average net assets		0.61	%(c)		0.64	%		0.63	%		0.64	%		0.64	%		0.65	%
Ratio of total expenses to average net assets		0.61	%(c)		0.64	%		0.63	%		0.64	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		2.05	%(c)		2.26	%		2.46	%		2.50	%		2.40	%		2.43	%
Portfolio turnover rate		9	%		25	%		18	%		15	%		21	%		17	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

The accompanying notes are an integral part of these financial statements. 61

COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	KansasTax-Free Intermediate Bond Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	19.77		$	18.75		$	19.35		$	19.57		$	19.46		$	19.39
Net investment income(a)		0.19			0.43			0.42			0.43			0.42			0.43
Net realized and unrealized gain (loss)		(0.10	)		1.02			(0.60	)		(0.22	)		0.11			0.06
Total from investment operations		0.09			1.45			(0.18	)		0.21			0.53			0.49
Distributions to shareholders from net investment income		(0.19	)		(0.43	)		(0.42	)		(0.43	)		(0.42	)		(0.42	)
Net asset value, end of period	$	19.67		$	19.77		$	18.75		$	19.35		$	19.57		$	19.46
Total return(b)		0.47	%		7.80	%		(0.94	)%		1.09	%		2.74	%		2.57	%
Net assets, end of period (in 000s)	$	167,216		$	160,731		$	147,495		$	140,555		$	137,306		$	117,537
Ratio of net expenses to average net assets		0.70	%(c)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.75	%(c)		0.79	%		0.77	%		0.81	%		0.81	%		0.83	%
Ratio of net investment income to average net assets		1.97	%(c)		2.23	%		2.21	%		2.22	%		2.14	%		2.21	%
Portfolio turnover rate		8	%		14	%		8	%		17	%		11	%		13	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

62 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Notes to Financial Statements

April 30, 2020 (Unaudited)

1.  ORGANIZATION

The Commerce Funds (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end, management investment company. The Trust consists of eight portfolios (individually, a “Fund” and collectively, the “Funds”): Growth Fund, Value Fund, MidCap Growth Fund, Bond Fund, Short-Term Government Fund, NationalTax-Free Intermediate Bond Fund, MissouriTax-Free Intermediate Bond Fund and KansasTax-Free Intermediate Bond Fund. Each of the Funds offers one class of shares (the “Shares”). Each Fund is registered as a diversifiedopen-end management investment company, except the MissouriTax-Free Intermediate Bond Fund and the KansasTax-Free Intermediate Bond Fund, which are registered asnon-diversified under the Act.

The Funds have entered into an Advisory Agreement with Commerce Investment Advisors, Inc. (the “Adviser” or “Commerce”), a subsidiary of Commerce Bank.

2.  SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income is comprised of interest income, and dividend income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on theex-dividend date.Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date with realized gains and losses on sales calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Distributions received from the Funds’ investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. For treasury inflation indexed securities, adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities and excess or shortfall amounts are recorded as income.

C.  Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds based on each Fund’s average net assets and are accrued daily.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on theex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

	Income Distribution		Capital Gains Distribution
Fund	Declared	Paid	Declared	Paid
Value	Quarterly	Quarterly	Annually	Annually
Growth and MidCap Growth	Annually	Annually	Annually	Annually
Bond, Short-Term Government, NationalTax-Free Intermediate Bond, MissouriTax-Free Intermediate Bond and KansasTax-Free Intermediate Bond	Daily	Monthly	Annually	Annually

63

COMMERCE FUNDS

Notes to Financial Statements(continued)

April 30, 2020 (Unaudited)

2.  SIGNIFICANT ACCOUNTING POLICIES (continued)

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including the Adviser’s assumptions in determining fair value measurement).

The Trust’s Board of Trustees has adopted valuation procedures (“Valuation Procedures”) that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Board of Trustees has delegated to Commerceday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, Commerce regularly performs price verifications and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by the Adviser to not represent fair value, equity securities may be valued at the closing bid price. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2.

64

COMMERCE FUNDS

3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies in which the Funds may invest. Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Funds invests in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in characteristics such as rating, interest rate and maturity date, to determine current value.

i.  Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Collateralized mortgage-backed securities (“CMOs”) may exhibit even more price volatility and interest rate risk than other mortgage-backed securities. They may lose liquidity as CMO market makers may choose not to repurchase, or may offer prices, based on current market conditions, that are unacceptable to a Fund based on the Adviser’s analysis of the market value of the security.

ii.  Treasury Inflation Indexed Securities — These are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government. The value of U.S. Treasury inflation protected public obligations will generally fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Inflation-protected bonds typically have lower yields than conventional fixed-rate bonds because of their inflation adjustment feature.

Short Term Investments — Short-term investments, except for Government obligations, having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. Government obligations maturing in less than 60 days shall be valued at their market price. With the exception of treasury securities, which are generally classified as Level 1, these investments are classified as Level 2 of the fair value hierarchy.

When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or

65

COMMERCE FUNDS

Notes to Financial Statements(continued)

April 30, 2020 (Unaudited)

3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain contracts.Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

B.  Level 3 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 3 are as follows:

To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if Commerce believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under valuation procedures approved by the Trust’s Board of Trustees. Commerce, consistent with the Funds’ procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events that could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buyouts; ratings downgrades; and bankruptcies.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of April 30, 2020:

GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	168,718,265	$	—	$	—
Investment Company		6,229,724		—		—
Exchange Traded Fund		2,650,445		—		—
Total	$	177,598,434	$	—	$	—
VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	228,439,930	$	—	$	—
Exchange Traded Fund		10,475,650		—		—
Investment Company		5,857,317		—		—
Total	$	244,772,897	$	—	$	—
MIDCAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	203,757,232	$	—	$	—
Exchange Traded Fund		6,823,684		—		—
Investment Company		3,033,198		—		—
Total	$	213,614,114	$	—	$	—

66

COMMERCE FUNDS

3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	528,828,596	$	—
Mortgage-Backed Obligations		—		222,505,947		—
Asset-Backed Securities		—		192,303,806		—
Municipal Bond Obligations		—		107,980,443		—
U.S. Treasury and/or Other U.S. Government Agencies		126,342,821		17,480,425		—
Investment Company		25,101,900		—		—
Total	$	151,444,721	$	1,069,099,217	$	—
SHORT-TERM GOVERNMENT
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	1,274,603	$	—
Mortgage-Backed Obligations		—		35,005,900		—
U.S. Treasury and/or Other U.S. Government Agencies		14,787,286		9,970,714
Investment Company		1,159,175		—		—
Total	$	15,946,461	$	46,251,217	$	—
NATIONALTAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	388,284,850	$	—
Corporate Obligations		—		5,114,656		—
Investment Company		26,708,168		—		—
Total	$	26,708,168	$	393,399,506	$	—
MISSOURITAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	352,840,226	$	—
Investment Company		9,329,888		—		—
Total	$	9,329,888	$	352,840,226	$	—
KANSASTAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	164,154,071	$	—
Investment Company		1,756,723		—		—
Total	$	1,756,723	$	164,154,071	$	—

For further information regarding security characteristics, see the Schedule of Investments.

67

COMMERCE FUNDS

Notes to Financial Statements(continued)

April 30, 2020 (Unaudited)

4.  AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS

A.  Advisory Agreement — Pursuant to the terms of the Advisory Agreement, the Adviser is responsible for managing the investments and making investment decisions for each of the Funds. For these services and for assuming related expenses, the Adviser is entitled to a fee, accrued daily and payable monthly, at the contractual annual rate of the corresponding Fund’s average daily net assets. The contractual advisory fees for the Funds are as follows:

	Contractual Advisory Fees
Fund	First $100 million	Next $100 million	Over $200 million
Short-Term Government, NationalTax-Free Intermediate Bond, MissouriTax-Free Intermediate Bond and KansasTax-Free Intermediate Bond	0.50%	0.35%	0.25%
	First $400 million	Next $300 million	Over $700 million
Bond	0.50%	0.35%	0.25%
	First $200 million		Over $200 million
MidCap Growth Fund	0.50%		0.40%

The contractual advisory fees for the Growth and Value Funds are 0.40% and 0.30% of the Funds’ average daily net assets, respectively.

For thesix-month period ended April 30, 2020, the effective advisory fees were 0.40%, 0.30%, 0.49%, 0.36%, 0.50%, 0.33%, 0.34% and 0.44%, for the Growth, Value, MidCap Growth, Bond, Short-Term Government, NationalTax-Free Intermediate Bond, MissouriTax-Free Intermediate Bond and KansasTax-Free Intermediate Bond Funds, respectively.

B.  Administration Agreements — Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), and Commerce, serve asCo-Administrators of the Trust pursuant to aCo-Administration Agreement. Under theCo-Administration Agreement, GSAM and Commerce administer the Trust’s business affairs. As compensation for the services rendered under theCo-Administration Agreement, GSAM and Commerce are entitled to a fee, accrued daily and payable monthly, at the contractual annual rate of the corresponding Fund’s average daily net assets. Pursuant to theCo-Administration Agreement, the Funds pay an aggregate administrative fee at the annual rate of 0.1375% of 1% of each Fund’s average daily net assets, allocated as follows: (1) for each Fund, Commerce is entitled to receive an administrative fee payable on the last day of each month at the annual rate of 0.12% of 1% of each Fund’s average daily net assets; and (2) for each Fund, GSAM is entitled to receive an administrative fee payable on the last day of each month at the annual rate of 0.0175% of 1% of each Fund’s average daily net assets. Prior to November 12, 2019, the Funds paid an aggregate administrative fee payable on the last day of each month at the annual rate of 0.145% of 1% of each Fund’s average daily net assets and the administrative fee payable to GSAM was 0.025 of 1% of each Fund’s average daily net assets. The administrative fee payable to Commerce has not changed. State Street Bank and Trust Company (“State Street”) also provides certain enhanced accounting and administrative services to the Funds pursuant to an Amended and Restated Enhanced Accounting and Administrative Services Agreement which services include, among other things, certain financial reporting, daily compliance and treasury services.

C.  Distribution Agreement — The Commerce Funds’ shares are offered on a continuous basis through Goldman Sachs which acts as Distributor under the Distribution Agreement with The Commerce Funds. Goldman Sachs does not receive compensation from the Funds for these services.

D.  Other Agreements — The Adviser has contractually agreed to waive fees and/or reimburse expenses (excluding interest, taxes, acquired fund fees and expenses, and extraordinary expenses) for all Funds (except the MidCap Growth Fund) to the

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4.  AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS (continued)

extent that such expenses exceeded, on an annualized basis, 1.00%, 0.70%, 0.80%, 0.68%, 0.70%, 0.70% and 0.70% of the average net assets of the Growth, Value, Bond, Short-Term Government, NationalTax-Free Intermediate Bond, MissouriTax-Free Intermediate Bond and KansasTax-Free Intermediate Bond Funds, respectively. This agreement will remain in place through March 1, 2021. After this date, the Adviser or a Fund may terminate the contractual arrangement. In addition, the Funds are not obligated to reimburse the Adviser for prior fiscal year expense reimbursements, if any. Expense reimbursements, if any, are accrued daily and paid monthly and are disclosed in the Statements of Operations for thesix-months period ended

April 30, 2020.

E.  Deferred Compensation Plan — Certain Trustees participate in a Deferred Compensation Plan, as amended and restated (the “Plan”), which allows eligible Trustees as described in the Plan to defer the receipt of all or a portion of the Trustees’ fees payable. Under the Plan, such Trustees have deferred fees treated as if they had been invested by The Commerce Funds in the shares of one or more Funds of the Trust. All amounts payable to the Trustees under the Plan are determined based on the performance of such Funds and are accrued monthly.

5.  PORTFOLIO SECURITIES TRANSACTIONS

The costs of purchases and proceeds from sales and maturities of long-term securities for thesix-month period ended April 30, 2020, was as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Growth	$	—	$	20,360,134	$	—	$	18,476,002
Value		—		46,819,833		—		47,328,524
MidCap Growth		—		51,637,536		—		48,658,192
Bond		31,925,034		72,585,710		11,666,710		75,967,522
Short-Term Government		15,309,974		—		8,332,047		5,462,198
NationalTax-Free Intermediate Bond		—		59,248,903		—		67,379,004
MissouriTax-Free Intermediate Bond		—		36,257,497		—		33,453,759
KansasTax-Free Intermediate Bond		—		17,123,911		—		12,867,562

6.  TAX INFORMATION

As of the Funds’ most recent fiscal year ended October 31, 2019, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Growth			Value			MidCap Growth			Bond
Capital loss carryforward	$	—		$	—		$	—		$	(3,229,031	)
Timing differences (distributions payable, deferred compensation)		(40,237	)		(65,943	)		(38,732	)		(2,466,038	)

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Notes to Financial Statements(continued)

April 30, 2020 (Unaudited)

6.  TAX INFORMATION (continued)

	Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Capital loss carryforward	$	(5,157,656	)	$	—		$	(3,072,742	)	$	(245,766	)
Timing differences (distributions payable, deferred compensation)		(80,042	)		(736,073	)		(619,918	)		(287,977	)
	Bond			Short-Term Government			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Capital loss carryforwards:
Perpetual Short-term	$	(387,008	)	$	(514,293	)	$	(417,774	)	$	—
Perpetual Long-term		(2,842,023	)		(4,643,363	)		(2,654,968	)		(245,776	)
Total capital loss carryforwards:	$	(3,229,031	)	$	(5,157,656	)	$	(3,072,742	)	$	(245,776	)

As of April 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Growth			Value			MidCap Growth			Bond
Tax Cost	$	125,577,349		$	241,902,243		$	184,688,157		$	1,170,744,143
Gross unrealized gain		54,091,268			23,938,762			39,456,083			69,837,981
Gross unrealized loss		(2,070,183	)		(21,068,108	)		(10,530,126	)		(20,038,186	)
Net unrealized security gain	$	52,021,085		$	2,870,654		$	28,925,957		$	49,799,795
	Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			KansasTax-Free Intermediate Bond
Tax Cost	$	60,168,559		$	407,274,685		$	350,636,750		$	159,795,586
Gross unrealized gain		2,135,936			13,803,728			12,626,428			6,538,086
Gross unrealized loss		(106,817	)		(970,739	)		(1,093,064	)		(422,878	)
Net unrealized security gain	$	2,029,119		$	12,832,989		$	11,533,364		$	6,115,208

The difference between GAAP-basis andtax-basis unrealized gains (losses) are attributable primarily to wash sales and differences in the tax treatment of market discount accretion and premium amortization.

Commerce and GSAM have reviewed the Funds’ tax positions for all open tax years (the current and prior three fiscal years) and have concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

7.  OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Credit Risk — The fixed income Funds are subject to credit risk because an issuer or guarantor of a fixed income security may be unable or unwilling to make interest and principal payments when due. A bond’s value could decline because of concerns about an issuer’s willingness to make such payments.

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7.  OTHER RISKS (continued)

High Yield Risk — The Bond Fund is subject to high yield risk. High yield securities are subject to greater levels of credit and liquidity risk. High yield securities are considered speculative with respect to an issuer’s ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.

Interest Rate Risk — The fixed income Funds are subject to interest rate risk. Interest rate risk is the risk that the value of the Fund’s portfolio will decline because of rising interest rates. The magnitude of this decline will often be greater for longer-term, fixed-income securities than shorter-term securities.

Investment Companies Risk — The Funds may invest, consistent with their respective investment objectives and strategies, in securities of other investment companies subject to statutory limitations prescribed by the Act. These limitations include a prohibition on any Fund acquiring more than 3% of the voting shares of any other investment company, and a prohibition on investing more than 5% of the Fund’s total assets in securities of any one investment company or more than 10% of its total assets in securities of all investment companies (except money market funds). The Funds will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies.

LIBOR Risk — The London Interbank Offered Rate (“LIBOR”) is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. For example, debt securities in which a Fund invests may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. In addition, issuers of instruments in which a Fund invests may obtain financing at floating rates based on LIBOR, and a Fund may use leverage or borrowings based on LIBOR.

On July 27, 2017, the head of the UK Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Regulators and industry working groups have suggested alternative reference rates, but global consensus is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. As such, the transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting a Fund’s performance or NAV. In addition, the alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for a Fund.

Liquidity Risk — The fixed income Funds are subject to liquidity risk. Each fixed income Fund may not be able to pay redemption proceeds within the time periods described in the Funds’ prospectus because of unusual market conditions, an unusually high number of redemption requests or other reasons. Liquidity risk may result from the lack of an active market or reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. Certain portfolio securities held by the fixed income funds may be less liquid than others, which may make those securities difficult or impossible to sell at an advantageous time or price.

Market Risk — Certain securities and other investments held by a Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment. There is also a risk that a particular style of investing, such as growth, may underperform other styles of investing or the market generally.

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Notes to Financial Statements(continued)

April 30, 2020 (Unaudited)

7.  OTHER RISKS (continued)

General economic conditions and/or the activities of individual companies may cause the value of the securities in a Fund to increase or decrease, sometimes rapidly or unpredictably. Your shares at redemption may be worth more or less than your initial investment. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit ratings downgrades may also negatively affect securities held by a Fund. Even when markets perform well, there is no assurance that the investments held by a Fund will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level. For instance, local or regional events such as war, terrorism, market manipulation, government defaults, government shutdowns, natural/environmental disasters, the spread of infectious illness (including epidemics or pandemics) or other public health issues, recessions or other events can, all negatively impact the securities markets, which could cause the Funds to lose value. Any market disruptions could also prevent a Fund from executing advantageous investment decisions in a timely manner. Funds that have focused their investments in a region enduring geopolitical market disruption will face higher risks of loss. Thus, investors should closely monitor current market conditions to determine whether a specific Fund meets their individual financial needs and tolerance for risk.

Mid-Cap and Small-Cap Risk — The Growth, Value and MidCap Growth Funds are subject to the risks associated with investing in equity securities ofmid- andsmall-cap companies. Investing in securities of smaller andmid-sized companies may be riskier than investing in larger, more established companies. Smaller andmid-sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. Also, these stocks may trade less often and in limited volume compared to larger cap stocks trading on a national securities exchange. The prices of these stocks may be more volatile than the prices of larger company stocks. As a result, a Fund’s net asset value may be subject to rapid and substantial changes.

Non-Diversification Risk — Non-diversified funds typically hold fewer securities than diversified funds do. Consequently, the change in value of any one security may affect the overall value of anon-diversified portfolio more than it would a diversified portfolio.

Portfolio Concentration Risk — The MissouriTax-Free Intermediate Bond and KansasTax-Free Intermediate Bond Funds invest a large percentage of their assets in obligations of issuers within Missouri and Kansas, respectively. Therefore, they are subject to possible concentration risks associated with economic, political or legal developments or industrial or regional matters specifically affecting those states.

Under normal market conditions, the MissouriTax-Free Intermediate Bond Fund and the KansasTax-Free Intermediate Bond Fund invest at least 80% of their assets plus any borrowings for investment purposes (measured at the time of purchase) in Missouri and Kansas municipal securities, respectively, the income from which, in the opinion of bond counsel, is exempt from regular federal income tax, federal alternative minimum taxes and Missouri and Kansas state taxes, respectively. Alternatively, at least 80% of a Fund’s distributed income must be exempt from such taxes. For each of the Missouri and KansasTax-Free Funds, the actual payment of principal and interest on Missouri and Kansas municipal securities is dependent on the Missouri General Assembly and the Kansas legislature, respectively, allotting money each fiscal year for these payments.

The investments of the Growth, Value and MidCap Growth Funds may be concentrated in securities of technology companies. At times, securities of technology companies may experience significant price fluctuations. The Value Fund’s performance may be adversely affected by events affecting the financial sectors, if it invests a relatively large percentage of its assets in those sectors. The financial sectors can be significantly affected by changes in interest rates, government regulation,

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7.  OTHER RISKS (continued)

the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital. The MidCap Growth Fund concentrates inmid-cap stocks. Investing in smaller andmid-sized companies may be riskier than investing in larger, more established companies.

The Bond and Short-Term Government Funds may invest 80% and 100%, respectively, of their total assets in mortgage-related securities and the Bond Fund may invest 80% of its total assets in asset-backed securities. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity, and enhanced sensitivity to interest rates. As a result, mortgage-backed securities may be more difficult to value and liquidate, if necessary. Mortgage-backed securities are also subject to prepayment risk, which may result in a decreased rate of return and a decline in the value of the securities. Asset-backed securities are dependent upon payment of the underlying consumer loans or receivables by individuals, and the certificate holder frequently has no recourse against the entity that originated the loans or receivables. Asset backed securities have a greater risk of default during periods of economic downturn than other securities. Also, asset-backed securities may be less liquid than other securities and therefore more difficult to value and liquidate, if necessary.

Quantitative Model Risk — The Growth, Value and MidCap Growth Funds are subject to the risk that securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. The quantitative models used by the Adviser to manage the Growth, Value and MidCap Growth Funds may not perform as expected, particularly in volatile markets.

8.  INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, in their experience, Commerce and GSAM believe the risk of loss under these arrangements to be remote.

9.  OTHER MATTERS

New Accounting Policy — The Funds have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Funds.

Proposed Accounting Policy — In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. GSAM and Commerce expect that the adoption of this guidance will not have a material impact on the Funds’ financial statements.

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Notes to Financial Statements(continued)

April 30, 2020 (Unaudited)

9.  OTHER MATTERS (continued)

Approval of Advisory Agreement — The Trustees oversee the management of the Trust, and review the investment performance and expenses of the Funds at regularly scheduled meetings held during the Funds’ fiscal year. In addition, the Trustees determine annually whether to reapprove and continue the Trust’s Advisory Agreement with the Adviser for the Funds.

The Advisory Agreement was most recently approved by the Trustees, including all of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as such term is defined in the Act) of any party thereto (the “non-interested Trustees”), on November 12, 2019 (the “Annual Contract Meeting”).

Prior to the Annual Contract Meeting, the Board of Trustees received written materials provided by the Adviser and their independent consultant, Broadridge Financial Solutions, Inc. (“Broadridge”), relating to the Trustees’ consideration of the Advisory Agreement. At the Annual Contract Meeting, the Trustees also received and considered the Adviser’s oral presentations and discussed the information that had been provided. In connection with their deliberations, the disinterested Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law and met separately in executive session with independent counsel without members of management present.

In evaluating the Advisory Agreement, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Adviser and its services and personnel. Both in meetings specifically dedicated to the review of the Advisory Agreement and meetings held during the year, the Trustees reviewed materials relating to the Adviser’s investment management services. Specifically, the Trustees reviewed, among other things, information relating to: (i) the terms of the Advisory Agreement; (ii) the Funds’ investment performance over different time periods in comparison to the investment performance of mutual fund peer categories selected by Broadridge, a third-party provider of mutual fund data; (iii) the contractual investment advisory fees, the actual investment advisory fees (after expense reimbursements) and the total expenses borne by the Funds in comparison to those borne by mutual fund peer groups selected by Broadridge; (iv) the Adviser’s staffing for the Funds and the experience of the portfolio managers and other investment personnel; (v) the fees paid by the Funds to the Adviser and its affiliates for services, and the expenses incurred by them in connection with the provision of those services, the profitability of the Advisory Agreement to the Adviser, and a comparison of the Adviser’s profitability with publicly reported profitability information of other advisers; (vi) information about fees charged to institutional accounts for which an affiliate of the Adviser, Commerce Trust Company (“CTC”), performs services similar to those performed for the Funds; and (vii) potential economies of scale.

In connection with their approval of the Advisory Agreement for each of the Funds, the Trustees gave weight to various factors, but did not identify any single factor as controlling their decision. As part of their review, the Trustees considered the following factors:

Nature, Quality and Extent of Services – The Trustees reviewed the nature, quality and extent of the services provided by the Adviser to the Funds, bearing in mind each Fund’s investment objective, strategies and shareholder base and the information received from management throughout the year. They considered the resources available to the Adviser and its key investment personnel and their experience and length of service to the Funds. The Trustees took into account the quality of the presentations provided by the Adviser’s investment personnel at each Board meeting, which included thorough analyses of Fund operations, holdings and performance and detailed descriptions of the operation of the equity Funds’ quantitative models. The Trustees also considered the Adviser’s compliance record, investment and liquidity risk management programs, effectiveness of oversight over the Funds’ other service providers, communications to and support services for shareholders, services provided to the Funds as one of their co-administrators, adherence to the Funds’ investment policies, execution of portfolio transactions, cybersecurity and business continuity programs, selection of broker dealers and other similar factors.

The Trustees determined that the Adviser had invested significant resources in the Funds and provided capable and experienced portfolio management and compliance staff. They took into account that the Adviser managed the Funds’ assets using a highly disciplined and analytic money management and credit research process and exhibited an ability to attract and

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9.  OTHER MATTERS (continued)

retain high quality personnel, including the portfolio managers, who had served the Funds for between two and twenty-five years. They also considered that the Adviser had provided concise and clear reports to the Board and updated the Trustees frequently on Fund compliance and performance issues. Additionally, they noted that the Adviser and its affiliates had other client relationships with many of the Funds’ shareholders and provided them with other services through these relationships. The Trustees also took into account the Adviser’s ability to market the Funds to retail investors and noted a general increase in the percentage of total Fund assets invested by shareholders that did not have other client relationships with the Adviser and its affiliates. In addition, the Trustees concluded that the Adviser had an excellent compliance record and provided strong compliance oversight of the Funds’ other service providers. Accordingly, the Trustees concluded that the nature, quality and extent of the services provided by the Adviser to each Fund under the Advisory Agreement was appropriate and that the Funds would benefit from the Adviser’s continued service to them.

Performance of the Funds – The Trustees next considered both the short-term and long-term performance of each Fund, taking into account performance information that they received at the meeting and at various other Board meetings throughout the year. They reviewed performance in light of market conditions and each Fund’s investment objectives and strategies, including risk and credit parameters, as applicable. They also considered and discussed the Broadridge and other information presented, which compared each Fund’s performance with that of its benchmark and with the performance of comparable funds identified by Broadridge.

The Trustees first examined the performance of the Trust’s five fixed income Funds. Among other things, they considered that the performance of the Short-Term Government, National Tax-Free Intermediate Bond, Kansas Tax-Free Intermediate Bond and Missouri Tax-Free Intermediate Bond Funds (the “Fixed Income Funds”) had exceeded their respective Broadridge category medians for the one-, three-, five- and ten-year periods. Although they noted that the Bond Fund had underperformed its Broadridge category median for the one-year period, the Trustees took into account that the Fund’s performance had exceeded its Broadridge category median and benchmark for the three-, five- and ten-year periods. In considering benchmark performance for each of the tax-free Funds, the Board considered that the benchmarks included municipal securities of states other than those in which the tax-free Funds were invested. After reviewing the performance information of the fixed income Funds, the Trustees concluded that the Fixed Income Funds had performed satisfactorily over most time periods.

The Trustees then evaluated the performance of the Trust’s three equity Funds. Among other things, they considered that each of the equity Funds had exceeded its Broadridge category median for the one-, three-, five- and ten-year periods. They also observed that that the performance of each equity Fund had surpassed that of its benchmark for the one- and five-year periods. The Trustees considered that the functioning of the equity Funds’ quantitative models appeared to be consistent with the Adviser’s descriptions and expectations thereof. After reviewing the performance information of the equity Funds, the Trustees concluded that the MidCap Growth, Growth and Value Funds had performed satisfactorily and in line with their respective quantitative investment strategies.

Fund Fees and Expenses – The Trustees then examined the Funds’ advisory fees and total net operating expenses. They reviewed each Fund’s advisory fees and net expense ratios versus similar funds as presented in the Broadridge information. They considered that the advisory fees for the Bond, Short-Term Government, Growth, MidCap Growth and Value Funds were generally lower than those of peer funds, while advisory fees for the National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds were generally higher than those of peer funds. They also considered that, except for the National Tax-Free Intermediate Bond Fund, net expenses for the Funds were generally lower than those of peer funds. With respect to the National Tax-Free Intermediate Bond Fund, the Trustees noted that the Fund’s net expenses were only four basis points higher than its Broadridge peer group average. They also observed that net expenses for all Funds, except the National Tax-Free Intermediate Bond Fund, had either remained the same or decreased since the prior year. In addition, the Trustees considered the amount of assets in the Funds, the Funds’ share structure, the Adviser’s caps on total operating expenses for certain of the Funds and the reimbursements made by the Adviser to maintain those caps. The

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Notes to Financial Statements(continued)

April 30, 2020 (Unaudited)

9.  OTHER MATTERS (continued)

Trustees also considered the Broadridge expense versus three-year performance chart in determining that the Funds’ shareholders were generally receiving value for the services provided by the Adviser.

The Trustees took into account information provided at the meeting that compared the Funds’ advisory fees to advisory fees charged by the Adviser’s affiliate, CTC, to similar institutional accounts managed by Commerce personnel. The Trustees considered that these accounts were not managed by the Adviser but by its affiliate, CTC; however, some of the Adviser’s same investment personnel provided these advisory services. In some cases, the fees charged were lower than the fees charged to the Funds and in other cases the fees were about the same or higher. Specifically, the Trustees noted that the MidCap Growth, Short-Term Government and Bond Funds generally paid higher management fees than CTC’s similar institutional accounts; the Growth Fund generally paid management fees in the middle range as compared to CTC’s similar institutional accounts; and the Value Fund generally paid lower management fees than similar CTC’s institutional accounts. The Trustees did not review similar comparative fee information for the tax-free Funds because the Adviser and CTC did not offer investment services to comparable institutional accounts. The Trustees also noted that the Adviser provided significant additional services for the Funds that its affiliate did not provide to non-mutual fund clients, including but not limited to reviewing and coordinating regulatory filings and regulatory compliance, managing Fund distributions, reconciling custody and accounting information, monitoring Fund liquidity, reviewing pricing information, testing Fund diversification, preparing daily net asset values, providing administrative and marketing services, maintaining and regularly updating the Funds’ website, supporting the Board, monitoring the Funds’ other service providers, risk management monitoring and various other services, and, that in servicing the Funds, the Adviser assumed many legal risks that its affiliate did not assume in servicing many of its similar clients.

Costs of Services and Profits Realized by the Adviser – The Board examined the Adviser’s cost of providing advisory services to the Funds, both on a pre- and post-marketing cost basis, as well as its profitability. They considered that the Adviser appeared to have a rigorous and consistent program in place to control Fund expenses and noted that total net operating expenses for seven of the eight Funds had decreased or remained the same since the previous year. The Trustees also observed that the Adviser’s net income and profitability had increased since the previous year due, in part, to an increase in Fund assets and lower expense allocations from its affiliate. They considered the Adviser’s profitability in light of the profitability of other investment advisers’ publicly-reported profitability margins, as provided by Broadridge, which was below the median Broadridge peer group profitability level on a pre-marketing basis and slightly higher than the median Broadridge peer group profitability level on a post-marketing basis. The Trustees took into account, however, that profitability varied significantly based on an asset manager’s business model, products, services and other factors, making comparisons somewhat unreliable.

Economies of Scale – The Trustees also considered that the Funds (other than the Growth and Value Funds) had breakpoints in their respective advisory fee schedules. In addition, they considered that the Adviser was reimbursing expenses to certain of the Funds to keep them within their fee caps.

Fall-Out Benefits – The Trustees further considered that the Adviser benefitted from its relationship with the Funds through, among other things, its contract as a Co-Administrator of the Funds, its receipt of soft dollar commissions from the Funds’ trades, and the Funds’ contribution to the scale of CTC’s advisory business. The Trustees noted that they received regular, extensive quarterly reports on the Adviser’s soft dollar and best execution programs and that the programs were in compliance with Section 28(e) of the Securities Exchange Act of 1934 and relevant SEC guidance. They considered that the Adviser did not “pay up” for soft dollar trades and had a system in place to test for best execution, which was regularly reviewed by the Board.

10.  SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated through the date the financial statements were issued. Commerce and GSAM have concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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11.  SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Growth Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
	Shares			Shares
Shares sold		780,911			1,435,623
Reinvestment of distributions		73,508			114,471
Shares redeemed		(454,923	)		(632,744	)
Net Increase		399,496			917,350
	Value Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
	Shares			Shares
Shares sold		1,627,269			3,141,884
Reinvestment of distributions		305,160			449,519
Shares redeemed		(1,520,577	)		(1,622,403	)
Net Increase		411,852			1,969,000
	MidCap Growth Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
	Shares			Shares
Shares sold		752,230			1,567,135
Reinvestment of distributions		75,741			82,049
Shares redeemed		(446,168	)		(572,763	)
Net Increase		381,803			1,076,421
	Bond Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
	Shares			Shares
Shares sold		5,949,566			10,557,791
Reinvestment of distributions		234,720			444,510
Shares redeemed		(4,867,319	)		(9,933,288	)
Net Increase		1,316,967			1,069,013

77

COMMERCE FUNDS

Notes to Financial Statements(continued)

April 30, 2020 (Unaudited)

11.  SUMMARY OF SHARE TRANSACTIONS (continued)

	Short-Term Government Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
	Shares			Shares
Shares sold		936,232			1,053,150
Reinvestment of distributions		24,888			38,905
Shares redeemed		(789,258	)		(1,943,531	)
Net Increase (Decrease)		171,862			(851,476	)
	NationalTax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
	Shares			Shares
Shares sold		2,041,110			3,945,791
Reinvestment of distributions		11,754			16,700
Shares redeemed		(1,362,603	)		(2,551,185	)
Net Increase		690,261			1,411,306
	MissouriTax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
	Shares			Shares
Shares sold		1,284,651			3,104,366
Reinvestment of distributions		21,343			48,245
Shares redeemed		(1,218,574	)		(2,793,097	)
Net Increase		87,420			359,514
	KansasTax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2020 (Unaudited)			For the Fiscal Year Ended October 31, 2019
	Shares			Shares
Shares sold		658,344			1,398,891
Reinvestment of distributions		5,708			13,449
Shares redeemed		(295,762	)		(1,149,868	)
Net Increase		368,290			262,472

78

COMMERCE FUNDS

Fund Expenses– Six Month Period Ended April 30, 2020 (Unaudited)

As a shareholder of the Funds you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; shareholder servicing fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2019 through April 30, 2020, which represents a period of 182 days in a366-day year.

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid 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 line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and 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 and do not reflect any transactional costs, such as exchange fees, but shareholders of other funds may incur such costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/20*		Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/20*		Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/20*		Beginning Account Value 11/1/19		Ending Account Value 4/30/20			Expenses Paid for the 6 months ended 4/30/20*
Fund	Growth Fund							Value Fund							MidCap Growth Fund							Bond Fund
Shares
Actual	$	1,000.00	$	1,022.40		$	3.52	$	1,000.00	$	872.50		$	3.17	$	1,000.00	$	951.30		$	3.74	$	1,000.00	$	1,010.60		$	2.95
Hypothetical 5% return		1,000.00		1,021.38	+		3.52		1,000.00		1,021.48	+		3.42		1,000.00		1,021.03	+		3.87		1,000.00		1,021.93	+		2.97
	Short-Term Government Fund							NationalTax-Free Intermediate Bond Fund							MissouriTax-Free Intermediate Bond Fund							KansasTax-Free Intermediate Bond Fund
Shares
Actual	$	1,000.00	$	1,024.10		$	3.42	$	1,000.00	$	1,000.40		$	2.83	$	1,000.00	$	1,001.50		$	3.04	$	1,000.00	$	1,004.70		$	3.49
Hypothetical 5% return		1,000.00		1,021.48	+		3.42		1,000.00		1,022.03	+		2.87		1,000.00		1,021.83	+		3.07		1,000.00		1,021.38	+		3.52

* Expenses are calculated using each Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the year. The annualized net expense ratios for the period were as follows:

Fund			Fund
Growth	0.70	%	Short-Term Government	0.68	%
Value	0.68		NationalTax-Free Intermediate Bond	0.57
MidCap Growth	0.77		MissouriTax-Free Intermediate Bond	0.61
Bond	0.59		KansasTax-Free Intermediate Bond	0.70

+ Hypothetical expenses are based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses.

79

COMMERCE FUNDS

The Commerce Funds

Growth Fund:

The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Investments in technology companies, which may produce or use products or services that prove commercially unsuccessful or become obsolete, may be subject to greater price volatility than securities of companies in other sectors. The Fund is also subject to quantitative model risk, which is the risk that securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. The quantitative model used by the Adviser to manage the Fund may not perform as expected, particularly in volatile markets.

Value Fund:

The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Investments in technology companies, which may produce or use products or services that prove commercially unsuccessful or become obsolete, may be subject to greater price volatility than securities of companies in other sectors. The Value Fund’s performance may be adversely affected by events affecting the financial sectors, if it invests a relatively large percentage of its assets in those sectors. The financial sectors can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital. The Fund is also subject to quantitative model risk, which is the risk that securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. The quantitative model used by the Adviser to manage the Fund may not perform as expected, particularly in volatile markets.

MidCap Growth Fund:

The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Investments in technology companies, which may produce or use products or services that prove commercially unsuccessful or become obsolete, may be subject to greater price volatility than securities of companies in other sectors. The Fund invests in small- andmid-capitalization securities. Generally, smaller and mid-sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. As a result, the securities of smaller and mid-sized companies may involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic trading and price movements. The Fund is also subject to quantitative model risk, which is the risk that securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. The quantitative model used by the Adviser to manage the Fund may not perform as expected, particularly in volatile markets.

Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity and enhanced sensitivity to interest rates. Asset-backed securities may be less liquid than other securities and therefore more difficult to value and liquidate, if necessary.

Short-Term Government Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and

80

COMMERCE FUNDS

not to the value of the Fund’s shares. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity and enhanced sensitivity to interest rates.

NationalTax-Free Intermediate Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. The Fund’s investments may subject shareholders to the federal alternative minimum tax and state income taxes.

MissouriTax-Free Intermediate Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The Fund invests its assets predominately in Missouri bonds. The actual payment of principal and interest on these bonds is dependent on the Missouri General Assembly allotting money each fiscal year for these payments. The Fund isnon-diversified. Due to the small number of bonds generally held in the portfolio, the Fund may be subject to greater risks than a more diversified fund. A change in the value of any single holding may affect the overall value more than it would affect a diversified fund that holds more investments. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. In addition, the Fund’s investments may subject shareholders to federal alternative minimum tax. The investment income from this Fund may be subject to state income taxes.

KansasTax-Free Intermediate Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The Fund invests its assets predominately in Kansas bonds. The actual payment of principal and interest on these bonds is dependent on the Kansas legislature allotting money each fiscal year for these payments. The Fund isnon-diversified. Due to the small number of bonds generally held in the portfolio, the Fund may be subject to greater risks than a more diversified fund. A change in the value of any single holding may affect the overall value more than it would affect a diversified fund that holds more investments. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. In addition, the Fund’s investments may subject shareholders to federal alternative minimum tax. The investment income from this Fund may be subject to state income taxes.

81

ITEM 2. CODE OF ETHICS.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT

INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND

AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There has been no material change to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers or persons performing similar functions 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 (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT

COMPANIES.

Not applicable.

ITEM 13. EXHIBITS

(a)(1)	The information required by this Item is only required in an annual report on this Form N-CSR.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

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.

THE COMMERCE FUNDS

/s/    Bill Schuetter        

Bill Schuetter

President

June 30, 2020

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.

/s/    Bill Schuetter        

Bill Schuetter

President

The Commerce Funds

June 30, 2020

/s/     Peter Fortner        

Peter Fortner

Chief Accounting Officer

The Commerce Funds

June 30, 2020