Commerce Funds N-CSR Certified 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 811-08598

The Commerce Funds

(Exact name of Registrant as specified in charter)

1000 Walnut Street, Suite 1580 Kansas City, MO 64106

(Address of principal executive offices) (Zip code)

David W. Grim

Stradley Ronon Stevens & Young, LLP

2000 K Street, N.W., Suite 700

Washington, DC 20006-1871

(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: 10/31/22

ITEM 1. REPORTS TO SHAREHOLDERS.

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

(b) Copy of notice transmitted to stockholders in reliance on Rule 30e-3 under the 1940 Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule. Not applicable.

THE COMMERCE FUNDS

Table of Contents

Fund Overviews, Performance Summaries and Schedules of Investments
Growth	2
Value	6
MidCap Growth	10
Bond	14
Short-Term Government	28
National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond, Kansas Tax-Free Intermediate Bond Overview	34
National Tax-Free Intermediate Bond	36
Missouri Tax-Free Intermediate Bond	48
Kansas Tax-Free Intermediate Bond	56
Statements of Assets and Liabilities	62
Statements of Operations	64
Statements of Changes in Net Assets	66
Financial Highlights	70
Notes to Financial Statements	78
Report of Independent Registered Public Accounting Firm	93
Other Information	95
Supplemental Proxy Information	102

Please note:

The information in this annual report is as of October 31, 2022. The securities mentioned in this report may no longer be held by the Funds. To view more recent information about each Commerce Fund’s performance and portfolio or to obtain a prospectus, please visit our website at www.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 Commerce Funds’ investment policies, management and expenses. Investors should read the prospectus carefully before investing.

You may also receive Commerce Funds information 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 Commerce Fund at the end of every calendar quarter. Investors should read the prospectus carefully before investing or sending money.

THE GROWTH FUND

Growth Fund Overview

We present you with the annual report for the Commerce Growth Fund for the one-year period ended October 31, 2022.

A conversation with Joe Williams, Portfolio Manager of the Growth Fund.

Q: How did the Fund perform over the review period?

A: The Fund returned -20.81% over the 12-month period ended October 31, 2022, outperforming the Russell 1000 Growth Index (the “benchmark”), which returned -24.60% for the same period.

Q: Were there any significant adjustments made to the Fund’s portfolio during the period?

A: The health care sector increased from 8.2% to 11.4% with the purchases of McKesson Corporation, AbbVie, Inc., and an addition to UnitedHealth Group Incorporated. The energy sector moved from 0.0% to 2.2% with the purchases of Pioneer Natural Resources Company and Cheniere Energy, Inc. Additionally, the industrials sector rose from 6.1% to 8.1% with the purchases of Honeywell International Inc. and CSX Corporation. The heath care, energy, and industrials sectors returned -13.42%, 62.69%, and -11.42%, respectively, over the 12-month period. The largest reduction in the Fund’s portfolio was made to the communication services sector, from 11.6% to 5.2% with the sale of Meta Platforms Inc. Class A, Charter Communications, Inc. Class A, Netflix, Inc., and Take-Two Interactive Software, Inc. Additionally, the information technology sector moved from 43.6% to 39.2% with the sale of several companies such as PayPal Holdings, Inc., ServiceNow, Inc., and Cognex Corporation. The communication services and information technology sectors returned -46.58% and -23.96%, respectively, over the 12-month period.

Q: Could you describe some specific strategies and holdings that enhanced the Fund’s returns during the period?

A: Relative to the benchmark, the Fund was underweight the communication services sector, which returned -46.58%,

which improved the Fund’s return during the 12-month period. Security selection within the information technology sector significantly added to performance with holdings such as Arista Networks, Inc., Jack Henry & Associates, Inc., and Fiserv, Inc., returning 26.74%, 20.87%, and 4.32%, respectively. Also showing strong results were Raymond James Financial, Inc., returning 21.48% in the financials sector, Rollins, Inc. returning 21.12% in the industrials sector, and Dollar General Corporation returning 16.14% in the consumer discretionary sector, which all served as positive contributors to Fund results for the 12-month period.

Q: What were some examples of strategies and holdings that didn’t work well for the Fund during the period?

A: The Fund’s relative underweight to the consumer staples sector, which returned 2.54% for the 12-month period, detracted from Fund returns. Security selection negatively impacted performance in the consumer staples sector, with Estee Lauder Companies Inc. Class A and Church & Dwight Co., Inc., returning -37.66% and -18.00%, respectively, over the 12-month period.

2

THE GROWTH FUND

Performance Summary

October 31, 2022 (Unaudited)

The following is performance information for The Growth Fund (“Growth Fund”) for various time periods. The returns represent past performance. Past performance is no guarantee of future results. The Fund’s investment return and principal value 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 Fund is not subject to a sales charge, so a sales charge is not applied to its 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 Fund. Please visit our website at www.commercefunds.com to obtain the most recent month-end returns.

Growth Fund Shares 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2012 through October 31, 2022.

Average Annual Total Return through October 31, 2022	One Year	Five Years	Ten Years
Growth Fund(a)	–20.81%	11.60%	13.89%

(a) Returns reflect any applicable 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.

3

THE GROWTH FUND

Schedule of Investments

October 31, 2022

Shares		Description	Value
	Common Stocks  – 91.2%
	Automobiles* – 2.3%
	17,600	Tesla, Inc.		$    4,004,704
	Beverages – 1.1%
	10,745	PepsiCo., Inc.		1,951,077
	Biotechnology – 2.3%
	12,710	AbbVie, Inc.		1,860,744
	7,855	Amgen, Inc.		2,123,599
				3,984,343
	Capital Markets – 1.9%
	3,505	MSCI, Inc.		1,643,355
	14,302	Raymond James Financial, Inc.		1,689,638
				3,332,993
	Chemicals – 2.0%
	17,230	RPM International, Inc.		1,629,441
	8,120	The Sherwin-Williams Co.		1,827,244
				3,456,685
	Commercial Services & Supplies – 2.9%
	14,095	Copart, Inc.*		1,621,207
	43,220	Rollins, Inc.		1,818,697
	10,605	Waste Management, Inc.		1,679,514
				5,119,418
	Communications Equipment* – 1.0%
	14,340	Arista Networks, Inc.		1,733,132
	Electrical Equipment – 0.9%
	6,465	Rockwell Automation, Inc.		1,650,514
	Electronic Equipment, Instruments & Components – 2.0%
	24,780	Amphenol Corp. Class A		1,879,067
	9,170	CDW Corp.		1,584,668
				3,463,735
	Equity Real Estate Investment Trusts (REITs) – 1.8%
	22,355	Equity LifeStyle Properties, Inc.		1,429,826
	5,800	Public Storage		1,796,550
				3,226,376
	Health Care Equipment & Supplies – 2.1%
	17,415	Abbott Laboratories		1,723,040
	8,205	Stryker Corp.		1,880,914
				3,603,954
	Health Care Providers & Services – 3.1%
	5,195	McKesson Corp.		2,022,777
	6,010	UnitedHealth Group, Inc.		3,336,452
				5,359,229
	Hotels, Restaurants & Leisure – 3.1%
	13,705	Hilton Worldwide Holdings, Inc.		1,853,738
	7,055	McDonald’s Corp.		1,923,617
	19,675	Starbucks Corp.		1,703,658
				5,481,013

Shares		Description	Value
	Common Stocks – (continued)
	Household Products – 0.9%
	20,445	Church & Dwight Co., Inc.		$    1,515,588
	Industrial Conglomerates – 1.2%
	10,150	Honeywell International, Inc.		2,070,803
	Insurance – 0.8%
	10,100	Assurant, Inc.		1,372,186
	Interactive Media & Services* – 5.2%
	96,135	Alphabet, Inc. Class A		9,085,719
	Internet & Direct Marketing Retail – 6.3%
	93,105	Amazon.com, Inc.*		9,537,676
	37,870	eBay, Inc.		1,508,741
				11,046,417
	IT Services – 6.1%
	9,485	Broadridge Financial Solutions, Inc.		1,423,319
	17,490	Fiserv, Inc.*		1,796,923
	7,710	FleetCor Technologies, Inc.*		1,434,985
	8,100	Jack Henry & Associates, Inc.		1,612,386
	5,770	Mastercard, Inc. Class A		1,893,598
	12,205	Visa, Inc. Class A		2,528,388
				10,689,599
	Life Sciences Tools & Services – 3.0%
	13,870	Agilent Technologies, Inc.		1,918,915
	1,295	Mettler-Toledo International, Inc.*		1,638,084
	3,355	Thermo Fisher Scientific, Inc.		1,724,369
				5,281,368
	Machinery – 1.1%
	9,180	Illinois Tool Works, Inc.		1,960,205
	Multiline Retail – 1.1%
	7,380	Dollar General Corp.		1,882,269
	Oil, Gas & Consumable Fuels – 2.2%
	10,760	Cheniere Energy, Inc.		1,898,172
	7,720	Pioneer Natural Resources Co.		1,979,485
				3,877,657
	Personal Products – 0.9%
	7,500	The Estee Lauder Cos., Inc. Class A		1,503,675
	Pharmaceuticals – 1.0%
	11,535	Zoetis, Inc.		1,739,247
	Road & Rail – 1.9%
	60,680	CSX Corp.		1,763,361
	8,385	Union Pacific Corp.		1,653,019
				3,416,380
	Semiconductors & Semiconductor Equipment – 2.4%
	18,350	NVIDIA Corp.		2,476,700
	10,905	Texas Instruments, Inc.		1,751,670
				4,228,370

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

THE GROWTH FUND

Schedule of Investments (continued)

October 31, 2022

Shares		Description	Value
	Common Stocks – (continued)
	Software – 15.1%
	6,485	ANSYS, Inc.*		$    1,434,223
	10,845	Cadence Design Systems, Inc.*		1,641,825
	4,275	Intuit, Inc.		1,827,562
	70,535	Microsoft Corp.		16,373,289
	73,450	NortonLifeLock, Inc.		1,654,828
	10,340	Palo Alto Networks, Inc.*		1,774,241
	11,695	Workday, Inc. Class A*		1,822,315
				26,528,283
	Specialty Retail – 2.1%
	6,465	The Home Depot, Inc.		1,914,480
	8,110	Tractor Supply Co.		1,782,335
				3,696,815
	Technology Hardware, Storage & Peripherals – 12.5%
	132,510	Apple, Inc.		20,319,084
	23,160	NetApp, Inc.		1,604,293
				21,923,377
	Textiles, Apparel & Luxury Goods – 0.9%
	16,910	Nike, Inc. Class B		1,567,219
	TOTAL COMMON STOCKS
	(Cost $105,989,361)			$159,752,350
Shares		Description	Value
	Exchange Traded Fund – 4.7%
	36,565	iShares Russell 1000 Growth ETF
	(Cost $8,192,012)			$    8,138,638
Shares		Dividend Rate	Value
	Investment Company – 9.5%
	State Street Institutional US Government Money Market Fund — Premier Class
	16,612,867	3.006%		$  16,612,867
	(Cost $16,612,867)
	TOTAL INVESTMENTS – 105.4%
	(Cost $130,794,240)			$184,503,855
	LIABILITIES IN EXCESS OF OTHER ASSETS – (5.4)%			(9,377,014)
	NET ASSETS – 100.0%			$175,126,841

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 (unaudited)

	AS OF 10/31/22			AS OF 10/31/21
Information Technology		39.2	%		43.6	%
Consumer Discretionary		15.7			18.0
Health Care		11.4			8.2
Investment Company		9.5			0.8
Industrials		8.1			6.1
Communication Services		5.2			11.6
Exchange Traded Fund		4.7			3.1
Consumer Staples		2.9			2.1
Financials		2.7			1.9
Energy		2.2			—
Materials		2.0			3.6
Real Estate		1.8			1.0
TOTAL INVESTMENTS		105.4	%		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.

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

THE VALUE FUND

Value Fund Overview

We present you with the annual report for the Commerce Value Fund for the one-year period ended October 31, 2022.

A conversation with Matt Schmitt, Portfolio Manager of the Value Fund.

Q: How did the Fund perform over the review period?

A: The Fund returned -1.74% over the 12-month period ended October 31, 2022, outperforming the Russell 1000 Value Index (the “benchmark”), which returned -7.00% for the same period.

Q: Were there any significant adjustments made to the Fund’s portfolio during the period?

A: The energy sector moved from 7.0% to 10.4% of the Fund’s portfolio with the purchase of Pioneer Natural Resources Company. The health care sector increased from 14.5% to 17.1% with additions to Johnson & Johnson, Medtronic Plc, Merck & Co., Inc., and Pfizer, Inc. Additionally, the consumer staples sector moved from 5.7% to 7.7% with the purchase of Mondelez International, Inc. The energy, health care, and consumer staples sectors returned 65.36%, 3.39%, and 5.44%, respectively, over the 12-month period. The largest reduction in the Fund’s portfolio was made to the industrials sector, from 13.5% to 9.9% with the sale of 3M Company and Caterpillar, Inc. Additionally, the consumer discretionary sector moved from 7.5% to 5.8% with the sale of Genuine Parts Company. The industrials and consumer discretionary sectors returned -9.5% and 5.44%, respectively, over the 12-month period.

Q: Could you describe some specific strategies and holdings that enhanced the Fund’s returns during the period?

A: The Fund’s relative overweight to the energy sector and underweight to the communication services sector, which returned 65.36 and -29.51%, respectively, for the 12-month period helped Fund returns. Strong relative performance from General Dynamics Corporation in the industrials

sector, returning 25.96%, and International Business Machines Corporation in the information technology sector, returning 21.76%, added to performance. Additionally, stock selection in the health care sector contributed to performance, with the Fund holding Cardinal Health and Amgen Inc, which returned 64.40% and 34.96%, respectively. As a whole, both sector allocations and security selection added to the Fund’s return for the period.

Q: What were some examples of strategies and holdings that didn’t work well for the Fund during the period?

A: The Fund’s relative underweight to the health care sector, which returned 3.39% for the 12-month period, detracted from the Fund’s performance. Security selection within the financial sector hurt performance, as the Fund owned T. Rowe Price Group, Northern Trust Corporation, and Truist Financial Corporation, which returned -49.27%, -29.60%, and -26.9%, respectively, while the financial sector as a whole returned -12.97% for the same period.

6

THE VALUE FUND

Performance Summary

October 31, 2022 (Unaudited)

The following is performance information for The Value Fund (“Value Fund”) for various time periods. The returns represent past performance. Past performance is no guarantee of future results. The Fund’s investment return and principal value 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 Fund is not subject to a sales charge, so a sales charge is not applied to its 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 Fund. Please visit our website at www.commercefunds.com to obtain the most recent month-end returns.

Value Fund Shares 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2012 through October 31, 2022.

Average Annual Total Return through October 31, 2022	One Year	Five Years	Ten Years
Value Fund(a)	–1.74%	8.81%	10.81%

(a) Returns reflect any applicable 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^® 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.

7

THE VALUE FUND

Schedule of Investments

October 31, 2022

Shares		Description	Value
	Common Stocks – 96.4%
	Aerospace & Defense – 2.0%
	24,500	General Dynamics Corp.		$    6,120,100
	Air Freight & Logistics – 1.8%
	32,000	United Parcel Service, Inc. Class B		5,368,640
	Banks – 6.7%
	75,000	JPMorgan Chase & Co.		9,441,000
	122,500	Truist Financial Corp.		5,486,775
	128,000	U.S. Bancorp.		5,433,600
				20,361,375
	Beverages – 2.0%
	33,500	PepsiCo., Inc.		6,082,930
	Biotechnology – 2.2%
	25,000	Amgen, Inc.		6,758,750
	Capital Markets – 7.4%
	38,500	CME Group, Inc.		6,672,050
	65,000	Morgan Stanley		5,341,050
	61,500	Northern Trust Corp.		5,187,525
	51,000	T. Rowe Price Group, Inc.		5,414,160
				22,614,785
	Chemicals – 1.9%
	74,000	Eastman Chemical Co.		5,683,940
	Communications Equipment – 2.0%
	135,500	Cisco Systems, Inc.		6,155,765
	Containers & Packaging – 1.9%
	95,000	Sonoco Products Co.		5,897,600
	Diversified Telecommunication Services – 2.1%
	345,000	AT&T, Inc.		6,289,350
	Electric Utilities – 2.9%
	94,500	Duke Energy Corp.		8,805,510
	Electrical Equipment – 4.1%
	41,000	Eaton Corp. PLC		6,152,870
	73,500	Emerson Electric Co.		6,365,100
				12,517,970
	Equity Real Estate Investment Trusts (REITs) – 3.6%
	18,500	Public Storage		5,730,375
	69,500	WP Carey, Inc.		5,302,850
				11,033,225
	Food & Staples Retailing – 2.0%
	71,500	SYSCO Corp.		6,189,040
	Food Products – 1.9%
	94,000	Mondelez International, Inc. Class A		5,779,120
	Health Care Equipment & Supplies – 1.9%
	65,500	Medtronic PLC		5,720,770

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – 3.8%
	83,500	Cardinal Health, Inc.		$    6,337,650
	56,500	CVS Health Corp.		5,350,550
				11,688,200
	Hotels, Restaurants & Leisure – 2.0%
	22,500	McDonald’s Corp.		6,134,850
	Household Durables – 1.8%
	39,500	Whirlpool Corp.		5,460,480
	Household Products – 1.8%
	41,500	The Procter & Gamble Co.		5,588,805
	Insurance – 4.7%
	109,000	MetLife, Inc.		7,979,890
	74,000	Principal Financial Group, Inc.		6,521,620
				14,501,510
	IT Services – 3.9%
	45,000	International Business Machines Corp.		6,223,050
	47,500	Paychex, Inc.		5,619,725
				11,842,775
	Machinery – 2.0%
	29,000	Illinois Tool Works, Inc.		6,192,370
	Media – 3.7%
	30,000	Nexstar Media Group, Inc.		5,139,000
	212,000	The Interpublic Group of Cos., Inc.		6,315,480
				11,454,480
	Multi-Utilities – 2.9%
	125,000	Dominion Energy, Inc.		8,746,250
	Oil, Gas & Consumable Fuels – 10.4%
	109,000	Chevron Corp.		19,718,100
	96,500	ONEOK, Inc.		5,724,380
	24,500	Pioneer Natural Resources Co.		6,282,045
				31,724,525
	Pharmaceuticals – 9.2%
	51,500	Johnson & Johnson		8,959,455
	100,000	Merck & Co., Inc.		10,120,000
	192,000	Pfizer, Inc.		8,937,600
				28,017,055
	Semiconductors & Semiconductor Equipment – 1.8%
	34,500	Texas Instruments, Inc.		5,541,735
	Specialty Retail – 2.0%
	20,500	The Home Depot, Inc.		6,070,665
	TOTAL COMMON STOCKS
	(Cost $244,360,062)			$294,342,570

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

THE VALUE FUND

Schedule of Investments (continued)

October 31, 2022

Shares		Description	Value
	Exchange Traded Fund – 3.5%
	70,000	iShares Russell 1000 Value Index Fund
	(Cost $10,094,931)			$  10,481,800
Shares		Dividend Rate	Value
	Investment Company – 0.2%
	State Street Institutional US Government Money Market Fund — Premier Class
	694,040	3.006%		$    694,040
	(Cost $694,040)
	TOTAL INVESTMENTS – 100.1%
	(Cost $255,149,033)			$305,518,410
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(269,084)
	NET ASSETS – 100.0%			$305,249,326

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

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/22			AS OF 10/31/21
Financials		18.8	%		21.0	%
Health Care		17.1			14.5
Energy		10.4			7.0
Industrials		9.9			13.5
Consumer Staples		7.7			5.7
Information Technology		7.7			7.4
Communication Services		5.8			4.5
Consumer Discretionary		5.8			7.5
Utilities		5.8			5.7
Materials		3.8			5.4
Real Estate		3.6			3.8
Exchange Traded Fund		3.5			3.3
Investment Company		0.2			0.6
TOTAL INVESTMENTS		100.1	%		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.

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

THE MIDCAP GROWTH FUND

MidCap Growth Fund Overview

We present you with the annual report for the Commerce MidCap Growth Fund for the one-year period ended October 31, 2022.

A conversation with Joe Williams, Portfolio Manager of the MidCap Growth Fund.

Q: How did the Fund perform over the review period?

A: The Fund returned -18.58% over the 12-month period ended October 31, 2022, outperforming the Russell MidCap Growth Index (the “benchmark”), which returned -28.93% for the same period.

Q: Were there any significant adjustments made to the Fund’s portfolio during the period?

A: The energy sector increased from 0.0% to 4.0% of the Fund’s portfolio with the purchases of Cheniere Energy, Inc., ONEOK, Inc., and Texas Pacific Land Corporation. The industrials sector moved from 14.9% to 17.9% with the purchases of Otis Worldwide Corporation, MSA Safety, Inc., and Howmet Aerospace Inc. The energy and industrials sectors returned 65.88% and -21.52%, respectively, over the 12-month period. The largest reduction in the Fund’s portfolio was made in the health care sector, from 17.5% to 14.4% with the sale of several companies such as Repligen Corporation, Amedisys, Inc., Cardinal Health, Inc., and Abiomed, Inc. Additionally, the information technology sector moved from 31.5% to 28.7% with the sale of several companies including Entegris, Inc., Teradyne, Inc., and Fleetcor Technologies, Inc. The health care and information technology sectors returned -30.91% and -34.16%, respectively, over the 12-month period.

Q: Could you describe some specific strategies and holdings that enhanced the Fund’s returns during the period?

A: Relative to the benchmark, the Fund was underweight the communication services sector which returned -52.39% and overweight the consumer staples sector which returned -0.77% and both of these positionings helped Fund returns for the 12-month period. Security selection in most sectors

was strong and positively contributed to Fund returns. Information technology, industrials, and consumer discretionary were among the biggest contributors. Also showing strong results were Lamb Weston Holdings, Inc. returning 55.03% in the consumer staples sector, FMC Corporation returning 33.11% in the materials sector, and Rollins, Inc. returning 21.12% in the industrials sector.

Q: What were some examples of strategies and holdings that didn’t work well for the Fund during the period?

A: The Fund was underweight the energy sector relative to the benchmark, which returned 65.88% and was the best performing sector for the 12-month period. Security selection in the financials sector detracted from performance. Also showing weak results was SiteOne Landscape Supply, Inc returning -53.02% in the industrials sector. Additionally, in the health care sector, DexCom, Inc. and Exelixis, Inc., returning -41.68% and -25.38%, respectively, detracted from Fund returns.

10

THE MIDCAP GROWTH FUND

Performance Summary

October 31, 2022 (Unaudited)

The following is performance information for The MidCap Growth Fund (“MidCap Growth Fund”) for various time periods. The returns represent past performance. Past performance is no guarantee of future results. The Fund’s investment return and principal value 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 Fund is not subject to a sales charge, so a sales charge is not applied to its 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 Fund. Please visit our website at www.commercefunds.com to obtain the most recent month-end returns.

MidCap Growth Fund Shares 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2012 through October 31, 2022.

Average Annual Total Return through October 31, 2022	One Year	Five Years	Ten Years
MidCap Growth Fund(a)	–18.58%	9.51%	12.03%

(a) Returns reflect any applicable 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 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.

11

THE MIDCAP GROWTH FUND

Schedule of Investments

October 31, 2022

Shares		Description	Value
	Common Stocks – 97.5%
	Aerospace & Defense – 1.2%
	75,660	Howmet Aerospace, Inc.		$    2,689,713
	Air Freight & Logistics – 1.1%
	24,925	CH Robinson Worldwide, Inc.		2,435,671
	Biotechnology* – 1.2%
	153,295	Exelixis, Inc.		2,541,631
	Capital Markets – 3.5%
	5,875	FactSet Research Systems, Inc.		2,499,754
	9,695	Morningstar, Inc.		2,250,985
	5,800	MSCI, Inc.		2,719,388
				7,470,127
	Chemicals – 2.6%
	23,930	FMC Corp.		2,845,277
	29,170	RPM International, Inc.		2,758,607
				5,603,884
	Commercial Services & Supplies – 2.7%
	21,790	MSA Safety, Inc.		2,925,090
	70,795	Rollins, Inc.		2,979,053
				5,904,143
	Communications Equipment* – 1.2%
	22,220	Arista Networks, Inc.		2,685,509
	Distributors – 1.1%
	7,795	Pool Corp.		2,371,473
	Diversified Financial Services – 1.3%
	50,030	Apollo Global Management, Inc.		2,769,661
	Electrical Equipment – 1.3%
	10,945	Rockwell Automation, Inc.		2,794,258
	Electronic Equipment, Instruments & Components – 4.9%
	35,220	Amphenol Corp. Class A		2,670,733
	15,290	CDW Corp.		2,642,265
	15,605	Keysight Technologies, Inc.*		2,717,611
	8,870	Zebra Technologies Corp. Class A*		2,512,161
				10,542,770
	Entertainment* – 1.2%
	21,450	Take-Two Interactive Software, Inc.		2,541,396
	Equity Real Estate Investment Trusts (REITs) – 3.4%
	20,655	Camden Property Trust		2,386,685
	37,460	Equity LifeStyle Properties, Inc.		2,395,942
	14,265	Extra Space Storage, Inc.		2,531,181
				7,313,808
	Food Products – 3.6%
	32,450	Lamb Weston Holdings, Inc.		2,797,839
	101,705	Pilgrim’s Pride Corp.*		2,344,300
	11,080	The Hershey Co.		2,645,572
				7,787,711

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies* – 1.3%
	42,600	Globus Medical, Inc. Class A		$    2,854,200
	Health Care Providers & Services – 2.5%
	5,480	Chemed Corp.		2,558,448
	7,620	Molina Healthcare, Inc.*		2,734,513
				5,292,961
	Hotels, Restaurants & Leisure – 4.9%
	1,515	Chipotle Mexican Grill, Inc.*		2,269,970
	23,175	Choice Hotels International, Inc.		3,009,042
	7,590	Domino’s Pizza, Inc.		2,521,701
	20,295	Hilton Worldwide Holdings, Inc.		2,745,102
				10,545,815
	Household Durables – 1.2%
	58,905	Toll Brothers, Inc.		2,537,627
	Household Products – 1.2%
	33,865	Church & Dwight Co., Inc.		2,510,412
	Insurance – 1.1%
	17,090	Assurant, Inc.		2,321,847
	Internet & Direct Marketing Retail – 1.2%
	66,690	eBay, Inc.		2,656,930
	IT Services – 7.3%
	15,810	Broadridge Financial Solutions, Inc.		2,372,449
	8,790	Gartner, Inc.*		2,653,877
	55,530	Genpact Ltd.		2,693,205
	34,495	GoDaddy, Inc. Class A*		2,773,398
	13,435	Jack Henry & Associates, Inc.		2,674,371
	21,450	Paychex, Inc.		2,537,749
				15,705,049
	Life Sciences Tools & Services – 8.5%
	19,995	Agilent Technologies, Inc.		2,766,308
	8,535	Bio-Techne Corp.		2,528,579
	12,935	IQVIA Holdings, Inc.*		2,712,081
	2,180	Mettler-Toledo International, Inc.*		2,757,547
	51,775	Syneos Health, Inc.*		2,608,425
	9,000	Waters Corp.*		2,692,530
	9,795	West Pharmaceutical Services, Inc.		2,253,830
				18,319,300
	Machinery – 6.4%
	49,120	Donaldson Co., Inc.		2,821,944
	40,605	Graco, Inc.		2,825,296
	11,550	Nordson Corp.		2,598,750
	37,735	Otis Worldwide Corp.		2,665,600
	28,265	The Toro Co.		2,979,979
				13,891,569
	Media – 1.1%
	13,905	Nexstar Media Group, Inc.		2,381,927
	Oil, Gas & Consumable Fuels – 4.0%
	15,280	Cheniere Energy, Inc.		2,695,545

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

THE MIDCAP GROWTH FUND

Schedule of Investments (continued)

October 31, 2022

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	46,140	ONEOK, Inc.		$    2,737,025
	1,425	Texas Pacific Land Corp.		3,283,014
				8,715,584
	Pharmaceuticals* – 0.9%
	30,420	Catalent, Inc.		1,999,507
	Professional Services – 2.7%
	26,600	Booz Allen Hamilton Holding Corp.		2,895,410
	36,315	CoStar Group, Inc.*		3,003,977
				5,899,387
	Road & Rail – 2.5%
	15,305	JB Hunt Transport Services, Inc.		2,618,226
	17,535	Landstar System, Inc.		2,739,318
				5,357,544
	Semiconductors & Semiconductor Equipment* – 1.4%
	117,070	Allegro MicroSystems, Inc.		2,974,749
	Software – 12.7%
	10,740	ANSYS, Inc.*		2,375,258
	37,850	Black Knight, Inc.*		2,288,790
	15,230	Cadence Design Systems, Inc.*		2,305,670
	119,930	Dropbox, Inc. Class A*		2,608,478
	6,230	Fair Isaac Corp.*		2,983,173
	18,940	Manhattan Associates, Inc.*		2,304,430
	119,365	NortonLifeLock, Inc.		2,689,293
	14,780	Palo Alto Networks, Inc.*		2,536,100
	22,630	PTC, Inc.*		2,666,493
	8,075	Synopsys, Inc.*		2,362,341
	7,200	Tyler Technologies, Inc.*		2,327,976
				27,448,002
	Specialty Retail – 3.9%
	15,280	Advance Auto Parts, Inc.		2,901,978
	36,140	Best Buy Co., Inc.		2,472,337
	13,315	Tractor Supply Co.		2,926,238
				8,300,553
	Technology Hardware, Storage & Peripherals – 1.2%
	38,705	NetApp, Inc.		2,681,095
	Textiles, Apparel & Luxury Goods* – 1.2%
	7,950	Lululemon Athletica, Inc.		2,615,868
	TOTAL COMMON STOCKS
	(Cost $170,287,740)			$210,461,681
Shares		Description	Value
	Exchange Traded Fund – 1.4%
	36,320	iShares Russell Midcap Growth Index Fund
	(Cost $2,940,967)			$    3,074,851

Shares		Dividend Rate	Value
	Investment Company – 1.5%
	State Street Institutional US Government Money Market Fund — Premier Class
	3,112,837	3.006%		$    3,112,837
	(Cost $3,112,837)
	TOTAL INVESTMENTS – 100.4%
	(Cost $176,341,544)			$216,649,369
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%			(881,827)
	NET ASSETS – 100.0%			$215,767,542

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 (unaudited)

	AS OF 10/31/22			AS OF 10/31/21
Information Technology		28.7	%		31.5	%
Industrials		17.9			14.9
Health Care		14.4			17.5
Consumer Discretionary		13.5			13.4
Financials		5.9			5.2
Consumer Staples		4.8			3.6
Energy		4.0			—
Real Estate		3.4			2.4
Materials		2.6			3.6
Communication Services		2.3			3.4
Investment Company		1.5			1.9
Exchange Traded Fund		1.4			2.6
TOTAL INVESTMENTS		100.4	%		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 and exchange-traded funds 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. 13

THE BOND FUND

Bond Fund Overview

We present you with the annual report for the Commerce Bond Fund for the one-year period ended October 31, 2022.

A conversation with Scott Colbert, Brent Schowe and Wm. Michael Cody, Portfolio Managers of the Bond Fund.

Q: How did the Fund perform over the review period?

A: Over the one-year period ended October 31, 2022, the Fund generated a cumulative total return of -15.39%. This return compares to the -15.68% cumulative total return of its benchmark, the Bloomberg Aggregate Bond Index over the same period.

Q: What were the material factors that affected the Fund’s performance relative to its benchmark during the reporting period?

A: Targeting the Fund’s duration to be less than its benchmark’s duration contributed to the Fund’s outperformance during the period. To control inflation the Federal Reserve raised interest rates to slow the economy. Shorter duration holdings were less negatively impacted by the interest rate hikes.

Q: Were there any significant adjustments made to the Fund’s portfolio during the period?

A: At the start of 2022 the portfolio’s duration was gradually moved shorter relative to the duration of its benchmark. As the year progressed Treasury yields rose across all maturities on the Treasury yield curve. Relative to its benchmark, the rise in rates had less of a negative impact on the Fund.

Q: Could you describe some specific strategies and holdings that enhanced the Fund’s returns during the period?

A: Focusing on improving credit quality by reducing Corporate BBB exposure and raising AAA exposure via Treasury purchases enhanced returns for the Fund. Lower rated holdings underperformed to a greater extent than higher rated holdings during the period.

Q: What were some examples of strategies and holdings that didn’t work well for the Fund during the period?

A: Maintaining the Fund’s relative overweight to the Corporate bonds detracted from the Fund’s performance on both an absolute and relative basis. The Russia/Ukraine war and signs of a slowing U.S. economy led to credit spreads widening and a corresponding deterioration in Corporate bond prices.

14

THE BOND FUND

Performance Summary

October 31, 2022 (Unaudited)

The following is performance information for The Bond Fund (“Bond Fund”) for various time periods. The returns represent past performance. Past performance is no guarantee of future results. The Fund’s investment return and principal value 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 Fund is not subject to a sales charge, so a sales charge is not applied to its 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 Fund. Please visit our website at www.commercefunds.com to obtain the most recent month-end returns.

Bond Fund 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2012 through October 31, 2022.

Average Annual Total Return through October 31, 2022	One Year	Five Years	Ten Years
Bond Fund(a)	–15.39%	–0.38%	1.18%

(a) Returns reflect any applicable 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 Bloomberg 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.

15

THE BOND FUND

Schedule of Investments

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – 44.5%
Aerospace/Defense(a) –  0.4%
Boeing Co.
$  5,000,000		5.805	%		05/01/50	$	4,284,740
Auto Manufacturers – 2.6%
BMW Finance NV(a)(b)
4,000,000		2.400			08/14/24		3,802,599
Ford Motor Co.(a)
2,000,000		4.346			12/08/26		1,859,875
Ford Motor Credit Co. LLC
2,500,000		4.134			08/04/25		2,325,225
General Motors Co.(a)
3,450,000		6.600			04/01/36		3,250,125
General Motors Financial Co., Inc.(a)
2,000,000		2.400			04/10/28		1,618,520
1,615,000		3.100			01/12/32		1,227,150
Mercedes-Benz Finance North America LLC(b)
3,485,000		0.750			03/01/24		3,281,698
PACCAR Financial Corp.
5,000,000		2.150			08/15/24		4,745,797
Volkswagen Group of America Finance LLC(b)
4,000,000		4.750			11/13/28		3,658,879
							25,769,868
Banks – 7.2%
Bank of America Corp.
3,000,000		4.450			03/03/26		2,875,020
(3M USD LIBOR + 1.040%),
6,749,000		3.419	(a)(c)		12/20/28		5,956,993
Citigroup, Inc.
1,000,000		5.500			09/13/25		990,861
3,500,000		4.450			09/29/27		3,248,757
(SOFR + 2.086%),
4,400,000		4.910	(a)(c)		05/24/33		3,997,350
(SOFR + 1.379%),
2,000,000		2.904	(a)(c)		11/03/42		1,259,096
HSBC Holdings PLC
3,130,000		6.100			01/14/42		2,896,089
Huntington Bancshares, Inc.(a)(c) (SOFR + 2.050%)
4,000,000		5.023			05/17/33		3,622,758
JPMorgan Chase & Co. (3M USD LIBOR + 1.000%),
150,000		5.327	(c)		04/26/23		149,755
(SOFR + 0.885%),
1,500,000		3.944	(a)(c)		04/22/27		1,446,645
(SOFR + 1.560%),
1,000,000		4.323	(a)(c)		04/26/28		929,932
(3M USD LIBOR + 1.330%),
2,000,000		4.452	(a)(c)		12/05/29		1,823,095
(3M USD LIBOR + 1.160%),
1,650,000		3.702	(a)(c)		05/06/30		1,435,129
2,520,000		5.600			07/15/41		2,356,157
KeyBank NA
3,000,000		3.400			05/20/26		2,762,515
Mitsubishi UFJ Financial Group, Inc.
3,000,000		3.777			03/02/25		2,883,360

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley(a)(c) (SOFR + 1.200%)
$  2,900,000		2.511	%		10/20/32	$	2,180,454
Northern Trust Corp.(a)
5,438,000		3.150			05/03/29		4,785,131
PNC Bank NA
3,830,000		4.050			07/26/28		3,474,974
The PNC Financial Services Group, Inc.(a)(c) (3M USD LIBOR + 3.678%)
2,500,000		8.118			07/29/49		2,493,704
Truist Financial Corp.
3,500,000		2.500	(a)		08/01/24		3,338,395
2,265,000		1.125	(a)		08/03/27		1,835,520
(SOFR + 2.300%),(c)
1,900,000		6.123			10/28/33		1,899,696
UBS Group AG (1 year CMT + 0.850%),
2,000,000		1.494	(a)(b)(c)		08/10/27		1,647,800
(1 year CMT + 1.750%),
2,500,000		4.751	(a)(b)(c)		05/12/28		2,290,138
Wells Fargo & Co.
2,500,000		4.100			06/03/26		2,364,025
1,500,000		4.650			11/04/44		1,160,364
5,000,000		4.750			12/07/46		3,844,717
Wells Fargo Bank NA(d)
2,000,000		6.180			02/15/36		1,949,017
							71,897,447
Beverages(a) – 0.7%
Anheuser-Busch InBev Worldwide, Inc.
6,000,000		4.439			10/06/48		4,839,876
PepsiCo, Inc.
2,190,000		4.450			04/14/46		1,913,387
							6,753,263
Biotechnology(a) – 0.2%
Amgen, Inc.
3,175,000		2.770			09/01/53		1,806,325
Chemicals(a) – 0.3%
Linde, Inc.
2,000,000		3.200			01/30/26		1,899,223
The Sherwin-Williams Co.
1,075,000		2.200			03/15/32		808,510
							2,707,733
Commercial Services – 1.4%
Emory University(a)
2,000,000		1.566			09/01/25		1,812,655
Equifax, Inc.(a)
2,000,000		5.100			12/15/27		1,927,268
Henry J. Kaiser Family Foundation
6,250,000		3.356			12/01/25		5,843,940
Northwestern University
1,000,000		4.643			12/01/44		906,442
The Corp. of Gonzaga University
3,500,000		4.158			04/01/46		2,654,123

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Commercial Services  – (continued)
Thomas Jefferson University
$  1,375,000		2.368	%		11/01/25	$	1,253,405
							14,397,833
Computers(a) – 0.3%
CGI, Inc.
4,000,000		2.300			09/14/31		2,942,367
Distribution/Wholesale(a) – 0.3%
WW Grainger, Inc.
3,260,000		4.600			06/15/45		2,818,461
Diversified Financial Services – 1.9%
Aircastle Ltd.(a)
1,000,000		4.250			06/15/26		882,395
Aviation Capital Group LLC(a)(b)
5,500,000		1.950			09/20/26		4,422,746
Blackstone Private Credit Fund(a)
1,500,000		4.000			01/15/29		1,220,733
Blackstone Secured Lending Fund(a)
4,200,000		3.625			01/15/26		3,782,812
Brookfield Finance, Inc.(a)
3,100,000		4.700			09/20/47		2,298,011
Capital One Financial Corp.(a)(c) (SOFR + 2.370%)
3,000,000		5.268			05/10/33		2,675,223
CDP Financial, Inc.(b)
1,000,000		3.150			07/24/24		972,930
The Charles Schwab Corp.(a)
1,225,000		2.750			10/01/29		1,036,127
2,500,000		1.950			12/01/31		1,867,026
							19,158,003
Electrical Equipment – 3.5%
Arizona Public Service Co.
2,150,000		6.875			08/01/36		2,186,488
Consumers Energy Co.(a)
3,290,000		3.950			07/15/47		2,515,211
Emerson Electric Co.
1,000,000		6.125			04/15/39		1,013,197
Entergy Louisiana LLC(a)
3,000,000		3.780			04/01/25		2,856,253
Gulf Power Co.(a)
1,250,000		4.550			10/01/44		1,041,138
Louisville Gas & Electric Co.(a)
1,850,000		4.650			11/15/43		1,510,789
National Grid USA
3,375,000		8.000			11/15/30		3,606,229
Nevada Power Co.(a)
1,250,000		3.125			08/01/50		770,935
Ohio Power Co.
2,870,000		5.850			10/01/35		2,743,972
Pacific Gas and Electric Co.(a)
1,000,000		4.550			07/01/30		875,232
1,000,000		4.950			07/01/50		742,613

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical Equipment  – (continued)
PacifiCorp
$  1,900,000		6.100	%		08/01/36	$	1,846,396
PG&E Wildfire Recovery Funding LLC
1,225,000		3.594			06/01/30		1,146,715
PPL Electric Utilities Corp.(a)
2,225,000		4.750			07/15/43		1,899,316
Public Service Enterprise Group, Inc.(a)
5,500,000		8.625			04/15/31		6,227,411
Southern California Edison Co.
1,000,000		5.550			01/15/37		913,861
Wisconsin Power and Light Co.(a)
1,000,000		1.950			09/16/31		760,799
Wisconsin Public Service Corp.(a)
3,000,000		3.300			09/01/49		1,984,474
							34,641,029
Energy – 0.4%
HF Sinclair Corp.
3,850,000		5.875			04/01/26		3,743,563
Entertainment(a)(b) – 0.1%
Warnermedia Holdings, Inc.
1,000,000		3.755			03/15/27		889,337
Food(a)(b) –  0.6%
Nestle Holdings, Inc.
6,700,000		4.300			10/01/32		6,307,425
Gas(a) – 0.7%
Atmos Energy Corp.
1,400,000		4.125			03/15/49		1,059,261
Boston Gas Co.(b)
2,900,000		3.001			08/01/29		2,400,043
Northwest Natural Gas Co.
4,650,000		3.869			06/15/49		3,131,870
							6,591,174
Healthcare-Products(a) – 0.2%
Baxter International, Inc.
3,000,000		2.539			02/01/32		2,284,689
Healthcare-Services –  2.4%
Adventist Health System(a)
7,000,000		2.952			03/01/29		5,947,555
Ascension Health
3,000,000		2.532	(a)		11/15/29		2,495,378
1,500,000		3.945			11/15/46		1,168,054
Baptist Health South Florida, Inc.
3,695,000		4.342			11/15/41		2,948,625
Community Health Network, Inc.
2,225,000		4.237			05/01/25		2,134,507

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare-Services – (continued)
Mayo Clinic
$  2,600,000		3.774	%		11/15/43	$	1,950,172
SSM Health Care Corp.(a)
3,000,000		3.688			06/01/23		2,975,245
4,990,000		3.823			06/01/27		4,700,629
							24,320,165
Insurance –  5.6%
Americo Life, Inc.(b)
5,206,000		3.450			04/15/31		3,834,993
Arch Capital Group Ltd.
2,149,000		7.350			05/01/34		2,305,518
Assured Guaranty US Holdings, Inc.(a)
4,715,000		3.150			06/15/31		3,744,376
AXIS Specialty Finance LLC(a)
3,000,000		3.900			07/15/29		2,596,975
Berkshire Hathaway Finance Corp.(a)
4,220,000		4.200			08/15/48		3,383,677
Equitable Financial Life Global Funding(b)
3,000,000		1.300			07/12/26		2,561,373
5,000,000		1.750			11/15/30		3,731,957
Guardian Life Global Funding(b)
5,000,000		1.250			11/19/27		4,120,782
Jackson National Life Global Funding(b)
2,600,000		3.250			01/30/24		2,521,656
Loews Corp.
3,000,000		6.000			02/01/35		2,973,654
MassMutual Global Funding II(b)
6,150,000		2.950			01/11/25		5,867,629
MetLife, Inc.(a)
2,055,000		10.750			08/01/39		2,655,081
Principal Life Global Funding II(b)
1,340,000		0.500			01/08/24		1,266,235
Reinsurance Group of America, Inc.(a)
2,000,000		3.950			09/15/26		1,895,511
2,500,000		3.150			06/15/30		2,046,859
Reliance Standard Life Global Funding II(b)
1,750,000		2.750			01/21/27		1,548,917
Teachers Insurance & Annuity Association of America(a)(b)
3,000,000		4.270			05/15/47		2,328,919
The Prudential Insurance Co. of America(b)
2,775,000		8.300			07/01/25		2,935,951
The Travelers Cos., Inc.(a)
2,000,000		4.100			03/04/49		1,526,060
Travelers Property Casualty Corp.
1,493,000		7.750			04/15/26		1,617,122
							55,463,245
Machinery-Diversified – 0.6%
John Deere Capital Corp.
4,000,000		4.350			09/15/32		3,752,555
Rockwell Automation, Inc.(a)
3,000,000		3.500			03/01/29		2,729,301
							6,481,856

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – 0.5%
Comcast Corp.
$  1,250,000		6.400	%		05/15/38	$	1,263,632
1,500,000		2.800	(a)		01/15/51		887,512
ViacomCBS, Inc.
2,500,000		7.875			09/01/23		2,548,521
							4,699,665
Metals & Mining – 0.3%
The Timken Co.
2,750,000		6.875			05/08/28		2,763,533
Miscellaneous Manufacturing(a)(c) – 0.4%
General Electric Co. (3M USD LIBOR + 3.330%)
3,748,000		6.623			12/29/49		3,612,135
Oil-Field Services – 2.0%
Apache Corp.(a)
2,835,000		5.100			09/01/40		2,295,556
BP Capital Markets America, Inc.(a)
4,000,000		3.543			04/06/27		3,719,592
Equinor ASA
1,795,000		6.800			01/15/28		1,884,433
Phillips 66(a)
3,000,000		4.650			11/15/34		2,684,037
Saudi Arabian Oil Co.(b)
5,000,000		3.500			04/16/29		4,437,500
Schlumberger Investment SA(a)
3,600,000		2.650			06/26/30		3,008,291
Tosco Corp.
2,095,000		8.125			02/15/30		2,399,289
							20,428,698
Paper and Forest Products – 1.0%
Georgia-Pacific LLC(b)
2,225,000		0.625			05/15/24		2,072,484
5,000,000		2.100	(a)		04/30/27		4,391,721
International Paper Co.
2,925,000		8.700			06/15/38		3,436,879
							9,901,084
Pharmaceuticals – 1.6%
Bristol-Myers Squibb Co.(a)
3,250,000		3.900			02/20/28		3,079,786
CVS Pass-Through Trust(b)
2,195,106		7.507			01/10/32		2,262,822
Johnson & Johnson
4,970,000		5.950			08/15/37		5,306,830
Pfizer, Inc.
2,000,000		1.750	(a)		08/18/31		1,552,410
2,900,000		7.200			03/15/39		3,391,769
							15,593,617
Pipelines – 1.9%
DCP Midstream Operating LP
3,397,000		8.125			08/16/30		3,630,739

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Energy Transfer LP(a)
$  3,000,000		4.900	%	03/15/35	$	2,490,975
Kinder Morgan Energy Partners LP
4,175,000		5.800		03/15/35		3,896,440
Magellan Midstream Partners LP(a)
2,635,000		3.950		03/01/50		1,789,609
Tennessee Gas Pipeline Co. LLC
628,000		8.375		06/15/32		692,231
1,450,000		7.625		04/01/37		1,495,966
TransCanada PipeLines Ltd.(a)
1,000,000		4.875		01/15/26		976,293
Transcanada Trust(a)(c) (3M USD LIBOR + 3.208%)
4,660,000		5.300		03/15/77		3,775,765
						18,748,018
Real Estate(a) – 3.8%
AvalonBay Communities, Inc.
1,500,000		1.900		12/01/28		1,222,261
ERP Operating LP
1,505,000		2.850		11/01/26		1,362,804
Healthcare Realty Holding LP
1,075,000		2.050		03/15/31		750,447
Kimco Realty Corp.
1,000,000		3.850		06/01/25		948,814
Mid-America Apartments LP
1,900,000		1.100		09/15/26		1,605,045
National Retail Properties, Inc.
1,000,000		3.900		06/15/24		973,424
Office Properties Income Trust
4,000,000		4.250		05/15/24		3,631,908
Omega Healthcare Investors, Inc.
4,500,000		4.750		01/15/28		4,054,057
Physicians Realty LP
1,325,000		2.625		11/01/31		981,786
Piedmont Operating Partnership LP
1,290,000		3.400		06/01/23		1,271,990
2,348,000		4.450		03/15/24		2,303,577
Realty Income Corp.
2,400,000		0.750		03/15/26		2,044,647
2,400,000		3.950		08/15/27		2,226,456
SBA Tower Trust(b)
3,520,000		3.448		03/15/23		3,485,371
1,575,000		2.836		01/15/25		1,462,105
Scentre Group Trust 1/Scentre Group Trust 2(b)
4,000,000		3.750		03/23/27		3,606,960
Simon Property Group LP
2,815,000		3.750		02/01/24		2,765,301
Sun Communities Operating LP
1,000,000		2.700		07/15/31		735,340
Ventas Realty LP
2,910,000		3.500		02/01/25		2,761,948
						38,194,241

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retail(a) – 0.1%
Advance Auto Parts, Inc.
$  1,135,000		1.750	%	10/01/27	$	926,531
Semiconductors(a) – 0.6%
Broadcom, Inc.(b)
1,000,000		1.950		02/15/28		814,495
3,500,000		3.469		04/15/34		2,616,870
Texas Instruments, Inc.
2,925,000		3.875		03/15/39		2,428,987
						5,860,352
Software(a) – 0.5%
Fidelity National Information Services, Inc.
2,500,000		1.150		03/01/26		2,151,951
Salesforce, Inc.
2,850,000		1.950		07/15/31		2,220,942
1,000,000		2.900		07/15/51		640,884
						5,013,777
Technology Services(a)(b) – 0.2%
Meta Platforms, Inc.
2,320,000		3.850		08/15/32		1,975,130
Telecommunications – 1.0%
AT&T, Inc.
4,000,000		6.250		03/29/41		3,967,773
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC(a)(b)
1,250,000		4.738		03/20/25		1,230,826
Verizon Communications, Inc.
4,748,000		4.329		09/21/28		4,449,502
						9,648,101
Transportation – 1.0%
Burlington Northern Santa Fe LLC(a)
1,220,000		4.950		09/15/41		1,099,199
Canadian National Railway Co.
1,190,000		6.200		06/01/36		1,232,633
1,310,000		2.450	(a)	05/01/50		749,180
Canadian Pacific Railway Co.
1,980,000		5.750		01/15/42		1,874,265
2,500,000		6.125	(a)(e)	09/15/15		2,255,089
Kansas City Southern(a)
1,000,000		4.950		08/15/45		842,432
1,500,000		4.700		05/01/48		1,221,370
The Kansas City Southern Railway Co.(a)
500,000		4.950		08/15/45		411,017
						9,685,185
Trucking & Leasing(a) – 0.2%
GATX Corp.
3,155,000		3.100		06/01/51		1,751,062
TOTAL CORPORATE OBLIGATIONS
(Cost $524,178,277)					$	442,059,653

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – 17.8%
Automotive(b) – 2.9%
Avis Budget Rental Car Funding AESOP LLC Series 2017-2A, Class A
$       1,816,667		2.970	%	03/20/24	$	1,807,667
Avis Budget Rental Car Funding AESOP LLC Series 2018-1A, Class A
4,150,000		3.700		09/20/24		4,087,563
Avis Budget Rental Car Funding AESOP LLC Series 2019-3A, Class A
11,100,000		2.360		03/20/26		10,293,210
Avis Budget Rental Car Funding AESOP LLC Series 2020-2A, Class A
2,080,000		2.020		02/20/27		1,838,558
Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class A
4,150,000		1.380		08/20/27		3,534,128
Ford Credit Auto Owner Trust Series 2018-1, Class A
5,000,000		3.190		07/15/31		4,762,043
Hertz Vehicle Financing III LP Series 2021-2A, Class A
2,800,000		1.680		12/27/27		2,360,153
						28,683,322
Credit Card(b) – 0.2%
Avant Credit Card Master Trust Series 2021-1A, Class A
2,000,000		1.370		04/15/27		1,808,895
Home Equity – 0.3%
Accredited Mortgage Loan Trust Series 2004-4, Class A1B(c) (1M USD LIBOR + 0.780%)
399,170		4.366		01/25/35		391,006
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6(f)
95,909		3.887		05/25/34		94,148
EquiFirst Mortgage Loan Trust Series 2003-2, Class 2A2(f)
133,539		4.250		09/25/33		120,574
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1(c) (1M USD LIBOR + 0.675%)
1,550,322		4.261		12/25/34		1,488,333
Renaissance Home Equity Loan Trust Series 2005-3, Class AF4(f)
387,225		5.140		11/25/35		377,924
Southern Pacific Secured Asset Corp. Series 1998-2, Class A7(f)
782,725		7.490		07/25/29		709,848
						3,181,833
Manufactured Housing – 0.0%
Mid-State Trust Series 2011, Class A1
96,336		4.864		07/15/38		91,982
Other – 13.8%
Affirm Asset Securitization Trust Series 22-A, Class 1A(b)
1,000,000		4.300		05/17/27		943,352
AFN LLC Series 2019-1A, Class A1(b)
4,864,459		3.780		05/20/49		4,638,880
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2(b)
4,700,000		1.937		08/15/46		3,933,827

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Other – (continued)
Beacon Container Finance LLC Series 2021-1A, Class A(b)
$       2,700,000		2.250	%	10/22/46	$	2,297,866
BHG Securitization Trust Series 2021-B, Class B(b)
1,000,000		1.670		10/17/34		826,240
CAL Funding IV Ltd. Series 2020-1A, Class A(b)
4,937,500		2.220		09/25/45		4,247,621
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-3, Class 1A5(f)
650,578		5.907		06/25/32		594,104
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-1, Class 2A2(c) (1M USD LIBOR + 0.460%)
3,235,351		4.046		12/25/33		3,010,904
CLI Funding LLC Series 2018-1A, Class A1(b)
3,260,133		2.720		01/18/47		2,739,854
CMFT Net Lease Master Issuer LLC Series 2021-1, Class A1(b)
3,164,088		2.090		07/20/51		2,611,225
Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1(b)(c) (1M USD LIBOR + 0.400%)
368,681		3.986		02/25/37		330,644
DB Master Finance LLC Series 2021-1A, Class A2II(b)
3,970,000		2.493		11/20/51		3,174,043
Diamond Infrastructure Funding LLC Series 2021-1A, Class A(b)
4,000,000		1.760		04/15/49		3,249,874
Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A23(b)
6,191,250		4.118		07/25/47		5,597,342
DRIVEN BRANDS FUNDING LLC Series 2021-1A, Class A2(b)
2,722,500		2.791		10/20/51		2,104,588
FCI Funding LLC Series 2021-1A, Class A(b)
974,011		1.130	%	04/15/33		947,645
GBX Leasing Series 2022-1, Class A(b)
1,643,259		2.870		02/20/52		1,395,854
Global SC Finance VII S.r.l. Series 2020-2A, Class A(b)
4,100,655		2.260		11/19/40		3,587,054
Harvest SBA Loan Trust Series 2018-1, Class A(b)(c) (1M USD LIBOR + 2.250%)
1,252,384		5.334		08/25/44		1,233,598
Home Partners of America Trust Series 2019-1, Class A(b)
6,355,355		2.908		09/17/39		5,665,540
Jack in the Box Funding LLC Series 2022-1A, Class A2I(b)
3,960,000		3.445		02/26/52		3,388,176
Lendmark Funding Trust Series 2021-2A, Class A(b)
2,000,000		2.000		04/20/32		1,623,304
LFS LLC Series 2021-A, Class A(b)
726,928		2.460		04/15/33		689,867
LFS LLC Series 2021-B, Class A(b)
2,093,564		2.400		12/15/33		1,955,870
Long Beach Mortgage Loan Trust Series 2003-4, Class AV1(c) (1M USD LIBOR + 0.620%)
131,182		4.206		08/25/33		124,256
Longtrain Leasing III LLC Series 2015-1A, Class A1(b)
1,994,228		2.980		01/15/45		1,918,295

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Other – (continued)
Longtrain Leasing III LLC Series 2015-1A, Class A2(b)
$       4,861,135		4.060	%	01/15/45	$	4,458,034
NP SPE II LLC Series 2016-1A, Class A1(b)
1,442,165		4.164		04/20/46		1,372,113
OnDeck Asset Securitization Trust LLC Series 2021-1A, Class A(b)
1,500,000		1.590		05/17/27		1,380,719
PACEWell 5 Trust Series 2021-1, Class A(b)
2,710,780		2.628		10/10/59		2,210,337
PEAR Series 2020-1, Class A(b)
2,136,685		3.750		12/15/32		2,083,517
Progress Residential Trust Series 2020-SFR2, Class A(b)
998,766		2.078		06/17/37		906,999
Sabey Data Center Issuer LLC Series 2021-1, Class A2(b)
3,000,000		1.881		06/20/46		2,531,832
ServiceMaster Funding LLC Series 2020-1, Class A2I(b)
3,930,000		2.841		01/30/51		3,137,248
SERVPRO Master Issuer LLC Series 21-1A, Class A2(b)
1,970,000		2.394		04/25/51		1,542,555
Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class A(b)
419,055		0.990		11/20/37		386,323
STAR Trust Series 2021-SFR1, Class A(b)(c) (1M USD LIBOR + 0.600%)
3,324,227		4.013		04/17/38		3,198,735
State of Hawaii Department of Business Economic Development & Tourism Series 2014-A, Class A2
6,148,797		3.242		01/01/31		5,679,222
Structured Asset Investment Loan Trust Series 2003-BC5, Class M1(c) (1M USD LIBOR + 1.125%)
151,976		4.711		06/25/33		149,779
Taco Bell Funding LLC Series 2021-1A, Class A2I(b)
1,910,563		1.946		08/25/51		1,584,223
Thrust Engine Leasing 2021 DAC Series 2021-1A, Class A(b)
4,752,005		4.163		07/15/40		3,453,574
Tif Funding II LLC Series 2020-1A, Class A(b)
1,912,833		2.090		08/20/45		1,627,472
Towd Point Mortgage Trust Series 2017-3, Class A2(b)(c)(g)
1,850,000		3.000		07/25/57		1,745,663
Towd Point Mortgage Trust Series 2018-2,Class A2(b)(c)(g)
5,500,000		3.500		03/25/58		4,965,737
Trinity Rail Leasing 2020 LLC Series 2020-2A, Class A2(b)
10,315,000		2.560		11/19/50		8,533,133
Trinity Rail Leasing LLC Series 2019-1A, Class A(b)
4,265,752		3.820		04/17/49		3,885,573
Trinity Rail Leasing LLC Series 2019-2A, Class A2(b)
3,000,000		3.100		10/18/49		2,673,334
Triton Container Finance VIII LLC Series 2020-1A, Class A(b)
5,143,229		2.110		09/20/45		4,319,912
Triton Container Finance VIII LLC Series 2021-1A, Class A(b)
432,708		1.860		03/20/46		361,177
TVEST 2021A LLC Series 2021-A, Class A(b)
1,683,744		2.350		09/15/33		1,614,910
Vantage Data Centers LLC Series 2020-1A, Class A2(b)
8,250,000		1.645		09/15/45		7,230,400

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Other – (continued)
Wendy’s Funding LLC Series 2019-1A, Class A2I(b)
$       2,737,500		3.783	%	06/15/49	$	2,478,185
Wendy’s Funding LLC Series 2021-1A, Class A2I(b)
1,234,375		2.370		06/15/51		959,444
						137,299,973
Student Loan – 0.6%
DRB Prime Student Loan Trust Series 2017-A, Class A2B(b)
98,822		2.850		05/27/42		98,560
Massachusetts Educational Financing Authority Series 2018-A, Class A
1,441,772		3.850		05/25/33		1,366,015
Navient Private Education Loan Trust Series 2015-AA, Class A2A(b)
737,650		2.650		12/15/28		729,036
Navient Private Education Refi Loan Trust Series 2018-A, Class A2(b)
77,869		3.190		02/18/42		77,586
Sofi Professional Loan Program LLC Series 2016-B, Class A2B(b)
44,815		2.740		10/25/32		44,709
Sofi Professional Loan Program Trust Series 2018-C, Class A2FX(b)
2,120,508		3.590		01/25/48		2,042,813
South Carolina Student Loan Corp. Series 2015-A, Class A(c) (1M USD LIBOR + 1.500%)
1,248,260		5.086		01/25/36		1,240,166
Towd Point Asset Trust Series 2018-SL1, Class A(b)(c) (1M USD LIBOR + 0.600%)
674,572		4.186		01/25/46		669,771
						6,268,656
TOTAL ASSET-BACKED SECURITIES
(Cost $199,655,965)					$	177,334,661
Mortgage-Backed Obligations – 13.8%
Collateralized Mortgage Obligations – 12.7%
Agate Bay Mortgage Loan Trust Series 2016-2, Class A3(b)(c)(g)
$          175,153		3.500	%	03/25/46	$	153,857
Banc of America Alternative Loan Trust Series 2005-10, Class 6A1
6,853		5.500		11/25/20		6,053
Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2(b)(c)(g)
3,422,225		2.500		06/25/51		2,632,222
Bayview MSR Opportunity Master Fund Trust Series 2021-INV2-6, Class A1(b)(c)(g)
9,281,542		3.000		10/25/51		7,456,410
Bear Stearns Alt-A Trust Series 2005-9, Class 25A1(c)(g)
822,439		3.465		11/25/35		605,922
Bear Stearns Asset Backed Securities Trust Series 2003-AC7, Class A2(f)
167,427		5.750		01/25/34		137,754
CAFL Issuer LLC Series 2022-RTL1, Class A1(f)
2,000,000		4.250		05/28/29		1,853,430

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2
$       355,918		6.750	%	08/25/34	$	330,563
Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5, Class 1A3A(c)(g)
20,199		2.973		04/25/37		19,550
Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1
12,243		5.250		09/25/19		11,776
Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1
2,852		6.500		08/25/32		2,831
Countrywide Home Loans Trust Series 2005-27, Class 2A1
333,306		5.500		12/25/35		147,076
Countrywide Home Loans Trust Series 2005-6, Class 2A1
79,806		5.500		04/25/35		59,705
Countrywide Home Loans Trust Series 2005-7, Class 1A1(c) (1M USD LIBOR + 0.540%)
445,206		4.126		03/25/35		388,534
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4
101,753		5.250		07/25/33		93,028
CSMC Trust Series 2013-6, Class 1A1(b)(c)(g)
3,560,948		2.500		07/25/28		3,251,293
CSMC Trust Series 2017-HL2, Class A1(b)(c)(g)
402,345		3.500		10/25/47		353,572
EverBank Mortgage Loan Trust Series 2013-2, Class A(b)(c)(g)
512,980		3.000		06/25/43		455,549
FHLMC REMIC Series 1579, Class PM
3,983		6.700		09/15/23		3,985
FHLMC REMIC Series 2103, Class TE
18,047		6.000		12/15/28		18,390
FHLMC REMIC Series 2110, Class PG
91,911		6.000		01/15/29		93,147
FHLMC REMIC Series 2391, Class Z
272,496		6.000		12/15/31		275,851
FHLMC REMIC Series 2603, Class C
6,462		5.500		04/15/23		6,443
FHLMC REMIC Series 4088, Class EP
78,662		2.750		09/15/41		77,791
FHLMC REMIC Series 4272, Class DG
179,068		3.000		04/15/43		171,318
FHLMC REMIC Series 4370, Class PA
78,420		3.500		09/15/41		76,888
FHLMC REMIC Series 4792, Class AC
165,870		3.500		05/15/48		149,888
FHLMC REMIC Series 5020, Class KW
6,000,000		2.000		09/25/45		4,924,697
FHLMC REMIC Series 5081, Class QA
674,940		2.000		12/25/50		545,707
FHLMC REMIC Series 5139, Class EC
4,250,000		2.500		09/25/51		3,035,771
Finance of America Structured Securities Trust
1,493,808		2.500		01/25/57		1,350,029

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
First Horizon Alternative Mortgage Securities Series 2006-RE1, Class A1(c)(g)
$       600,330		5.500	%	05/25/35	$	400,909
Flagstar Mortgage Trust Series 2018-2, Class A4(b)(c)(g)
161,559		3.500		04/25/48		158,003
Flagstar Mortgage Trust Series 2019-1INV, Class A3(b)(c)(g)
1,031,355		3.500		10/25/49		931,773
Flagstar Mortgage Trust Series 2021-8INV, Class A3(b)(c)(g)
3,530,372		2.500		09/25/51		2,715,767
FNMA REMIC Series 2001-45, Class WG
29,135		6.500		09/25/31		29,389
FNMA REMIC Series 2003-117, Class KB
1,246,368		6.000		12/25/33		1,278,545
FNMA REMIC Series 2003-14, Class AP
7,261		4.000		03/25/33		7,137
FNMA REMIC Series 2004-53, Class NC
15,932		5.500		07/25/24		15,879
FNMA REMIC Series 2014-80, Class KA
886,630		2.000		03/25/44		641,925
FNMA REMIC Series 2015-2, Class PA
1,181,038		2.250		03/25/44		1,073,790
FNMA REMIC Series 2015-30, Class JA
959,642		2.000		05/25/45		814,792
FNMA REMIC Series 2016-16, Class PD
462,446		3.000		12/25/44		438,226
FNMA Series 2003-W6, Class 3A
54,217		6.500		09/25/42		55,160
GCAT Trust Series 2022-HX1, Class A1(b)(c)(g)
6,404,337		2.885		12/27/66		5,582,220
GNMA REMIC Series 17-H23, Class MA
1,289,349		3.000		11/20/67		1,214,937
GNMA REMIC Series 2015-167, Class KM
89,376		3.000		12/20/43		82,236
GNMA REMIC Series 2015-94, Class AT
493,928		2.250		07/16/45		439,049
GNMA REMIC Series 2016-129, Class W
175,515		2.500		07/20/46		149,828
GNMA REMIC Series 2018-37, Class KT
529,703		3.500		03/20/48		482,616
GNMA REMIC Series 2021-116, Class LG
9,170,170		2.000		06/20/51		7,878,218
GS Mortgage-Backed Securities Trust Series 2021-GR3, Class A2(b)(c)(g)
7,270,707		2.500		04/25/52		5,611,226
GS Mortgage-Backed Securities Trust Series 2021-MM1, Class A2(b)(c)(g)
10,310,676		2.500		04/25/52		7,957,347
GSR Mortgage Loan Trust Series 2004-12, Class 1A1(c)
(1M USD LIBOR + 0.340%)
241,552		3.926		12/25/34		218,235

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
GSR Mortgage Loan Trust Series 2004-7, Class 1A1(c)(g)
$       53,152		3.028	%	06/25/34	$	50,698
Impac CMB Trust Series 2003-2F, Class A(f)
94,930		5.730		01/25/33		90,637
Impac CMB Trust Series 2004-4, Class 1A1(c)
(1M USD LIBOR + 0.640%)
143,404		4.226		09/25/34		140,190
Impac CMB Trust Series 2004-4, Class 2A2(f)
1,104,174		5.378		09/25/34		1,086,119
Impac Secured Assets Corp. Series 2004-2, Class A6(f)
24		4.887		08/25/34		23
Imperial Fund Mortgage Trust Series 2022-NQM1, Class A1(b)(c)(g)
3,249,200		2.493		02/25/67		2,764,885
J.P. Morgan Mortgage Trust Series 2021-14, Class A3(b)(c)(g)
10,893,638		2.500		05/25/52		8,407,252
JPMorgan Alternative Loan Trust Series 2006-S1, Class 1A16
754,459		6.000		03/25/36		416,294
JPMorgan Mortgage Trust Series 2007-A2, Class 4A2(c)(g)
107,331		3.165		04/25/37		87,447
JPMorgan Mortgage Trust Series 2013-3, Class A3(b)(c)(g)
470,170		3.353		07/25/43		422,280
JPMorgan Mortgage Trust Series 2014-2, Class 1A1(b)(c)(g)
561,274		3.000		06/25/29		519,941
JPMorgan Mortgage Trust Series 2017-3, Class 1A3(b)(c)(g)
1,113,711		3.500		08/25/47		977,731
JPMorgan Mortgage Trust Series 2017-4, Class A3(b)(c)(g)
130,590		3.500		11/25/48		119,514
JPMorgan Mortgage Trust Series 2017-6, Class A3(b)(c)(g)
553,616		3.500		12/25/48		493,046
JPMorgan Mortgage Trust Series 2021-10, Class A3(b)(c)(g)
2,686,173		2.500		12/25/51		2,073,075
JPMorgan Mortgage Trust Series 2021-7, Class A4(b)(c)(g)
4,061,556		2.500		11/25/51		3,447,087
Kiavi Issuer Trust Series 2022 SR1, Class A1A(b)(f)
5,500,000		6.000		09/25/25		5,390,000
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 6A1(c)(g)
201,286		1.559		07/25/33		195,353
Master Alternative Loans Trust Series 2004-4, Class 1A1
39,017		5.500		05/25/34		36,427
Master Alternative Loans Trust Series 2004-4, Class 8A1
380,493		6.500		05/25/34		350,821
Mello Mortgage Capital Acceptance Series 2018-MTG1, Class A1(b)(c)(g)
14,801		3.500		03/25/48		14,689
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1, Class A3(c)(g)
84,505		2.799		03/25/33		74,411
Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1(c)(g)
334,791		5.109		11/25/35		204,984

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22
$       492,371		6.000	%		08/25/37	$	211,314
New Residential Mortgage Loan Trust Series 2017-6A, Class A1(b)(c)(g)
2,382,562		4.000			08/27/57		2,211,770
New Residential Mortgage Loan Trust Series 2021-INV1, Class A2(b)(c)(g)
4,501,922		2.500			06/25/51		3,474,394
OBX Trust Series 2019-INV2, Class A5(b)(c)(g)
148,663		4.000			05/27/49		137,595
Oceanview Mortgage Trust Series 2021-3, Class A4(b)(c)(g)
4,227,256		2.500			06/25/51		3,587,719
PHH Mortgage Pass-Through Certificates Series 2008-CIM1, Class 11A1(c)
(1M USD LIBOR + 2.250%)
17,052		5.378			05/25/38		16,213
Rate Mortgage Trust Series 2021-J1, Class A7(b)(c)(g)
4,414,682		2.500			07/25/51		3,746,789
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 2A1(c)(g)
173,871		4.053			11/25/21		97,972
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 3A1(c)(g)
3,194		5.621			07/25/35		2,999
Residential Accredit Loans, Inc. Series 2005-QS11, Class A2(c)
(1M USD LIBOR + 0.500%)
105,497		4.086			07/25/35		76,715
Residential Funding Mortgage Securities I, Inc. Series 2005-S7, Class A5
49,159		5.500			11/25/35		38,158
Seasoned Credit Risk Transfer Trust Series 2017-3, Class MA
1,978,819		3.000			07/25/56		1,848,620
Seasoned Loans Structured Transaction Series 2018-1, Class A2
1,245,000		3.500			06/25/28		1,137,719
Sequoia Mortgage Trust Series 2004-10, Class A1A(c) (1M USD LIBOR + 0.620%)
170,126		4.109			11/20/34		150,596
Sequoia Mortgage Trust Series 2013-2, Class A1(c)(g)
504,179		1.874			02/25/43		419,582
Sequoia Mortgage Trust Series 2013-6, Class A1(c)(g)
1,107,344		2.500			05/25/43		939,803
Sequoia Mortgage Trust Series 2015-4, Class A1(b)(c)(g)
547,945		3.000			11/25/30		501,720
Sequoia Mortgage Trust Series 2016-3, Class A1(b)(c)(g)
569,549		3.500			11/25/46		489,154
Sequoia Mortgage Trust Series 2017-5, Class A1(b)(c)(g)
483,295		3.500			08/25/47		417,385
Sequoia Mortgage Trust Series 2017-6, Class A1(b)(c)(g)
1,136,188		3.500			09/25/47		996,610
Sequoia Mortgage Trust Series 2018-2, Class A1(b)(c)(g)
398,010		3.500			02/25/48		342,380

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Shellpoint Co-Originator Trust Series 2017-2, Class A1(b)(c)(g)
$       626,376		3.500	%		10/25/47	$	549,816
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A(c)(g)
128,369		3.921			10/25/34		119,288
Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4(c)(g)
31,021		3.946			04/25/34		30,558
Structured Asset Securities Corp. Series 2003-31A, Class 2A7(c)(g)
119,305		3.930			10/25/33		114,029
Structured Asset Securities Corp. Series 2003-34A, Class 3A3(c)(g)
86,152		3.956			11/25/33		83,451
Structured Asset Securities Corp. Series 2003-34A, Class 6A(c)(g)
69,923		3.824			11/25/33		63,459
UWM Mortgage Trust Series 2021-INV4, Class A3(b)(c)(g)
11,178,456		2.500			12/25/51		8,536,003
Wells Fargo Mortgage Backed Securities Trust Series 2021-2, Class A1(b)(c)(g)
312,926		2.500			06/25/51		241,503
WinWater Mortgage Loan Trust Series 2015-5, Class A3(b)(c)(g)
1,073,062		3.500			08/20/45		941,316
WinWater Mortgage Loan Trust Series 2016-1, Class 1A5(b)(c)(g)
782,887		3.500			01/20/46		688,529
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $145,222,549)						$	126,442,300
Commercial Mortgage Obligations – 0.5%
Commercial Mortgage Pass-Through Certificates Series 2014-CR14, Class A2
775,620		3.147			02/10/47		764,766
GNMA REMIC Series 2013-68, Class B(c)(g)
670,131		2.500			08/16/43		642,790
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2(b)
865,430		2.579			03/10/49		859,286
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class A2
1,954,923		2.739			04/15/48		1,950,749
TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $4,294,713)						$	4,217,591
Federal Agencies – 0.6%
FHLMC
48,082		7.000			05/01/26		48,413
9,398		7.500			12/01/30		9,934
17,055		7.500			01/01/31		17,751
31,189		7.000			08/01/31		32,516

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
FHLMC (continued)
$       402,759		5.000	%		05/01/33	$	398,381
(1 Year CMT + 2.229%),
40,872		3.215	(c)		05/01/34		41,220
(12M USD LIBOR + 1.841%),
67,651		2.090	(c)		01/01/36		66,179
529,041		4.000			06/01/42		497,688
397,715		3.000			06/01/45		335,694
(12M USD LIBOR + 1.600%),
786,843		2.716	(c)		07/01/45		755,015
FNMA
380,372		2.500			05/01/28		350,045
(6M USD LIBOR + 1.413%),
13,464		2.663	(c)		02/01/33		13,129
(12M USD LIBOR + 1.760%),
32,070		2.259	(c)		02/01/35		31,508
(12M USD LIBOR + 1.597%),
98,260		3.126	(c)		12/01/45		100,474
126,027		4.500			01/01/48		117,789
880,590		2.500			06/01/51		707,120
GNMA
5,502		7.500			08/20/25		5,552
24,652		7.500			07/20/26		25,093
9,848		6.500			04/15/31		10,132
60,785		6.500			05/15/31		62,538
797,680		2.500			06/20/31		710,382
17,919		5.000			02/20/49		17,110
UMBS
3,306		6.500			03/01/26		3,479
8,247		6.500			10/01/28		8,503
8,407		7.500			09/01/29		8,395
20,360		7.000			03/01/31		20,406
1,957		7.500			03/01/31		1,990
6,543		7.000			11/01/31		6,524
21,919		7.000			01/01/32		21,906
33,449		6.000			12/01/32		33,672
955,861		3.500			08/01/35		887,211
666,120		5.000			08/01/48		661,153
TOTAL FEDERAL AGENCIES
(Cost $6,720,903)							6,006,902
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $156,238,165)						$	136,666,793
U.S. Treasury Obligations – 11.4%
United States Treasury Bonds
$  12,000,000		1.750	%		08/15/41	$	7,800,469
3,000,000		3.125			08/15/44		2,419,688
2,125,000		2.500			02/15/45		1,523,276
5,000,000		2.500			02/15/46		3,561,719
20,000,000		2.750			11/15/47		14,946,094
6,000,000		3.000			02/15/48		4,718,437
7,000,000		2.250			08/15/49		4,735,664
United States Treasury Inflation Indexed Bond
9,175,110		0.750			02/15/42		7,511,405

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – (continued)
United States Treasury Inflation Indexed Note
$      6,130,450		0.375	%		01/15/27	$	5,790,641
United States Treasury Notes
6,000,000		1.625			04/30/23		5,918,672
5,000,000		1.375			08/31/23		4,866,992
12,500,000		0.125			09/15/23		12,019,531
2,500,000		0.250			11/15/23		2,389,063
5,000,000		2.250			01/31/24		4,854,492
10,000,000		2.125			03/31/24		9,657,031
6,000,000		2.875			05/31/25		5,763,750
5,000,000		1.500			08/15/26		4,498,437
2,000,000		2.250			02/15/27		1,837,344
6,380,000		0.625			05/15/30		4,954,967
5,000,000		1.375			11/15/31		3,984,766
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $130,052,977)						$	113,752,438
Municipal Bond Obligations – 9.9%
California – 1.6%
Beverly Hills CA Unified School District GO Bonds (Capital Appreciation) (Refunding) Series 2016(a)(h)
$      5,000,000		0.000	%		08/01/38	$	2,409,855
California State Municipal Finance Authority Refunding Revenue Bonds (Taxable-Refunding-University Of San Diego) Series B
3,130,000		2.536			10/01/29		2,649,489
City of National City CA Pension Obligation Revenue (Taxable) Series 2021
3,820,000		2.649			11/01/31		2,993,890
Foothill-De Anza CA Community College District GO Bonds (Taxable - Election of 2006) Series E(a)
1,730,000		3.223	%		08/01/38		1,333,067
Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B(a)
3,000,000		6.507			08/01/43		3,193,780
Poway CA Unified School District GO Bonds (Taxable-Refunding-Improvement Date 2002-1) Series 2019
3,750,000		2.414			08/01/27		3,346,370
							15,926,451
Colorado – 0.1%
County of El Paso, Colorado Revenue Bonds (Taxable-Refunding) Series 2020 B
730,000		0.800			06/01/23		713,123
Connecticut – 0.3%
Connecticut State GO Bonds Unlimited (Taxable) Series A
3,500,000		3.743			09/15/25		3,386,539
Florida(a) – 0.3%
Florida Development Finance Corp. (Taxable-Refunding-Shands Jacksonville Medical Center Obligated Group) Series B AGM
1,800,000		3.223			02/01/32		1,451,003

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Florida(a) – (continued)
Miami-Dade County FL Health Facilities Authority (Taxable-Refunding, Variety Children’s Hospital Obligated Group) Series 2021
$       1,500,000		2.520	%		08/01/31	$	1,186,378
							2,637,381
Hawaii(a) – 0.3%
State of Hawaii GO Bonds Series 2020
2,960,000		0.571			10/01/23		2,849,195
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		4,108,052
Idaho State Building Authority Revenue Bonds Taxable (Idaho Board of Education Project) Series A
1,500,000		3.120			09/01/24		1,458,858
							5,566,910
Illinois – 0.4%
Will County Elementary School District No 122 GO Bonds (Taxable-Refunding) Series A
2,750,000		2.111			10/01/27		2,399,010
Will County Forest Preservation District GO Bonds Build America Bonds Direct Payment Series 2009
1,000,000		5.700			12/15/27		1,031,649
Winnebago County IL GO Bonds Series 2018
1,035,000		3.900			12/30/25		1,000,904
							4,431,563
Indiana(a) – 0.1%
Indiana University Revenue Bonds (Taxable-Refunding) Series B
1,000,000		2.767			06/01/37		732,278
Kentucky – 1.0%
Kentucky Higher Education Student Loan Corp. (Taxable) Series A
4,500,000		2.685			06/01/31		3,506,098
Kentucky State Property & Buildings Commission Revenue Bonds (Taxable-Refunding) Series D
5,000,000		2.522			11/01/27		4,346,681
River City, Inc. KY Parking Authority Revenue Bonds (Refunding) Series B(a)
2,890,000		2.750			12/01/33		2,430,074
							10,282,853
Louisiana – 0.2%
City of New Orleans LA GO Bonds (Taxable-Refunding) Series 2021
2,085,000		2.054			09/01/28		1,751,787
Michigan – 0.3%
Dearborn MI GO Bonds (Taxable) Series B
1,750,000		3.879			05/01/27		1,668,513

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Michigan – (continued)
Fraser MI Public School District GO Bonds (Taxable-Refunding) Series 2019 (Q-SBLF)
$       2,150,000		2.380	%	05/01/29	$	1,813,587
						3,482,100
Mississippi(a) – 0.4%
Mississippi Medical Center Educational Building Corp. Revenue Bonds (Taxable-Refunding-University) Series B
1,465,000		3.000		06/01/23		1,448,546
State of Mississippi GO (Taxable-Refunding-Bonds) Series 2020
3,000,000		1.282		11/01/28		2,441,080
						3,889,626
Missouri(a) – 0.5%
Curators University of Missouri System Facilities Revenue Bonds Build America Bonds
2,500,000		5.792		11/01/41		2,510,830
Missouri State Highways & Transit Commission State Road Revenue Bonds Build America Bonds Series 2010
2,800,000		4.820		05/01/23		2,800,097
						5,310,927
Nebraska – 0.3%
University of Nebraska Facilities Corp. Revenue Bonds (Taxable-Refunding) Series A
3,750,000		2.175		10/01/26		3,381,746
New Jersey(a) – 0.4%
Rutgers New Jersey State University Revenue Bonds (Taxable-Refunding) Series R
4,000,000		2.588		05/01/27		3,593,052
New York(a) – 0.7%
New York State Dormitory Authority Revenue Bonds (Taxable-Refunding) Series B
2,700,000		3.229		03/15/30		2,349,849
New York State Thruway Authority Revenue Bonds (Taxable-Refunding) Series M
2,755,000		2.500		01/01/27		2,496,183
New York State Urban Development Corp. Revenue Bonds Series 2019 B
1,950,000		3.350	%	03/15/26		1,857,495
						6,703,527
Ohio – 0.7%
City of Cincinnati OH GO Bonds (Taxable-Refunding) Series A(a)
2,865,000		1.880		12/01/31		2,204,546
South-Western City OH School District Franklin & Pickaway Countries GO Bonds (CABS-Taxable-Refunding) Series C(h)
2,740,000		0.000		12/01/28		1,997,898
University of Cincinnati Revenue Bonds (Taxable-Refunding) Series B
3,000,000		1.775		06/01/29		2,479,859
						6,682,303

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Oregon – 0.2%
Oregon Education Districts Full Faith & Credit Pension Obligations GO Bonds (Taxable) Series 2018(a)
$           495,000		4.220	%		06/30/30	$	468,147
Portland OR Community College District GO Bonds Series 2018
1,250,000		3.970			06/01/27		1,208,640
							1,676,787
Pennsylvania(a) – 0.5%
County of Allegheny PA GO (Taxable-Refunding-Bonds) Series C-79
1,650,000		0.973			11/01/25		1,465,028
State Public School Building Authority Revenue Bonds (Qualified School Construction Bonds)
3,000,000		6.495			09/15/28		3,141,589
							4,606,617
Rhode Island – 0.2%
Rhode Island State Student Loan Authority Loan Revenue Bonds (Taxable) Series 1
2,000,000		2.530			12/01/25		1,836,316
Texas – 0.7%
Austin TX Community College District GO (Taxable-Refunding) Series 2020
2,120,000		5.000			08/01/23		2,124,724
City of Houston TX GO Bonds (Taxable-Refunding) Series B(a)
5,000,000		2.130			03/01/26		4,556,820
							6,681,544
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		1,789,482
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $108,817,684)						$	97,912,107
Agency Debentures – 1.2%
FHLMC
$         5,250,000		0.250	%		11/06/23	$	5,016,086
FNMA(a)
6,400,000		0.420			11/18/24		5,853,836
1,500,000		0.400			11/25/24		1,370,362
TOTAL AGENCY DEBENTURES
(Cost $13,147,615)						$	12,240,284

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Shares	Dividend Rate	Value
Investment Company – 0.7%
State Street Institutional US Government Money Market Fund — Premier Class
6,951,885 (Cost $6,951,885)	3.006%	$	6,951,885
TOTAL INVESTMENTS – 99.3%
(Cost $1,139,042,568)		$	986,917,821
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%			6,987,135
NET ASSETS – 100.0%		$	993,904,956

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)	144A securities. Securities restricted for resale to Qualified Institutional Buyers.
(c)	Variable rate security. The interest rate shown reflects the rate as of October 31, 2022.
(d)	Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.
(e)	Actual maturity date is September 15, 2115.
(f)	Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of October 31, 2022. Maturity date disclosed is the ultimate maturity.
(g)	Rate shown is that which is in effect on October 31, 2022. 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)	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:
AGM	—Insured by Assured Guaranty Municipal Corp.
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
Q-SBLF	—Qualified School Bond Loan Fund
REMIC	—Real Estate Mortgage Investment Conduit

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/22			AS OF 10/31/21
Corporate Obligations		44.5	%		50.4	%
Asset-Backed Securities		17.8			18.0
Collateralized Mortgage Obligations		12.7			9.2
U.S. Treasury Obligations		11.4			7.8
Municipal Bond Obligations		9.9			9.3
Agency Debentures		1.2			1.9
Investment Company		0.7			2.1
Federal Agencies		0.6			0.8
Commercial Mortgage Obligations		0.5			0.6
TOTAL INVESTMENTS		99.3	%		100.1	%

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. 27

THE SHORT-TERM GOVERNMENT FUND

Short-Term Government Fund Overview

We present you with the annual report for the Commerce Short-Term Government Fund for the one-year period ended October 31, 2022.

A conversation with Scott Colbert, Brent Schowe and Wm. Michael Cody, Portfolio Managers of the Short-Term Government Fund.

Q: How did the Fund perform over the review period?

A: Over the one-year period ended October 31, 2022, the Fund returned a cumulative -7.52%. The return of the Fund’s benchmark, the Bloomberg 1-5 Year Government Bond Index, was a cumulative -6.74% over the same period.

Q: What were the material factors that affected the Fund’s performance relative to its benchmark during the reporting period?

A: The Fund’s shorter duration relative to that of the benchmark contributed to performance. To control inflation the Federal Reserve raised interest rates to slow the economy. Shorter duration holdings were less negatively impacted by the interest rate hikes.

Q: Were there any significant adjustments made to the Fund’s portfolio during the period?

A: Duration was actively shortened by selling longer maturity securities, and purchases were directed away from mortgages towards very short Treasury and agency bonds in anticipation of each federal funds rate increase.

Q: Could you describe some specific strategies and holdings that enhanced the Fund’s returns during the period?

A: New deposits to the Fund as well as maturities and paydowns were primarily directed to Treasury bills and short Treasury notes throughout 2022 as the Fed remained committed to taming inflation with rate increases.

Q: What were some examples of strategies and holdings that didn’t work well for the Fund during the period?

A: The Fund’s allocation to mortgage backed securities detracted from both the absolute and relative returns of the Fund vs its unmanaged benchmark during the period as the sharp increase in interest rates extended the maturity of these securities as mortgage prepayment speeds slowed.

28

THE SHORT-TERM GOVERNMENT FUND

Performance Summary

October 31, 2022 (Unaudited)

The following is performance information for The Short-Term Government Fund (“Short-Term Government Fund”) for various time periods. The returns represent past performance. Past performance is no guarantee of future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund is not subject to a sales charge, so a sales charge is not applied to its 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 Fund. Please visit our website at www.commercefunds.com to obtain the most recent month-end returns.

Short-Term Government Fund 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2012 through October 31, 2022.

Average Annual Total Return through October 31, 2022	One Year	Five Years	Ten Years
Short-Term Government Fund(a)	–7.52%	–0.29%	0.17%

(a) Returns reflect any applicable 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 Bloomberg 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.

29

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 46.8%
Collateralized Mortgage Obligations – 37.0%
Banc of America Funding Corp. Series 2004-A, Class 1A3(a)(b)
$       1,459		4.496	%	09/20/34	$	1,344
Banc of America Mortgage Securities, Inc. Series 2003-J, Class 2A1(a)(b)
52,117		3.576		11/25/33		46,412
Barclays Mortgage Loan Trust Series 2021-NQM1, Class A1(a)(b)(c)
398,319		1.747		09/25/51		326,623
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-9, Class 24A1(a)(b)
14,550		4.325		11/25/34		13,160
BINOM Securitization Trust Series 2021-INV1, Class A1(a)(b)(c)
465,516		2.034		06/25/56		392,604
BRAVO Residential Funding Trust Series 2021-NQM1, Class A1(a)(b)(c)
239,390		0.941		02/25/49		218,437
BRAVO Residential Funding Trust Series 2021-NQM2, Class A1(a)(b)(c)
364,735		0.970		03/25/60		342,184
Bunker Hill Loan Depositary Trust Series 2020-1, Class A1(a)(b)(c)
167,923		1.724		02/25/55		159,150
Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class A1(a)(b)
14,531		3.545		09/25/34		12,850
Credit Suisse Mortgage Capital Certificates Series 2021-NQM5, Class A1(a)(b)(c)
365,576		0.938		05/25/66		271,712
Fannie Mae Grantor Trust Series 2011-T2, Class A1
461,334		2.500		08/25/51		409,284
FHLMC REMIC Series 3753, Class AS
238,408		3.500		11/15/25		233,324
FHLMC REMIC Series 5072, Class MY
678,787		1.000		12/25/50		522,652
FHLMC REMIC PAC Series 2022, Class PE
3,942		6.500		01/15/28		4,011
FHLMC REMIC PAC Series 2109, Class PE
12,289		6.000		12/15/28		12,495
FHLMC REMIC PAC Series 23, Class PK
4,978		6.000		11/25/23		4,979
FHLMC REMIC Series 3816, Class HA
608,350		3.500		11/15/25		595,789
FHLMC REMIC Series 4561, Class BA
331,737		3.500		09/15/42		323,969
FHLMC REMIC Series 5005, Class CA
4,074		2.000		04/25/41		4,059
FHLMC REMIC Series 5131, Class MA
678,384		1.500		04/25/49		569,364
FHLMC REMIC Series 5140, Class H
893,187		2.000		08/25/46		758,385

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (Continued)
Collateralized Mortgage Obligations – (continued)
FHLMC REMIC Series 5144, Class PC
$       918,620		1.500	%	09/25/51	$	750,111
FNMA REMIC Series 1993-182, Class FA(a)
(10 Year CMT – 0.650%)
455		3.300		09/25/23		455
FNMA REMIC Series 2003-117, Class KB
230,993		6.000		12/25/33		236,957
FNMA REMIC Series 2003-14, Class AP
9,763		4.000		03/25/33		9,596
FNMA REMIC Series 2010-109, Class M
346,233		3.000		09/25/40		322,483
FNMA REMIC Series 2011-146, Class NB
24,370		4.000		09/25/41		23,805
FNMA REMIC Series 2012-100, Class WA
227,673		1.500		09/25/27		212,575
FNMA REMIC Series 2012-110, Class CA
198,793		3.000		10/25/42		178,726
FNMA REMIC Series 2012-118, Class EB
242,747		1.500		11/25/27		226,731
FNMA REMIC Series 2013-112, Class G
138,213		2.125		07/25/40		131,797
FNMA REMIC Series 2013-135, Class GA
293,298		3.000		07/25/32		284,524
FNMA REMIC Series 2013-16, Class FY(a)
(1M USD LIBOR + 0.350%)
968,862		3.936		03/25/43		939,721
FNMA REMIC Series 2013-74, Class YA
177,273		3.000		05/25/42		168,056
FNMA REMIC Series 2015-15, Class CA
400,345		3.500		04/25/35		379,795
FNMA REMIC Series 2015-19, Class CA
140,642		3.500		01/25/43		136,577
FNMA REMIC Series 2015-2, Class PA
183,654		2.250		03/25/44		166,977
FNMA REMIC Series 2016-104, Class BA
251,296		3.000		01/25/47		230,800
FNMA REMIC Series 2016-24, Class TA
64,266		3.000		04/25/42		63,085
FNMA REMIC Series 2016-53, Class BV
506,192		3.500		11/25/27		488,398
FNMA REMIC Series 2016-96, Class A
311,238		1.750		12/25/46		277,865
FNMA REMIC Series 2017-46, Class EA
154,713		3.500		12/25/50		151,090
FNMA REMIC Series 2017-7, Class JA
174,922		2.000		02/25/47		143,735
FNMA REMIC Series 2019-10, Class PT
269,135		3.500		03/25/49		249,511
FNMA REMIC Series 2020-35, Class MA
348,251		2.000		12/25/43		313,947

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

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
FNMA REMIC Series 2020-56, Class AH
$       674,325		2.000	%		05/25/45	$	609,381
FNMA REMIC Series 2021-28, Class YG
731,069		2.000			03/25/47		623,297
FNMA REMIC Series 2021-45, Class CB
565,723		2.000			02/25/44		509,097
FNMA REMIC Series 2021-56, Class HE
621,960		1.250			09/25/51		506,620
Freddie Mac REMICS
550,590		2.000			09/25/30		539,174
GCAT NQM6 Trust Series 2021-NQM6, Class A1(a)(b)(c)
423,568		1.855			08/25/66		352,230
GNMA REMIC Series 2009-65, Class AF
8,244		4.000			07/20/39		8,138
GNMA REMIC Series 2010-14, Class PA
4,329		3.000			02/20/40		4,219
GNMA REMIC Series 2012-13, Class EG
196,844		2.000			10/20/40		190,307
GNMA REMIC Series 2013-188, Class LE
535,989		2.500			11/16/43		470,826
GNMA REMIC Series 2014-131, Class DM
73,725		3.000			02/20/44		70,649
GNMA REMIC Series 2015-65, Class BD
246,834		2.250			05/20/45		218,686
GNMA REMIC Series 2015-94, Class AT
220,655		2.250			07/16/45		196,139
GNMA REMIC Series 2019-21, Class MA
292,793		3.500			09/20/47		278,058
GNMA REMIC Series 2021-59, Class PG
569,985		2.000			04/20/51		461,691
GS Mortgage-Backed Securities Trust Series 2020-NQM1, Class A1(a)(b)(c)
163,149		1.382			09/27/60		148,257
429,807		1.017			07/25/61		354,289
GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1(a)
(1M USD LIBOR + 0.440%)
39,636		4.026			05/25/35		30,931
GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4(a)(b)
167,735		2.969			01/25/36		161,388
Homeward Opportunities Fund I Trust Series 2020-2, Class A1(a)(b)(c)
14,273		1.657			05/25/65		14,154
Impac CMB Trust Series 2003-2F, Class A(d)
58,766		5.730			01/25/33		56,108
Impac CMB Trust Series 2003-8, Class 2A1(a)
(1M USD LIBOR + 0.900%)
2,704		4.486			10/25/33		2,658
Impac CMB Trust Series 2004-7, Class 1A1(a)
(1M USD LIBOR + 0.740%)
21,045		4.326			11/25/34		20,488

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Impac CMB Trust Series 2005-2, Class 2A2(a)
(1M USD LIBOR + 0.800%)
$       28,215		4.386	%		04/25/35	$	24,607
Impac Secured Assets Corp. Series 2006-1, Class 2A1(a)
(1M USD LIBOR + 0.700%)
83,220		4.286			05/25/36		70,721
IndyMac Index Mortgage Loan Trust Series 2004-AR6, Class 6A1(a)(b)
28,162		3.518			10/25/34		25,324
JPMorgan Mortgage Trust Series 2016-4, Class A3(a)(b)(c)
108,737		3.500			10/25/46		95,357
Lehman XS Trust Series 2005-7N, Class 1A1A(a)
(1M USD LIBOR + 0.540%)
67,588		4.126			12/25/35		58,659
Master Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1(a)(b)
31,642		3.615			04/21/34		29,788
MFA Trust Series 2021-INV2, Class A1(a)(b)(c)
914,627		1.906			11/25/56		722,571
MFA Trust Series 2021-NQM1, Class A1(a)(b)(c)
255,326		1.153			04/25/65		220,008
MFA Trust Series 2021-NQM2, Class A1(a)(b)(c)
285,042		1.029			11/25/64		214,679
MortgageIT Trust Series 2005-1, Class 1A1(a)
(1M USD LIBOR + 0.640%)
161,716		4.226			02/25/35		154,556
MortgageIT Trust Series 2005-1, Class 1A2(a)
(1M USD LIBOR + 0.780%)
139,100		4.366			02/25/35		133,337
New Residential Mortgage Loan Trust Series 2019-RPL3, Class A1(a)(b)(c)
626,922		2.750			07/25/59		581,188
Residential Accredit Loans, Inc. Series 2004-QA4, Class NB21(a)(b)
10,320		4.085			09/25/34		9,512
Sequoia Mortgage Trust Series 2003-2, Class A1(a)
(1M USD LIBOR + 0.660%)
20,037		4.149			06/20/33		19,134
Sequoia Mortgage Trust Series 2010, Class 1A(a)
(1M USD LIBOR + 0.800%)
9,642		4.289			10/20/27		9,254
Structured Asset Securities Corp. Series 2003-31A, Class 2A7(a)(b)
108,231		3.930			10/25/33		103,444
Towd Point Mortgage Trust Series 2017-2, Class A1(a)(b)(c)
124,550		2.750			04/25/57		122,690
Vendee Mortgage Trust Series 1996-2, Class 1Z
20,333		6.750			06/15/26		20,715
Verus Securitization Trust Series 2021-2, Class A1(a)(b)(c)
368,704		1.031			02/25/66		295,328
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $22,589,542)						$	20,047,761

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

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage Obligation – 0.3%
GNMA REMIC Series 2010-141, Class B
$           146,205		2.717%			02/16/44	$	141,874
(Cost $144,171)
Federal Agencies – 9.5%
FHLMC
596		6.000			10/01/23		601
8,993		5.000			05/01/27		8,738
111,608		2.500			04/01/28		103,446
(12M USD LIBOR + 1.600%)
158,837		2.716	(a)		07/01/45		152,412
145,121		2.727	(a)		07/01/46		145,481
FNMA
265,173		3.500			10/01/26		252,137
132,326		3.500			12/01/27		125,090
174,639		2.500			03/01/28		160,703
389,411		2.500			05/01/28		358,336
198,282		3.000			05/01/28		181,128
245,419		2.500			07/01/28		224,785
221,973		3.000			09/01/28		206,627
145,907		2.500			01/01/30		133,839
188,600		3.500			10/01/32		171,657
279,893		3.000			08/01/33		252,141
(12M USD LIBOR + 1.597%),
50,005		3.126	(a)		12/01/45		51,132
GNMA,
(1 Year CMT + 1.500%)
22		2.000	(a)		11/20/24		21
76		3.000	(a)		12/20/24		74
1,566		2.875	(a)		04/20/26		1,543
1,225		1.625	(a)		08/20/26		1,196
2,299		2.625	(a)		01/20/28		2,241
UMBS
203,084		3.000			11/01/26		196,548
165,641		3.000			12/01/26		160,762
1,983		7.000			11/01/31		1,977
226,073		5.000			02/01/32		224,564
59,359		6.000			07/01/33		59,753
370,619		3.500			07/01/34		344,933
789,525		2.500			07/01/35		714,123
219,738		3.500			08/01/35		203,957
840,165		2.000			10/01/35		739,290
TOTAL FEDERAL AGENCIES
(Cost $5,780,465)							5,179,235
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $28,514,178)						$	25,368,870
U.S. Treasury Obligations – 41.0%
United States Treasury Bills(e)
$       2,400,000		0.000%			11/03/22	$	2,399,714
1,900,000		0.000			01/26/23		1,881,890
700,000		0.000			03/02/23		690,334

Principal Amount	Interest Rate	Maturity Date		Value
U.S. Treasury Obligations – (continued)
United States Treasury Inflation Indexed Notes
$    1,192,370	0.625		04/15/23	$	1,184,778
1,269,330	0.625		01/15/24		1,248,294
United States Treasury Notes
750,000	0.125%		04/30/23		734,180
700,000	0.375		08/15/24		649,441
700,000	0.125		05/15/23		683,621
1,500,000	0.125		07/15/23		1,453,359
1,000,000	0.250		05/15/24		935,078
1,000,000	1.500		11/30/24		940,313
750,000	2.125		11/30/24		714,023
950,000	1.000		12/15/24		883,611
500,000	1.125		02/28/25		463,125
3,000,000	0.500		03/31/25		2,734,102
5,140,000	0.375		04/30/25		4,651,901
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $23,393,875)				$	22,247,764
U.S. Government Agency Obligations – 9.3%
FFCB(f)
$       600,000	2.920%		05/16/24	$	585,593
FHLB
600,000	3.000		12/09/22		599,328
775,000	0.500		04/14/25		702,293
FHLMC
700,000	2.350(f)		03/25/25		661,149
1,000,000	0.375		07/21/25		894,993
FNMA
1,000,000	0.625		04/22/25		907,548
750,000	0.500		06/17/25		676,096
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $5,425,366)				$	5,027,000
Asset-Backed Securities(a) – 1.1%
Home Equity — 0.9%
Morgan Stanley Capital, Inc. Series 2002-HE3, Class A2
(1M USD LIBOR + 1.080%)
$       301,327	4.666%		03/25/33	$	295,180
Terwin Mortgage Trust Series 2004-7HE, Class A3(c)
(1M USD LIBOR + 1.400%)
150,776	4.986		07/25/34		144,301
Terwin Mortgage Trust Series 2004-9HE, Class A1(c)
(1M USD LIBOR + 0.800%)
40,121	4.386		09/25/34		36,926
					476,407
Other – 0.2%
Countrywide Asset-Backed Certificates Series 2004-6, Class 2A4
(1M USD LIBOR + 0.900%)
$    111,391	4.486%		11/25/34	$	104,939
TOTAL ASSET-BACKED SECURITIES
(Cost $552,647)				$	581,346

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

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

October 31, 2022

Shares	Dividend Rate	Value
Investment Company – 2.1%
State Street Institutional US Government Money Market Fund — Premier Class
1,138,293	3.006%	$	1,138,293
(Cost $1,138,293)
TOTAL INVESTMENTS – 100.3%
(Cost $59,024,359)		$	54,363,273
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(170,963)
NET ASSETS – 100.0%		$	54,192,310

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 October 31, 2022.
(b)	Rate shown is that which is in effect on October 31, 2022. 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)	144A securities. Securities restricted for resale to Qualified Institutional Buyers.
(d)	Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of October 31, 2022. Maturity date disclosed is the ultimate maturity.
(e)	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.
(f)	Security with “Call” features with resetting interest rates.

Investment Abbreviations:
FFCB	—Federal Farm Credit Bank
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

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/22			AS OF 10/31/21
U.S. Treasury Obligations		41.0	%		25.1	%
Collateralized Mortgage Obligations		37.0			42.7
Federal Agencies		9.5			13.4
U.S. Government Agency Obligations		9.3			10.6
Investment Company		2.1			3.9
Asset-Backed Securities		1.1			1.7
Commercial Mortgage Obligations		0.3			0.3
TOTAL INVESTMENTS		100.3	%		97.7	%

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. 33

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

National, Missouri, and Kansas Tax-Free Intermediate Bond Funds Overview

We present you with the annual report for the Commerce National, Missouri, and Kansas Tax-Free Intermediate Bond Funds for the one-year period ended October 31, 2022.

A conversation with Brian Musielak, Portfolio Manager of the National, Missouri, and Kansas Tax-Free Intermediate Bond Funds.

Q: How did the Funds perform over the review period?

A: Over the one-year period ended October 31, 2022, the National Tax-Free Intermediate Bond Fund (the “National Fund”) generated an annualized total return of -10.56%.

Over the one-year period ended October 31, 2022, the Missouri Tax-Free Intermediate Bond Fund (the “Missouri Fund”) generated an annualized total return of -10.37%.

Over the one-year period ended October 31, 2022, the Kansas Tax-Free Intermediate Bond Fund (the “Kansas Fund”) generated an annualized total return of -10.82%.

These returns compare to the -9.62% annualized total return of the Bloomberg 3-15 Year Blend Municipal Bond Index for the same period.

Q: What were the material factors that affected the Funds’ performance relative to its benchmark during the reporting period?

A: Regarding the National Fund’s performance, our emphasis for much of the last 12-months has been higher up in credit quality while extending duration to a more neutral to slightly longer positioning. The higher credit quality tilt supported returns while duration positioning detracted on a relative basis over this time frame. Sector positioning was a detractor from returns during the period. The relative underweight to the Water/Sewer, Power and Transportation sectors lagged. The Fund’s cash position helped. The relative overweight to the Housing and Lease sectors as well as the neutral weight to the Higher Education sector detracted. The General Obligation sector overweight and Hospital sector underweight exposures enhanced relative returns. The underweight to the IDR/PCR sector supported

returns while the underweight to the Resource Recovery sector hindered relative performance during the last 12-months. Overall, curve positioning was a negative for the last 12-months. The relative underperformance of bonds eight years and longer was too much to overcome for the better performing shorter exposures. The Fund’s exposures to longer, lower coupon bonds were the largest detractor over the last 12-months.

Regarding the Missouri Fund’s performance, our emphasis for much of the last 12-months has been higher up in credit quality while extending duration to a more neutral to slightly longer positioning. The higher credit quality tilt supported returns while duration positioning detracted on a relative basis over this time frame. Sector positioning was a detractor from returns during the period. The relative underweight to the Water/Sewer, Power and Transportation sectors lagged. The Fund’s cash position helped. The relative overweight to the Housing Higher Education and Lease sectors detracted while the neutral weight to the General Obligation sector and Hospital sector underweight exposures enhanced relative returns. The underweight to the IDR/PCR sector supported returns while the underweight to the Resource Recovery sector hindered relative performance during the last 12-months. Overall, curve positioning was a negative for the last 12-months. The relative underperformance of bonds eight years and longer was too much to overcome for the better performing shorter exposures. The Fund’s exposures to longer, lower coupon bonds were the largest detractor over the last 12-months.

Regarding the Kansas Fund’s performance, our emphasis for much of the last 12-months has been higher up in credit quality while extending duration to a more neutral to slightly longer positioning. However, for the Kansas Fund, still short of the index duration helped on a relative basis. The higher credit quality tilt supported returns as well over this time frame. Sector positioning was a detractor from returns during the period. The relative underweight to the Water/Sewer, Power and Transportation sectors lagged. The Fund’s cash position helped. The relative overweight to the Lease and Higher Education sectors detracted while the General Obligation sector overweight, and Hospital sector

34

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

underweight exposures enhanced relative returns. The underweight to the IDR/PCR sector supported returns while the underweight to the Resource Recovery sector hindered relative performance during the last 12-months. Overall, curve positioning was a negative for the last 12-months. The relative underperformance of bonds six years and longer was too much to overcome for the better performing shorter exposures. The Fund’s exposures to longer, lower coupon bonds were the largest detractor over the last 12-months.

Q: Were there any significant adjustments made to the Fund’s portfolio during the period?

A: Regarding each of the National, Missouri, and Kansas Tax-Free Intermediate Bond Funds, no significant adjustments were made to the Funds’ portfolios during the period. Our focus has shifted into more traditional tax-supported debt and some essential service revenue sectors where we believe we have identified higher quality relative value opportunities. We continue to emphasize less credit risk due to the lack of additional yield for taking such risk. With the increase in longer-term yields, we are beginning to add some longer maturities to portfolios. We expect to maintain our position in sectors such as housing, higher education, hospitals, and lease revenue bonds.

Q: Could you describe some specific strategies and holdings that enhanced returns during the period?

A: In the National Tax-Free Intermediate Bond Fund, the best performing bonds were New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Revenue Adj — Second Gen — Ser CC 2.47% 02/24/2022, Mcgregor TX Indep Sch Dist Cap Apprec 0% due 02/15/2025, and Colorado St Sch of Mines Instnl Enterprise Revenue Variable-Ref-Ser a 1.16% due 12/01/2021.

In the Missouri Tax-Free Intermediate Bond Fund, the best performing bonds were Kansas City MO Indl Dev AUth Ref- Downtown Redev Dist- Ser A 5.5% due 09/01/2029, Kansas City MO Ref & Impt Ser A 4.5% due 02/01/2024, and Manteca CA Unif Sch Dist Cap Apprec-Election 2004 0% due 08/01/2028.

In the Kansas Tax-Free Intermediate Bond Fund, the best performing bonds were Goddard KS Temp Nts 3% due 12/01/2022, Kansas St Dev Fin Auth Hosp Revenue Ref — Adventist Hlth Sunbelt Oblig Group — Ser A 5% due 11/15/2032, and Johnson Cnty KS Park & Recreation Dist COPs Ser A 4% due 09/01/2023.

Q: What were some examples of strategies and holdings that didn’t meet your expectations?

A: In the National Tax-Free Intermediate Bond Fund, Elkhart Cnty IN Bldg Corp Lease Rent Revenue 3% due 12/01/2033, Delaware Vly PA Regl Financial Auth Ser A 5% due 09/01/2033, and Pennsylvania St Turnpike Commission Turnpike Revenue Ser A-2 5% due 12/01/2035.

In the Missouri Tax-Free Intermediate Bond Fund, Saint Louis MO Land Clearance Edev Auth Revenue Ref-600 Washington Project-Ser 2.125% due 04/01/2039, Joplin MO Schs 3% due 03/01/2035, and Illinois St Fin Auth Revenue Ref - OSF Hlthcare Sys 3.25% due 05/15/2039.

In the Kansas Tax-Free Intermediate Bond Fund, Kansas St Dev Fin Auth Revenue Ref-Wichita St Univ Proj-Ser L 3% due 06/01/2035, Montezuma KS Unif Sch Dist #371 Ref 3% due 09/01/2041, and Kansas St Dev Fin Auth Revenue Ref-Kansas St Univ Projs-Ser a 2% due 05/01/2031.

References to specific securities should not be construed as a recommendation or investment advice and securities referenced may no longer be held in a Fund’s portfolio.

35

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Performance Summary

October 31, 2022 (Unaudited)

The following is performance information for The National Tax-Free Intermediate Bond Fund (“National Tax-Free Intermediate Bond Fund”) for various time periods. The returns represent past performance. Past performance is no guarantee of future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund is not subject to a sales charge, so a sales charge is not applied to its 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 Fund. Please visit our website at www.commercefunds.com to obtain the most recent month-end returns.

National Tax-Free Intermediate Bond Fund 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2012 through October 31, 2022.

Average Annual Total Return through October 31, 2022	One Year	Five Years	Ten Years
National Tax-Free Intermediate Bond Fund(a)	–10.56%	0.16%	1.10%

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

(b) The Bloomberg 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.

36

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 98.6%
Alabama – 1.5%
Millbrook AL GO Bonds (Refunding) Series 2019 (AA-/NR)
$1,625,000		5.000	%	09/01/25	$	1,698,108
1,705,000		5.000		09/01/26		1,802,943
Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR)(a)
2,255,000		5.000		12/01/31		2,341,608
						5,842,659
Alaska – 1.4%
Alaska Housing Finance Corp. Revenue Bond (Refunding) Series B-1 (AA+/Aa1)(a)
2,375,000		2.000		12/01/32		1,869,239
Alaska State Municipal Bond Bank Authority Revenue Bonds (Master Resolution) Series A (A+/NR)
1,000,000		4.000		10/01/24		1,010,032
1,000,000		5.000		10/01/25		1,040,583
1,000,000		5.000	(a)	10/01/28		1,057,178
Alaska State Municipal Bond Bank Authority Revenue Bonds Series B (AMT) (A+/NR)(a)
450,000		5.000		03/01/27		462,199
						5,439,231
Arizona – 1.4%
Arizona Industrial Development Authority Revenue Bonds Series 2020 (NR/Aa2)
1,000,000		5.000		05/01/31		1,084,880
Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR)(a)
2,285,000		4.000		11/01/39		2,002,833
Pima County AZ Regional Transportation Excise Tax Revenue Bonds (Pima County Regional Transportation Fund) (AA+/NR)
1,000,000		5.000		06/01/23		1,010,825
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		1,065,572
						5,164,110
Arkansas – 1.6%
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		983,554
City of Benton AR Public Utilities Revenue Bonds (Taxable-Refunding) Series 2020 (NR/A1)
375,000		1.950		09/01/23		365,984
500,000		2.280		09/01/26		450,865
250,000		2.400	(a)	09/01/27		220,484
City of Forrest City AR Sales & Use Tax Revenue Bonds Series 2021 (A-/NR)
635,000		3.000		11/01/28		585,511
650,000		3.000		11/01/29		591,760
675,000		3.000	(a)	11/01/30		604,559
690,000		3.000	(a)	11/01/31		608,823
Fort Smith AR Water & Sewer Revenue Bonds (Refunding) Series 2018 (A/NR)(a)
500,000		5.000		10/01/31		526,210
National Park AR Community College District GO Bonds (Refunding) Series 2018 (A+/NR)(a)
645,000		4.000		03/01/30		649,531

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Arkansas – (continued)
National Park AR Community College District GO Bonds (Refunding) Series 2018 (A+/NR)(a) – (continued)
$   635,000		4.000	%		03/01/32	$	636,462
							6,223,743
California – 0.7%
Corona-Norca CA Unified School District GO Bonds Series E (AA/Aa3)
450,000		5.400			08/01/26		483,266
Placentia-Yorba Linda Unified School District (Refunding) Series A (AA-/Aa2)(a)
1,345,000		3.000			08/01/36		1,097,952
San Bernardino County Flood Control District (Refunding) Series 2021 (AA+/Aa1)(a)(b)
1,000,000		1.950			08/01/37		1,000,000
							2,581,218
Colorado – 3.4%
Adams County CO Certificates of Participation Series 2021 (A/NR)(a)
550,000		4.000			12/01/36		532,177
Colorado Housing & Finance Authority Revenue Bonds (Taxable) Series M-2 (GNMA) (AAA/Aaa)(a)(b)
5,000,000		3.100			11/01/51		5,000,000
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		453,622
850,000		4.000			11/01/32		852,912
Colorado State Health Facilities Authority Revenue Bonds Series A (A+/NR)
1,000,000		5.000			11/01/23		1,016,436
Colorado State Housing & Finance Authority Revenue Bonds (Taxable) Series C-1 (GNMA) (AAA/Aaa)
310,000		2.025			05/01/24		296,268
280,000		2.075			11/01/24		264,177
250,000		2.125			05/01/25		232,693
250,000		2.175			11/01/25		229,974
Colorado State School of Mines Institutional Enterprise (Refunding) Series 2018-A (NR/A1)(a)(c) (1M USD LIBOR 0.67+ 0.500%)
2,400,000		2.596			02/01/23		2,396,117
Denver City & County School District No. 1 GO Bonds Series 2021 (AA+/Aa1)(a)
500,000		3.000			12/01/36		407,120
South Suburban Park & Recreation District Certification of Participation Series 2021 (AA-/NR)(a)
1,175,000		4.000			12/15/41		1,046,227
							12,727,723
Connecticut – 1.7%
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series A (AMT) (NR/Aa3)(a)(d)
560,000		3.250			05/15/24		557,806
830,000		3.750			05/15/24		832,901

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Connecticut – (continued)
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series B (AMT) (NR/Aa3)
$   330,000		5.000	%		11/15/27	$	347,872
450,000		5.000			11/15/28		476,950
450,000		5.000			11/15/29		478,871
385,000		5.000			11/15/30		410,083
Connecticut State Housing Finance Authority Housing Finance Mortgage Program Revenue Bonds (Taxable Refunding) Series A-4 (AAA/Aaa)
330,000		1.860			11/15/24		309,967
530,000		1.900			05/15/25		490,579
765,000		1.950			11/15/25		698,248
500,000		2.090			05/15/26		451,915
State of Connecticut GO Bonds (Social) Series B (A+/Aa3)(a)
1,555,000		3.000			06/01/32		1,373,967
							6,429,159
Florida – 2.0%
County of Broward FL Port Facilities Revenue Bond (Refunding) Series A (A/A1)
870,000		5.000			09/01/24		895,263
County of Broward FL Port Facilities Revenue Bond Series A (A/A1)
620,000		5.000			09/01/28		670,562
Florida State Housing Finance Corp. Revenue Bonds Series 1 (GNMA/FNMA/FHLMC) (NR/Aaa)
555,000		2.000			07/01/27		509,272
515,000		2.050			01/01/28		492,570
535,000		2.100			07/01/28		512,122
540,000		2.125	(a)		01/01/29		517,121
Lake County FL School Board Certificates of Participation (Refunding-Master Lease Program) Series A (A/NR)(a)
725,000		5.000			06/01/24		732,690
Orange County FL Tourist Development Tax Revenue Bonds (Refunding) Series 2010 (AA-/NR)
2,000,000		5.000			10/01/23		2,031,128
South Broward Hospital District Hospital Revenue Bonds Series 2022 (AA/Aa3)(a)
1,755,000		3.000			05/01/37		1,398,804
							7,759,532
Georgia – 0.9%
Cherokee County GA Water & Sewer Authority Revenue Bonds (Refunding & Improvement) Series 1993 (NPFG) (NR/Aa1)
5,000		5.500			08/01/23		5,085
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		1,041,459

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Georgia – (continued)
Milledgeville & Baldwin County Development Authority Revenue Bonds(Refunding) Series 2021 (A+/NR)
$   500,000		5.000	%	06/15/30	$	542,021
500,000		5.000		06/15/31		542,418
600,000		5.000	(a)	06/15/32		646,703
700,000		5.000	(a)	06/15/33		751,078
						3,528,764
Idaho(a) – 0.3%
Idaho Housing & Finance Association (Refunding Garvee) Series A (NR/A2)
500,000		4.000		07/15/36		468,915
750,000		4.000		07/15/37		693,346
						1,162,261
Illinois – 14.5%
Champaign County IL Community Unit School District No. 4 GO Bonds (Refunding) Series 2019 (AA/Aa2)
630,000		4.000		06/01/28		643,364
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		1,431,549
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		1,137,396
Countryside IL GO Bonds (Taxable-Refunding) Series 2014 (NR/Aa2)
500,000		3.300		01/01/24		489,842
Du Page & Will County Community School District No. 204 Indian Prairie (Refunding) Series 2016 (NR/Aa1)
5,000,000		2.000		12/30/22		4,986,570
DuPage County School District No 62 Gower Series 2021 (NR/Aa2)
500,000		4.000		12/30/30		507,872
1,365,000		3.000	(a)	12/30/38		1,056,343
Elk Grove Village GO Bonds Series 2017 (AA+/NR)
530,000		3.000		01/01/24		525,124
550,000		3.000		01/01/25		540,248
1,140,000		5.000		01/01/26		1,191,246
525,000		5.000	(a)	01/01/28		556,493
Governors State University Revenue Bonds (Refunding) Series 2021 (AA/NR)(a)
805,000		4.000		10/01/34		748,120
855,000		4.000		10/01/36		781,447
Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series A (AA-/NR)(a)
1,550,000		4.000		08/15/37		1,402,134
Illinois Finance Authority Revenue Bonds (Rush University Medical Center Obligated Group) Series A (A+/A1)
500,000		5.000		11/15/24		513,846
Kane County IL Forest Preservation District GO Bonds Series A (AA+/NR)(a)
1,695,000		3.000		12/15/26		1,640,369
Kendall Kane & Will Counties Community Unit School District No 308 GO Bonds Series 2022 (AA/A2)
800,000		5.000		02/01/23		803,320
1,035,000		5.000		02/01/24		1,055,356

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
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	$	1,136,244
1,000,000		5.000			02/01/25		1,031,867
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		1,015,353
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		2,403,981
Mount Prospect IL GO Bonds (Refunding) Series A (AA+/NR)(a)
1,000,000		3.000			12/01/28		960,006
Peoria County Community Unit School District No 323 GO Bonds (Refunding) Series 2022 (NR/Aa2)(a)
780,000		3.000			04/01/32		694,693
815,000		3.000			04/01/33		711,510
Peoria IL GO Bonds (Refunding) Series B (A+/A2)
1,205,000		5.000			01/01/24		1,222,372
Rolling Meadows IL GO Bonds Series 2019 (AA+/NR)(a)
495,000		4.000			12/15/34		497,738
515,000		4.000			12/15/35		517,041
535,000		4.000			12/15/36		536,299
555,000		4.000			12/15/37		543,481
580,000		4.000			12/15/38		564,566
600,000		4.000			12/15/39		580,830
Round Lake IL GO Bonds (Refunding) Series 2019 (NR/Aa2)
815,000		4.000			01/01/24		819,870
765,000		4.000			01/01/25		772,733
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		849,739
685,000		4.000			12/01/24		691,695
735,000		4.000			12/01/25		745,111
Stark Knox Marshall Henry & Peoria Counties Community Unit School Dist No 100 (Refunding) Series 2021 BAM (AA/A1)(a)
860,000		4.000			12/01/38		776,954
University of Illinois Auxiliary Facilities System Revenue Bonds (Refunding) Series A (A+/Aa3)(a)
2,000,000		4.000			04/01/33		1,882,208
Village of Palos Park IL GO Bonds Series 2022 (NR/Aa2)(a)
540,000		3.500			12/01/38		431,233
595,000		3.500			12/01/41		454,755
Westchester Village of IL GO Bonds Series 2021 (BAM) (AA/A2)(a)
1,000,000		4.000			12/01/34		978,658
1,825,000		4.000			12/01/38		1,685,199
Whiteside & Lee Counties Community Unit School District No. 5 Sterling GO Bonds Series A (AA/A1)(a)
690,000		4.000			12/01/33		685,997
660,000		4.000			12/01/34		650,828

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
Will County Community Unit School District No 201-U Crete-Monee GO Bonds Series D (AA/NR)
$   895,000		5.000	%		01/01/23	$	897,320
Will County IL Community Unit School District No. 365 Valley View GO Bonds (Prerefunded-Capital Appreciation) Series 2003 (AGM) (AA/Aa2)(e)
4,770,000		0.000			11/01/23		4,617,241
Winnebago County IL GO Bonds (Refunding) Series C (NR/Aa3)
765,000		5.000			12/30/25		800,062
905,000		5.000			12/30/28		974,433
960,000		5.000			12/30/29		1,039,596
Woodford Lasalle Livingston Etc. Counties Community Unit School District GO Bonds Series A (AA/NR)(a)
650,000		4.000			12/01/30		655,625
700,000		4.000			12/01/31		702,589
700,000		4.000			12/01/32		699,752
725,000		4.000			12/01/33		719,516
							54,957,734
Indiana – 8.4%
Carmel IN Local Public Improvement Bank Revenue Bonds Series B-1 (AA/NR)(a)
1,810,000		4.000			01/15/34		1,806,086
County of Elkhart IN Building Corp. Revenue Bonds Series 2022 (AA/NR)(a)
2,950,000		3.000			12/01/33		2,492,305
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		2,341,753
Eastern Pulaski IN Multi-School Building Corp. Revenue Bonds (First Mortgage) Series 2015 (AA+/NR)(a)
840,000		4.000			07/15/28		840,417
Fort Wayne Redevelopment Authority Revenue Bonds Riverfront Phase II Project Series 2022 (NR/Aa3)(a)
1,935,000		4.000			12/15/36		1,790,785
Greater Clark In Building Corp. Revenue bonds (1st Mortgage) Series 2018 (AA+/NR)(a)
1,000,000		4.000			07/15/32		989,586
Griffith Redevelopment Authority Revenue Bonds (Refunding) Series A (A+/NR)(a)
585,000		3.000			07/15/33		499,519
Griffith Redevelopment Authority Revenue Bonds (Refunding) Series B (A+/NR)(a)
565,000		3.000			07/15/32		491,403
585,000		3.000			07/15/33		499,519
Indiana Finance Authority Revenue Bonds (Educational Facilities-Butler University Project) Series A (A-/NR)(a)
540,000		5.000			02/01/25		548,777
425,000		5.000			02/01/27		431,472
700,000		5.000			02/01/28		710,509
600,000		5.000			02/01/29		608,867

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Indiana – (continued)
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	$	817,185
Indiana State Finance Authority Revenue Bond (Refunding-Marion Hospital, Inc. Obligated Group) Series 2021 (A/NR)
830,000		4.000			07/01/31		815,804
700,000		4.000	(a)		07/01/32		662,832
700,000		4.000	(a)		07/01/36		634,165
Jefferson County Jail Building Corp Revenue Bonds Series 2021 (BAM) (AA/NR)(a)
1,955,000		4.000			07/15/33		1,944,844
Lake Central Multi-District School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series B (AA+/NR)
1,000,000		5.000			07/15/24		1,021,761
Martinsville Redevelopment Authority Series 2021 BAM (AA/NR)(a)
565,000		3.000			08/01/33		480,719
400,000		3.000			08/01/35		328,450
700,000		3.000			08/01/37		555,757
Noblesville Redevelopment Authority Revenue Bonds (Pleasant street Project) Series 2022 (AA/NR)(a)
1,000,000		4.750			07/15/45		954,762
Plainfield IN High School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series 2014 (AA+/NR)(a)
1,000,000		4.000			01/15/26		1,009,868
Shelbyville IN Redevelopment Authority Series 2021 (A+/NR)(a)
885,000		3.000			08/01/29		806,894
910,000		3.000			08/01/30		815,770
940,000		3.000			08/01/31		828,364
485,000		4.000			08/01/32		486,484
Vinton-Tecumseh IN School Building Corporation Revenue Bonds (First Mortgage) Series A (AA+/NR)(a)
500,000		5.000			07/15/31		530,895
500,000		5.000			07/15/32		529,549
Westfield High School 1995 Building Corp. Revenue Bonds (1st Mortgage) Series B (AA+/NR)(a)
1,000,000		5.000			01/15/31		1,043,291
750,000		5.000			07/15/31		782,237
Whitestown Redevelopment Authority Revenue Bonds (Refunding) Series B (AA+/NR)(a)
1,625,000		3.000			08/01/33		1,414,414
1,670,000		3.000			08/01/34		1,432,249
							31,947,292
Iowa – 1.7%
County of Woodbury IA GO Bonds Series 2021 (NR/Aa3)
620,000		4.000			06/01/25		629,515
525,000		3.000	(a)		06/01/31		471,478
555,000		3.000	(a)		06/01/32		484,697
Iowa Finance Authority Revenue Bonds Series B (AAA/Aaa)(b)
5,000,000		2.230			07/01/47		5,000,000
							6,585,690
Kansas(a) – 0.8%
Geary County KS Unified School District No. 475 GO Bonds Series A (NR/Aa3)(d)
700,000		4.000			09/01/25		713,495

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)(d)
$1,015,000		5.000	%		09/01/25	$	1,061,224
Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/A1)
1,000,000		5.000			09/01/31		1,069,329
							2,844,048
Kentucky – 4.0%
Appalachian Regional Healthcare Obligated Group Revenue Bonds (Refunding) Series 2021 (A/NR)
1,695,000		5.000			07/01/30		1,765,576
855,000		5.000			07/01/31		890,494
1,275,000		5.000	(a)		07/01/32		1,320,384
Barren County KY School District Finance Corp. Revenue Bonds (Refunding) Series 2015 (NR/A1)(a)
1,000,000		5.000			08/01/26		1,030,556
Eastern Kentucky University Revenue Bonds Series A (AA/A1)(a)
1,830,000		4.000			04/01/40		1,653,712
Kentucky State Property & Building Commission Revenue Bonds (Project No. 112) Series B (A-/A1)(a)
400,000		5.000			11/01/27		419,614
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series B (NR/A1)
1,000,000		5.000			05/01/26		1,042,238
750,000		5.000	(a)		05/01/28		788,887
915,000		5.000	(a)		05/01/29		961,713
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series D (NR/A1)
750,000		5.000			05/01/27		789,470
Kentucky State Property & Building Commission Series 2018 (AA/A1)
885,000		5.000			04/01/28		941,615
Kentucky State Property & Building Commission Series A (AA/A1)
960,000		5.000			02/01/26		999,386
Oldham County KY School District Finance Corp. (Refunding) Series 2016 (NR/A1)
610,000		5.000			06/01/23		616,040
690,000		5.000			06/01/24		705,896
Owensboro KY GO Bonds Series A (NR/A1)(a)
1,200,000		5.000			05/01/25		1,210,443
							15,136,024
Louisiana – 1.8%
City of Lafayette LA Communications System Revenue Bonds (Refunding) Series A (AA/A2)
830,000		4.000			11/01/28		845,554
860,000		3.000			11/01/29		796,705
890,000		3.000			11/01/30		810,289
Iberia Parish LA Parish wide School District GO Bonds Series 2017 (AA-/NR)
510,000		3.000			03/01/24		506,952
530,000		4.000			03/01/25		537,332
550,000		4.000			03/01/26		559,884
570,000		4.000			03/01/27		581,295
450,000		4.000	(a)		03/01/28		456,698

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Louisiana – (continued)
Louisiana Public Facilities Authority Revenue Bonds (Refunding-Ochsner Clinic Foundation Project) Series 2015 (A/A3)(a)
$   800,000		5.000	%		05/15/30	$	817,189
St. Tammany LA Parish Wide School District No 12 GO Bonds (Refunding) Series 2017 (AA/NR)(a)
980,000		4.000			03/01/28		994,588
							6,906,486
Maine – 2.6%
Maine Municipal Bond Bank Revenue Bonds Series A (AA+/Aa2)(a)
1,000,000		3.000			11/01/37		798,095
Maine State Governmental Facilities Authority Revenue Bonds Series A (AA-/Aa3)(a)
2,485,000		4.000			10/01/32		2,510,242
Maine State Health & Higher Educational Facilities Authority Revenue Bonds Series A (NR/A1)(a)
115,000		5.000			07/01/24		115,133
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series B (AA+/Aa1)
1,300,000		1.950			11/15/24		1,256,831
835,000		2.050			11/15/25		791,778
1,000,000		2.100			11/15/26		930,155
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series E (AA+/Aa1)(a)
840,000		2.150			11/15/29		738,550
870,000		2.250			11/15/30		753,010
905,000		2.350			11/15/31		770,108
Portland ME Airport Revenue Bonds (Refunding-General) Series 2016 (A-/Baa1)
145,000		5.000			01/01/23		145,325
470,000		5.000			01/01/24		477,044
215,000		5.000	(a)		01/01/34		217,527
330,000		5.000	(a)		01/01/35		332,490
							9,836,288
Maryland(a) – 0.5%
Maryland State Water Quality Financing Administration Bay Restoration Fund Revenue Bonds Series 2015 (AA/Aa3)
2,000,000		2.800			03/01/26		1,938,464
Massachusetts – 0.4%
Massachusetts Housing Finance Agency Revenue Bonds Series 2021 (AA+/Aa1)(a)
960,000		1.850			06/01/32		760,909
710,000		1.900			12/01/32		558,078
Massachusetts State Housing Finance Agency Revenue Bonds Series B (AMT) (AA+/Aa2)
310,000		3.250			06/01/23		308,919
							1,627,906
Michigan – 5.4%
Comstock Park MI Public Schools GO Bonds (Refunding) Series 2015 (Q-SBLF) (AA/NR)
730,000		5.000			05/01/24		748,269

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Michigan – (continued)
Grand Blanc Community Schools (Taxable-Refunding) Series 2021 (Q-SBLF) (AA/NR)
$   500,000		2.000	%		05/01/25	$	466,923
1,475,000		2.000			11/01/25		1,358,121
500,000		2.000			05/01/26		453,625
1,875,000		2.000			11/01/26		1,675,684
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		468,385
495,000		5.000			07/01/32		516,054
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		398,729
Hazel Park School District GO Bonds (Refunding) Series 2022 (AA/NR)
925,000		4.000			05/01/23		927,842
1,135,000		4.000			05/01/24		1,143,974
Ingham County Building Authority Revenue Bonds (Justice Complex Project) Series 2020 (AA/NR)(a)
1,485,000		2.000			05/01/31		1,165,780
Jackson College MI GO Bonds (Refunding) Series 2016 (NR/Aa2)
940,000		3.000			05/01/25		924,041
Jenison MI Public Schools GO Bonds (Refunding) Series 2017 (NR/Aa3)
1,110,000		4.000			05/01/23		1,114,664
Kalamazoo MI Public Schools GO Bonds Series 2018 (NR/A1)(a)
2,370,000		4.000			05/01/31		2,402,676
Mattawan MI Consolidated School District GO Bonds Series I (Q-SBLF) (AA/NR)(a)(d)
750,000		5.000			05/01/25		781,340
Michigan State Housing Development Authority Revenue Bonds (Taxable-Refunding) Series B (AA/NR)
500,000		2.816			04/01/25		475,267
Michigan State Housing Development Authority Revenue Bonds Series A (AA/NR)
400,000		2.150			04/01/25		384,345
470,000		2.550	(a)		04/01/28		434,615
410,000		2.600	(a)		10/01/28		376,461
Northwest Community Schools GO Bonds (School Building & Site) Series 2013 (Q-SBLF) (AA/NR)(a)
1,000,000		4.000			05/01/24		1,005,274
Portland MI Public Schools GO Bonds (Refunding) Series 2016 (Q-SBLF) (AA/NR)(a)
1,150,000		4.000			05/01/27		1,174,536
Saginaw Township MI Community School District (Refunding) Series 2015 (Q-SBLF) (NR/Aa1)(a)
750,000		4.000			05/01/28		761,933
Washtenaw MI Community College GO Bonds (Refunding) Series 2015 (NR/Aa1)
645,000		4.000			04/01/25		651,448

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Michigan – (continued)
Zeeland Public Schools GO Bonds Series I (AA/NR)(a)
$1,000,000		3.000	%		05/01/33	$	858,750
							20,668,736
Minnesota – 0.1%
Minnesota State Housing & Finance Agency Revenue Bonds Series A (GNMA/FNMA/FHLMC) (AA+/Aa1)
235,000		1.700			07/01/26		214,980
Mississippi – 1.3%
Mississippi State Development Bank Special Obligation Revenue Bonds (Hinds County Project) Series 2017 (NR/WR)(a)
300,000		5.000			11/01/29		310,790
400,000		5.000			11/01/30		412,668
500,000		5.000			11/01/31		513,072
400,000		5.000			11/01/32		409,452
Mississippi State Gaming Tax Revenue Bonds Series 2015-E (A-/A3)
1,055,000		5.000			10/15/25		1,095,949
Mississippi State Home Corp. Revenue Bonds Series 2022 (NR/Aaa)
720,000		1.800			06/01/30		612,151
690,000		1.850			12/01/30		582,187
1,000,000		1.950	(a)		06/01/31		837,262
							4,773,531
Missouri – 1.5%
City of Missouri Development Finance Board Revenue Bonds (Refunding) Series 2021 (A-/NR)
850,000		4.000			04/01/28		854,349
1,825,000		4.000			04/01/29		1,827,636
810,000		4.000			04/01/30		804,455
Jackson County MO Special Obligation Revenue Bonds (Harry S. Truman Sports Complex) Series 2014 (NR/Aa3)(a)
2,300,000		5.000			12/01/26		2,364,501
							5,850,941
Nebraska – 0.9%
Citry of Omaha Public Facilities Corp.Revenue Bonds Series A (AA+/Aa2)(a)
860,000		3.000			04/15/34		729,142
1,070,000		3.000			04/15/35		884,830
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		1,754,623
Sarpy County NE Hospital Authority No.1 Revenue Bonds (Refunding-Nebraska Medicine) Series 2016 (AA-/NR)(a)
35,000		3.000			05/15/46		23,683
							3,392,278
New Jersey – 2.2%
Middlesex County NJ Cops Certificates of Participation (Refunding) Series 2017 (AA+/NR)
705,000		4.000			06/15/26		720,153
500,000		4.000			06/15/27		512,914
500,000		4.000	(a)		06/15/28		511,652
760,000		4.000	(a)		06/15/29		775,474

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
New Jersey – (continued)
New Jersey Housing & Mortgage Finance Agency MF Conduit Revenue Bonds (Lexington Manor Apartments Project) Series B (NR/Aaa)
$   495,000		3.150	%		06/15/25	$	488,779
New Jersey State Transportation Trust Fund Authority Revenue Bonds (Capital Appreciation) Transportation System Series 2006 (AMBAC) (AA+/Aa1)(e)
1,255,000		0.000			12/15/26		1,064,269
Township of Washington NJ/Gloucester County GO Bonds Series 2021 (NR/Aa2)(a)
1,000,000		2.000			05/15/33		733,373
Ventnor City NJ GO Bonds (Refunding) Series 2017 (AA/NR)
1,530,000		4.000			12/01/23		1,542,467
690,000		4.000			12/01/26		705,107
705,000		4.000			12/01/27		723,195
730,000		4.000	(a)		12/01/28		747,068
							8,524,451
New Mexico – 2.2%
Las Cruces NM Joint Utility Revenue Bonds (Subordinate Line System Improvement) Series 2018 (NR/Aa3)(a)
845,000		4.000			06/01/29		856,594
500,000		4.000			06/01/30		504,552
500,000		4.000			06/01/33		496,365
New Mexico State Mortgage Finance Authority Revenue Bonds Series A (NR/Aaa)
775,000		1.900			03/01/31		647,688
520,000		2.050	(a)		03/01/32		428,005
585,000		2.100	(a)		09/01/32		478,218
The University of New Mexico Series 2001 (AA-/Aa3)(a)(b)
3,465,000		2.260			06/01/26		3,465,000
University of New Mexico NM Revenue Bonds (Refunding & Improvement-Subordinate Lien) Series A (AA-/Aa3)(a)
1,685,000		2.250			06/01/27		1,592,451
							8,468,873
New York(a) – 1.7%
Little Falls City School District GO Bonds (Refunding) Series 2022 (AA/NR)
1,305,000		2.250			02/01/33		1,030,846
Monroe Country NY Development Corp. Revenue Bonds (Refunding John Fisher College) Series A (A-/NR)
500,000		5.000			06/01/29		506,519
New York State Dormitory Authority Revenue Bonds (Refunding) Series A (AA+/NR)
3,180,000		4.000			03/15/38		2,938,474
Upper Mohawk Valley Memorial Auditorium Authority Revenue Bonds (Refunding) Series 2021 (A+/NR)
890,000		2.700			12/01/32		693,423
915,000		2.850			12/01/33		706,598
940,000		3.000			12/01/34		720,424
							6,596,284

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
North Carolina – 0.6%
County of Hoke NC Revenue Bonds (Refunding) Series 2021 (A+/Aa3)(a)
$   865,000		3.000	%		06/01/35	$	712,238
North Carolina State Housing Finance Agency Homeownership Revenue Bonds Series 39-B (GNMA/FNMA/FHLMC) (AA+/Aa1)(a)
660,000		3.200			01/01/29		625,162
Western Carolina University Revenue Bonds (Refunding-Limited Obligation-Student Housing) (A/NR)
350,000		4.000			06/01/23		350,970
480,000		4.000	(a)		06/01/25		481,038
							2,169,408
Ohio – 6.6%
Akron OH Certificates of Participation (District Energy Project) Series 2018 (A/NR)(a)
885,000		4.000			12/01/29		888,240
960,000		4.000			12/01/31		958,478
Akron OH GO Bonds (Refunding) (A+/NR)(a)
545,000		5.000			12/01/26		561,057
City of Akron OH Income Tax Revenue Bonds (Refunding) Series 2022 (AA-/NR)(a)
1,000,000		4.000			12/01/32		998,001
1,000,000		4.000			12/01/33		991,556
City of Middletown OH GO Bonds (Refunding) Series 2017 (NR/Aa3)
995,000		4.000			12/01/25		1,013,696
935,000		5.000			12/01/27		1,001,599
City of Middletown OH GO Bonds (Refunding) Series 2017 (NR/NR)
100,000		4.000			12/01/25		101,580
110,000		5.000			12/01/27		117,624
Cuyahoga Metropolitan Housing Authority Revenue Bonds Series 2021 (A+/NR)(a)
2,500,000		2.000			12/01/31		2,052,141
Dayton City School District Certificates of Participation Series 2021 (NR/A3)(a)
610,000		4.000			12/01/30		616,954
660,000		3.000			12/01/32		567,873
675,000		3.000			12/01/33		570,916
Dayton-Montgomery County Port Authority Revenue Bonds Series 2021 (A-/NR)
430,000		2.000			11/15/31		329,550
Licking Heights OH Local School District GO Bonds (Refunding) Series C (NR/Aa2)
765,000		5.000			10/01/27		812,271
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		635,371
500,000		4.000			12/01/29		505,633

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Ohio – (continued)
Maumee City School District GO Bonds (Refunding) Series B (AA-/NR)
$1,295,000		3.000	%		12/01/30	$	1,199,145
1,155,000		4.000			12/01/31		1,189,047
Miami Valley Career Technology Center OH GO Bonds Series 2018 (NR/Aa3)(a)
725,000		4.000			12/01/34		725,301
2,245,000		4.000			12/01/36		2,221,732
2,170,000		4.000			12/01/37		2,126,658
Ohio State Hospital Refunding Revenue Bonds (Cleveland Clinic Health System Obligated Group) Series A (AA/Aa2)
1,000,000		5.000			01/01/24		1,018,425
Ohio State Hospital Revenue Bonds (University Hospitals Health System, Inc.) Series A (A/A2)(a)
1,000,000		5.000			01/15/24		1,003,182
Toledo-Lucas County Port Authority Revenue Bonds Series 2021 (A-/NR)
430,000		2.000			11/15/31		331,971
Triway Local School District COPS Certificates of Participation Series 2021 BAM (AA/NR)(a)
1,000,000		4.000			12/01/30		1,012,980
1,060,000		4.000			12/01/31		1,070,285
University of Toledo OH Revenue Bonds (Refunding-General Receipt) Series A (A/A2)(a)
700,000		4.000			06/01/36		613,630
							25,234,896
Oklahoma – 2.1%
Bryan County School Finance Authority (A/NR)
895,000		4.000			09/01/24		902,647
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		1,357,480
1,770,000		4.000	(a)		12/01/30		1,757,286
McClain County Economic Development Authority Revenue Bonds (Washington Public Schools Project) Series 2022 (A-/NR)(a)
2,000,000		4.000			09/01/36		1,889,926
Oklahoma State Capitol Improvement Authority Facility Revenue Bonds (Department of Correction) Series D (AA-/NR)(a)
2,000,000		4.000			07/01/38		1,882,385
							7,789,724
Oregon(a) – 0.3%
State of Oregon Housing & Community Services Department Revenue Bonds Series A (NR/Aa2)
1,315,000		3.375			01/01/34		1,191,138

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Pennsylvania – 10.2%
Berwick Area School District GO Bonds Series 2021 (AA/NR)(a)
$   345,000		3.000	%		11/15/34	$	291,096
685,000		3.000			11/15/35		571,677
720,000		3.000			11/15/36		594,394
Brandywine Heights PA Area School District GO Bonds (Refunding) Series A (AA-/NR)
1,650,000		5.000			02/01/26		1,722,325
Brandywine Heights PA Area School District GO Bonds (Refunding) Series B (AA-/NR)
1,365,000		4.000			02/01/23		1,367,650
Bucks County Technical School Authority Revenue Bonds Series 2022 (AA/A1)(a)
455,000		4.000			02/15/33		454,195
685,000		4.000			02/15/36		656,874
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		1,047,524
Columbia Borough PA School District GO Bonds (Refunding) Series 2019 (A+/NR)
1,790,000		4.000			02/15/23		1,794,020
Delaware Valley PA Regional Financial Authority Revenue Bonds Series A (CNTY-GTD) (A+/A1)
2,100,000		5.000			09/01/33		2,259,071
Easton Area School District Revenue Bonds Series 2021 (NR/Aa2)(a)
1,100,000		4.000			04/01/33		1,104,946
Gateway School District Alleghany County GO Bonds Series 2021 (AA/A1)(a)
795,000		3.000			10/15/35		648,295
1,300,000		3.000			10/15/36		1,038,943
Gateway School District Alleghany County GO Bonds Series 2021 (BAM) (AA/A1)(a)
1,000,000		3.000			10/15/34		831,780
Hamburg Area School District PA Series 2021 (AA-/NR)(a)
1,400,000		3.000			04/01/35		1,184,808
Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (A/Aa2)
500,000		5.000			06/01/26		511,772
525,000		5.000			06/01/27		534,654
525,000		5.000			06/01/28		533,962
535,000		5.000			06/01/29		543,759
425,000		5.000			06/01/30		431,936
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		1,202,133
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds Series 2022 (AA/Aa3)(a)
475,000		4.000			08/15/42		423,293

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Pennsylvania – (continued)
Pennsylvania State Housing Finance Agency SF Mortgage Revenue Bonds Series 130A (AA+/Aa1)(a)
$   795,000		2.100	%		10/01/30	$	679,420
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Taxable-Refunding-1st) Series 2020 (NR/A1)
335,000		2.355			12/01/26		301,529
400,000		2.533			12/01/27		353,791
350,000		2.633			12/01/29		296,161
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series A-2 (NR/A1)(a)
3,000,000		5.000			12/01/35		3,100,707
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series C (A+/A1)(a)
500,000		5.000			12/01/26		517,031
Peters Township PA School District Washington County GO Bonds Series C (NR/Aa2)(a)
1,000,000		4.000			09/01/36		947,227
Plum Boro PA Municipal Authority Sewer Revenue Bonds (Refunding) Series C (AA/NR)
1,175,000		3.000			11/15/27		1,132,466
Salisbury Township PA School District GO Bonds Series A (A/NR)(a)
1,390,000		4.000			02/15/27		1,408,600
Shikellamy School District PA GO Bonds Series 2020 (AA/NR)(a)
1,945,000		2.000			09/01/28		1,715,204
1,610,000		2.000			09/01/29		1,391,784
Southcentral PA General Authority Revenue Bond Series TT2 (A-/NR)
225,000		5.000			05/01/28		235,364
225,000		5.000			05/01/29		236,768
400,000		5.000			05/01/30		422,853
375,000		5.000			05/01/31		397,209
325,000		4.000	(a)		05/01/32		298,844
325,000		4.000	(a)		05/01/33		295,130
300,000		4.000	(a)		05/01/34		269,670
Wayne County PA Hospital & Health Facilities Authority Revenue Bond (Memorial Hospital Project) Series A (CNTY-GTD) (A/NR)
550,000		4.000			07/01/25		555,281
520,000		4.000			07/01/27		527,692
400,000		5.000	(a)		07/01/28		415,119
500,000		4.000	(a)		07/01/33		466,832
Wilkes-Barre PA Finance Authority Revenue Bonds (Refunding-University of Scranton) Series A (A-/NR)
1,000,000		5.000			11/01/24		1,023,717
Wilson PA School District GO Bonds Series A (AA/NR)
650,000		4.000			05/15/26		662,868
840,000		4.000	(a)		05/15/27		857,677
York PA GO Bonds (Refunding) Series A (NR/NR)
640,000		5.000			11/15/26		643,687
							38,901,738

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Rhode Island(a) – 1.6%
Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B (AA-/Aa3)
$1,600,000		5.000	%		11/01/30	$	1,731,597
760,000		4.000			11/01/32		774,875
980,000		4.000			11/01/33		992,726
Rhode Island State & Providence Plantations Lease Certificates of Participation (Refunding) (School Deafening Project) Series D (AA-/Aa3)
1,000,000		5.000			04/01/29		1,059,814
Rhode Island State Housing and Mortgage Finance Corp Revenue Bonds Series 2022 (AA+/Aa1)
2,025,000		2.100			04/01/32		1,650,602
							6,209,614
South Carolina – 0.6%
City of North Charleston SC Noisette Community Redevelopment Project Area Series 2022 (AA-/NR)(a)
1,130,000		4.000			10/01/36		1,058,883
Laurens County SC School District No. 055 Installment Purchase Revenue Bonds (Refunding) Series 2015 (A-/A2)
1,000,000		5.000			12/01/24		1,027,639
							2,086,522
South Dakota – 0.6%
South Dakota Housing Development Authority Revenue Bonds (Home Ownership Mortgage) Series D (AAA/Aaa)
30,000		2.700			05/01/25		29,485
South Dakota State Health & Educational Facilities Authority Revenue Bonds Series 2017 (NR/A1)
750,000		5.000			09/01/23		758,833
825,000		5.000			09/01/24		844,674
605,000		5.000			09/01/25		623,952
							2,256,944
Tennessee – 0.5%
Greeneville TN Health & Educational Facilities Board Hospital Revenue Bonds (Refunding-Ballad Health Obligated Group) Series A (A-/A3)
500,000		5.000			07/01/28		518,672
600,000		5.000	(a)		07/01/29		615,763
500,000		5.000	(a)		07/01/30		509,736
Tennessee Housing Development Agency Revenue Bonds Residential Financing Program Series 1C (Non-AMT-Non ACE-Issue) (AA+/Aa1)(a)
125,000		4.050			01/01/38		123,058
							1,767,229
Texas – 7.6%
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		1,000,957
1,000,000		4.000			08/15/31		990,816

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	$	754,391
Arlington TX Higher Education Finance Corp. Revenue Bonds (Uplift Education) Series B (PSF-GTD) (AAA/NR)(a)
540,000		4.000		12/01/30		538,695
485,000		4.000		12/01/32		475,920
Arlington TX Higher Education Finance Corp. Revenue Bonds Series A (PSF-GTD) (AAA/NR)(a)
1,075,000		3.000		08/15/33		925,022
1,000,000		4.000		08/15/34		952,024
1,000,000		4.000		08/15/35		940,480
Celina TX GO Bonds (Certificates of Obligation) (Waterworks & Sewer System) Series 2015 (AA/Aa3)(a)
430,000		5.000		09/01/27		447,288
980,000		5.000		09/01/28		1,018,615
City of Brownsville TX Utilities System Revenue Bonds (Refunding) Series 2022 (AA/NR)(a)
500,000		5.000		09/01/42		511,987
City of Bryan TX Electric System Revenue Bonds (Refunding) Series 2021 (A+/NR)(a)
960,000		4.000		07/01/31		967,631
City of Corpus Christi TX Utility System Revenue Bonds (Refunding) Series 2020 (AA-/Aa3)(a)
1,770,000		3.000		07/15/40		1,320,203
City of Houston TX Airport System Revenue Bonds Series 2021 (NR/A1)
1,000,000		5.000		07/01/29		1,031,438
900,000		5.000		07/01/30		925,654
1,200,000		5.000		07/01/31		1,233,279
Greater Texoma Utility Authority Revenue Bonds (City Of Sherman Project) Series 2022 (AA/NR)(a)
2,515,000		4.000		10/01/39		2,287,360
Greenville TX Electric System Revenue Bonds Series 2022 (AA/NR)(a)
1,000,000		5.000		02/15/47		998,945
Harris County Municipal Utility District No 105 GO Bonds (Refunding) Series 2022 (AA/NR)
905,000		4.000		03/01/32		902,469
970,000		4.000	(a)	03/01/33		960,402
1,015,000		4.000	(a)	03/01/34		990,617
Katy TX Independent School District GO Bonds (Refunding) Series A (PSF-GTD) (AAA/Aaa)
300,000		5.000		02/15/25		310,517
Kyle TX GO Bonds (Refunding) Series 2015 (AA-/NR)(a)
1,000,000		4.000		08/15/26		1,013,449
Kyle TX GO Bonds Series 2022 (AA/NR)(a)
1,500,000		4.000		08/15/37		1,374,893
1,500,000		4.000		08/15/38		1,352,229
McGregor TX Independent School District GO Bonds (Capital Appreciation) Series 2001 (PSF-GTD) (AAA/NR)(e)
710,000		0.000		02/15/25		640,114

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Texas – (continued)
North Fort Bend Water Authority Revenue Bonds (Refunding) Series 2021 (AA/NR)(a)
$1,350,000		4.000	%	12/15/32	$	1,367,712
Round Rock Transportation & Economic Development Corp. (Taxable) Series 2021 BAM (AA/NR)
910,000		1.250		08/15/26		788,003
Wichita Falls TX GO Bonds Series A (AA/Aa2)(a)
880,000		4.000		09/01/31		890,835
870,000		4.000		09/01/32		874,584
						28,786,529
Utah – 0.4%
Salt Lake City UT Airport Revenue Bonds Series A (A/A2)
1,000,000		5.000		07/01/26		1,023,979
Salt Lake City UT Airport Revenue Bonds Series B (A/A2)(a)
500,000		5.000		07/01/34		509,162
						1,533,141
Vermont – 0.9%
Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (A/NR)
300,000		5.000		06/15/24		305,404
400,000		5.000		06/15/25		408,175
400,000		5.000		06/15/26		410,847
780,000		5.000		06/15/27		803,589
Vermont Student Assistance Corp Revenue Bonds Series 2021 (A/NR)
400,000		5.000		06/15/29		409,300
455,000		5.000		06/15/30		464,440
475,000		5.000		06/15/31		482,144
						3,283,899
Washington(a) – 0.5%
Port of Seattle WA Special Facilities Revenue Bonds (Refunding) Series 2013 (A/A1)
900,000		3.600		06/01/26		885,200
Washington State Health Care Facilities Authority Revenue Bonds (Multicare Health System) Series A (A+/A1)
495,000		5.000		08/15/27		513,144
Washington State Health Care Facilities Authority Revenue Bonds (Refunding-Providence St. Joseph Health) Series B (A+/A1)
150,000		5.000		10/01/30		158,916
Washington State Housing Finance Commission Revenue Bonds (Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa)
290,000		3.450		12/01/30		281,441
						1,838,701
Wisconsin(a) – 1.2%
Luxemburg-Casco WI School District Brown & Kewaunee Counties GO Notes (Refunding) Series 2018 (AA-/NR)
520,000		4.000		03/01/30		528,476
765,000		4.000		03/01/31		775,649
540,000		4.000		03/01/32		543,346

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Wisconsin – (continued)
Tomorrow River School District GO Bonds Series 2022 (AA/NR)
$1,910,000		4.000	%		03/15/41	$	1,692,326
Wisconsin Public Finance Authority Revenue Bonds (Taxable Refunding Hawaii Pacific Health Obligated Group) Series A (NR/A1)
1,170,000		4.082			07/01/29		1,091,084
							4,630,881
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $410,506,693)						$	374,808,770
Shares	Dividend Rate					Value
Investment Company – 0.3%
State Street Institutional US Government Money Market Fund – Premier Class
1,326,234		3.006%				$	1,326,234
(Cost $1,326,234)
TOTAL INVESTMENTS – 98.9%
(Cost $411,832,927)						$	376,135,004
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%							4,151,464
NET ASSETS – 100.0%						$	380,286,468

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)	Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.
(c)	Variable rate security. The interest rate shown reflects the rate as of October 31, 2022.
(d)	Prerefunded security. Maturity date disclosed is prerefunding date.
(e)	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.
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.

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Investment Abbreviations:
AGM	—Insuredby Assured Guaranty Municipal Corp.
AMBAC	—Insuredby American Municipal Bond Assurance Corp.
AMT	—AlternativeMinimum Tax
COPS	—Certificatesof Participation
FHLMC	—FederalHome Loan Mortgage Corp.
FNMA	—FederalNational Mortgage Association
GNMA	—GovernmentNational Mortgage Association
GO	—GeneralObligation
LIBOR	—LondonInterbank Offered Rate
NR	—NotRated
PSF-GTD	—Guaranteedby Permanent School Fund
Q-SBLF	—QualifiedSchool Bond Loan Fund
WR	—WithdrawnRating

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/22			AS OF 10/31/21
General Obligation		34.5	%		34.1	%
Lease		16.4			12.3
Limited Tax		10.1			9.3
Single Family Housing		8.4			4.5
Hospital		7.7			9.6
Education		6.4			9.4
Transportation		4.0			5.5
Water/Sewer		2.8			2.6
Prerefunded/Escrow to Maturity		2.3			1.9
Student		2.0			2.2
Power		1.3			1.4
Multi Family Housing		1.2			1.5
Utilities		1.0			0.7
Not For Profit		0.5			0.4
Investment Company		0.3			5.2
TOTAL INVESTMENTS		98.9	%		100.6	%

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.

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Performance Summary

October 31, 2022 (Unaudited)

The following is performance information for The Missouri Tax-Free Intermediate Bond Fund (“Missouri Tax-Free Intermediate Bond Fund”) for various time periods. The returns represent past performance. Past performance is no guarantee of future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund is not subject to a sales charge, so a sales charge is not applied to its 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 Fund. Please visit our website at www.commercefunds.com to obtain the most recent month-end returns.

Missouri Tax-Free Intermediate Bond Fund 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2012 through October 31, 2022.

Average Annual Total Return through October 31, 2022	One Year	Five Years	Ten Years
Missouri Tax-Free Intermediate Bond Fund(a)	–10.37%	–0.05%	0.96%

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

(b) The Bloomberg 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.

48

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 98.8%
Alabama(a) – 0.7%
Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR)
$2,000,000		5.000	%	12/01/31	$	2,076,814
Alaska(a) – 0.6%
Alaska Housing Finance Corp. Revenue Bond (Refunding) Series B-1 (AA+/Aa1)
2,375,000		2.000		12/01/32		1,869,239
Arizona(a) – 0.7%
Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR)
2,680,000		4.000		11/01/40		2,326,693
Illinois(a) – 2.1%
Illinois Finance Authority Revenue Bonds (OSF Healthcare System) Series 2016 (A/WR)
2,500,000		3.250		05/15/39		1,935,501
Illinois Housing Development Authority Revenue Bonds (Refunding Homeowner Mortgage) Series C (AA/Aa2)
3,000,000		2.900		08/01/31		2,687,556
Woodford Lasalle Livingston Etc. Counties IL Community Unit School District GO Bonds Series A (AA/NR)
500,000		4.000		12/01/34		490,256
500,000		4.000		12/01/35		488,073
500,000		4.000		12/01/36		483,755
515,000		4.000		12/01/37		484,187
						6,569,328
Indiana – 1.0%
Shelbyville Redevelopment Authority Revenue Bonds Series 2021 (A+/NR)
505,000		3.000		08/01/27		472,897
860,000		3.000		08/01/28		793,819
500,000		3.000	(a)	08/01/33		423,220
Whitestown Redevelopment Authority (Lease Rental Multipurpose Refunding Revenue)-Series 2021 (AA+/NR)(a)
1,575,000		3.000		08/01/32		1,401,403
						3,091,339
Kansas(a) – 0.4%
Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)
1,280,000		5.000		08/01/44		1,343,589
Maine(a) – 0.8%
Maine Governmental Facilities Authority Revenue Bonds Series A (AA-/Aa3)
2,640,000		4.000		10/01/33		2,647,428
Michigan(a) – 0.9%
Michigan State Housing Development Authority Revenue Bonds (Non-AMT) (Non-ACE) Series B (AA+/Aa2)
2,920,000		2.550		06/01/27		2,726,890
Missouri – 89.6%
Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)(a)
760,000		4.000		08/15/28		768,210
645,000		4.000		08/15/29		650,308
825,000		4.000		08/15/30		830,310
555,000		4.000		08/15/31		557,015

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Boone County MO R-1 Reorganized School District GO Bonds (Direct Deposit Program) Series R (AA+/NR)(a)
$1,150,000		4.000	%	03/01/39	$	1,114,419
1,000,000		4.000		03/01/40		963,474
750,000		4.000		03/01/41		719,546
Brentwood MO Certificates of Participation Series 2018 (AA-/NR)(a)
2,070,000		4.000		10/01/33		2,051,816
1,655,000		4.000		10/01/34		1,625,625
Cape Girardeau County MO Reorganized School District No. R-2 GO Bonds (Kearney Direct Deposit Program) Series 2018 (AA+/NR)(a)
900,000		4.000		03/01/31		905,842
750,000		4.000		03/01/37		727,931
Cape Girardeau County MO Reorganized School District No. R-2 GO Bonds (Refunding) Series 2022 (A+/NR)
730,000		4.000		03/01/25		738,862
745,000		4.000		03/01/26		755,453
915,000		4.000		03/01/28		928,865
City of Brentwood MO Certificates of Participation Series 2019 (AA-/NR)(a)
1,415,000		4.000		10/01/36		1,346,629
1,735,000		4.000		10/01/38		1,605,723
City of Columbia MO Water & Electric System Revenue Bonds (Refunding) Series B (A+/NR)(a)
1,850,000		4.000		10/01/30		1,866,318
City of Florissant MO Certificates of Participation (Refunding) Series 2021 (NR/Aa3)(a)
505,000		3.000		10/01/30		469,520
520,000		3.000		10/01/31		471,068
550,000		3.000		10/01/33		479,833
570,000		3.000		10/01/34		489,567
City of Jennings MO Certificates of Participation Series 2021 (A-/NR)(a)
1,095,000		4.000		03/01/31		1,076,954
1,230,000		4.000		03/01/34		1,168,570
750,000		4.000		03/01/37		688,520
530,000		4.000		03/01/40		472,284
City of Kansas City MO Special Obligation Revenue Bonds Series 2021 (AA-/A2)(a)
1,000,000		5.000		04/01/35		1,056,506
760,000		5.000		04/01/36		800,279
1,435,000		5.000		04/01/37		1,499,433
City of Republic MO Revenue Bonds Series 2022 (A+/NR)(a)
920,000		4.000		05/01/34		905,592
640,000		4.000		05/01/35		623,217
685,000		4.000		05/01/36		656,313
Clay County MO Public School District No. 53 Liberty GO Bonds (Refunding) Series 2016 (AA/NR)(a)
1,000,000		4.000		03/01/34		997,011
1,000,000		4.000		03/01/35		990,129
Clay County MO Public School District No. 53 Liberty GO Bonds Series 2018 (AA/NR)(a)
1,000,000		4.000		03/01/33		998,740
1,000,000		4.000		03/01/34		997,011
Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)(a)
500,000		4.000		10/01/42		435,481

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
County of Cass MO GO Bonds (Refunding) Series A (AA/NR)
$   515,000		5.000	%	09/01/24	$	529,031
505,000		5.000		09/01/25		525,085
County of Cole MO Reorganized School District No. 2 GO Series 2019 (AA+/NR)(a)
3,370,000		5.000		03/01/36		3,470,467
County of Franklin MO Certificates of Participation (Refunding) Series B (A+/NR)
1,075,000		4.000		04/01/27		1,090,463
1,100,000		4.000	(a)	04/01/28		1,111,084
County of Greene MO Certificate of Participation Series 2018 (NR/Aa2)(a)
1,000,000		4.000		09/01/31		1,004,181
County of St Charles MO Special Obligation Revenue Bonds (Refunding) Series 2020 (AA/NR)
1,485,000		3.000		10/01/25		1,444,622
1,240,000		3.000		10/01/26		1,191,195
Duckett Creek MO Sewer District Revenue Bonds (Refunding-System) Series 2015 (NR/Aa3)
1,300,000		5.000		12/01/24		1,339,092
1,215,000		5.000		12/01/25		1,267,605
Fenton MO Fire Protection District GO Bonds Series 2019 (AA+/NR)(a)
1,150,000		4.000		03/01/32		1,153,132
1,200,000		4.000		03/01/33		1,200,406
625,000		4.000		03/01/34		623,713
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		746,195
830,000		5.000	(a)	04/01/30		894,363
905,000		5.000	(a)	04/01/31		973,782
Fort Zumwalt School District GO Bonds (Refunding) Series 2022 (AA/NR)
1,325,000		5.000		03/01/24		1,354,446
1,425,000		5.000		03/01/25		1,474,257
Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series 2014 (A+/A1)(a)(c)
1,000,000		5.000		12/30/26		1,019,917
Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series A (A+/NR)(a)
715,000		4.000		12/30/32		712,489
1,780,000		3.000		12/30/33		1,488,593
Greene County MO Certificates of Participation Series 2018 (NR/Aa2)(a)
1,130,000		5.000		09/01/36		1,188,478
1,000,000		5.000		09/01/37		1,049,568
Greene County MO Reorganized School District No. R-2 GO Bonds Series 2018 (Liberty School Building Direct Deposit Program) (AA+/NR)(a)
875,000		5.000		03/01/38		908,405
Greene County MO Reorganized School District No. R-3 GO Bonds Series B (Direct Deposit Program) (AA+/NR)(a)
905,000		4.000		03/01/30		913,587
985,000		4.000		03/01/32		987,682
Greenwood MO GO Build America Bonds Taxable Series B (AA-/NR)(a)
270,000		5.625		03/01/25		270,112

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Hannibal MO Industrial Development Authority Revenue Bonds (Hannibal Regional Hospital Healthcare System, Inc.) Series 2017 (BBB+/NR)(a)
$3,225,000		5.000	%	10/01/37	$	3,219,381
Health & Educational Facilities Authority of the State of Missouri (Refunding) Series 2021 (BBB+/NR)(a)
350,000		4.000		02/15/34		309,553
400,000		4.000		02/15/35		346,433
580,000		4.000		02/15/36		497,731
700,000		4.000		02/15/37		592,621
Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (SSM Health) Series 2018 (A+/WR)(a)(d)
980,000		1.620		06/01/36		980,000
Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (SSM Health) Series A (A+/WR)
500,000		5.000		06/01/25		516,020
500,000		5.000	(a)	06/01/34		525,264
Independence MO School District (Refunding) (Direct Deposit Program) Series 2016 (AA+/NR)(a)
1,500,000		4.000		03/01/30		1,511,134
Independence MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)(a)
1,500,000		3.250		03/01/38		1,253,268
Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR)
875,000		3.000		04/01/23		873,371
500,000		3.000		04/01/24		495,068
960,000		3.000	(a)	04/01/26		928,097
Jackson County MO Reorganized School District No. 7 Certificates of Participation Series 2016 (AA/NR)
500,000		4.000		05/01/24		503,299
900,000		4.000		05/01/25		909,150
700,000		4.000	(a)	05/01/27		707,673
630,000		4.000	(a)	05/01/29		635,869
675,000		4.000	(a)	05/01/30		679,383
Jackson County MO Reorganized School District No. 7 GO Bonds (Refunding) (AA+/NR)(a)
840,000		4.000		03/01/28		852,875
580,000		4.000		03/01/30		585,504
Jackson County MO Reorganized School District No.4 Blue Springs GO Bonds (Direct Deposit Program) Series A (AA+/NR)(a)
1,000,000		5.500		03/01/35		1,095,801
1,000,000		5.500		03/01/36		1,094,120
Jackson County MO Revenue Bonds (Refunding) Series 2014 (NR/Aa3)
550,000		5.000		12/01/23		557,696
Jackson County MO School District Hickman Mills C-1 Certificates of Participation (Energy Conservation Project) Series 2015 (BBB+/NR)(a)
475,000		3.000		04/15/28		418,407
575,000		3.250		04/15/30		500,845
550,000		3.300		04/15/31		473,104
700,000		3.375		04/15/32		595,461

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Jackson County MO School District Hickman Mills C-1 GO Bonds (Refunding) Series 2020 (AA+/NR)
$   525,000		4.000	%		03/01/23	$	526,277
480,000		4.000			03/01/24		483,848
100,000		3.000			03/01/27		96,615
200,000		4.000	(a)		03/01/30		201,430
165,000		4.000	(a)		03/01/31		165,597
180,000		4.000	(a)		03/01/32		179,993
200,000		4.000	(a)		03/01/33		198,982
Jackson County MO School District No. 58 GO Bonds Series B (NR/A1)
2,020,000		4.000			03/01/26		2,052,317
1,365,000		4.000	(a)		03/01/28		1,383,656
Jackson County MO Special Obligation Revenue Bonds (Refunding-Truman Sports Complex Project) Series 2014 (NR/Aa3)(a)
1,000,000		5.000			12/01/25		1,028,449
Jackson County MO Special Obligation Revenue Bonds (Right of Way Project) (NR/Aa3)(a)
1,345,000		4.000			12/01/26		1,363,662
1,455,000		4.000			12/01/28		1,475,474
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Center Projects) (NR/Aa2)(a)
595,000		4.250			12/01/23		595,419
Jasper County MO Reorganized School District No. R-9 Carthage GO Bonds (Refunding) Series B (AA+/NR)(a)
675,000		4.000			03/01/31		680,113
1,575,000		4.000			03/01/32		1,581,067
Jefferson City MO School District Certificate of Participation Series 2021 (A+/NR)(a)
1,220,000		4.000			04/01/35		1,169,507
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)(a)
15,000		4.000			03/01/30		15,111
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2018 (AA+/NR)(a)
1,525,000		4.000			03/01/29		1,544,150
Jefferson County School District No R-VI Festus Certificate of Participation (Refunding) Series 2021 (A+/NR)(a)
585,000		3.000			04/01/29		537,928
605,000		3.000			04/01/30		546,671
420,000		3.000			04/01/31		374,311
460,000		3.000			04/01/33		389,543
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Freeman Health System Project) Series 2014 (A+/NR)(a)
1,895,000		5.000			02/15/27		1,919,009
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		476,533
450,000		2.318			02/15/24		434,881
500,000		2.378			02/15/25		471,075
1,020,000		2.558			02/15/26		940,267
815,000		2.844			02/15/28		723,046
825,000		2.894			02/15/29		716,503
Joplin MO Schools GO Buildings — Series 2020 (AA+/NR)(a)
3,285,000		3.000			03/01/35		2,789,986

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Kansas City MO Industrial Development Authority Apartments Special Obligation Revenue Bonds (Kansas City International Apartments Terminal Modified Project) Series 2020 (A-/A2)
$2,000,000		5.000	%		03/01/30	$	2,047,995
Kansas City MO Industrial Development Authority Apartments Special Obligation Revenue Bonds (Kansas City International Apartments Terminal Modified Project) Series B (A-/A2)(a)
1,275,000		4.000			03/01/34		1,185,281
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		2,602,651
1,370,000		5.000			03/01/29		1,401,030
Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Downtown Redevelopment District) Series A (AA-/A2)(a)
2,130,000		5.500			09/01/29		2,134,003
Kansas City MO Sanitary Sewer System Revenue Bonds (Refunding) Series A (AA/Aa2)(a)
1,895,000		4.000			01/01/33		1,882,550
Kansas City MO Special Obligation Revenue Bonds (Refunding) Series C (AA-/A2)
1,000,000		5.000			09/01/27		1,061,789
1,000,000		5.000	(a)		09/01/31		1,054,741
Liberty MO Public School District No. 53 Lease Participation Certificates (Refunding) (School Board Association) Series 2016 (AA-/NR)(a)
1,040,000		3.000			04/01/27		996,351
Maplewood Richmond Heights Mosch District GO Bonds (Refunding) Series 2019 (AA-/NR)(a)
940,000		4.000			03/01/28		958,567
500,000		4.000			03/01/30		507,744
Missouri Development Finance Board Cultural Facilities Revenue Bonds (Variable-Nelson Gallery Foundation) Series A (AA-/NR)(a)(d)
2,000,000		1.640			12/01/37		2,000,000
Missouri Development Finance Board Infrastructure Facilities Refunding Revenue Bonds (City Of Independence) Series C (AA/NR)(a)
2,500,000		5.000			06/01/33		2,612,629
Missouri Development Finance Board Infrastructure Facilities Revenue Bonds (St. louis Convention Center Hotel Garage Project) Series 2021 C (AA-/NR)(a)
1,450,000		1.600			12/01/49		1,450,000
Missouri Development Finance Board Revenue Bonds (Sant Louis Zoo Projects) Series 2022 (AA-/A1)(a)(e)
1,000,000		5.250			05/01/36		1,059,248
1,100,000		5.250			05/01/37		1,161,673
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds (Refunding) Series 2014 (A-/A3)
640,000		5.000			01/01/25		659,688
Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR)
895,000		4.000			04/01/31		879,081
990,000		4.000	(a)		04/01/32		956,124
1,095,000		4.000	(a)		04/01/33		1,041,519

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri School Board Association Lease Certificates of Participation for Liberty Public School District No. 53 (AA-/NR)(a)
$   400,000		4.000	%		04/01/28	$	400,173
425,000		5.000			04/01/31		425,505
475,000		5.000			04/01/32		475,568
500,000		5.000			04/01/33		500,606
500,000		5.000			04/01/34		500,631
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)(a)
1,015,000		4.000			04/01/26		1,024,296
635,000		2.000			04/01/27		578,435
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series B (AA+/Aa1)(a)
800,000		4.000			04/01/28		807,047
Missouri State Environmental Improvement & Energy Resources Authority Revenue Bonds (Tri-County Water Authority Project) (NR/Aa3)(a)
595,000		5.000			01/01/30		612,928
775,000		5.000			01/01/31		797,699
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Kansas City University of Medicine And Biosciences) Series A (NR/A1)(a)
1,440,000		4.500			06/01/28		1,447,152
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Ranken Technical College) Series C (NR/Aa1)(a)(d)
600,000		1.580			11/01/31		600,000
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		619,476
640,000		5.000			10/01/26		664,634
2,030,000		5.000			10/01/27		2,124,707
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding-Kansas City Art Institute) Series 2018 (A-/NR)(a)
670,000		5.000			09/01/33		693,395
800,000		5.000			09/01/38		809,256
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (University of Central Missouri) Series C (A+/NR)(a)
2,400,000		5.000			10/01/26		2,429,338
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-Cox Health) Series A (NR/A2)(a)
2,500,000		5.000			11/15/35		2,541,184
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Luke’s Episcopal-Presbyterian Hospitals) Series B (A/NR)(a)
1,375,000		5.000			12/01/31		1,393,330
1,000,000		5.000			12/01/33		1,009,696
Missouri State Health & Educational Facilities Authority Revenue Bonds (Kansas City University of Medicine & Biosciences) Series A (NR/A1)(a)
950,000		5.000			06/01/34		1,001,610
1,100,000		5.000			06/01/37		1,153,269

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Children’s Mercy Hospital) Series 2016 (AA-/NR)(a)
$1,250,000		4.000	%	05/15/33	$	1,182,819
250,000		4.000		05/15/39		220,450
Missouri State Health & Educational Facilities Authority Revenue Bonds (Variable-St. Louis University) Series B-REMK (AA-/Aa1)(a)(d)
2,120,000		1.640		10/01/24		2,120,000
Missouri State Health & Educational Facilities Authority Revenue Bonds (Variable-The Washington University) Series B (AA+/Aa1)(a)(d)
3,435,000		1.640		02/15/33		3,435,000
Missouri State Health & Educational Facilities Authority Revenue Bonds (Variable-The Washington University) Series C (AA+/Aa1)(a)(d)
2,600,000		1.640		03/01/40		2,600,000
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series B (GNMA/FNMA/FHLMC) (AA+/NR)(a)
340,000		2.400		11/01/30		300,089
325,000		2.500		05/01/31		286,388
335,000		2.550		11/01/31		293,677
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series B-2 (GNMA/FNMA/FHLMC) (AA+/NR)(a)
210,000		3.550		11/01/30		206,029
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series D (GNMA/FNMA/FHLMC) (AA+/NR)(a)
270,000		3.050		11/01/28		256,351
245,000		3.150		11/01/29		231,327
270,000		3.250		11/01/30		254,148
Nixa MO Public Schools Certificates of Participation Series 2021 (A/NR)(a)
1,465,000		3.000		04/01/39		1,095,617
1,000,000		3.000		04/01/41		722,480
Nixa MO Public Schools GO Bonds (Direct Deposit Program) (Refunding) Series 2019 (AA+/NR)(a)
500,000		4.000		03/01/33		500,169
800,000		4.000		03/01/34		793,321
Nodaway County MO Industrial Development Authority Educational Facilities Revenue Bonds (Variable-Northwest Foundation, Inc.) Series 2008 (AA-/NR)(a)(d)
2,885,000		2.230		11/01/28		2,885,000
North Kansas City MO School District No. 74 GO Bonds Series 2020 (AA+/Aa1)(a)
2,445,000		3.000		03/01/30		2,274,021
North Kansas City MO School District No. 74 GO Bonds Series 2022 (AA+/Aa1)(a)
2,000,000		5.250		03/01/39		2,187,342
Ozark MO Certificates of Participation Series 2014 (A+/NR)(a)
500,000		5.000		09/01/44		506,094

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Ozark MO Reorganized School District No. R-6 GO Bonds (Direct Deposit Program) (Refunding & Improvement) Series 2015 (AA+/NR)(a)
$1,000,000		4.000	%	03/01/30	$	1,001,822
1,000,000		4.000		03/01/34		1,000,660
1,500,000		4.000		03/01/35		1,495,158
Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)(a)
400,000		3.000		03/01/36		330,672
Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)(a)
1,000,000		4.000		03/01/37		974,762
1,000,000		4.000		03/01/38		953,925
750,000		4.000		03/01/39		699,654
Platte County MO R-3 School District Building Corp. GO Bonds (School Project) Series 2021 (AA/NR)(a)
1,995,000		5.000		03/01/33		2,198,188
Polk County Mo School District No R-1 GO (Bolivar Refunding) Series 2021 (A/NR)(a)
625,000		3.000		03/01/33		550,549
1,600,000		3.000		03/01/35		1,367,851
Rolla MO Certificates of Participation Series B (A+/NR)(a)
225,000		3.150		07/01/27		220,364
410,000		3.450		07/01/32		391,393
Saint Louis MO Airport Revenue Bonds (Lambert-St. Louis International Airport) Series 2005 (NPFG) (A-/A2)
2,135,000		5.500		07/01/28		2,300,230
Saint Louis MO Airport Revenue Bonds (Refunding -St. Louis Lambert International Airport) Series A (NR/A2)
1,500,000		5.000		07/01/31		1,532,993
1,355,000		5.000		07/01/32		1,383,188
Saint Louis MO Airport Revenue Bonds (Refunding-St. Louis Lambert International Airport) Series C (A-/A2)
500,000		5.000		07/01/27		524,717
Saint Louis MO Airport Revenue Bonds (Refunding-St. Louis Lambert International Airport) Series C (A-/A2) (continued)
1,000,000		5.000		07/01/28		1,055,365
Southern Platte MO Fire Protection District Series 2018 (NR/Aa2)(a)
540,000		4.000		03/01/38		526,125
Springfield MO Public Utility Revenue Bonds (Refunding) Series 2015 (AA+/NR)(a)
1,310,000		4.000		08/01/31		1,321,711
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (AMT) (NR/Aa2)
2,275,000		5.000		07/01/27		2,359,895
1,220,000		5.000	(a)	07/01/28		1,264,016
1,400,000		5.000	(a)	07/01/30		1,442,472
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (NR/Aa3)(a)
1,000,000		4.000		05/01/26		1,003,141
1,405,000		4.000		05/01/27		1,409,373
Springfield MO Special Obligation Revenue Bonds Series 2020 (NR/Aa2)(a)
470,000		4.000		11/01/34		465,345
475,000		4.000		11/01/35		466,666
815,000		4.000		11/01/36		793,606
845,000		4.000		11/01/37		799,868
920,000		4.000		11/01/38		856,477

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)(a)
$2,735,000		2.125	%	04/01/39	$	1,722,190
St Louis Land Clearance for Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR)
1,200,000		4.000		07/15/28		1,223,290
St Louis Land Clearance for Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR)(a)
1,570,000		3.000		07/15/32		1,368,601
1,615,000		3.000		07/15/33		1,373,937
1,665,000		3.000		07/15/34		1,393,560
St. Charles County MO Public Water Supply District No. 2 Certificates of Participation (Refunding) Series 2016 (AA+/NR)(a)
1,000,000		4.000		12/01/31		1,009,623
St. Charles County Public Water Supply District No. 2 Certificates of Participation (Water Utility IMPS) Series 2022 (AA+/NR)(a)
2,000,000		4.000		12/01/44		1,804,371
St. Joseph MO Industrial Development Authority Special Obligation Revenue Bonds (Refunding) (Sewer System Improvements Project) Series B (A+/NR)(a)
1,085,000		5.000		04/01/26		1,125,818
St. Louis County MO Community College District Certificates of Participation Series 2017 (AA/NR)(a)
1,000,000		4.000		04/01/35		988,968
2,000,000		4.000		04/01/36		1,951,077
2,515,000		4.000		04/01/37		2,381,773
St. Louis County MO Library District Certificates of Participation (AA/Aa2)(a)
1,855,000		4.000		04/01/25		1,860,456
1,930,000		4.000		04/01/26		1,935,266
2,010,000		4.000		04/01/27		2,015,218
St. Louis County MO Parkway School District No. C-2 GO Bonds Series B (AAA/NR)(a)
1,000,000		4.000		03/01/32		1,009,497
St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR)
2,710,000		5.000		02/15/27		2,859,865
St. Louis MO Municipal Finance Corporation Revenue Bonds Series A (A/NR)
1,320,000		5.000		04/15/25		1,365,697
1,390,000		5.000		04/15/26		1,455,826
St. Louis MO Municipal Finance Corporation Sales Tax Leasehold Revenue Bonds (Refunding) Series 2016 (A/NR)
1,000,000		5.000		02/15/24		1,018,979
2,595,000		4.000	(a)	02/15/35		2,532,302
St. Louis MO Municipal Library District Revenue Bonds (Refunding) Series 2020 (AA/NR)(a)
1,900,000		3.000		03/15/39		1,466,247
St. Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)(a)
1,000,000		4.000		04/01/29		1,009,701
1,000,000		4.000		04/01/30		1,007,495

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Stone County MO Reorganized School District No. 4 (Refunding - MO Direct Deposit Program) Series 2016 (AA+/NR)(a)
$1,725,000		4.000	%	03/01/33	$	1,725,441
1,840,000		4.000		03/01/34		1,836,210
Stone County Reorganized School District No. 4 GO (Reeds Spring) Series 2022 (AA/NR)(a)
2,000,000		4.000		03/01/39		1,811,051
Taney County Public Water Supply District No 3 Certification of Participation Series 2022 (A/NR)(a)
720,000		3.750		07/01/36		655,823
Truman MO State University Housing Society Revenue Bonds (Refunding-Revenue) Series 2016 (NR/A2)(a)
865,000		3.000		06/01/25		830,415
University City Municipal Library District Certification of Participation Series 2022 (NR/A1)(a)
670,000		3.000		04/15/37		532,195
710,000		3.000		04/15/39		538,108
1,145,000		3.000		04/15/42		802,794
University MO School District GO Bonds (Refunding) (Direct Deposit Program) Series 2017 (AA+/NR)
1,760,000		4.000		02/15/26		1,787,146
Valley Park MO Fire Protection District GO Bonds Series 2019 (AA/NR)
360,000		4.000		03/01/25		365,061
535,000		4.000		03/01/26		544,952
555,000		4.000		03/01/27		567,118
450,000		4.000	(a)	03/01/35		445,129
500,000		4.000	(a)	03/01/37		477,300
755,000		4.000	(a)	03/01/39		702,478
Warrensburg MO School District No R-VI GO Bonds (Direct Deposit Program) Series 2020 (AA+/NR)(a)
500,000		3.000		03/01/36		419,363
560,000		3.000		03/01/37		459,061
Washington MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)(a)
2,400,000		4.000		03/01/38		2,319,912
Webster County MO Marshfield School District No. R-1 GO Bonds (Direct Deposit Program) Series A (AA+/NR)(a)
500,000		4.000		03/01/32		512,534
890,000		4.000		03/01/33		909,682
Wentzville MO Certificates of Participation (Refunding) Series 2015 (NR/A1)
1,160,000		4.000		08/01/25		1,166,623
1,000,000		4.000	(a)	08/01/26		1,004,112
Wentzville MO School District No. 4 (Refunding) (Direct Deposit Program) Series 2016 (AA+/Aa1)(a)(b)
2,000,000		0.000		03/01/26		1,747,956
2,095,000		0.000		03/01/27		1,755,809
Wentzville R-IV School District MO Lease Certificates of Participation (Refunding & Improvement Certificates) Series 2016 (NR/A1)(a)
1,810,000		4.000		04/01/32		1,815,655
1,800,000		4.000		04/01/33		1,802,440
1,800,000		4.000		04/01/34		1,801,940

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Wentzville R-IV School District MO Lease Certificates of Participation Series 2015 (NR/A1)
$   565,000		5.000	%		04/01/24	$	577,205
990,000		4.000	(a)		04/01/25		997,412
							280,176,661
North Dakota(a) – 0.7%
North Dakota State Housing Finance Agency Homeownership Revenue Bonds (Home Mortgage Finance Program) Series C (NR/Aa1)
2,310,000		2.600			07/01/28		2,128,641
150,000		3.150			01/01/36		131,038
							2,259,679
Ohio(a) – 0.7%
Cuyahoga Metropolitan Housing Authority Revenue Bonds Series 2021 (A+/NR)
1,500,000		2.000			12/01/31		1,231,284
Dayton City School District Certificates of Participation (Ohio School Facilities Project) Series 2021 (NR/A3)
715,000		3.000			12/01/35		586,083
Dayton City School District Certificates of Participation (Ohio School Facilities Project) Series 2021 (NR/A3)
695,000		2.125			12/01/34		499,509
							2,316,876
Oklahoma(a) – 0.6%
McClain County Independent School District No 5 Washington Revenue Bonds (Washington Public Schools Project) Series 2022 (A-/NR)
1,735,000		4.000			09/01/33		1,710,372
TOTAL INVESTMENTS – 98.8%
(Cost $337,672,270)						$	309,114,908
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%							3,722,696
NET ASSETS – 100.0%						$	312,837,604

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 October 31, 2022.
(e)	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.

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Investment Abbreviations:
AMT	—AlternativeMinimum Tax
FHLMC	—FederalHome Loan Mortgage Corp.
FNMA	—FederalNational Mortgage Association
GNMA	—GovernmentNational Mortgage Association
GO	—GeneralObligation
NR	—NotRated
WR	—WithdrawnRating

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/22			AS OF 10/31/21
Lease		37.9	%		34.1	%
General Obligation		27.1			30.1
Higher Education		7.5			5.6
Hospital		7.4			8.4
Limited Tax		7.1			5.5
Single Family Housing		3.6			3.6
Transportation		3.6			3.6
Water/Sewer		2.4			3.7
Power		0.8			2.6
Not For Profit		0.6			—
Multi Family Housing		0.4			0.4
Prerefunded/Escrow to Maturity		0.4			0.4
Crossover		—			1.1
Investment Company		—			0.3
TOTAL INVESTMENTS		98.8	%		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. 55

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Performance Summary

October 31, 2022 (Unaudited)

The following is performance information for The Kansas Tax-Free Intermediate Bond Fund (“Kansas Tax-Free Intermediate Bond Fund”) for various time periods. The returns represent past performance. Past performance is no guarantee of future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund is not subject to a sales charge, so a sales charge is not applied to its 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 Fund. Please visit our website at www.commercefunds.com to obtain the most recent month-end returns.

Kansas Tax-Free Intermediate Bond Fund 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2012 through October 31, 2022.

Average Annual Total Return through October 31, 2022	One Year	Five Years	Ten Years
Kansas Tax-Free Intermediate Bond Fund(a)	–10.82%	–0.15%	0.89%

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

(b) The Bloomberg 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.

56

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – 96.8%
Alabama(a) – 1.3%
Homewood AL Educational Building Authority Revenue Bonds (Refunding Educational Facilities Samford University) Series A (NR/A3)
$1,000,000		4.000	%		12/01/35	$	897,959
Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR)
1,000,000		5.000			12/01/31		1,038,407
							1,936,366
Georgia(a) – 0.5%
University Of GA Milledgeville & Baldwin Development Authority Revenue Bonds (Refunding-State of Georgia University Project) (A+/NR)
745,000		5.000			06/15/34		795,836
Illinois(a) – 1.7%
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		981,217
Westchester Village GO Bonds Series 2021 (BAM) (AA/A2)
1,690,000		4.000			12/01/36		1,631,626
							2,612,843
Indiana – 2.8%
Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR)(a)
440,000		4.000			01/15/35		433,521
Greene County Hospital Association (Lease Rental Revenue Refunding) Series 2021 (A+/NR)(a)
1,415,000		3.000			08/01/37		1,097,578
Noblesville Redevelopment Authority Revenue Bonds (Pleasant street Project) Series 2022 (AA/NR)(a)
775,000		4.750			07/15/45		739,941
Shelbyville IN Redevelopment Authority Lease Rental Revenue Bonds Series 2021 (A+/NR)(a)
550,000		3.000			08/01/34		458,698
Whitestown Redevelopment Authority Redevelopment Authority Lease Rental Revenue Bonds(Taxable-Refunding) Series 2021 (AA+/NR)
1,530,000		3.000			08/01/31		1,388,997
							4,118,735
Kansas – 85.3%
Allen County KS Public Building Community Revenue Bonds (Allen County Hospital Project) Series 2012 (A/NR)(a)(b)
2,335,000		5.000			12/01/22		2,338,424
Arkansas City KS Public Building Commission Revenue Bonds (Refunding) Series 2019 (A/NR)
560,000		5.000			09/01/27		594,602
585,000		5.000			09/01/28		626,958
415,000		5.000	(a)		09/01/29		450,024
Bel Aire KS GO Bond Series 2022 (NR/NR)(a)
2,000,000		3.000			12/01/25		1,974,921
Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AGM) (AA/Aa2)(a)
800,000		4.000			10/01/27		813,049

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Bourbon County KS Unified School District No. 234-Fort Scott GO Bonds Series 2014 (A/NR)
$  900,000		5.000	%		09/01/23	$	911,116
Butler County KS Unified School District No. 375 GO Bonds (School Building Improvements) Series 2021 (AGM) (AA/NR)(a)
1,400,000		3.000			09/01/33		1,202,573
1,600,000		3.000			09/01/34		1,350,624
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		1,008,209
500,000		4.000			09/01/31		501,543
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		1,378,965
1,305,000		4.000	(a)		09/01/28		1,325,556
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding) (AMBAC) (NR/WR)
1,000,000		5.250			09/01/24		1,024,663
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		600,710
600,000		4.000			12/01/29		607,610
650,000		4.000			12/01/30		655,079
City of Dodge KS GO Bonds (Refunding) Series B (A+/NR)
670,000		4.000			09/01/26		680,473
740,000		4.000	(a)		09/01/28		750,930
City of Emporia KS GO Bonds (Refunding) Series 2020 (AA/NR)
525,000		3.000			09/01/23		522,573
City of Garden KS GO Bonds (Refunding) Series 2020-A (NR/Aa3)(a)
1,255,000		3.000			11/01/29		1,162,634
1,000,000		3.000			11/01/30		910,437
City of Manhattan KS Hospital Revenue Bonds (Refunding-Mercy Regional Hospital Center, Inc.) Series 2013 (NR/NR)(a)(b)
2,000,000		5.000			11/15/22		2,001,275
City of Mulvane KS GO Bonds (Refunding) Series A (AA-/NR)
500,000		5.000			09/01/25		523,736
City of Salina KS Water & Sewage System Revenue Bonds (Refunding) Series A (NR/Aa3)(a)
495,000		3.000			10/01/27		472,138
350,000		3.000			10/01/28		329,715
300,000		3.000			10/01/29		278,251
City Of Tonganoxie KS GO Bonds Temporary Notes Series C (NR/NR)
2,080,000		3.000			03/01/23		2,078,869
City of Topeka KS Combined Utility Revenue Bonds (Refunding) Series A (NR/Aa3)(a)
545,000		4.000			08/01/27		553,222
445,000		3.000			08/01/28		419,800
525,000		3.000			08/01/29		488,103
650,000		3.000			08/01/32		568,469

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
City of Topeka KS GO Bonds (Refunding) Series A (AA/NR)(a)
$2,000,000		2.000	%		08/15/28	$	1,758,684
County of Sumner KS Series 2021 AGM (AA/NR)(a)
925,000		3.000			10/01/34		769,576
955,000		3.000			10/01/35		781,675
Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)(a)
1,550,000		3.250			08/01/33		1,369,979
1,000,000		5.000			08/01/44		1,049,679
Dickinson County KS Unified School District No. 435 GO Bonds (Taxable-Refunding) Series 2019 (A+/NR)(a)
375,000		2.950			09/01/32		310,446
Douglas County KS Unified School District No. 491 GO Bonds (Edora-Refunding) Series B-2019 BAM (AA/A2)
1,010,000		4.000			09/01/29		1,034,749
Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (A+/NR)(a)
1,530,000		4.000			09/01/30		1,541,620
Franklin County KS Unified School District No. 290 GO Bonds Series A (NR/A1)(a)(b)
2,470,000		5.000			09/01/25		2,579,084
Geary Country KS GO Bonds (Refunding) Series 2016 (A/NR)(a)
1,000,000		4.000			09/01/29		1,008,719
Geary County KS Unified Government GO Bonds (Refunding & Improvement) Series B (AA-/NR)(a)
310,000		5.000	(b)		12/01/25		325,735
380,000		4.000			12/01/26		386,495
Geary County KS Unified School District No. 475 (Taxable) Series C (NR/Aa3)(a)(b)
865,000		3.661			09/01/25		839,180
Geary County Public Building Commission Revenue Bonds Series 2022 (NR/NR)(a)
1,000,000		5.000			08/01/47		967,254
Goddard KS GO Bonds Series 2019-1 (NR/NR)(a)
1,000,000		3.000			12/01/22		999,704
Johnson & Miami Counties KS Unified School District No. 230 GO Bonds Series A (NR/A1)(a)
1,000,000		4.000			09/01/32		987,850
Johnson & Miami County KS Unified School District No. 230 GO Bonds (Refunding) Series 2016 (NR/A1)
1,000,000		5.000			09/01/26		1,056,340
1,000,000		3.500	(a)		09/01/30		944,451
Johnson & Miami County KS Unified School District No. 230 GO Bonds Series B (NR/A1)(a)
1,000,000		4.000			09/01/33		982,383
Johnson County KS Improvement GO Bond Series A (AAA/Aaa)(a)
2,000,000		4.000			09/01/34		1,985,810
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		1,417,790
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series B (AA/Aa2)(a)
1,000,000		4.000			09/01/31		1,002,485

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series C (AA/Aa2)(a)
$1,000,000		4.000	%		09/01/29	$	1,009,882
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		635,088
Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds (Refunding) Series A (NR/Aaa)(a)(b)
1,000,000		4.000			10/01/25		1,019,797
Kansas City KS Community College District Certificates of Participation (Refunding) Series A (AA-/NR)
945,000		4.000			04/01/23		947,344
545,000		4.000			04/01/24		548,641
1,000,000		4.000			04/01/25		1,014,037
350,000		4.000			04/01/26		355,348
Kansas City KS Community College District Certificates of Participation (Taxable-Refunding) Series B (AA-/NR)
605,000		2.450			04/01/27		540,258
Kansas Development Finance Authority Revenue Bonds (Refunding-State of Kansas University Project) Series A (NR/Aa3)(a)
1,910,000		2.000			05/01/31		1,503,933
Kansas Development Finance Authority Revenue Bonds (Refunding-State of Wichita University Project) Series L (NR/Aa3)(a)
2,685,000		3.000			06/01/35		2,231,481
Kansas Development Finance Authority Revenue Bonds (State of Kansas University Aerospace And Technology Campus Housing Project) Series A-1 (NR/Aa3)(a)
440,000		3.125			05/01/50		297,976
320,000		3.125			05/01/51		215,141
Kansas Development Finance Authority Revenue Bonds (Wichita State University Project) Series 2020 (NR/Aa3)
2,000,000		5.000			06/01/24		2,051,040
Kansas State Department of Transportation Highway Revenue Bonds Series 2015 (AA/Aa2)(a)
1,250,000		5.000			09/01/29		1,303,142
1,110,000		5.000			09/01/34		1,147,484
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		1,642,367
Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (A+/Aa3)(a)
2,000,000		4.000			03/01/31		2,007,072
Kansas State Development Finance Authority Revenue Bonds Series G (A+/Aa3)(a)(b)
1,000,000		5.000			04/01/23		1,007,253
Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (A-/NR)(a)
1,715,000		5.000			07/01/32		1,750,602
1,335,000		4.000			07/01/37		1,189,543
Leavenworth County KS Unified School District No. 453 GO Bonds Series A (NR/Aa3)(a)
500,000		4.000	(b)		09/01/26		512,534
1,165,000		4.000			09/01/31		1,167,895

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Leavenworth County KS Unified School District No. 469 Lansing GO Bonds (Refunding) Series 2016 (NR/A3)
$1,000,000		4.000	%		09/01/26	$	1,014,619
Lyon County KS Unified School District No. 253 Emporia GO Bonds Series 2019 (NR/A1)(a)
1,050,000		4.000			09/01/33		1,048,706
Miami County Unified School District No. 416 GO Bonds (Refunding) Series 2020 (AA-/NR)(a)
500,000		3.000			09/01/38		389,146
200,000		3.000			09/01/39		152,854
380,000		3.000			09/01/40		283,853
370,000		3.000			09/01/41		271,667
Montezuma Unified School District No. 371 (Refunding) Series 2021 (A/NR)(a)
1,850,000		3.000			09/01/41		1,342,392
Newton KS GO Bonds (Refunding) Series A (AA-/NR)(a)
1,555,000		3.000			09/01/27		1,484,394
1,180,000		3.000			09/01/28		1,108,723
Osage County KS GO Bonds (Refunding) Series A (AA-/NR)(a)
570,000		3.000			09/01/36		488,909
350,000		3.000			09/01/38		291,183
575,000		3.000			09/01/41		453,033
Riley County KS Unified School District No. 383 GO Bonds (Prerefunded-Refunding) Series 2016 (NR/NR)(a)(b)
170,000		3.000			09/01/26		167,770
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		1,669,214
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)(a)(b)
1,885,000		5.000			09/01/25		1,970,844
Sedgwick County KS Unified School District No. 260 GO Bonds (Refunding) Series 2016 (NR/Aa3)
1,000,000		4.000			10/01/30		1,027,121
1,000,000		4.000			10/01/31		1,021,812
Sedgwick County KS Unified School District No. 261 GO Bonds Series 2016 (NR/A2)(a)
985,000		3.000			11/01/32		845,099
Sedgwick County KS Unified School District No. 262 GO Bonds (Refunding) Series 2015 (A+/NR)(a)
1,500,000		4.000	(b)		09/01/24		1,518,217
800,000		4.000			09/01/25		808,221
Sedgwick County KS Unified School District No. 262 GO Bonds Series 2016 (A+/NR)(a)(b)
1,425,000		5.000			09/01/24		1,468,172
Sedgwick County KS Unified School District No. 265 GO Bonds (Refunding) Series B (NR/Aa3)(a)
1,300,000		4.000			10/01/29		1,312,936
Sedgwick County KS Unified School District No. 266 GO Bonds Series A (AA/NR)
300,000		3.000			09/01/26		290,319
715,000		4.000	(a)		09/01/29		723,759
Sedgwick County KS Unified School District No. 268 GO Bond (Refunding) Series B (A+/NR)
885,000		3.000			09/01/28		831,412

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Sedgwick County KS Unified School District No. 268 GO Bond (Taxable-Refunding) Series A (A+/NR)
$   440,000		1.740	%		09/01/28	$	363,217
Seward County KS Unified School District No. 480 GO Bonds (Refunding) Series B (A+/A1)(a)(b)
700,000		4.000			09/01/25		712,546
Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)(a)
485,000		4.000			09/01/30		491,575
1,000,000		4.000			09/01/31		1,010,456
1,065,000		5.000			09/01/32		1,104,446
Shawnee County KS GO Bonds (Refunding) Series 2015 (NR/Aa1)
450,000		3.000			09/01/23		448,915
490,000		3.000			09/01/25		480,968
Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)(a)
600,000		4.000			09/01/29		608,094
650,000		4.000			09/01/30		656,186
Shawnee County KS Unified School District No. 345 Seaman GO Bonds (Commercial Mortgage Backed Securities-Refunding-Improvement) Series A (NR/Aa3)(a)(c)
2,000,000		0.000			09/01/23		1,937,404
Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2015 (AA/NR)(a)
910,000		4.000			09/01/27		923,990
Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2022 (NR/Aa2)(a)
1,400,000		5.000			09/01/39		1,496,984
State of Kansas Department of Transportation High Way Revenue Bonds Series A (AA/Aa2)
1,000,000		5.000			09/01/27		1,071,411
1,250,000		5.000	(a)		09/01/32		1,324,180
University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2004 (AA-/NR)(a)
2,065,000		1.600			09/01/34		2,065,000
University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series A (AA-/NR)
1,500,000		5.000			03/01/28		1,601,449
1,930,000		5.000	(a)		09/01/48		1,951,948
Washburn University KS Revenue Bonds Series A (Refunding) (AGM) (AA/A1)
490,000		4.000			07/01/26		498,652
515,000		4.000			07/01/27		525,651
555,000		4.000			07/01/29		564,132
Wichita KS GO Bonds (AMT-Airport) Series C (AA+/Aa2)
590,000		5.000			12/01/25		616,950
Wichita KS GO Bonds Series B (AMT) (AA+/Aa2)(a)
940,000		4.000			12/01/42		849,312
Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/A1)(a)
1,000,000		5.000			09/01/32		1,068,021
Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B (AA-/NR)(a)
415,000		4.000			10/01/26		419,470

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Wichita KS Water & Sewer Utility Revenue Bonds Series A (AA-/NR)(a)
$1,560,000		4.000	%		10/01/29	$	1,579,152
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		1,025,812
1,000,000		4.250			09/01/39		937,712
Wyandotte County KS School District No. 204 GO Bonds Series A (NR/Aa3)(a)
1,000,000		3.000			09/01/37		796,671
Wyandotte County KS School District No. 500 GO Bonds Series A (AA-/Aa3)(a)(b)
500,000		5.500			09/01/26		539,870
							126,957,346
Missouri – 1.3%
Butler County MO Unified School District R-V GO Bonds COPS Certificates of Participation (Refunding-School Building) Series 2022 (A-/NR)(a)
435,000		3.000			04/01/33		372,085
City of Independence MO Development Authority Revenue GO (Refunding) Bonds Series 2021 (A-/NR)
300,000		3.000			04/01/23		299,161
305,000		3.000			04/01/24		301,681
315,000		3.000			04/01/25		305,034
325,000		3.000			04/01/26		308,735
335,000		3.000			04/01/27		312,582
							1,899,278
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		845,657
Ohio(a) – 0.6%
Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR)
1,000,000		4.000			12/01/42		858,599
Oklahoma – 0.6%
McClain County Economic Development Authority Revenue Bonds (Washington Public Schools Project) Series 2022 (A-/NR)
1,000,000		4.000			09/01/32		991,834
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		985,838
Sabine-Neches Navigation District GO Bonds Series 2022 (Sabine-Neches Waterway Project) (NR/Aa2)
500,000		5.250			02/15/38		532,459
500,000		5.250			02/15/39		529,403
							2,047,700

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
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	$	589,722
Utah State Building Ownership Authority Lease Revenue Bonds (State Facilities Master Lease Program) Series 2016 (AA+/Aa1)
500,000		3.000			05/15/34		427,585
							1,017,307
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $157,486,913)						$	144,081,501
Shares	Dividend Rate					Value
Investment Company – 2.7%
State Street Institutional US Government Money Market Fund – Premier Class
4,015,580		3.006%					4,015,580
(Cost $4,015,580)
TOTAL INVESTMENTS – 99.5%
(Cost $161,502,493)						$	148,097,081
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%							740,103
NET ASSETS – 100.0%						$	148,837,184

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)	Prerefunded security. Maturity date disclosed is prerefunding date.
(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.

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	—Insuredby Assured Guaranty Municipal Corp.
AMBAC	—Insuredby American Municipal Bond Assurance Corp.
AMT	—AlternativeMinimum Tax
COPS	—Certificatesof Participation
GO	—GeneralObligation
NR	—NotRated
PSF-GTD	—Guaranteedby Permanent School Fund
WR	—WithdrawnRating

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2022

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/22			AS OF 10/31/21
General Obligation		42.8	%		42.9	%
Lease		15.2			14.6
Prerefunded/Escrow to Maturity		11.4			13.0
Hospital		7.9			8.2
Higher Education		7.3			5.6
Water/Sewer		5.9			5.7
Transportation		3.3			3.1
Investment Company		2.7			1.6
Limited Tax		1.7			2.5
Power		1.3			1.2
Single Family Housing		—			1.0
TOTAL INVESTMENTS		99.5	%		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. 61

THE COMMERCE FUNDS

Statements of Assets and Liabilities

October 31, 2022

	The Growth Fund		The Value Fund		The MidCap Growth Fund		The Bond Fund
Assets:
Investments at value (identified cost $130,794,240, $255,149,033, $176,341,544 and $1,139,042,568, respectively)	$	184,503,855	$	305,518,410	$	216,649,369	$	986,917,821
Cash		—		—		—		66,838
Receivables:
Interest and dividends		54,003		380,898		62,285		7,620,164
Fund shares sold		87,608		102,219		506,408		3,063,985
Other		6,420		11,795		8,290		40,354
Total Assets		184,651,886		306,013,322		217,226,352		997,709,162
Liabilities:
Payables:
Investments purchased		9,238,175		—		1,006,070		—
Fund shares redeemed		105,129		472,486		231,249		913,497
Dividends		—		—		—		1,868,661
Advisory fees		53,858		73,512		86,949		322,585
Deferred trustee fees		42,738		50,338		28,093		272,378
Administrative fees		18,514		33,693		24,051		116,696
Accrued expenses		66,631		133,967		82,398		310,389
Total Liabilities		9,525,045		763,996		1,458,810		3,804,206
Net Assets:
Paid-in capital		110,460,387		238,720,814		171,483,358		1,153,613,954
Total distributable earnings (loss)		64,666,454		66,528,512		44,284,184		(159,708,998	)
Net Assets	$	175,126,841	$	305,249,326	$	215,767,542	$	993,904,956
Shares Outstanding/Net Asset Value
Total shares outstanding, no par value (unlimited number of shares authorized):		4,793,134		9,075,216		5,366,821		58,775,285
Net asset value (net assets/shares outstanding)	$	36.54	$	33.64	$	40.20	$	16.91

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

THE COMMERCE FUNDS

Statements of Assets and Liabilities (continued)

October 31, 2022

	The Short-Term Government Fund			The National Tax-Free Intermediate Bond Fund			The Missouri Tax-Free Intermediate Bond Fund			The Kansas Tax-Free Intermediate Bond Fund
Assets:
Investments at value (identified cost $59,024,359, $411,832,927, $337,672,270 and $161,502,493, respectively)	$	54,363,273		$	376,135,004		$	309,114,908		$	148,097,081
Receivables:
Interest and dividends		102,070			4,643,896			2,611,071			1,275,879
Fund shares sold		44,368			948,803			940,791			83,315
Investments sold		—			—			4,505,707			—
Reimbursement from adviser		18,382			—			—			14,227
Other		2,168			15,318			12,738			5,970
Total Assets		54,530,261			381,743,021			317,185,215			149,476,472
Liabilities:
Due to custodian for bank overdraft		—			—			284,127			—
Payables:
Fund shares redeemed		212,060			492,169			1,036,368			239,201
Investments purchased on an extended settlement basis		—			—			2,216,959			—
Dividends		10,253			607,723			468,400			209,797
Advisory fees		23,299			112,469			97,294			57,539
Deferred trustee fees		46,018			80,261			93,957			34,435
Administrative fees		6,407			45,508			37,162			17,600
Accrued expenses		39,914			118,423			113,344			80,716
Total Liabilities		337,951			1,456,553			4,347,611			639,288
Net Assets:
Paid-in capital		64,445,201			414,795,463			344,402,069			162,434,449
Total distributable earnings (loss)		(10,252,891	)		(34,508,995	)		(31,564,465	)		(13,597,265	)
Net Assets	$	54,192,310		$	380,286,468		$	312,837,604		$	148,837,184
Shares Outstanding/Net Asset Value
Total shares outstanding, no par value (unlimited number of shares authorized):		3,528,980			21,480,268			17,792,968			8,513,496
Net asset value (net assets/shares outstanding)	$	15.36		$	17.70		$	17.58		$	17.48

The accompanying notes are an integral part of these financial statements. 63

THE COMMERCE FUNDS

Statements of Operations

For the Fiscal Year Ended October 31, 2022

	The Growth Fund			The Value Fund			The MidCap Growth Fund			The Bond Fund
Investment Income:
Dividends	$	1,773,893		$	10,656,384		$	2,214,298		$	68,350
Interest		—			—			—			34,962,509
Total Investment Income		1,773,893			10,656,384			2,214,298			35,030,859
Expenses:
Advisory fees		736,278			988,291			1,157,319			4,087,905
Administration fees		253,095			452,967			329,119			1,533,348
Professional fees		111,858			86,418			71,130			309,825
Transfer Agent fees		74,130			105,383			54,084			77,063
Custody, accounting and administrative services		60,500			102,222			75,467			348,617
Shareholder servicing fees		41,813			395,113			65,949			505,970
Registration fees		25,790			28,006			30,431			37,164
Printing and mailing fees		19,108			30,949			20,406			55,511
Trustee fees		4,314			4,309			6,264			16,566
Other		32,286			38,256			37,069			130,058
Total Expenses		1,359,172			2,231,914			1,847,238			7,102,027
Net Investment Income	$	414,721		$	8,424,470		$	367,060		$	27,928,832
Realized and unrealized gain (loss)
Net realized gain		10,610,590			15,694,897			3,714,773			1,538,075
Net change in unrealized loss		(53,608,985	)		(29,756,991	)		(56,478,763	)		(214,705,267	)
Net realized and unrealized loss		(42,998,395	)		(14,062,094	)		(52,763,990	)		(213,167,192	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(42,583,674	)	$	(5,637,624	)	$	(52,396,930	)	$	(185,238,360	)

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

THE COMMERCE FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended October 31, 2022

	The Short-Term Government Fund			The National Tax-Free Intermediate Bond Fund			The Missouri Tax-Free Intermediate Bond Fund			The Kansas Tax-Free Intermediate Bond Fund
Investment Income:
Interest	$	1,072,364		$	9,235,186		$	8,714,807		$	3,945,959
Dividends		10,778			74,705			47,602			36,672
Total Investment Income		1,083,142			9,309,891			8,762,409			3,982,631
Expenses:
Advisory fees		293,166			1,400,065			1,236,295			727,931
Administration fees		80,621			577,536			487,462			227,044
Professional fees		14,980			114,849			107,134			54,293
Transfer Agent fees		34,160			43,564			48,592			36,486
Custody, accounting and administrative services		60,663			183,647			153,338			80,551
Shareholder servicing fees		53,654			38,866			104,405			42,707
Registration fees		23,808			27,483			28,175			50,008
Printing and mailing fees		10,798			21,303			20,107			13,398
Trustee fees		753			6,032			5,211			2,373
Other		13,308			52,211			45,509			24,672
Total Expenses		585,911			2,465,556			2,236,228			1,259,463
Less — expense reductions		(187,205	)		—			—			(103,602	)
Net Expenses		398,706			2,465,556			2,236,228			1,155,861
Net Investment Income	$	684,436		$	6,844,335		$	6,526,181		$	2,826,770
Realized and unrealized gain (loss)
Net realized gain (loss)		(35,774	)		790,911			(410,491	)		(122,102	)
Net change in unrealized loss		(5,226,352	)		(54,535,999	)		(44,542,387	)		(21,569,775	)
Net realized and unrealized loss		(5,262,126	)		(53,745,088	)		(44,952,878	)		(21,691,877	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,577,690	)	$	(46,900,753	)	$	(38,426,697	)	$	(18,865,107	)

The accompanying notes are an integral part of these financial statements. 65

THE COMMERCE FUNDS

Statements of Changes in Net Assets

	The Growth Fund						The Value Fund
	For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021
From Operations:
Net investment income	$	414,721		$	312,514		$	8,424,470		$	7,726,875
Net realized gain		10,610,590			41,861,260			15,694,897			17,517,239
Net change in unrealized gain (loss)		(53,608,985	)		31,483,401			(29,756,991	)		68,712,789
Net increase (decrease) in net assets from operations		(42,583,674	)		73,657,175			(5,637,624	)		93,956,903
Distributions to Shareholders:
From distributable earnings		(42,187,100	)		(9,058,201	)		(18,403,534	)		(7,384,130	)
From Share Transactions:
Proceeds from sales of shares		45,716,458			21,652,985			40,647,306			74,711,226
Reinvestment of distributions		12,473,149			2,398,802			8,480,695			3,374,034
Cost of shares redeemed		(33,955,287	)		(63,689,649	)		(66,206,589	)		(60,435,242	)
Net increase (decrease) in net assets resulting from share transactions		24,234,320			(39,637,862	)		(17,078,588	)		17,650,018
TOTAL INCREASE (DECREASE)		(60,536,454	)		24,961,112			(41,119,746	)		104,222,791
Net Assets:
Beginning of year		235,663,295			210,702,183			346,369,072			242,146,281
End of year	$	175,126,841		$	235,663,295		$	305,249,326		$	346,369,072

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

THE COMMERCE FUNDS

Statements of Changes in Net Assets (continued)

	The MidCap Growth Fund						The Bond Fund
	For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021
From Operations:
Net investment income	$	367,060		$	331,531		$	27,928,832		$	27,138,673
Net realized gain		3,714,773			51,613,208			1,538,075			10,603,290
Net change in unrealized gain (loss)		(56,478,763	)		38,849,901			(214,705,267	)		(19,303,225	)
Net increase (decrease) in net assets from operations		(52,396,930	)		90,794,640			(185,238,360	)		18,438,738
Distributions to Shareholders:
From distributable earnings		(51,815,856	)		(13,614,699	)		(36,742,037	)		(31,486,220	)
From Share Transactions:
Proceeds from sales of shares		36,534,213			27,336,742			215,542,550			213,660,945
Reinvestment of distributions		10,183,082			2,449,480			10,585,768			9,016,804
Cost of shares redeemed		(43,551,601	)		(84,479,253	)		(243,687,673	)		(252,912,347	)
Net increase (decrease) in net assets resulting from share transactions		3,165,694			(54,693,031	)		(17,559,355	)		(30,234,598	)
TOTAL INCREASE (DECREASE)		(101,047,092	)		22,486,910			(239,539,752	)		(43,282,080	)
Net Assets:
Beginning of year		316,814,634			294,327,724			1,233,444,708			1,276,726,788
End of year	$	215,767,542		$	316,814,634		$	993,904,956		$	1,233,444,708

The accompanying notes are an integral part of these financial statements. 67

THE COMMERCE FUNDS

Statements of Changes in Net Assets (continued)

	The Short-Term Government Fund						The National Tax-Free Intermediate Bond Fund
	For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021
From Operations:
Net investment income	$	684,436		$	605,227		$	6,844,335		$	6,972,198
Net realized gain (loss)		(35,774	)		(15,092	)		790,911			4,165,365
Net change in unrealized loss		(5,226,352	)		(925,133	)		(54,535,999	)		(6,496,079	)
Net increase (decrease) in net assets from operations		(4,577,690	)		(334,998	)		(46,900,753	)		4,641,484
Distributions to Shareholders:
From distributable earnings		(844,868	)		(1,147,407	)		(10,986,126	)		(7,981,503	)
From Share Transactions:
Proceeds from sales of shares		12,052,939			27,795,544			131,917,033			58,627,307
Reinvestment of distributions		643,868			791,478			521,296			399,014
Cost of shares redeemed		(14,876,352	)		(33,626,852	)		(155,933,434	)		(53,405,200	)
Net increase (decrease) in net assets resulting from share transactions		(2,179,545	)		(5,039,830	)		(23,495,105	)		5,621,121
TOTAL INCREASE (DECREASE)		(7,602,103	)		(6,577,761	)		(81,381,984	)		2,281,102
Net Assets:
Beginning of year		61,794,413			68,372,174			461,668,452			459,387,350
End of year	$	54,192,310		$	61,794,413		$	380,286,468		$	461,668,452

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

THE COMMERCE FUNDS

Statements of Changes in Net Assets (continued)

	The Missouri Tax-Free Intermediate Bond Fund						The Kansas Tax-Free Intermediate Bond Fund
	For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021
From Operations:
Net investment income	$	6,526,181		$	6,923,440		$	2,826,770		$	2,719,778
Net realized gain (loss)		(410,491	)		55,227			(122,102	)		14,635
Net change in unrealized loss		(44,542,387	)		(2,878,423	)		(21,569,775	)		(1,588,448	)
Net increase (decrease) in net assets from operations		(38,426,697	)		4,100,244			(18,865,107	)		1,145,965
Distributions to Shareholders:
From distributable earnings		(6,503,215	)		(6,903,729	)		(2,814,919	)		(2,707,051	)
From Share Transactions:
Proceeds from sales of shares		93,534,953			53,360,400			25,853,878			20,733,858
Reinvestment of distributions		735,172			805,564			246,463			187,290
Cost of shares redeemed		(121,183,571	)		(49,321,855	)		(33,500,706	)		(23,794,374	)
Net increase (decrease) in net assets resulting from share transactions		(26,913,446	)		4,844,109			(7,400,365	)		(2,873,226	)
TOTAL INCREASE (DECREASE)		(71,843,358	)		2,040,624			(29,080,391	)		(4,434,312	)
Net Assets:
Beginning of year		384,680,962			382,640,338			177,917,575			182,351,887
End of year	$	312,837,604		$	384,680,962		$	148,837,184		$	177,917,575

The accompanying notes are an integral part of these financial statements. 69

THE GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

	The Growth Fund
	Year Ended October 31,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	56.39		$	42.32		$	37.43		$	34.61		$	33.21
Net investment income(a)		0.09			0.07			0.15			0.21			0.23
Net realized and unrealized gain (loss)		(9.74	)		15.90			6.95			5.69			3.04
Total from investment operations		(9.65	)		15.97			7.10			5.90			3.27
Distributions to shareholders from net investment income		(0.08	)		(0.15	)		(0.19	)		(0.22	)		(0.23	)
Distributions to shareholders from net realized gains		(10.12	)		(1.75	)		(2.02	)		(2.86	)		(1.64	)
Total distributions		(10.20	)		(1.90	)		(2.21	)		(3.08	)		(1.87	)
Net asset value, end of year	$	36.54		$	56.39		$	42.32		$	37.43		$	34.61
Total return(b)		(20.81	)%		38.86	%		19.89	%		19.10	%		10.23	%
Net assets, end of year (in 000s)	$	175,127		$	235,663		$	210,702		$	168,179		$	123,768
Ratio of net expenses to average net assets		0.74	%		0.68	%		0.71	%		0.75	%		0.76	%
Ratio of total expenses to average net assets		0.74	%		0.68	%		0.71	%		0.75	%		0.76	%
Ratio of net investment income to average net assets		0.23	%		0.14	%		0.38	%		0.61	%		0.67	%
Portfolio turnover rate		36	%		39	%		37	%		39	%		45	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

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

THE VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	The Value Fund
	Year Ended October 31,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	36.21		$	26.84		$	31.50		$	30.97		$	33.02
Net investment income(a)		0.89			0.82			0.84			0.76			0.81
Net realized and unrealized gain (loss)		(1.52	)		9.34			(3.14	)		3.32			1.20
Total from investment operations		(0.63	)		10.16			(2.30	)		4.08			2.01
Distributions to shareholders from net investment income		(0.90	)		(0.79	)		(0.82	)		(0.79	)		(0.80	)
Distributions to shareholders from net realized gains		(1.04	)		—			(1.54	)		(2.76	)		(3.26	)
Total distributions		(1.94	)		(0.79	)		(2.36	)		(3.55	)		(4.06	)
Net asset value, end of year	$	33.64		$	36.21		$	26.84		$	31.50		$	30.97
Total return(b)		(1.74	)%		38.10	%		(7.69	)%		14.65	%		6.22	%
Net assets, end of year (in 000s)	$	305,249		$	346,369		$	242,146		$	286,982		$	221,189
Ratio of net expenses to average net assets		0.68	%		0.66	%		0.70	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.68	%		0.66	%		0.71	%		0.71	%		0.79	%
Ratio of net investment income to average net assets		2.56	%		2.44	%		2.99	%		2.52	%		2.56	%
Portfolio turnover rate		34	%		29	%		54	%		36	%		49	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

The accompanying notes are an integral part of these financial statements. 71

THE MIDCAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	The MidCap Growth Fund
	Year Ended October 31,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	59.47		$	46.51		$	43.88		$	40.44		$	40.46
Net investment income(a)		0.07			0.06			0.11	(b)		0.14			0.18
Net realized and unrealized gain (loss)		(9.55	)		15.06			5.36			7.00			2.58
Total from investment operations		(9.48	)		15.12			5.47			7.14			2.76
Distributions to shareholders from net investment income		(0.05	)		(0.10	)		(0.14	)		(0.17	)		(0.20	)
Distributions to shareholders from net realized gains		(9.74	)		(2.06	)		(2.70	)		(3.53	)		(2.58	)
Total distributions		(9.79	)		(2.16	)		(2.84	)		(3.70	)		(2.78	)
Net asset value, end of year	$	40.20		$	59.47		$	46.51		$	43.88		$	40.44
Total return(c)		(18.58	)%		33.46	%		13.08	%		19.76	%		7.04	%
Net assets, end of year (in 000s)	$	215,768		$	316,815		$	294,328		$	222,697		$	161,719
Ratio of net expenses to average net assets		0.77	%		0.72	%		0.77	%		0.81	%		0.83	%
Ratio of total expenses to average net assets		0.77	%		0.72	%		0.77	%		0.81	%		0.83	%
Ratio of net investment income to average net assets		0.15	%		0.10	%		0.26	%		0.33	%		0.44	%
Portfolio turnover rate		63	%		36	%		69	%		53	%		71	%

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.06 per share and 0.13% of average net assets.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

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

THE BOND FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	The Bond Fund
	Year Ended October 31,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	20.65		$	20.85		$	20.46		$	19.05		$	20.04
Net investment income(a)		0.47			0.46			0.53			0.60			0.59
Net realized and unrealized gain (loss)		(3.59	)		(0.13	)		0.44			1.45			(0.94	)
Total from investment operations		(3.12	)		0.33			0.97			2.05			(0.35	)
Distributions to shareholders from net investment income		(0.52	)		(0.53	)		(0.58	)		(0.64	)		(0.64	)
Distributions to shareholders from net realized gains		(0.10	)		—			—			—			—
Total distributions		(0.62	)		(0.53	)		(0.58	)		(0.64	)		(0.64	)
Net asset value, end of year	$	16.91		$	20.65		$	20.85		$	20.46		$	19.05
Total return(b)		(15.39	)%		1.60	%		4.82	%		10.90	%		(1.80	)%
Net assets, end of year (in 000s)	$	993,905		$	1,233,445		$	1,276,727		$	1,197,380		$	1,094,903
Ratio of net expenses to average net assets		0.64	%		0.60	%		0.61	%		0.62	%		0.66	%
Ratio of total expenses to average net assets		0.64	%		0.60	%		0.61	%		0.62	%		0.66	%
Ratio of net investment income to average net assets		2.50	%		2.20	%		2.55	%		3.04	%		3.00	%
Portfolio turnover rate		19	%		25	%		20	%		16	%		17	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

The accompanying notes are an integral part of these financial statements. 73

THE SHORT-TERM GOVERNMENT FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	The Short-Term Government Fund
	Year Ended October 31,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	16.85		$	17.25		$	17.14		$	16.73		$	17.11
Net investment income(a)		0.19			0.15			0.23			0.34			0.28
Net realized and unrealized gain (loss)		(1.45	)		(0.24	)		0.23			0.44			(0.35	)
Total from investment operations		(1.26	)		(0.09	)		0.46			0.78			(0.07	)
Distributions to shareholders from net investment income		(0.23	)		(0.30	)		(0.35	)		(0.37	)		(0.31	)
Distributions to shareholders from return of capital		—			(0.01	)		—			—			—
Total distributions		(0.23	)		(0.31	)		(0.35	)		(0.37	)		(0.31	)
Net asset value, end of year	$	15.36		$	16.85		$	17.25		$	17.14		$	16.73
Total return(b)		(7.52	)%		(0.56	)%		2.73	%		4.73	%		(0.38	)%
Net assets, end of year (in 000s)	$	54,192		$	61,794		$	68,372		$	58,704		$	71,540
Ratio of net expenses to average net assets		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Ratio of total expenses to average net assets		1.00	%		1.03	%		1.05	%		1.03	%		0.92	%
Ratio of net investment income to average net assets		1.17	%		0.90	%		1.33	%		2.02	%		1.64	%
Portfolio turnover rate		22	%		38	%		64	%		30	%		17	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	The National Tax-Free Intermediate Bond Fund
	Year Ended October 31,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	20.30		$	20.45		$	20.13		$	18.92		$	19.63
Net investment income(a)		0.31			0.31			0.37			0.43			0.43
Net realized and unrealized gain (loss)		(2.42	)		(0.10	)		0.39			1.23			(0.68	)
Total from investment operations		(2.11	)		0.21			0.76			1.66			(0.25	)
Distributions to shareholders from net investment income		(0.31	)		(0.32	)		(0.37	)		(0.43	)		(0.43	)
Distributions to shareholders from net realized gains		(0.18	)		(0.04	)		(0.07	)		(0.02	)		(0.03	)
Total distributions		(0.49	)		(0.36	)		(0.44	)		(0.45	)		(0.46	)
Net asset value, end of year	$	17.70		$	20.30		$	20.45		$	20.13		$	18.92
Total return(b)		(10.56	)%		1.01	%		3.82	%		8.89	%		(1.31	)%
Net assets, end of year (in 000s)	$	380,286		$	461,668		$	459,387		$	413,792		$	362,244
Ratio of net expenses to average net assets		0.59	%		0.57	%		0.58	%		0.59	%		0.59	%
Ratio of total expenses to average net assets		0.59	%		0.57	%		0.58	%		0.59	%		0.59	%
Ratio of net investment income to average net assets		1.63	%		1.52	%		1.81	%		2.20	%		2.21	%
Portfolio turnover rate		26	%		28	%		19	%		29	%		33	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

The accompanying notes are an integral part of these financial statements. 75

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	The Missouri Tax-Free Intermediate Bond Fund
	Year Ended October 31,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	19.98		$	20.12		$	19.89		$	18.84		$	19.52
Net investment income(a)		0.35			0.36			0.38			0.44			0.47
Net realized and unrealized gain (loss)		(2.40	)		(0.14	)		0.23			1.05			(0.68	)
Total from investment operations		(2.05	)		0.22			0.61			1.49			(0.21	)
Distributions to shareholders from net investment income		(0.35	)		(0.36	)		(0.38	)		(0.44	)		(0.47	)
Net asset value, end of year	$	17.58		$	19.98		$	20.12		$	19.89		$	18.84
Total return(b)		(10.37	)%		1.07	%		3.10	%		7.98	%		(1.09	)%
Net assets, end of year (in 000s)	$	312,838		$	384,681		$	382,640		$	365,839		$	339,801
Ratio of net expenses to average net assets		0.63	%		0.60	%		0.62	%		0.64	%		0.63	%
Ratio of total expenses to average net assets		0.63	%		0.60	%		0.62	%		0.64	%		0.63	%
Ratio of net investment income to average net assets		1.84	%		1.77	%		1.91	%		2.26	%		2.46	%
Portfolio turnover rate		19	%		15	%		13	%		25	%		18	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	The Kansas Tax-Free Intermediate Bond Fund
	Year Ended October 31,
	2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of year	$	19.94		$	20.11		$	19.77		$	18.75		$	19.35
Net investment income(a)		0.32			0.30			0.36			0.43			0.42
Net realized and unrealized gain (loss)		(2.46	)		(0.17	)		0.34			1.02			(0.60	)
Total from investment operations		(2.14	)		0.13			0.70			1.45			(0.18	)
Distributions to shareholders from net investment income		(0.32	)		(0.30	)		(0.36	)		(0.43	)		(0.42	)
Net asset value, end of year	$	17.48		$	19.94		$	20.11		$	19.77		$	18.75
Total return(b)		(10.82	)%		0.64	%		3.54	%		7.80	%		(0.94	)%
Net assets, end of year (in 000s)	$	148,837		$	177,918		$	182,352		$	160,731		$	147,495
Ratio of net expenses to average net assets		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.76	%		0.72	%		0.75	%		0.79	%		0.77	%
Ratio of net investment income to average net assets		1.71	%		1.49	%		1.79	%		2.23	%		2.21	%
Portfolio turnover rate		12	%		13	%		16	%		14	%		8	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

The accompanying notes are an integral part of these financial statements. 77

THE COMMERCE FUNDS

Notes to Financial Statements

October 31, 2022

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 an open-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, National Tax-Free Intermediate Bond Fund, Missouri Tax-Free Intermediate Bond Fund and Kansas Tax-Free Intermediate Bond Fund. Each of the Funds offers one class of shares (the “Shares”). Each Fund is classified as a diversified open-end management investment company, except the Growth Fund, which is classified as non-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 the ex-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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual when the issuer resumes interest payments or when collect-ability of interest is probable.

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,

78

THE COMMERCE FUNDS

2.  SIGNIFICANT ACCOUNTING POLICIES (continued)

the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-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, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond	Daily	Monthly	Annually	Annually

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.

E.  Forward Commitments — 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 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 forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

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); the Funds’ policy is to use the market approach. 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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;

79

THE COMMERCE FUNDS

Notes to Financial Statements (continued)

October 31, 2022

3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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).

Commerce is subject to the Trust’s Board of Trustees oversight and certain reporting and other requirements intended to provide the Trust’s Board of Trustees the information needed to oversee Commerce’s fair value determinations. 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 designated Commerce as the “valuation designee” to make all necessary determinations of fair value for portfolio investments for which market quotations are not readily available. Commerce has established a valuation committee (“Valuation Committee”) to undertake the day-to-day responsibility for implementing, performing 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, the Valuation Committee 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. 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.

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 may invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments have a readily determinable fair value, they are classified as Level 1 of the fair value hierarchy. 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. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

80

THE COMMERCE FUNDS

3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 or Valuation Committee’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.

iii. 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 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. There is no collateral held as of October 31, 2022.

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.

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, or the Valuation Committee on its behalf, 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 Board. 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

81

THE COMMERCE FUNDS

Notes to Financial Statements (continued)

October 31, 2022

3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 October 31, 2022:

GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	159,752,350	$	—	$	—
Investment Company		16,612,867		—		—
Exchange Traded Fund		8,138,638		—		—
Total	$	184,503,855	$	—	$	—
VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	294,342,570	$	—	$	—
Exchange Traded Fund		10,481,800		—		—
Investment Company		694,040		—		—
Total	$	305,518,410	$	—	$	—
MIDCAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	210,461,681	$	—	$	—
Exchange Traded Fund		3,074,851		—		—
Investment Company		3,112,837		—		—
Total	$	216,649,369	$	—	$	—
BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	177,334,661	$	—
Municipal Bond Obligations		—		97,912,107		—
Mortgage-Backed Obligations		—		136,666,793		—
Corporate Obligations		972,930		441,086,723		—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		113,752,438		12,240,284		—
Investment Company		6,951,885		—		—
Total	$	121,677,253	$	865,240,568	$	—

82

THE COMMERCE FUNDS

3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT-TERM GOVERNMENT
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	581,346	$	—
Mortgage-Backed Obligations		—		25,368,870		—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		22,247,764		5,027,000		—
Investment Company		1,138,293		—		—
Total	$	23,386,057	$	30,977,216	$	—
NATIONAL TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	374,808,770	$	—
Investment Company		1,326,234		—		—
Total	$	1,326,234	$	374,808,770	$	—
MISSOURI TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	309,114,908	$	—
Total	$	—	$	309,114,908	$	—
KANSAS TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	144,081,501	$	—
Investment Company		4,015,580		—		—
Total	$	4,015,580	$	144,081,501	$	—

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

83

THE COMMERCE FUNDS

Notes to Financial Statements (continued)

October 31, 2022

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, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-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 the fiscal year ended October 31, 2022, the effective advisory fees were 0.40%, 0.30%, 0.48%, 0.37%, 0.50%, 0.33%, 0.35% and 0.44%, for the Growth, Value, MidCap Growth, Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-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 as Co-Administrators of the Trust pursuant to a Co-Administration Agreement. Under the Co-Administration Agreement, GSAM and Commerce administer the Trust’s business affairs. As compensation for the services rendered under the Co-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 the Co-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. 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 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, National Tax-Free Intermediate Bond, Missouri

84

THE COMMERCE FUNDS

4.  AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS (continued)

Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds, respectively. This agreement will remain in place through March 1, 2023. 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 the fiscal year ended

October 31, 2022.

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 cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2022, were 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	$	—	$	66,106,151	$	—	$	89,018,265
Value		—		112,320,669		—		137,167,446
MidCap Growth		—		151,446,779		—		195,808,940
Bond		46,101,711		160,659,214		35,806,682		184,894,126
Short-Term Government		9,277,933		2,799,964		14,485,842		3,639,911
National Tax-Free Intermediate Bond		—		108,649,576		—		116,504,933
Missouri Tax-Free Intermediate Bond		—		65,933,648		—		88,775,016
Kansas Tax-Free Intermediate Bond		—		19,175,037		—		25,536,683

6.  TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2022 was as follows:

	Growth		Value		MidCap Growth		Bond
Distributions paid from:
Ordinary income	$	7,392,816	$	13,290,537	$	15,834,137	$	31,436,093
Net long-term capital gains		34,794,284		5,112,997		35,981,719		5,305,944
Total taxable distributions	$	42,187,100	$	18,403,534	$	51,815,856	$	36,742,037

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Notes to Financial Statements (continued)

October 31, 2022

6.  TAX INFORMATION (continued)

	Short-Term Government		National Tax-Free Intermediate Bond		Missouri Tax-Free Intermediate Bond		Kansas Tax-Free Intermediate Bond
Distributions paid from:
Ordinary income	$	844,868	$	298,886	$	53,176	$	60,132
Net long-term capital gains		—		4,167,807		—		—
Total taxable distributions		844,868		4,466,693		53,176		60,132
Total tax-exempt income distributions	$	—	$	6,519,433	$	6,450,039	$	2,754,787

The tax character of distributions paid during the fiscal year ended October 31, 2021 was as follows:

	Growth		Value		MidCap Growth		Bond
Distributions paid from:
Ordinary income	$	730,452	$	7,384,130	$	524,922	$	31,486,220
Net long-term capital gains		8,327,749		—		13,089,777		—
Total taxable distributions	$	9,058,201	$	7,384,130	$	13,614,699	$	31,486,220

	Short-Term Government		National Tax-Free Intermediate Bond		Missouri Tax-Free Intermediate Bond		Kansas Tax-Free Intermediate Bond
Distributions paid from:
Ordinary income	$	1,147,407	$	371,933	$	19,474	$	27,337
Net long-term capital gains		—		978,345		—		—
Total taxable distributions		1,147,407		1,350,278		19,474		27,337
Total tax-exempt income distributions	$	—	$	6,631,225	$	6,884,255	$	2,679,714
Tax return of capital	$	55,526	$	—	$	—	$	—

As of October 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

	Growth			Value			MidCap Growth			Bond
Undistributed ordinary income — net	$	382,423		$	536,410		$	431,612		$	2,210,982
Undistributed long-term capital gains		10,739,290			16,156,897			3,663,896			—
Total undistributed earnings	$	11,121,713		$	16,693,307		$	4,095,508		$	2,210,982
Capital loss carryforward		—			—			—			(217,303	)
Timing differences (Dividends Payable, deferred trustees’ fees)		(32,108	)		(48,582	)		(28,291	)		(2,095,053	)
Unrealized gains (losses) — net		53,576,849			49,883,787			40,216,967			(159,607,624	)
Total accumulated gains (losses) — net	$	64,666,454		$	66,528,512		$	44,284,184		$	(159,708,998	)

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6.  TAX INFORMATION (continued)

	Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Undistributed ordinary income — net	$	15,331		$	—		$	—		$	—
Undistributed tax-exempt income		—			1,092,459			599,523			269,498
Undistributed long-term capital gains		—			704,156			—			—
Total undistributed earnings	$	15,331		$	1,796,615		$	599,523		$	269,498
Capital loss carryforward		(5,558,071	)		—			(3,160,466	)		(270,263	)
Timing differences (Dividends Payable, deferred trustees’ fees)		(35,086	)		(662,751	)		(529,474	)		(233,362	)
Unrealized gains (losses) — net		(4,675,065	)		(35,642,859	)		(28,474,048	)		(13,363,138	)
Total accumulated gains (losses) — net	$	(10,252,891	)	$	(34,508,995	)	$	(31,564,465	)	$	(13,597,265	)

	Bond			Short-Term Government			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Capital loss carryforwards:
Perpetual Short-term	$	(105,446	)	$	(631,147	)	$	(1,105,010	)	$	(89,912	)
Perpetual Long-term		(111,857	)		(4,926,924	)		(2,055,456	)		(180,351	)
Total capital loss carryforwards:	$	(217,303	)	$	(5,558,071	)	$	(3,160,466	)	$	(270,263	)

As of October 31, 2022, 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	$	130,927,006		$	255,634,623		$	176,432,402		$	1,146,525,445
Gross unrealized gain		53,945,849			55,806,446			48,515,971			2,196,359
Gross unrealized loss		(369,000	)		(5,922,659	)		(8,299,004	)		(161,803,983	)
Net unrealized security gain (loss)	$	53,576,849		$	49,883,787		$	40,216,967		$	(159,607,624	)
	Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Tax Cost	$	59,038,338		$	411,777,863		$	337,588,956		$	161,460,219
Gross unrealized gain		210,926			31,150			33,338			60,558
Gross unrealized loss		(4,885,991	)		(35,674,009	)		(28,507,386	)		(13,423,696	)
Net unrealized security loss	$	(4,675,065	)	$	(35,642,859	)	$	(28,474,048	)	$	(13,363,138	)

The difference between GAAP-basis and tax-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.

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Notes to Financial Statements (continued)

October 31, 2022

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.

High Yield Risk — The Bond Fund and the National, Missouri and Kansas Tax-Free Intermediate Bond Funds are 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 Risks — 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.

In July of 2017, the head of the UK Financial Conduct Authority (“FCA”) announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and ICE Benchmark Administrator announced that most LIBOR settings will no longer be published after December 31, 2021. On March 5, 2021, the administrator of LIBOR announced a delay in the phase out of the majority of the U.S. dollar publications until June 30, 2023, with the remainder of LIBOR publications having ceased on December 31, 2021. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing SOFR that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. For example, current information technology systems may be unable to accommodate new instruments and rates with features that differ from LIBOR. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates

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7.  OTHER RISKS (continued)

and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled. sition awaycommercially accepted and market practices become settled.

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.

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 particularcompany, 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 of mid- and/or small-cap companies. Investing in securities of smaller and mid-sized companies may be riskier than investing in larger, more established companies. Smaller and mid-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.

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Notes to Financial Statements (continued)

October 31, 2022

7.  OTHER RISKS (continued)

Non-Diversified Risk — The Growth Fund is classified as a non-diversified fund under the Act. 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 a non-diversified portfolio more than it would a diversified portfolio.

Portfolio Concentration Risk — The Missouri Tax-Free Intermediate Bond and Kansas Tax-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 Missouri Tax-Free Intermediate Bond Fund and The Kansas Tax-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 Kansas Tax-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 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, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital. The MidCap Growth Fund concentrates in mid-cap stocks. Investing in smaller and mid-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.

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9.  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.

10.  SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	The Growth Fund
	For the Fiscal Year Ended October 31, 2022			For the Fiscal Year Ended October 31, 2021
	Shares			Shares
Shares sold		1,138,352			443,948
Reinvestment of distributions		271,276			53,142
Shares redeemed		(795,423	)		(1,296,453	)
Net Increase (Decrease)		614,205			(799,363	)
	The Value Fund
	For the Fiscal Year Ended October 31, 2022			For the Fiscal Year Ended October 31, 2021
	Shares			Shares
Shares sold		1,159,964			2,262,170
Reinvestment of distributions		247,513			100,407
Shares redeemed		(1,898,890	)		(1,819,312	)
Net Increase (Decrease)		(491,413	)		543,265
	The MidCap Growth Fund
	For the Fiscal Year Ended October 31, 2022			For the Fiscal Year Ended October 31, 2021
	Shares			Shares
Shares sold		822,393			510,402
Reinvestment of distributions		212,438			49,502
Shares redeemed		(995,086	)		(1,560,842	)
Net Increase (Decrease)		39,745			(1,000,938	)
	The Bond Fund
	For the Fiscal Year Ended October 31, 2022			For the Fiscal Year Ended October 31, 2021
	Shares			Shares
Shares sold		11,519,195			10,252,864
Reinvestment of distributions		556,835			432,577
Shares redeemed		(13,038,508	)		(12,172,334	)
Net Decrease		(962,478	)		(1,486,893	)

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Notes to Financial Statements (continued)

October 31, 2022

10.  SUMMARY OF SHARE TRANSACTIONS (continued)

	The Short-Term Government Fund
	For the Fiscal Year Ended October 31, 2022			For the Fiscal Year Ended October 31, 2021
	Shares			Shares
Shares sold		738,771			1,626,294
Reinvestment of distributions		39,935			46,295
Shares redeemed		(916,290	)		(1,969,117	)
Net Decrease		(137,584	)		(296,528	)
	The National Tax-Free Intermediate Bond Fund
	For the Fiscal Year Ended October 31, 2022			For the Fiscal Year Ended October 31, 2021
	Shares			Shares
Shares sold		6,963,671			2,862,702
Reinvestment of distributions		26,597			19,468
Shares redeemed		(8,251,457	)		(2,604,749	)
Net Increase (Decrease)		(1,261,189	)		277,421
	The Missouri Tax-Free Intermediate Bond Fund
	For the Fiscal Year Ended October 31, 2022			For the Fiscal Year Ended October 31, 2021
	Shares			Shares
Shares sold		4,938,405			2,640,895
Reinvestment of distributions		39,029			39,928
Shares redeemed		(6,436,438	)		(2,445,369	)
Net Increase (Decrease)		(1,459,004	)		235,454
	The Kansas Tax-Free Intermediate Bond Fund
	For the Fiscal Year Ended October 31, 2022			For the Fiscal Year Ended October 31, 2021
	Shares			Shares
Shares sold		1,370,837			1,027,266
Reinvestment of distributions		13,161			9,304
Shares redeemed		(1,794,690	)		(1,179,269	)
Net Decrease		(410,692	)		(142,699	)

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Report of Independent Registered Public Accounting Firm

To the Shareholders of the Funds and Board of Trustees of

The Commerce Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of The Growth Fund, The Value Fund, The MidCap Growth Fund, The Bond Fund, The Short-Term Government Fund, The National Tax-Free Intermediate Bond Fund, The Missouri Tax-Free Intermediate Bond Fund, and The Kansas Tax-Free Intermediate Bond Fund (the Funds), each a series of The Commerce Funds, including the schedules of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Commerce Funds investment companies since 1994.

Boston, Massachusetts

December 19, 2022

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Liquidity Risk Management Program (Unaudited)

The Trust, on behalf of each Fund, has adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by rule 22e-4 under the Act (the “Rule”). The Program seeks to assess, manage and review the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interest in the Fund (“Liquidity Risk”).

The Board has appointed Commerce, as the program administrator for the Program. Commerce has delegated oversight of the Program to its Liquidity Committee (the “Committee”). At a meeting held on May 19, 2022, the Board received and reviewed the annual written report of the Committee, on behalf of Commerce (the “Report”), concerning the operation of the Program for the period from April 1, 2021 through March 31, 2022 (the “Reporting Period”).

The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report summarized the operation of the Program and the information and factors considered by the Committee in reviewing the adequacy and effectiveness of the Program’s implementation with respect to each Fund. Such information and factors included, among other things: (i) the methodology and inputs used to classify the liquidity of each Fund’s portfolio investments and the Committee’s assessment that each Fund’s strategy was appropriate for an open-end mutual fund; (ii) that each Fund held primarily highly liquid assets (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value) and that none of the Funds engaged in borrowing for investment purposes or invested in derivatives; (iii) historical information and short- and long-term projections relating to redemptions and shareholder concentration in each Fund; (iv) that none of the Funds had breached the 15% maximum illiquid security threshold (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment) and the procedures for monitoring compliance with the limit; (v) the functioning of the framework and technologies used to assess, manage, and periodically review each Fund’s Liquidity Risk; and (vi) that each Fund was not required by the Rule to establish a highly liquid investment minimum (“HLIM”) but that the Trust had established for each Fund a HLIM of 10%, which no Fund had exceeded during the Reporting Period. The Report also indicated that there were no material changes made to the Program during the Reporting Period.

Based on the review, the Report concluded that the Program was being implemented effectively and reasonably designed to assess and manage Liquidity Risk in each Fund’s portfolio. There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Funds’ prospectus for more information regarding a Fund’s exposure to liquidity risk and other risks to which it may be subject.

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THE COMMERCE FUNDS

Fund Expenses – Six Month Period Ended October 31, 2022 (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 May 1, 2022 through October 31, 2022, which represents a period of 184 days in a 365-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 5/1/22		Ending Account Value 10/31/22			Expenses Paid for the 6 months ended 10/31/22*		Beginning Account Value 5/1/22		Ending Account Value 10/31/22			Expenses Paid for the 6 months ended 10/31/22*		Beginning Account Value 5/1/22		Ending Account Value 10/31/22			Expenses Paid for the 6 months ended 10/31/22*		Beginning Account Value 5/1/22		Ending Account Value 10/31/22			Expenses Paid for the 6 months ended 10/31/22*
	The Growth Fund							The Value Fund							The MidCap Growth Fund							The Bond Fund
Share Class
Actual	$	1,000.00	$	926.70		$	3.89	$	1,000.00	$	981.60		$	3.50	$	1,000.00	$	976.70		$	3.99	$	1,000.00	$	929.90		$	3.21
Hypothetical 5% return		1,000.00		1,021.17	+		4.08		1,000.00		1,021.68	+		3.57		1,000.00		1,021.17	+		4.08		1,000.00		1,021.88	+		3.26
	The Short-Term Government Fund							The National Tax-Free Intermediate Bond Fund							The Missouri Tax-Free Intermediate Bond Fund							The Kansas Tax-Free Intermediate Bond Fund
Share Class
Actual	$	1,000.00	$	968.20		$	3.67	$	1,000.00	$	965.20		$	2.97	$	1,000.00	$	962.40		$	3.22	$	1,000.00	$	961.60		$	3.46
Hypothetical 5% return		1,000.00		1,021.78	+		3.47		1,000.00		1,022.18	+		3.06		1,000.00		1,021.93	+		3.31		1,000.00		1,021.68	+		3.57

* 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 October 31, 2022. 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 Fund	0.80	%	Short Term Government Fund	0.68	%
Value Fund	0.70		National Tax-Free Intermediate Bond Fund	0.60
MidCap Growth Fund	0.80		Missouri Tax-Free Intermediate Bond Fund	0.65
Bond Fund	0.66		Kansas Tax-Free Intermediate Bond Fund	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.

95

THE COMMERCE FUNDS

Trustees and Officers (Unaudited)

The Board of the Trust is responsible for the management of the business and affairs of the Trust. The Trustees and officers of the Trust and their principal occupations for the last five years are set forth below. The table below shows the Trustees and officers as of October 31, 2022. Trustees who are not deemed to be “interested persons” of the Trust as defined in the Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Trust are referred to as “Interested Trustees.” The Commerce Funds’ statement of additional information (“SAI”), which includes additional information about the Trustees, is available and may be obtained without charge by calling 1-800-995-6365.

Independent Trustees

Name, Address and Age	Position(s) Held with The Trust	Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex2 Overseen by Trustee	Other Directorships Held During Past 5 Years3
Scott D. Monette c/o The Commerce Funds 1000 Walnut Street Kansas City, MO 64106 Age: 61	Trustee	Since 2017	Chief Executive Officer, Big Heart Wines LLC, since 2013; Director, Spartan Light Metal Products, Inc., since 2014; Chief Financial Officer, from 2011 to 2013, Corporate Vice President, Treasurer and Corporate Development Officer, from 2001 to 2011, Ralcorp Holdings, Inc. (food manufacturing).	8	None
*Charles W. Peffer c/o The Commerce Funds 1000 Walnut Street Kansas City, MO 64106 Age: 75	Lead Independent Trustee	Since 2003	Retired. Former Partner and Managing Partner of KPMG LLP, from 1979 until September 2002.	8	Director, Garmin Ltd. (aviation and consumer technology), since 2004; Director, NPC International Inc. (restaurant and business), from 2006 to December 2011 and from 2012 to 2018; Director, Sensata Technologies Holding N.V. (sensors and control systems for various manufacturing products), since 2010; Director, HD Supply Holdings, Inc. (industrial distributor of products and services in North America), since 2013.

96

THE COMMERCE FUNDS

Independent Trustees (continued)

Name, Address and Age	Position(s) Held with The Trust	Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex2 Overseen by Trustee	Other Directorships Held During Past 5 Years3
Erika Z. Schenk c/o The Commerce Funds 1000 Walnut Street Kansas City, MO 64106 Age: 50	Trustee	Since 2017	General Counsel and Vice President of Compliance, World Wide Technology, Inc., (technology solutions and services) since 2014; Senior Counsel, The Boeing Company (aerospace manufacturing), from 2011 to 2014.	8	None
Interested Trustees
**V. Raymond Stranghoener c/o The Commerce Funds 1000 Walnut Street Kansas City, MO 64106 Age: 71	Chair of the Board	Since 2018	Executive Vice President of Commerce Bancshares, since 2018 to 2022; Non-Executive Chairman, since 2018 to 2022, Chairman and CEO, from 2016 to 2018, President and CEO, from 1999 to 2016, Commerce Trust Company.	8	None
***J.J. Landers Carnal c/o The Commerce Funds 1000 Walnut Street Kansas City, MO 64106 Age: 66	Trustee	Since 2021	President of Commerce Investment Advisors, Inc. (CIA) since 2008, CIA Chief Investment Officer from 2001 to 2021, Executive Vice-President of Commerce Trust Company (CTC) since 2000, Senior Advisor to the CEO of CTC since 2021, CTC Chief Investment Officer from 2001 to 2021.	8	A member of the CIA board of directors since 2001

¹  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date a Trustee dies, resigns or is removed by at least two-thirds of the Board in accordance with the Trust’s Declaration of Trust; (c) in accordance with the by-laws of the Trust (which may be changed by the Trustees without shareholder approval) at the end of the calendar year during which the Trustee attains the age of 75 years, unless the Board, in its discretion, votes to retain a Trustee; or (d) the Trust terminates.

²  The “Fund Complex” consists of the Trust.

³  Directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the 1940 Act.

* Mr. Peffer serves as an independent director of Lockton Inc. (“Lockton”), a privately owned company (since 2013). Lockton serves as the Funds’ insurance broker. Commerce Bancshares, parent company of the Adviser, pays Lockton an annual fee for insurance brokerage services provided to both the Funds and Commerce Bancshares in the amount of approximately $367,196 (the “Transaction”). The Transaction is not considered material to Lockton or Commerce Bancshares, and Mr. Peffer is not considered to have a material business relationship with either the Adviser or the Trust under the 1940 Act as a result of the Transaction.

** Mr. Stranghoener is an interested person of the Trust because he is the Non-Executive Chairman of CTC, an affiliate of the Adviser, and Executive Vice President of Commerce Bancshares, the parent company of the Adviser. In addition, Mr. Stranghoener owns shares of Commerce Bancshares.

*** Mr. Carnal is an interested person of the Trust because he is the President, Chief Investment Officer and Director of the Adviser. In addition, Mr. Carnal owns shares of Commerce Bancshares.

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THE COMMERCE FUNDS

Trustees and Officers (Unaudited) (continued)

Officers

Name, Address and Age	Position(s) Held with The Trust	Length of Time Served	Principal Occupation(s) During Past 5 Years
William R. Schuetter Commerce Investment Advisors, Inc. 1000 Walnut Street Kansas City, MO 64106 Age: 62	President	Since 2008	Chief Operations Officer, Commerce Investment Advisors, Inc., since May 2001; Director, Commerce Investment Advisors, Inc., since April 2008; Senior Vice President, Commerce Bank, since 2012; Vice President, Commerce Bank, from 1998 to 2012; President, The Commerce Funds, since May 2008.
Laura Spidle Commerce Investment Advisors, Inc. 1000 Walnut Street Kansas City, MO 64106 Age: 53	Secretary, Chief Compliance Officer, Vice President and Anti-Money Laundering Officer	Since 2017	Chief Compliance Officer, Commerce Investment Advisors, Inc., since 2017; Compliance Manager, 2004-2017, Investment Accounting Manager, Senior, 2003-2004, Investment Accounting Manager, 1999-2003, American Century Investments.
Jeffrey Bolin Commerce Investment Advisors, Inc. 1000 Walnut Street Kansas City, MO 64106 Age: 55	Vice President Assistant Treasurer	Since 2020	Vice President and Business Manager, The Commerce Funds, since November 2013; Vice President and Business Manager, Commerce Investment Advisors, Inc., since March 2012; Assistant Vice President and Business Manager, The Commerce Funds, from November 2008 to November 2013; Assistant Vice President and Business Manager, Commerce Investment Advisors, Inc., November 2008 to March 2012.
Peter W. Fortner Goldman Sachs & Co. LLC 30 Hudson Street Jersey City, NJ 07302 Age: 64	Chief Accounting Officer and Treasurer	Since 2007	Vice President, Goldman Sachs & Co. LLC, since July 2000; Assistant Treasurer, Goldman Sachs Mutual Fund Complex, since July 2000; Treasurer of the Goldman Sachs Philanthropy Fund since September 2019; Treasurer of Ayco Charitable Foundation since September 2020.
Melissa O. Fragapane Plumtree Court, 25 Shoe Lane London EC4A 4AU United Kingdom	Assistant Secretary	Since November 2021	Vice President and Counsel, Goldman Sachs Asset Management, since September 2018; Associate, Dechert LLP, September 2015 to August 2018.
Ericka Sieger 222 South Main Street Salt Lake City, UT 84101-2174 United States	Assistant Treasurer	Since August 2021	Vice President, Goldman Sachs Asset Management, since May 2016.

98

THE COMMERCE FUNDS

The Commerce Funds (Unaudited)

The 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. The Fund is non-diversified. The Growth Fund invested 39.2% and 43.6% in the information technology sector, and 15.8% and 18% in the consumer discretionary sector, as of October 31, 2022 and October 31, 2021, respectively. 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.

Additionally, companies engaged in the consumer discretionary sector are affected by fluctuations in supply and demand and changes in consumer preferences, social trends and marketing campaigns. Changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations also may adversely affect these companies.

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.

The 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. The Value Fund invested 18.8% and 21% in the financials sector and 17.1% and 14.5% in the health care sector, as of October 31, 2022 and October 31, 2021, respectively. 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. Factors such as extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, costs associated with obtaining and protecting patents, product liability and other claims, changes in technologies and other market developments can affect companies in the health care sector. 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.

The 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. The MidCap Growth Fund invested 28.7% and 31.5% in the information technology sector, 17.8% and 14.9% in the industrials sector and 14.4% and 17.5% in the health care sector, as of October 31, 2022 and October 31, 2021, respectively. 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. Changes in government regulation, world events and economic conditions may adversely affect companies in the industrials sector. In addition, these companies are at risk for environmental and product liability damage claims. Also, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, technological developments and labor relations could adversely affect the companies in this sector. Additionally, factors such as extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased

99

THE COMMERCE FUNDS

The Commerce Funds (Unaudited) (continued)

emphasis on outpatient services, limited number of products, industry innovation, costs associated with obtaining and protecting patents, product liability and other claims, changes in technologies and other market developments can affect companies in the health care sector. The Fund invests in small- and mid-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.

The 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.

The 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 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.

The National Tax-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.

The Missouri Tax-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. 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.

The Kansas Tax-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. 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.

100

THE COMMERCE FUNDS

Commerce Funds Tax Information (Unaudited)

For the year ended October 31, 2022, 24.20%, 90.63%, and 15.68% of the dividends paid from net investment company taxable income by the Growth, Value, and Mid Cap Growth Funds, respectively, qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2022, 23.57%, 74.21%, and 14.47% of the dividends paid from net investment company taxable income by the Growth, Value, and Mid Cap Growth Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Growth, Mid Cap Growth, Bond, National Tax-Free Intermediate Bond, and Value Funds designate $34,794,284, $35,981,719, $5,305,944, $4,167,807, and $5,112,997 respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended October 31, 2022.

During the year ended October 31, 2022, 95.62%, 99.18%, and 97.86%, of the distributions from net investment income paid by the National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond, and Kansas Tax-Free Intermediate Bond Funds, respectively, were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

During the year ended October 31, 2022, 100% of the distributions paid from net investment company taxable income by the Bond and Short-Term Government Funds, respectively, are designated as interest-related dividends pursuant to section 871(k) of the Internal Revenue Code.

During the year ended October 31, 2022, the Growth, Value, Mid Cap Growth, and Bond Funds designate $7,070,463, $4,803,447, $15,663,502, and $505,809, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

For the year ended October 31, 2022, 1.24%, 2.76%, and 1.05% of the dividend paid from net investment company taxable income by the Growth, Value, and Mid Cap Growth Funds, respectively, qualify as section 199A dividends.

For the fiscal year ended October 31, 2022, the Bond, and Short-Term Government Funds, designate 98.74% and 100.00%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

101

THE COMMERCE FUNDS

Supplemental Proxy Information (Unaudited)

A special meeting of shareholders (the “Meeting”) of The Commerce Funds, on behalf of its series The Growth Fund (the “Fund”), was held virtually on Friday, March 25, 2022. The Meeting was held for the following purpose:

(1) To approve the change of the Fund’s classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and to eliminate the Fund’s related fundamental investment limitation.

The result of the proxy solicitation on the above matter is shown below.

	Shares Voted
For		3,368,629
Against		6,058
Abstain		1,908

102

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the Registrant has adopted a code of ethics, the Code of Conduct for Senior Officers, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. A copy of the Code of Conduct for Senior Officers is filed herein under Item 13(a)(1).

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Conduct for Senior Officers.

(d) During the period covered by this report, the Registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Conduct for Senior Officers.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant’s Board of Trustees has determined that the Registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. Scott D. Monette is the “audit committee financial expert” and is “independent” (as each of these terms is defined in Item 3 of Form N-CSR).

Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the Registrant’s Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the Registrant’s Audit Committee or Board of Trustees.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $169,400 and $165,350 for fiscal years ended October 31, 2022 and 2021 respectively.

(b) Audit-Related Fees. There were no fees billed in either of the last two fiscal years for assurance and related services by the Registrant’s principal accountant reasonably related to the performance of the audit of the Registrant’s financial statements that were not reported under paragraph (a) of this item.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $38,000 and $38,000 for the fiscal years ended October 31, 2022 and 2021 respectively. Tax fees for the fiscal years ended October 31, 2022 and 2021 consist of tax compliance services rendered to the Registrant. These services include the preparation of federal and state corporate tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.

(d) All Other Fees. There were no fees billed in either of the last two fiscal years for products and services provided by the Registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(l) Pursuant to a Board resolution adopted on February 10, 2004, to the extent required by applicable regulations, all audit and non-audit services provided by the independent accountants shall be pre-approved either: (a) by the Registrant’s Audit Committee as a whole; or (b) between meetings of the Audit Committee by the Chairman of the Audit Committee and the Registrant’s designated Audit Committee Financial Expert, provided that, in each case, such pre-approvals must be reported to the full Audit Committee at its next meeting.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this item that were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent (0%).

(g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $285,000 and $356,563 for the fiscal years ended October 31, 2022 and 2021 respectively.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

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 “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 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 Commerce Funds’ Code of Conduct for Senior Officers is attached hereto.
(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

December 22, 2022

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

December 22, 2022

/s/     Peter W. Fortner        

Peter W. Fortner

Chief Accounting Officer

The Commerce Funds

December 22, 2022