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: 10/31/23

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.

Commerce Funds ANNUAL REPORT OCTOBER 31, 2023 These securities have not been approved or disapproved by the Securities and Exchange Commission, nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

LIFE’S For Your DIRECTION At The Commerce Funds, we’re committed to providing sound investment choices to help you realize your most important financial goals, no matter where life takes you. We offer a full range of mutual funds managed by Commerce Investment Advisors, Inc., a subsidiary of Commerce Bank. With a choice of 8 portfolios—each targeting a specific investment goal—we make it easy for you to invest with confidence not just today, but throughout all stages of your life. Behind each of our Funds is a carefully defined investment philosophy and a commitment to the highest investment standards. This means, whether you are building a nest egg for retirement, planning for your child’s education, or saving for a special need, you can find investment options at The Commerce Funds. COMMERCE FUNDS RISK/REWARD LANDSCAPE REWARD POTENTIAL Short-Term Bond National Missouri Kansas Value Growth MidCap Government Tax-Free Tax-Free Tax-Free Growth Intermediate Intermediate Intermediate Bond Bond Bond RISK In general, greater returns are associated with greater risks and increased risks create the potential for greater losses. The reports concerning The Commerce Funds portfolios (each a “Fund” and together, the “Funds”) included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Commerce Investment Advisors, Inc. (the “Adviser” or “Commerce”) believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. References to a specific company’s securities should not be construed as a recommendation or investment advice and there can be no assurance that as of the date of publication of this report, the securities mentioned in each Fund’s portfolio are still held or that the securities sold have not been repurchased.

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	47
Kansas Tax-Free Intermediate Bond	54
Statements of Assets and Liabilities	60
Statements of Operations	62
Statements of Changes in Net Assets	64
Financial Highlights	68
Notes to Financial Statements	76
Report of Independent Registered Public Accounting Firm	91
Other Information	92

Please note:

The information in this annual report is as of October 31, 2023. 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, 2023.

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 14.59% over the 12-month period ended October 31, 2023, underperforming the Russell 1000^® Growth Index (the “benchmark”), which returned 18.95% for the same period.

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

A: The communication services sector increased from 5.2% to 8.8% with the purchase of Meta Platforms Inc. Class A. The financials sector moved from 2.7% to 7.2% with the purchase of Tradeweb Markets, Inc. Class A and Arch Capital Ltd. The communication services and financials sectors returned 11.68% and 6.55%, respectively, over the 12-month period. The largest reduction in the Fund’s portfolio was made to the health care sector, from 11.4% to 9.9%, with a full sale of Amgen Inc. Additionally, the energy sector moved from 2.20% to 1.02% with the sale of Pioneer Natural Resources Company. The health care and energy sectors returned 3.08% and -3.93%, 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 in the consumer staples sector, which returned -5.19%, which improved the Fund’s return during the 12-month period. Security selection within the industrials sector added to performance with holdings such as Copart, Inc., Rockwell Automation, Inc., and Illinois Took Works Inc., returning 51.35%, 19.41%, and 7.36%, respectively. Also showing strong results were Tradeweb Markets, Inc. Class A and

Arch Capital Group Ltd., returning 31.62% and 21.71%, respectively, in the financials sector, respectively, 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: Relative to the benchmark, the Fund’s underweight to the information technology sector, which returned 35.23% for the 12-month period, detracted from Fund returns. Security selection within the consumer discretionary sector negatively impacted the Fund’s performance, with Tractor Supply Company, McDonalds Corporation, and Wyndham Hotels & Resorts, Inc., returning -10.76%, -1.72%, and 2.19%, respectively, over the 12-month period. Additionally, underweights relative to the benchmark, in Broadcom Inc., NVIDIA Corporation, and Meta Platforms Inc. Class A, which returned 83.77%, 202.32%, and 223.39% for the 12-month period, detracted from Fund performance.

2

THE GROWTH FUND

Performance Summary

October 31, 2023 (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, 2013 through October 31, 2023.

Average Annual Total Return through October 31, 2023	One Year	Five Years	Ten Years
Growth Fund(a)	14.59%	12.46%	12.96%

(a) Returns reflect any applicable fee waivers or expense reductions. Returns do not reflect the deduction of taxes that a shareholder would pay on 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, 2023

Shares		Description	Value
	Common Stocks – 97.5%
	Automobiles*  –  2.4%
	23,980	Tesla, Inc.		$    4,816,143
	Beverages  –  0.9%
	11,135	PepsiCo., Inc.		1,818,123
	Biotechnology  –  0.9%
	12,935	AbbVie, Inc.		1,826,163
	Broadline Retail  –  6.1%
	81,715	Amazon.com, Inc.*		10,875,449
	40,155	eBay, Inc.		1,575,281
				12,450,730
	Capital Markets  –  1.8%
	3,870	MSCI, Inc.		1,824,899
	20,830	Tradeweb Markets, Inc. Class A		1,874,908
				3,699,807
	Chemicals  –  1.7%
	18,490	RPM International, Inc.		1,687,582
	7,645	Sherwin-Williams Co.		1,821,116
				3,508,698
	Commercial Services & Supplies  –  2.8%
	45,045	Copart, Inc.*		1,960,358
	45,360	Rollins, Inc.		1,705,990
	12,415	Waste Management, Inc.		2,040,157
				5,706,505
	Communications Equipment  –  1.0%
	6,950	Motorola Solutions, Inc.		1,935,297
	Consumer Staples Distribution & Retail  –  1.8%
	3,520	Costco Wholesale Corp.		1,944,589
	28,515	Performance Food Group Co.*		1,647,026
				3,591,615
	Electronic Equipment, Instruments & Components  –  1.8%
	23,425	Amphenol Corp. Class A		1,886,884
	8,495	CDW Corp.		1,702,398
				3,589,282
	Financial Services  –  4.5%
	16,600	Fiserv, Inc.*		1,888,250
	6,375	FleetCor Technologies, Inc.*		1,435,459
	7,050	Mastercard, Inc. Class A		2,653,268
	13,145	Visa, Inc. Class A		3,090,389
				9,067,366
	Ground Transportation  –  1.9%
	63,460	CSX Corp.		1,894,281
	9,325	Union Pacific Corp.		1,935,963
				3,830,244
	Health Care Equipment & Supplies  –  1.8%
	19,815	Abbott Laboratories		1,873,508
	6,875	Stryker Corp.		1,857,763
				3,731,271

Shares		Description	Value
	Common Stocks  –  (continued)
	Health Care Providers & Services  –  2.7%
	4,515	McKesson Corp.		$    2,055,950
	6,400	UnitedHealth Group, Inc.		3,427,584
				5,483,534
	Hotels, Restaurants & Leisure  –  3.7%
	13,005	Hilton Worldwide Holdings, Inc.		1,970,648
	7,165	McDonald’s Corp.		1,878,448
	20,880	Starbucks Corp.		1,925,971
	23,810	Wyndham Hotels & Resorts, Inc.		1,723,844
				7,498,911
	Household Products  –  0.8%
	18,665	Church & Dwight Co., Inc.		1,697,395
	Industrial Conglomerates  –  0.9%
	10,215	Honeywell International, Inc.		1,872,001
	Insurance*  –  0.9%
	21,575	Arch Capital Group Ltd.		1,870,121
	Interactive Media & Services*  –  8.8%
	99,260	Alphabet, Inc. Class A		12,316,181
	18,480	Meta Platforms, Inc. Class A		5,567,469
				17,883,650
	IT Services*  –  0.9%
	23,550	GoDaddy, Inc. Class A		1,724,567
	Life Sciences Tools & Services  –  1.6%
	1,550	Mettler-Toledo International, Inc.*		1,527,060
	3,935	Thermo Fisher Scientific, Inc.		1,750,170
				3,277,230
	Machinery  –  1.8%
	8,410	Illinois Tool Works, Inc.		1,884,849
	9,760	Lincoln Electric Holdings, Inc.		1,706,048
				3,590,897
	Oil, Gas & Consumable Fuels  –  1.0%
	12,305	Cheniere Energy, Inc.		2,047,798
	Pharmaceuticals  –  2.8%
	7,125	Eli Lilly & Co.		3,946,751
	10,945	Zoetis, Inc.		1,718,365
				5,665,116
	Residential REITs  –  0.8%
	25,935	Equity LifeStyle Properties, Inc.		1,706,523
	Semiconductors & Semiconductor Equipment  –  7.4%
	3,460	Broadcom, Inc.		2,911,140
	21,620	NVIDIA Corp.		8,816,636
	12,255	Texas Instruments, Inc.		1,740,333
	10,975	Universal Display Corp.		1,527,500
				14,995,609
	Software  –  18.0%
	5,655	ANSYS, Inc.*		1,573,560
	35,850	Bentley Systems, Inc.		1,743,744
	8,480	Cadence Design Systems, Inc.*		2,033,928
	91,620	Gen Digital, Inc.		1,526,389

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

THE GROWTH FUND

Schedule of Investments (continued)

October 31, 2023

Shares		Description	Value
	Common Stocks  –  (continued)
	Software  –  (continued)
	3,795	Intuit, Inc.		$    1,878,335
	70,775	Microsoft Corp.		23,929,735
	8,440	Palo Alto Networks, Inc.*		2,051,089
	12,275	PTC, Inc.*		1,723,656
				36,460,436
	Specialized REITs  –  0.9%
	7,335	Public Storage		1,750,938
	Specialty Retail  –  1.7%
	6,390	Home Depot, Inc.		1,819,169
	8,450	Tractor Supply Co.		1,627,132
				3,446,301
	Technology Hardware, Storage & Peripherals  –  12.4%
	137,320	Apple, Inc.		23,450,136
	24,315	NetApp, Inc.		1,769,646
				25,219,782
	Textiles, Apparel & Luxury Goods*  –  1.0%
	5,070	Lululemon Athletica, Inc.		1,994,944
	TOTAL COMMON STOCKS
	(Cost $127,472,980)			$197,756,997
	Exchange Traded Fund  –  1.6%
	12,315	iShares Russell 1000® Growth ETF		3,227,885
	(Cost $2,814,621)
Shares		Dividend Rate	Value
	Investment Company  –  1.0%
	Investment Company  –  1.0%
	State Street Institutional US Government Money Market Fund — Premier Class
	1,974,001	5.301%		$1,974,001
	(Cost $1,974,001)
	TOTAL INVESTMENTS  –  100.1%
	(Cost $132,261,602)			$202,958,883
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(257,488)
	NET ASSETS  –  100.0%			$202,701,395

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.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/23			AS OF 10/31/22
Information Technology		41.4	%		39.2	%
Consumer Discretionary		14.9			15.7
Health Care		9.9			11.4
Communication Services		8.8			5.2
Industrials		7.4			8.1
Financials		7.2			2.7
Consumer Staples		3.5			2.9
Materials		1.7			2.0
Real Estate		1.7			1.8
Exchange Traded Fund		1.6			4.7
Energy		1.0			2.2
Investment Company		1.0			9.5
TOTAL INVESTMENTS		100.1	%		105.4	%

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. 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, 2023.

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 -7.21% over the 12-month period ended October 31, 2023, underperforming the Russell 1000^® Value Index (the “benchmark”), which returned 0.13% for the same period.

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

A: The industrials sector moved from 9.91% to 14.80% of the Fund’s portfolio with the purchase of RTX Corp., A. O. Smith Corporation, and Stanley Black & Decker, Inc. The information technology sector increased from 7.72% to 9.90% with new additions of Oracle Corporation and Microchip Technology Incorporated. The industrials sector and information technology sector returned 6.50% and 11.52%, respectively, over the 12-month period. The largest reduction was in the health care sector, moving from 17.12% to 14.80% with the sale of Cardinal Health, Inc. and CVS Health Corporation. The health care sector returned -10.24% for 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’s overweight to the industrials sector, which returned 6.50%, added to the Fund’s performance for the 12-month period. Additionally, relative to the benchmark, the Fund’s underweight to the health care sector, which returned -10.24%, added to the Fund’s performance. Strong relative performance from Eaton Corp. Plc, CME Group Inc. Class A, and ONEOK, Inc., in the energy sector which returned 41.20%, 29.43%, and 16.37%, respectively, added to the Fund’s performance during 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: Relative to the benchmark, the Fund’s underweight to the communication services sector, which returned 28.09%, detracted from the Fund’s performance for the 12-month period. Within communication services, Meta Platforms Inc. Class A held a significant weight in the Russell 1000^® Value Index, which was removed from the Index in June 2023. The Fund did not own Meta Platforms Inc. Class A, which returned 223.39% in the period, making it the Fund’s largest single stock detractor and provided for poor sector performance. Security selection in the financials sector hurt performance, with holdings such as Truist Financial Corporation, U.S. Bancorp, and Principal Financial Group, Inc., returning -24.87%, -20.76%, and -20.55%, respectively, while the financials sector as a whole returned -3.46% for the same period.

6

THE VALUE FUND

Performance Summary

October 31, 2023 (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, 2013 through October 31, 2023.

Average Annual Total Return through October 31, 2023	One Year	Five Years	Ten Years
Value Fund(a)	–7.21%	5.91%	7.37%

(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, 2023

Shares		Description	Value
	Common Stocks – 96.1%
	Aerospace & Defense – 4.5%
	23,000	General Dynamics Corp.		$    5,550,130
	68,000	RTX Corp.		5,534,520
				11,084,650
	Air Freight & Logistics – 1.8%
	32,000	United Parcel Service, Inc. Class B		4,520,000
	Banks – 6.7%
	176,000	Bank of America Corp.		4,635,840
	51,000	JPMorgan Chase & Co.		7,092,060
	143,000	U.S. Bancorp		4,558,840
				16,286,740
	Beverages – 1.9%
	28,000	PepsiCo., Inc.		4,571,840
	Biotechnology – 2.0%
	19,000	Amgen, Inc.		4,858,300
	Building Products – 1.4%
	47,500	A.O. Smith Corp.		3,313,600
	Capital Markets – 6.1%
	24,500	CME Group, Inc.		5,229,770
	57,500	Morgan Stanley		4,072,150
	44,000	Northern Trust Corp.		2,900,040
	29,000	T. Rowe Price Group, Inc.		2,624,500
				14,826,460
	Chemicals – 3.1%
	16,500	Air Products & Chemicals, Inc.		4,660,260
	125,000	Huntsman Corp.		2,916,250
				7,576,510
	Communications Equipment – 1.9%
	91,000	Cisco Systems, Inc.		4,743,830
	Consumer Finance – 1.2%
	35,500	Discover Financial Services		2,913,840
	Consumer Staples Distribution & Retail – 1.2%
	45,500	Sysco Corp.		3,025,295
	Containers & Packaging – 1.2%
	58,000	Sonoco Products Co.		3,004,980
	Diversified Telecommunication Services – 2.2%
	150,000	Verizon Communications, Inc.		5,269,500
	Electric Utilities – 4.4%
	40,000	American Electric Power Co., Inc.		3,021,600
	87,000	Duke Energy Corp.		7,733,430
				10,755,030
	Electrical Equipment – 3.8%
	23,000	Eaton Corp. PLC		4,781,930
	52,000	Emerson Electric Co.		4,626,440
				9,408,370

Shares		Description	Value
	Common Stocks –  (continued)
	Financial Services – 1.8%
	56,000	Apollo Global Management, Inc.		$  4,336,640
	Food Products – 1.9%
	71,000	Mondelez International, Inc. Class A		4,700,910
	Health Care Equipment & Supplies – 1.8%
	62,000	Medtronic PLC		4,374,720
	Health Care Providers & Services – 3.3%
	11,000	Elevance Health, Inc.		4,950,990
	15,500	Laboratory Corp. of America Holdings		3,095,815
				8,046,805
	Hotels, Restaurants & Leisure – 3.2%
	21,000	Darden Restaurants, Inc.		3,056,130
	18,000	McDonald’s Corp.		4,719,060
				7,775,190
	Household Products – 2.0%
	33,000	Procter & Gamble Co.		4,950,990
	Industrial REITs – 1.1%
	27,000	Prologis, Inc.		2,720,250
	Insurance – 3.1%
	78,000	MetLife, Inc.		4,680,780
	42,000	Principal Financial Group, Inc.		2,842,560
				7,523,340
	IT Services – 2.0%
	34,000	International Business Machines Corp.		4,917,760
	Machinery – 3.2%
	21,500	Illinois Tool Works, Inc.		4,818,580
	36,500	Stanley Black & Decker, Inc.		3,104,325
				7,922,905
	Media – 2.4%
	104,000	Interpublic Group of Cos., Inc.		2,953,600
	20,000	Nexstar Media Group, Inc.		2,801,600
				5,755,200
	Oil, Gas & Consumable Fuels – 8.4%
	66,000	Chevron Corp.		9,618,180
	47,000	ONEOK, Inc.		3,064,400
	21,500	Pioneer Natural Resources Co.		5,138,500
	22,000	Valero Energy Corp.		2,794,000
				20,615,080
	Pharmaceuticals – 7.7%
	31,000	Johnson & Johnson		4,598,540
	71,000	Merck & Co., Inc.		7,291,700
	225,000	Pfizer, Inc.		6,876,000
				18,766,240

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

THE VALUE FUND

Schedule of Investments (continued)

October 31, 2023

Shares		Description	Value
	Common Stocks –  (continued)
	Semiconductors & Semiconductor Equipment – 4.1%
	40,000	Microchip Technology, Inc.		$    2,851,600
	32,500	Skyworks Solutions, Inc.		2,819,050
	30,500	Texas Instruments, Inc.		4,331,305
				10,001,955
	Software – 1.9%
	45,000	Oracle Corp.		4,653,000
	Specialized REITs – 1.8%
	18,500	Public Storage		4,416,135
	Specialty Retail – 3.0%
	44,000	Best Buy Co., Inc.		2,940,080
	15,500	Home Depot, Inc.		4,412,695
				7,352,775
	TOTAL COMMON STOCKS
	(Cost $218,971,761)			$234,988,840
	Exchange Traded Fund – 3.0%
	50,000	iShares Russell 1000® Value ETF
	(Cost $7,895,550)			7,321,000
Shares		Dividend Rate	Value
	Investment Company – 0.9%
	Investment Company – 0.9%
	State Street Institutional US Government Money Market Fund —Premier Class
	2,230,715	5.301%		$      2,230,715
	(Cost $2,230,715)
	TOTAL INVESTMENTS – 100.0%
	(Cost $229,098,026)			$  244,540,555
	LIABILITIES IN EXCESS OF OTHER ASSETS – 0.0%			(97,579)
	NET ASSETS – 100.0%			$  244,442,976
	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
	Investment Abbreviation:
	REIT	— Real Estate Investment Trust

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/23			AS OF 10/31/22
Financials		18.8	%		18.8	%
Health Care		14.8			17.1
Industrials		14.8			9.9
Information Technology		9.9			7.7
Energy		8.4			10.4
Consumer Staples		7.1			7.7
Consumer Discretionary		6.2			5.8
Communication Services		4.5			5.8
Utilities		4.4			5.8
Materials		4.3			3.8
Exchange Traded Fund		3.0			3.5
Real Estate		2.9			3.6
Investment Company		0.9			0.2
TOTAL INVESTMENTS		100.0	%		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. 9

THE MIDCAP GROWTH FUND

MidCap Growth Fund Overview

We present you with the annual report for the Commerce Mid-Cap Growth Fund for the one-year period ended October 31, 2023.

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

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

A: The Fund returned 1.40% over the 12-month period ended October 31, 2023, underperforming the Russell Midcap^® Growth Index (the “benchmark”), which returned 3.35% for the same period.

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

A: The financials sector increased from 5.88% to 9.70% with the purchases of Arch Capital Group Ltd., Brighthouse Financial, Inc., and Primerica, Inc. The industrials sector moved from 17.9% to 21.6% with the purchases of Lincoln Electric Holdings, Inc. and Tetra Tech, Inc. The financials sector and industrials sector returned 0.57% and 12.24%, respectively, over the 12-month period. The largest reduction in the Fund’s portfolio was made in the information technology sector, from 28.7% to 20.2%, with the sale of several companies such as Black Knight, Inc., NortonLifeLock Inc., and Arista Networks, Inc.

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 in the health care sector, which returned -10.65%, which improved the Fund’s return during the 12-month period. Security selection within the financials sector added to performance with holdings such as Apollo Global Management, Tradeweb Markets, Inc. Class A, and Arch Capital Ltd., returning 43.30%, 31.02%, and 21.84%, respectively. Also showing strong results were Toll Brothers, Inc. and Manhattan Associates, Inc., returning 73.69% and 60.25%, respectively, which 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: Relative to the benchmark, the Fund’s overweight to the consumer staples sector, which returned -7.31%, detracted from the Fund’s return during the 12-month period. Security selection within the industrials sector negatively impacted performance with holdings such as Genpact Limited, Toro Company, and C.H. Robinson Worldwide, Inc., returning -29.93%, -22.25%, and -14.12%, respectively, over the 12-month period. Additionally, holdings of Advance Auto Parts, Inc. and FMC Corporation, which returned -63.21% and -51.01% for the 12-month period, detracted from Fund performance.

10

THE MIDCAP GROWTH FUND

Performance Summary

October 31, 2023 (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, 2013 through October 31, 2023.

Average Annual Total Return through October 31, 2023	One Year	Five Years	Ten Years
MidCap Growth Fund(a)	1.40%	8.33%	9.45%

(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, 2023

Shares		Description	Value
	Common Stocks – 94.4%
	Aerospace & Defense  – 1.2%
	55,545	Howmet Aerospace, Inc.		$    2,449,535
	Air Freight & Logistics – 1.2%
	29,605	CH Robinson Worldwide, Inc.		2,422,577
	Biotechnology* – 4.9%
	29,405	BioMarin Pharmaceutical, Inc.		2,395,037
	118,435	Exelixis, Inc.		2,438,577
	59,565	Ionis Pharmaceuticals, Inc.		2,636,943
	15,320	Karuna Therapeutics, Inc.		2,552,465
				10,023,022
	Broadline Retail – 1.1%
	58,985	eBay, Inc.		2,313,982
	Capital Markets – 4.9%
	5,835	FactSet Research Systems, Inc.		2,520,078
	9,695	Morningstar, Inc.		2,455,162
	4,955	MSCI, Inc.		2,336,530
	31,100	Tradeweb Markets, Inc. Class A		2,799,311
				10,111,081
	Chemicals – 1.2%
	27,000	RPM International, Inc.		2,464,290
	Commercial Services & Supplies – 3.6%
	15,505	MSA Safety, Inc.		2,447,929
	67,965	Rollins, Inc.		2,556,164
	16,545	Tetra Tech, Inc.		2,496,806
				7,500,899
	Consumer Staples Distribution & Retail – 1.2%
	9,155	Casey’s General Stores, Inc.		2,489,336
	Electrical Equipment – 1.2%
	9,040	Rockwell Automation, Inc.		2,375,802
	Electronic Equipment, Instruments & Components – 3.6%
	30,525	Amphenol Corp. Class A		2,458,789
	12,360	CDW Corp.		2,476,944
	19,420	Keysight Technologies, Inc.*		2,370,211
				7,305,944
	Entertainment* – 1.2%
	18,400	Take-Two Interactive Software, Inc.		2,461,000
	Financial Services – 1.1%
	28,010	Apollo Global Management, Inc.		2,169,094
	Food Products – 1.2%
	27,045	Lamb Weston Holdings, Inc.		2,428,641
	Ground Transportation – 2.2%
	13,425	JB Hunt Transport Services, Inc.		2,307,355
	14,015	Landstar System, Inc.		2,309,391
				4,616,746
	Health Care Equipment & Supplies – 2.4%
	5,835	IDEXX Laboratories, Inc.*		2,330,908

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	18,620	ResMed, Inc.		$    2,629,516
				4,960,424
	Health Care Providers & Services – 2.6%
	4,965	Chemed Corp.		2,793,557
	7,600	Molina Healthcare, Inc.*		2,530,420
				5,323,977
	Health Care Technology* – 1.2%
	12,520	Veeva Systems, Inc. Class A		2,412,729
	Hotels, Restaurants & Leisure – 4.8%
	6,670	Domino’s Pizza, Inc.		2,261,063
	17,235	Hilton Worldwide Holdings, Inc.		2,611,620
	35,455	Wyndham Hotels & Resorts, Inc.		2,566,942
	20,350	Yum! Brands, Inc.		2,459,501
				9,899,126
	Household Products – 1.2%
	26,865	Church & Dwight Co., Inc.		2,443,103
	Insurance – 3.7%
	31,420	Arch Capital Group Ltd.*		2,723,486
	53,725	Brighthouse Financial, Inc.*		2,433,742
	12,840	Primerica, Inc.		2,454,494
				7,611,722
	IT Services* – 3.6%
	7,140	Gartner, Inc.		2,370,766
	34,740	GoDaddy, Inc. Class A		2,544,010
	12,735	VeriSign, Inc.		2,542,670
				7,457,446
	Life Sciences Tools & Services – 7.6%
	22,830	Agilent Technologies, Inc.		2,359,937
	36,680	Bio-Techne Corp.		2,003,829
	40,890	Bruker Corp.		2,330,730
	12,800	IQVIA Holdings, Inc.*		2,314,624
	2,310	Mettler-Toledo International, Inc.*		2,275,812
	9,455	Waters Corp.*		2,255,301
	6,825	West Pharmaceutical Services, Inc.		2,172,329
				15,712,562
	Machinery – 6.1%
	42,455	Donaldson Co., Inc.		2,447,955
	34,685	Graco, Inc.		2,578,830
	14,385	Lincoln Electric Holdings, Inc.		2,514,498
	31,475	Otis Worldwide Corp.		2,430,185
	31,685	Toro Co.		2,561,415
				12,532,883
	Oil, Gas & Consumable Fuels – 3.7%
	15,905	Cheniere Energy, Inc.		2,646,910
	38,435	ONEOK, Inc.		2,505,962
	1,380	Texas Pacific Land Corp.		2,547,411
				7,700,283

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

THE MIDCAP GROWTH FUND

Schedule of Investments (continued)

October 31, 2023

Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – 6.1%
	23,690	Booz Allen Hamilton Holding Corp.		$    2,841,142
	13,805	Broadridge Financial Solutions, Inc.		2,355,685
	69,450	Genpact Ltd.		2,329,353
	22,520	Paychex, Inc.		2,500,846
	9,890	Paycom Software, Inc.		2,422,753
				12,449,779
	Real Estate Management & Development* – 1.2%
	32,590	CoStar Group, Inc.		2,392,432
	Residential REITs – 1.2%
	38,350	Equity LifeStyle Properties, Inc.		2,523,430
	Semiconductors & Semiconductor Equipment – 1.1%
	16,050	Universal Display Corp.		2,233,839
	Software – 10.7%
	8,395	ANSYS, Inc.*		2,335,993
	11,025	Cadence Design Systems, Inc.*		2,644,346
	94,605	Dropbox, Inc. Class A*		2,488,112
	54,520	Dynatrace, Inc.*		2,437,589
	134,890	Gen Digital, Inc.		2,247,267
	5,270	HubSpot, Inc.*		2,233,268
	13,080	Manhattan Associates, Inc.*		2,550,338
	18,085	PTC, Inc.*		2,539,496
	6,545	Tyler Technologies, Inc.*		2,440,631
				21,917,040
	Specialty Retail – 5.0%
	36,735	Best Buy Co., Inc.		2,454,632
	17,200	Five Below, Inc.*		2,992,456
	21,435	Ross Stores, Inc.		2,485,817
	12,405	Tractor Supply Co.		2,388,707
				10,321,612
	Technology Hardware, Storage & Peripherals – 1.2%
	33,465	NetApp, Inc.		2,435,583
	Textiles, Apparel & Luxury Goods* – 1.2%
	53,390	Skechers USA, Inc. Class A		2,574,466
	TOTAL COMMON STOCKS
	(Cost $164,452,242)			$194,034,385
	Exchange Traded Fund – 3.1%
	74,165	iShares Russell Mid-Cap Growth ETF		$6,429,364
	(Cost $7,127,663)

Shares		Dividend Rate	Value
	Investment Company — 3.0%
	State Street Institutional US Government Money Market Fund – Premier Class
	6,231,135	5.301%		$6,231,135
	(Cost $6,231,135)
	TOTAL INVESTMENTS – 100.5%
	(Cost $177,811,040)			$206,694,884
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%			(1,101,618)
	NET ASSETS – 100.0%			$205,593,266

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.

Investment Abbreviation:
REIT	—RealEstate Investment Trust

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/23			AS OF 10/31/22
Industrials		21.6	%		17.9	%
Information Technology		20.2			28.7
Health Care		18.7			14.4
Consumer Discretionary		12.1			13.5
Financials		9.7			5.9
Energy		3.7			4.0
Consumer Staples		3.6			4.8
Exchange Traded Fund		3.1			1.4
Investment Company		3.0			1.5
Real Estate		2.4			3.4
Materials		1.2			2.6
Communication Services		1.2			2.3
TOTAL INVESTMENTS		100.5	%		100.4	%

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. 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, 2023.

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, 2023, the Fund generated a cumulative total return of 1.48%, outperforming the Bloomberg U.S. Aggregate Bond Index (the “benchmark”) which returned 0.36% for the same period.

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

A: A key factor that helped the Fund’s performance exceed its benchmark during the reporting period was maintaining the Fund’s target duration below the benchmark’s duration. Hikes of the federal funds rate by the Federal Reserve (Fed) led to rising Treasury yields and declining bond prices during the year. Lowering the Fund’s duration helped reduce the negative impact of rising interest rates.

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

A: Besides lowering the Fund’s duration, the exposure to lower-rated corporates was reduced and the focus shifted to higher credit quality holdings for new purchases. This assisted with improving the Fund’s average credit quality.

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

A: Lowering the Fund’s average duration relative to its benchmark assisted with the Fund’s performance. Maintaining an overweight in the corporate and asset-backed securities (ABS) sectors relative to the benchmark during the period helped enhance the Fund’s return. With a low average duration, ABS holdings were impacted by rising interest rates to a lesser degree than the other fixed-income sectors.

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

A: With credit spreads tightening during the period, reducing low credit quality corporate holdings detracted from performance. On average, credit spreads for lower-rated holdings tightened more than spreads for higher-rated holdings.

14

THE BOND FUND

Performance Summary

October 31, 2023 (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, 2013 through October 31, 2023.

Average Annual Total Return through October 31, 2023	One Year	Five Years	Ten Years
Bond Fund(a)	1.48%	0.28%	1.30%

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

15

THE BOND FUND

Schedule of Investments

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – 41.5%
Aerospace/Defense(a) – 0.4%
Boeing Co.
$  5,000,000		5.805	%		05/01/50	$	4,333,005
Auto Manufacturers – 2.7%
BMW Finance NV(a)(b)
4,000,000		2.400			08/14/24		3,894,289
Ford Motor Co.(a)
2,000,000		4.346			12/08/26		1,888,919
Ford Motor Credit Co. LLC
2,500,000		4.134			08/04/25		2,382,793
General Motors Co.(a)
3,450,000		6.600			04/01/36		3,245,398
General Motors Financial Co., Inc.(a)
2,000,000		2.400			04/10/28		1,688,030
1,615,000		3.100			01/12/32		1,230,602
Mercedes-Benz Finance North America LLC(b)
3,900,000		4.800			03/30/28		3,750,077
2,000,000		5.050			08/03/33		1,837,942
PACCAR Financial Corp.
5,000,000		2.150			08/15/24		4,866,557
Volkswagen Group of America Finance LLC(b)
4,000,000		4.750			11/13/28		3,735,652
							28,520,259
Banks – 7.3%
Bank of America Corp.
3,000,000		4.450			03/03/26		2,872,531
(3 mo. USD Term SOFR + 1.302%),
6,749,000		3.419	(a)(c)		12/20/28		6,011,439
Citigroup, Inc.
3,500,000		4.450			09/29/27		3,233,459
(Secured Overnight Financing Rate + 2.086%)
4,400,000		4.910	(a)(c)		05/24/33		3,907,365
(Secured Overnight Financing Rate + 1.379%)
2,000,000		2.904	(a)(c)		11/03/42		1,234,970
HSBC Holdings PLC
3,130,000		6.100			01/14/42		3,023,009
Huntington Bancshares, Inc.(a)(c) (Secured Overnight Financing Rate + 2.050%)
4,000,000		5.023			05/17/33		3,436,079
JPMorgan Chase & Co. (Secured Overnight Financing Rate + 5.344%)
1,500,000		6.229	(a)(c)		04/22/27		1,489,270
(Secured Overnight Financing Rate + 1.560%)
1,000,000		4.323	(a)(c)		04/26/28		940,106
(3 mo. USD Term SOFR + 1.592%)
2,000,000		4.452	(a)(c)		12/05/29		1,840,625
(3 mo. USD Term SOFR + 1.422%)
1,650,000		3.702	(a)(c)		05/06/30		1,450,011
2,520,000		5.600			07/15/41		2,329,312
KeyBank NA
3,000,000		3.400			05/20/26		2,640,115
Mitsubishi UFJ Financial Group, Inc.
3,000,000		3.777			03/02/25		2,910,170

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley(a)(c) (Secured Overnight Financing Rate + 1.200%)
$  2,900,000		2.511	%		10/20/32	$	2,173,572
Northern Trust Corp.(a)
4,000,000		3.150			05/03/29		3,505,311
1,500,000		1.950			05/01/30		1,164,299
PNC Bank NA
3,830,000		4.050			07/26/28		3,412,629
PNC Financial Services Group, Inc.(a)(c) (3 mo. USD Term SOFR + 3.940%)
2,500,000		9.312			11/01/23		2,500,000
Truist Financial Corp.
3,500,000		2.500	(a)		08/01/24		3,403,376
(Secured Overnight Financing Rate + 2.300%)
1,900,000		6.123	(a)(c)		10/28/33		1,762,844
(Secured Overnight Financing Rate + 1.852%)
1,000,000		5.122	(a)(c)		01/26/34		859,867
U.S. Bancorp (Secured Overnight Financing Rate + 1.230%)
1,500,000		4.653	(a)(c)		02/01/29		1,385,279
(Secured Overnight Financing Rate + 1.600%)
7,000,000		4.839	(a)(c)		02/01/34		6,001,802
UBS Group AG (1 yr. CMT + 0.850%)
2,000,000		1.494	(a)(b)(c)		08/10/27		1,732,537
(1 yr. CMT + 1.750%)
2,500,000		4.751	(a)(b)(c)		05/12/28		2,347,797
Wells Fargo & Co.
2,500,000		4.100			06/03/26		2,360,758
1,500,000		4.650			11/04/44		1,111,249
5,000,000		4.750			12/07/46		3,701,070
Wells Fargo Bank NA(d)
2,000,000		6.180			02/15/36		1,846,869
							76,587,720
Beverages(a)  – 0.7%
Anheuser-Busch InBev Worldwide, Inc.
1,000,000		4.600			04/15/48		814,308
6,000,000		4.439			10/06/48		4,672,896
PepsiCo, Inc.
2,190,000		4.450			04/14/46		1,797,005
							7,284,209
Biotechnology(a)  – 0.2%
Amgen, Inc.
1,000,000		5.600			03/02/43		895,969
3,175,000		2.770			09/01/53		1,672,232
							2,568,201
Chemicals(a) – 0.3%
Linde, Inc.
2,000,000		3.200			01/30/26		1,906,707
Sherwin-Williams Co.
1,075,000		2.200			03/15/32		801,212
							2,707,919

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Commercial Services – 1.4%
Corp. of Gonzaga University
$  3,500,000		4.158	%		04/01/46	$	2,525,057
Emory University(a)
2,000,000		1.566			09/01/25		1,863,224
Equifax, Inc.(a)
2,000,000		5.100			12/15/27		1,927,274
Henry J Kaiser Family Foundation
6,250,000		3.356			12/01/25		5,843,583
Northwestern University
1,000,000		4.643			12/01/44		865,688
Thomas Jefferson University
1,375,000		2.368			11/01/25		1,268,357
							14,293,183
Computers(a) – 0.3%
CGI, Inc.
4,000,000		2.300			09/14/31		2,947,312
Computers & Peripherals(a) – 0.4%
Amazon.com, Inc.
2,000,000		4.700			12/01/32		1,878,375
Meta Platforms, Inc.
2,320,000		3.850			08/15/32		2,020,938
							3,899,313
Distribution/Wholesale(a) – 0.2%
WW Grainger, Inc.
3,260,000		4.600			06/15/45		2,654,300
Diversified Financial Services(a) – 1.4%
Aircastle Ltd.
1,000,000		4.250			06/15/26		937,683
Aviation Capital Group LLC(b)
5,500,000		1.950			09/20/26		4,788,265
Brookfield Finance, Inc.
3,100,000		4.700			09/20/47		2,302,883
Capital One Financial Corp.(c) (Secured Overnight Financing Rate + 2.370%)
3,000,000		5.268			05/10/33		2,567,996
CDP Financial, Inc.(b)
1,000,000		3.150			07/24/24		981,651
Charles Schwab Corp.
1,225,000		2.750			10/01/29		1,009,839
2,500,000		1.950			12/01/31		1,783,082
							14,371,399
Electrical Equipment – 3.6%
Arizona Public Service Co.
2,150,000		6.875			08/01/36		2,119,721
Consumers Energy Co.(a)
3,290,000		3.950			07/15/47		2,383,471
Emerson Electric Co.
1,000,000		6.125			04/15/39		961,638
Entergy Louisiana LLC(a)
3,000,000		3.780			04/01/25		2,906,969

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical Equipment  – (continued)
Florida Power & Light Co.(a)
$  1,250,000		4.550	%		10/01/44	$	969,901
Louisville Gas & Electric Co.(a)
1,850,000		4.650			11/15/43		1,411,866
National Grid USA
3,375,000		8.000			11/15/30		3,549,021
National Rural Utilities Cooperative Finance Corp.(a)
4,000,000		5.800			01/15/33		3,876,500
Nevada Power Co.(a)
1,250,000		3.125			08/01/50		718,951
Ohio Power Co.
2,870,000		5.850			10/01/35		2,766,877
Pacific Gas & Electric Co.(a)
1,000,000		4.550			07/01/30		866,669
1,000,000		4.950			07/01/50		702,123
PacifiCorp
2,200,000		6.100			08/01/36		2,102,466
PG&E Wildfire Recovery Funding LLC
1,079,580		3.594			06/01/30		1,011,021
PPL Electric Utilities Corp.(a)
2,225,000		4.750			07/15/43		1,820,446
Public Service Enterprise Group, Inc.(a)
5,500,000		8.625			04/15/31		6,028,915
Southern California Edison Co.
1,000,000		5.550			01/15/37		902,782
Wisconsin Power & Light Co.(a)
1,000,000		1.950			09/16/31		743,409
Wisconsin Public Service Corp.(a)
3,000,000		3.300			09/01/49		1,844,058
							37,686,804
Energy Minerals(a) – 0.4%
HF Sinclair Corp.
3,850,000		5.875			04/01/26		3,796,311
Entertainment(a) – 0.1%
Warnermedia Holdings, Inc.
1,000,000		3.755			03/15/27		921,211
Food(a)(b) – 0.6%
Nestle Holdings, Inc.
6,700,000		4.300			10/01/32		6,174,362
Gas(a) – 0.6%
Atmos Energy Corp.
1,400,000		4.125			03/15/49		1,008,500
Boston Gas Co.(b)
2,900,000		3.001			08/01/29		2,407,164
Northwest Natural Gas Co.
4,650,000		3.869			06/15/49		2,956,367
							6,372,031

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare-Products(a) – 0.2%
Baxter International, Inc.
$  3,000,000		2.539	%		02/01/32	$	2,253,288
Healthcare-Services – 2.3%
Adventist Health System(a)
7,000,000		2.952			03/01/29		5,976,918
Ascension Health
3,000,000		2.532	(a)		11/15/29		2,527,653
1,500,000		3.945			11/15/46		1,100,108
Baptist Health South Florida, Inc.
3,695,000		4.342			11/15/41		2,791,647
Community Health Network, Inc.
2,225,000		4.237			05/01/25		2,165,533
Mayo Clinic
2,600,000		3.774			11/15/43		1,947,139
SSM Health Care Corp.(a)
4,990,000		3.823			06/01/27		4,675,427
3,000,000		4.894			06/01/28		2,900,207
							24,084,632
Insurance –  6.2%
Americo Life, Inc.(b)
5,206,000		3.450			04/15/31		3,790,932
Arch Capital Group Ltd.
2,149,000		7.350			05/01/34		2,264,789
Assured Guaranty U.S. Holdings, Inc.(a)
4,715,000		3.150			06/15/31		3,822,916
AXIS Specialty Finance LLC(a)
3,000,000		3.900			07/15/29		2,654,907
Berkshire Hathaway Finance Corp.(a)
4,220,000		4.200			08/15/48		3,254,614
Equitable Financial Life Global Funding(b)
3,000,000		1.300			07/12/26		2,621,334
5,000,000		1.750			11/15/30		3,690,478
Guardian Life Global Funding(b)
5,000,000		1.250			11/19/27		4,220,174
Horace Mann Educators Corp.(a)
2,000,000		7.250			09/15/28		1,998,271
Jackson National Life Global Funding(b)
2,600,000		3.250			01/30/24		2,581,183
Loews Corp.
3,000,000		6.000			02/01/35		2,961,299
MassMutual Global Funding II(b)
6,150,000		2.950			01/11/25		5,948,960
MetLife, Inc.(a)
2,055,000		10.750			08/01/39		2,575,069
New York Life Global Funding(b)
9,000,000		4.550			01/28/33		8,058,973
Principal Life Global Funding II(b)
2,600,000		5.500			06/28/28		2,519,599
Prudential Insurance Co. of America(b)
2,775,000		8.300			07/01/25		2,835,553
Reinsurance Group of America, Inc.
2,500,000		3.150	(a)		06/15/30		2,030,761

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – (continued)
(3 mo. USD Term SOFR + 2.927%)
$  2,000,000		8.336	%(a)(c)		12/15/65	$	1,729,997
Reliance Standard Life Global Funding II(b)
1,750,000		2.750			01/21/27		1,548,240
Teachers Insurance & Annuity Association of America(a)(b)
3,000,000		4.270			05/15/47		2,190,634
Travelers Cos., Inc.(a)
2,000,000		4.100			03/04/49		1,475,615
							64,774,298
Machinery-Diversified – 0.6%
John Deere Capital Corp.
4,000,000		4.350			09/15/32		3,620,124
Rockwell Automation, Inc.(a)
3,000,000		3.500			03/01/29		2,740,248
							6,360,372
Media – 0.2%
Comcast Corp.
1,250,000		6.400			05/15/38		1,231,331
1,500,000		2.800	(a)		01/15/51		825,774
							2,057,105
Metals & Mining – 0.2%
Southern Copper Corp.
2,000,000		5.875			04/23/45		1,798,284
Oil-Field Services – 1.9%
Apache Corp.(a)
2,835,000		5.100			09/01/40		2,202,937
BP Capital Markets America, Inc.(a)
4,000,000		3.543			04/06/27		3,749,024
Equinor ASA
1,795,000		6.800			01/15/28		1,864,682
Phillips 66(a)
3,000,000		4.650			11/15/34		2,615,161
Saudi Arabian Oil Co.(b)
5,000,000		3.500			04/16/29		4,438,500
Schlumberger Investment SA(a)
3,600,000		2.650			06/26/30		2,985,172
Tosco Corp.
2,095,000		8.125			02/15/30		2,313,239
							20,168,715
Paper and Forest Products – 0.9%
Georgia-Pacific LLC(b)
2,225,000		0.625			05/15/24		2,163,311
5,000,000		2.100	(a)		04/30/27		4,446,393
International Paper Co.
2,925,000		8.700			06/15/38		3,329,696
							9,939,400
Pharmaceuticals – 1.4%
Bristol-Myers Squibb Co.(a)
3,250,000		3.900			02/20/28		3,057,357

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
CVS Pass-Through Trust(b)
$  2,018,410		7.507	%		01/10/32	$	2,056,167
Johnson & Johnson
4,970,000		5.950			08/15/37		5,116,880
Pfizer, Inc.
2,000,000		1.750	(a)		08/18/31		1,512,286
2,900,000		7.200			03/15/39		3,209,177
							14,951,867
Pipelines – 1.8%
DCP Midstream Operating LP
3,397,000		8.125			08/16/30		3,704,663
Energy Transfer LP(a)
3,000,000		4.900			03/15/35		2,546,993
Kinder Morgan Energy Partners LP
4,175,000		5.800			03/15/35		3,834,862
Magellan Midstream Partners LP(a)
2,635,000		3.950			03/01/50		1,673,753
Tennessee Gas Pipeline Co. LLC
628,000		8.375			06/15/32		681,133
1,450,000		7.625			04/01/37		1,549,094
TransCanada PipeLines Ltd.(a)
1,000,000		4.625			03/01/34		847,895
Transcanada Trust(a)(c) (3M USD LIBOR + 3.208%)
4,660,000		5.300			03/15/77		4,017,164
							18,855,557
Real Estate(a) – 2.5%
AvalonBay Communities, Inc.
1,500,000		1.900			12/01/28		1,254,450
Healthcare Realty Holdings LP
1,075,000		2.050			03/15/31		765,481
Kimco Realty OP LLC
1,000,000		3.850			06/01/25		953,434
Mid-America Apartments LP
1,900,000		1.100			09/15/26		1,670,490
Omega Healthcare Investors, Inc.
4,500,000		4.750			01/15/28		4,106,987
Physicians Realty LP
1,325,000		2.625			11/01/31		975,275
Realty Income Corp.
2,400,000		0.750			03/15/26		2,123,690
2,400,000		3.950			08/15/27		2,229,451
SBA Tower Trust(b)
1,575,000		2.836			01/15/25		1,503,856
Scentre Group Trust 1/Scentre Group Trust 2(b)
4,000,000		3.750			03/23/27		3,702,267
Simon Property Group LP
2,815,000		3.750			02/01/24		2,798,125
Sun Communities Operating LP
1,000,000		2.700			07/15/31		747,548

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate(a) – (continued)
Ventas Realty LP
$  2,910,000		3.500	%	02/01/25	$	2,803,740
						25,634,794
Semiconductors(a) – 0.5%
Broadcom, Inc.(b)
3,500,000		3.469		04/15/34		2,673,493
Texas Instruments, Inc.
2,925,000		3.875		03/15/39		2,335,584
						5,009,077
Software(a) – 0.3%
Salesforce, Inc.
2,850,000		1.950		07/15/31		2,205,588
1,000,000		2.900		07/15/51		592,941
						2,798,529
Telecommunications – 0.8%
AT&T, Inc.
4,000,000		6.250		03/29/41		3,661,111
Bell Telephone Co. of Canada or Bell Canada(a)
3,850,000		5.100		05/11/33		3,513,171
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC(a)(b)
750,000		4.738		03/20/25		741,491
						7,915,773
Transportation – 0.9%
Burlington Northern Santa Fe LLC(a)
1,220,000		4.950		09/15/41		1,054,337
Canadian National Railway Co.
1,190,000		6.200		06/01/36		1,204,625
1,310,000		2.450	(a)	05/01/50		696,226
Canadian Pacific Railway Co.
1,980,000		5.750		01/15/42		1,771,519
1,000,000		4.950	(a)	08/15/45		823,304
1,500,000		4.700	(a)	05/01/48		1,176,859
2,500,000		6.125	(a)(e)	09/15/15		2,265,973
Kansas City Southern Railway Co.(a)
500,000		4.950		08/15/45		382,915
						9,375,758
Trucking & Leasing(a) – 0.2%
GATX Corp.
3,155,000		3.100		06/01/51		1,704,202
TOTAL CORPORATE OBLIGATIONS
(Cost $509,815,808)					$	432,799,190

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – 16.5%
Automotive(b) – 2.3%
Avis Budget Rental Car Funding AESOP LLC Series 2019-3A, Class A
$  11,100,000		2.360	%	03/20/26	$	10,589,385
Avis Budget Rental Car Funding AESOP LLC Series 2020-2A, Class A
2,080,000		2.020		02/20/27		1,894,418
Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class A
4,150,000		1.380		08/20/27		3,661,053
Ford Credit Auto Owner Trust Series 2018-1, Class A
5,000,000		3.190		07/15/31		4,829,232
Hertz Vehicle Financing III LP Series 2021-2A, Class A
2,800,000		1.680		12/27/27		2,449,795
						23,423,883
Credit Card(b) – 0.2%
Avant Credit Card Master Trust Series 2021-1A, Class A
2,000,000		1.370		04/15/27		1,870,779
Home Equity – 0.5%
Accredited Mortgage Loan Trust Series 2004-4, Class A1B(c) (1 mo. USD Term SOFR + 0.894%)
280,891		5.151		01/25/35		275,925
EquiFirst Mortgage Loan Trust Series 2003-2, Class 2A2(f)
100,385		4.250		09/25/33		91,795
FIGRE Trust Series 2023-HE1, Class A(b)
2,572,553		5.850		03/25/53		2,514,890
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1(c) (1 mo. USD Term SOFR + 0.789%)
1,127,228		6.114		12/25/34		1,070,331
Renaissance Home Equity Loan Trust Series 2005-3, Class AF4(f)
282,220		5.140		11/25/35		275,368
Southern Pacific Secured Asset Corp. Series 1998-2, Class A7(f)
565,088		7.490		07/25/29		530,934
						4,759,243
Manufactured Housing – 0.0%
Mid-State Trust Series 2011, Class A1
71,208		4.864		07/15/38		68,562
Other – 13.2%
Affirm Asset Securitization Trust Series 2022-A, Class 1A(b)
1,000,000		4.300		05/17/27		976,793
AFN LLC Series 2019-1A, Class A1(b)
4,648,253		3.780		05/20/49		4,367,294
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2(b)
4,700,000		1.937		08/15/46		4,094,455
Beacon Container Finance LLC Series 2021-1A, Class A(b)
2,400,000		2.250		10/22/46		2,035,832
BHG Securitization Trust Series 2021-B, Class B(b)
1,000,000		1.670		10/17/34		889,875

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Other – (continued)
CAL Funding IV Ltd. Series 2020-1A, Class A(b)
$  4,427,500		2.220	%	09/25/45	$	3,855,529
Chase Funding Trust Series 2002-3, Class 1A5(f)
513,286		5.907		06/25/32		478,871
Chase Funding Trust Series 2004-1, Class 2A2(c) (1 mo. USD Term SOFR + 0.574%)
2,912,436		5.899		12/25/33		2,746,276
CLI Funding VIII LLC Series 2018-1A, Class A(b)
2,980,133		2.720		01/18/47		2,497,047
CMFT Net Lease Master Issuer LLC Series 2021-1, Class A1(b)
3,112,541		2.090		07/20/51		2,471,265
Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1(b)(c) (1 mo. USD Term SOFR + 0.514%)
341,445		5.839		02/25/37		310,179
DB Master Finance LLC Series 2021-1A, Class A2II(b)
3,930,000		2.493		11/20/51		3,283,138
Diamond Infrastructure Funding LLC Series 2021-1A, Class A(b)
4,000,000		1.760		04/15/49		3,406,101
Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A23(b)
6,126,250		4.118		07/25/47		5,643,404
Driven Brands Funding LLC Series 2021-1A, Class A2(b)
2,695,000		2.791		10/20/51		2,204,796
FCI Funding LLC Series 2021-1A, Class A(b)
340,482		1.130		04/15/33		332,563
GBX Leasing LLC Series 2022-1, Class A(b)
1,582,762		2.870		02/20/52		1,322,852
Global SC Finance VII SRL Series 2020-2A, Class A(b)
3,507,338		2.260		11/19/40		3,119,074
Harvest SBA Loan Trust Series 2018-1, Class A(b)(c) (1 mo. USD Term SOFR + 2.364%)
739,867		7.684		08/25/44		733,882
Home Partners of America Trust Series 2019-1, Class A(b)
5,932,116		2.908		09/17/39		5,316,142
Jack in the Box Funding LLC Series 2022-1A, Class A2I(b)
3,880,000		3.445		02/26/52		3,445,828
Lendmark Funding Trust Series 2021-2A, Class A(b)
2,000,000		2.000		04/20/32		1,702,916
LFS LLC Series 2021-A, Class A(b)
391,794		2.460		04/15/33		376,760
LFS LLC Series 2021-B, Class A(b)
1,162,410		2.400		12/15/33		1,086,969
Long Beach Mortgage Loan Trust Series 2003-4, Class AV1(c) (1 mo. USD Term SOFR + 0.734%)
115,882		6.059		08/25/33		109,966
Longtrain Leasing III LLC Series 2015-1A, Class A1(b)
1,991,828		2.980		01/15/45		1,917,133
Longtrain Leasing III LLC Series 2015-1A, Class A2(b)
4,861,135		4.060		01/15/45		4,615,386

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Other – (continued)
NP SPE II LLC Series 2016-1A, Class A1(b)
$  1,065,319		4.164	%	04/20/46	$	1,023,560
OnDeck Asset Securitization Trust LLC Series 2021-1A, Class A(b)
1,500,000		1.590		05/17/27		1,447,940
PACEWell 5 Trust Series 2021-1, Class A(b)
2,607,678		2.628		10/10/59		1,921,690
Pear LLC Series 2020-1, Class A(b)
578,975		3.750		12/15/32		575,209
Pear LLC Series 2023-1, Class A(b)
4,193,944		7.420		07/15/35		4,143,328
Progress Residential Trust Series 2020-SFR2, Class A(b)
998,766		2.078		06/17/37		933,953
Retained Vantage Data Centers Issuer LLC Series 2023-1A, Class A2A(b)
5,000,000		5.000		09/15/48		4,507,405
Sabey Data Center Issuer LLC Series 2021-1, Class A2(b)
3,000,000		1.881		06/20/46		2,605,615
ServiceMaster Funding LLC Series 2020-1, Class A2I(b)
3,791,840		2.841		01/30/51		3,119,046
SERVPRO Master Issuer LLC Series 21-1A, Class A2(b)
1,950,000		2.394		04/25/51		1,592,183
Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class A(b)
254,874		0.990		11/20/37		237,732
STAR Trust Series 2021-SFR1, Class A(b)(c) (1 mo. USD Term SOFR + 0.714%)
3,318,137		6.049		04/17/38		3,236,376
State of Hawaii Department of Business Economic Development & Tourism Series 2014-A, Class A2
5,284,434		3.242		01/01/31		4,961,169
Structured Asset Investment Loan Trust Series 2003-BC5, Class M1(c) (1 mo. USD Term SOFR + 1.239%)
77,994		6.564		06/25/33		77,594
Taco Bell Funding LLC Series 2021-1A, Class A2I(b)
1,891,313		1.946		08/25/51		1,629,589
Thrust Engine Leasing DAC Series 2021-1A, Class A(b)
4,477,863		4.163		07/15/40		3,819,752
Tif Funding II LLC Series 2020-1A, Class A(b)
1,728,833		2.090		08/20/45		1,496,432
Towd Point Mortgage Trust Series 2017-3, Class A2(b)(c)(g)
1,850,000		3.000		07/25/57		1,727,247
Towd Point Mortgage Trust Series 2018-2,Class A2(b)(c)(g)
5,500,000		3.500		03/25/58		4,957,875
Trinity Rail Leasing LLC Series 2019-1A, Class A(b)
4,060,965		3.820		04/17/49		3,797,842
Trinity Rail Leasing LLC Series 2019-2A, Class A2(b)
3,000,000		3.100		10/18/49		2,739,731
Trinity Rail Leasing LLC Series 2020-2A, Class A2(b)
10,315,000		2.560		11/19/50		8,779,801

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Other – (continued)
Triton Container Finance VIII LLC Series 2020-1A, Class A(b)
$  4,611,979		2.110	%	09/20/45	$	3,937,163
Triton Container Finance VIII LLC Series 2021-1A, Class A(b)
390,208		1.860		03/20/46		324,974
TVEST LLC Series 2021-A, Class A(b)
291,279		2.350		09/15/33		288,438
Vantage Data Centers LLC Series 2020-1A, Class A2(b)
8,250,000		1.645		09/15/45		7,472,096
Wendy’s Funding LLC Series 2019-1A, Class A2I(b)
2,707,500		3.783		06/15/49		2,505,783
Wendy’s Funding LLC Series 2021-1A, Class A2I(b)
1,221,875		2.370		06/15/51		990,354
						138,190,203
Student Loan – 0.3%
Massachusetts Educational Financing Authority Series 2018-A, Class A
1,167,729		3.850		05/25/33		1,102,101
SoFi Professional Loan Program LLC Series 2018-C, Class A2FX(b)
1,460,547		3.590		01/25/48		1,401,918
South Carolina Student Loan Corp. Series 2015-A, Class A(c) (1 mo. USD Term SOFR + 1.614%)
825,520		6.939		01/25/36		824,363
Towd Point Asset Trust Series 2018-SL1, Class A(b)(c) (1 mo. USD Term SOFR + 0.714%)
199,324		6.039		01/25/46		198,773
						3,527,155
TOTAL ASSET-BACKED SECURITIES
(Cost $189,799,955)					$	171,839,825
Mortgage-Backed Obligations – 15.5%
Collateralized Mortgage Obligations – 11.3%
Agate Bay Mortgage Trust Series 2016-2, Class A3(b)(c)(g)
$  154,470		3.500		03/25/46	$	129,504
Banc of America Alternative Loan Trust Series 2005-10, Class 6A1
6,853		5.500		11/25/20		6,033
Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2(b)(c)(g)
3,215,035		2.500		06/25/51		2,350,367
Bayview MSR Opportunity Master Fund VI Trust Series 2021-INV2-6, Class A1(b)(c)(g)
8,802,633		3.000		10/25/51		6,730,572
Bear Stearns Alt-A Trust Series 2005-9, Class 25A1(c)(g)
652,217		4.498		11/25/35		441,201
Bear Stearns Asset Backed Securities Trust Series 2003-AC7, Class A2(f)
156,560		5.750		01/25/34		124,976
CAFL Issuer LLC Series 2022-RTL1, Class A1(f)
2,000,000		4.250		05/28/29		1,904,907

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
CFMT LLC Series 2023-HB12, Class A(b)(c)(g)
$  2,184,866		4.250	%	04/25/33	$	2,091,381
CHL Mortgage Pass-Through Trust Series 2005-27, Class 2A1
333,306		5.500		12/25/35		138,799
CHL Mortgage Pass-Through Trust Series 2005-6, Class 2A1
46,796		5.500		04/25/35		36,560
CHL Mortgage Pass-Through Trust Series 2005-7, Class 1A1(c) (1 mo. USD Term SOFR + 0.654%)
367,327		5.979		03/25/35		326,935
Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2
304,369		6.750		08/25/34		260,536
Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5, Class 1A3A(c)(g)
7,054		4.150		04/25/37		6,984
Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1
11,198		5.250		09/25/19		10,191
Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1
2,538		6.500		08/25/32		2,501
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4
99,888		5.250		07/25/33		89,512
CSMC Trust Series 2013-6, Class 1A1(b)(c)(g)
2,576,915		2.500		07/25/28		2,381,062
CSMC Trust Series 2017-HL2, Class A1(b)(c)(g)
370,933		3.500		10/25/47		309,226
EverBank Mortgage Loan Trust Series 2013-2, Class A(b)(c)(g)
456,495		3.000		06/25/43		395,484
Federal Home Loan Mortgage Corp. REMICS Series 2103, Class TE
12,523		6.000		12/15/28		12,469
Federal Home Loan Mortgage Corp. REMICS Series 2110, Class PG
68,611		6.000		01/15/29		68,044
Federal Home Loan Mortgage Corp. REMICS Series 2391, Class Z
229,176		6.000		12/15/31		225,685
Federal Home Loan Mortgage Corp. REMICS Series 4088, Class EP
4,760		2.750		09/15/41		4,747
Federal Home Loan Mortgage Corp. REMICS Series 4272, Class DG
155,914		3.000		04/15/43		146,282
Federal Home Loan Mortgage Corp. REMICS Series 4370, Class PA
64,047		3.500		09/15/41		62,107
Federal Home Loan Mortgage Corp. REMICS Series 4792, Class AC
144,798		3.500		05/15/48		123,254

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Federal Home Loan Mortgage Corp. REMICS Series 5020, Class KW
$  6,000,000		2.000	%	09/25/45	$	4,664,894
Federal Home Loan Mortgage Corp. REMICS Series 5081, Class QA
622,686		2.000		12/25/50		464,435
Federal Home Loan Mortgage Corp. REMICS Series 5139, Class EC
4,250,000		2.500		09/25/51		2,680,308
Federal National Mortgage Association REMICS Series 2001-45, Class WG
25,170		6.500		09/25/31		24,795
Federal National Mortgage Association REMICS Series 2003-117, Class KB
1,004,579		6.000		12/25/33		996,939
Federal National Mortgage Association REMICS Series 2003-14, Class AP
4,740		4.000		03/25/33		4,622
Federal National Mortgage Association REMICS Series 2003-W6, Class 3A
44,155		6.500		09/25/42		43,802
Federal National Mortgage Association REMICS Series 2004-53, Class NC
1,308		5.500		07/25/24		1,298
Federal National Mortgage Association REMICS Series 2014-80, Class KA
800,223		2.000		03/25/44		540,573
Federal National Mortgage Association REMICS Series 2015-2, Class PA
964,508		2.250		03/25/44		861,618
Federal National Mortgage Association REMICS Series 2015-30, Class JA
829,062		2.000		05/25/45		675,285
Federal National Mortgage Association REMICS Series 2016-16, Class PD
385,675		3.000		12/25/44		357,918
Finance of America Structured Securities Trust Series 2022-S4, Class A1A(b)(c)(g)
1,460,407		2.500		01/25/57		1,310,809
First Horizon Alternative Mortgage Securities Series 2006-RE1, Class A1(c)(g)
552,229		5.500		05/25/35		344,683
Flagstar Mortgage Trust Series 2018-2, Class A4(b)(c)(g)
101,819		3.500		04/25/48		98,410
Flagstar Mortgage Trust Series 2019-1INV, Class A3(b)(c)(g)
935,586		3.500		10/25/49		788,771
Flagstar Mortgage Trust Series 2021-8INV, Class A3(b)(c)(g)
3,311,513		2.500		09/25/51		2,420,898
GCAT Trust Series 2022-HX1, Class A1(b)(c)(g)
5,884,790		2.885		12/27/66		5,040,422

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Government National Mortgage Association REMICS Series 17-H23, Class MA
$    1,224,707		3.000	%	11/20/67	$	1,144,344
Government National Mortgage Association REMICS Series 2015-167, Class KM
84,020		3.000		12/20/43		73,306
Government National Mortgage Association REMICS Series 2015-94, Class AT
435,294		2.250		07/16/45		360,525
Government National Mortgage Association REMICS Series 2016-129, Class W
163,581		2.500		07/20/46		131,211
Government National Mortgage Association REMICS Series 2018-37, Class KT
474,548		3.500		03/20/48		408,928
Government National Mortgage Association REMICS Series 2021-116, Class LG
8,398,311		2.000		06/20/51		6,669,553
GS Mortgage-Backed Securities Trust Series 2021-GR3, Class A2(b)(c)(g)
6,741,625		2.500		04/25/52		4,928,499
GS Mortgage-Backed Securities Trust Series 2021-MM1, Class A2(b)(c)(g)
9,944,876		2.500		04/25/52		7,270,251
GSR Mortgage Loan Trust Series 2004-12, Class 1A1(c) (1 mo. USD Term SOFR + 0.454%)
221,655		5.779		12/25/34		194,560
GSR Mortgage Loan Trust Series 2004-7, Class 1A1(c)(g)
50,275		4.242		06/25/34		47,749
Impac CMB Trust Series 2003-2F, Class A(f)
77,690		5.730		01/25/33		75,337
Impac CMB Trust Series 2004-4, Class 1A1(c)
(1 mo. USD Term SOFR + 0.754%)
91,568		6.079		09/25/34		89,646
Impac CMB Trust Series 2004-4, Class 2A2(f)
954,286		5.325		09/25/34		976,179
Impac Secured Assets CMN Owner Trust Series 2004-2, Class A6(f)
2		4.817		08/25/34		2
Imperial Fund Mortgage Trust Series 2022-NQM1, Class A1(b)(c)(g)
2,864,031		2.493		02/25/67		2,415,217
JP Morgan Mortgage Trust Series 2021-14, Class A3(b)(c)(g)
10,239,664		2.500		05/25/52		7,485,757
JP Morgan Mortgage Trust Series 2023-5, Class A2(b)(c)(g)
4,789,970		6.000		12/26/53		4,596,125
JPMorgan Mortgage Trust Series 2007-A2, Class 4A2(c)(g)
100,608		3.868		04/25/37		78,937
JPMorgan Mortgage Trust Series 2013-3, Class A3(b)(c)(g)
451,998		3.351		07/25/43		389,297

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
JPMorgan Mortgage Trust Series 2014-2, Class 1A1(b)(c)(g)
$    389,974		3.000	%		06/25/29	$	367,989
JPMorgan Mortgage Trust Series 2017-3, Class 1A3(b)(c)(g)
949,160		3.500			08/25/47		811,509
JPMorgan Mortgage Trust Series 2017-4, Class A3(b)(c)(g)
99,516		3.500			11/25/48		85,672
JPMorgan Mortgage Trust Series 2017-6, Class A3(b)(c)(g)
439,029		3.500			12/25/48		372,562
JPMorgan Mortgage Trust Series 2021-10, Class A3(b)(c)(g)
2,526,260		2.500			12/25/51		1,846,835
JPMorgan Mortgage Trust Series 2021-7, Class A4(b)(c)(g)
3,778,628		2.500			11/25/51		3,106,398
Kiavi Issuer Trust Series 2022 SR1, Class A1A(b)(f)
5,500,000		6.000			09/25/25		5,324,000
MASTR Adjustable Rate Mortgages Trust Series 2003-2, Class 6A1(c)(g)
126,752		5.357			07/25/33		119,215
MASTR Alternative Loan Trust Series 2004-4, Class 1A1
35,351		5.500			05/25/34		33,006
MASTR Alternative Loan Trust Series 2004-4, Class 8A1
346,697		6.500			05/25/34		326,150
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1, Class A3(c)(g)
48,449		5.814			03/25/33		41,501
Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1(c)(g)
319,652		5.084			11/25/35		179,716
Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22
478,843		6.000			08/25/37		163,628
New Residential Mortgage Loan Trust Series 2017-6A, Class A1(b)(c)(g)
1,948,849		4.000			08/27/57		1,787,310
New Residential Mortgage Loan Trust Series 2021-INV1, Class A2(b)(c)(g)
4,253,029		2.500			06/25/51		3,109,198
OBX Trust Series 2019-EXP1, Class 1A3(b)(c)(g)
436,522		4.000			01/25/59		414,195
OBX Trust Series 2019-INV2, Class A5(b)(c)(g)
129,803		4.000			05/27/49		112,884
Oceanview Mortgage Trust Series 2021-3, Class A4(b)(c)(g)
3,891,994		2.500			06/25/51		3,203,819
Rate Mortgage Trust Series 2021-J1, Class A7(b)(c)(g)
4,173,965		2.500			07/25/51		3,373,148
RBSGC Mortgage Loan Trust Series 2007-B, Class 2A1(c)(g)
171,554		4.051			01/25/37		93,531
RBSGC Mortgage Loan Trust Series 2007-B, Class 3A1(c)(g)
3,018		5.622			01/25/37		2,804

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Residential Accredit Loans, Inc. Trust Series 2005-QS11, Class A2(c) (1 mo. USD Term SOFR + 0.614%)
$    92,401		5.500	%		07/25/35	$	65,715
RFMSI Trust Series 2005-S7, Class A5
43,918		5.500			11/25/35		33,057
Seasoned Credit Risk Transfer Trust Series 2017-3, Class MA
1,781,579		3.000			07/25/56		1,616,729
Seasoned Loans Structured Transaction Series 2018-1, Class A2								��
1,245,000		3.500			06/25/28		1,129,598
Sequoia Mortgage Trust Series 2004-10, Class A1A(c) (1 mo. USD Term SOFR + 0.734%)
140,930		6.074			11/20/34		125,914
Sequoia Mortgage Trust Series 2013-2, Class A1(c)(g)
455,631		1.874			02/25/43		359,490
Sequoia Mortgage Trust Series 2013-6, Class A1(c)(g)
984,147		2.500			05/25/43		788,054
Sequoia Mortgage Trust Series 2015-4, Class A1(b)(c)(g)
418,276		3.000			11/25/30		390,137
Sequoia Mortgage Trust Series 2016-3, Class A1(b)(c)(g)
511,378		3.500			11/25/46		426,117
Sequoia Mortgage Trust Series 2017-5, Class A1(b)(c)(g)
437,606		3.500			08/25/47		362,540
Sequoia Mortgage Trust Series 2017-6, Class A1(b)(c)(g)
1,037,721		3.500			09/25/47		901,582
Sequoia Mortgage Trust Series 2018-2, Class A1(b)(c)(g)
361,285		3.500			02/25/48		311,815
Shellpoint Co-Originator Trust Series 2017-2, Class A1(b)(c)(g)
560,748		3.500			10/25/47		474,623
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A(c)(g)
82,158		6.043			10/25/34		75,024
Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4(c)(g)
14,956		6.627			04/25/34		14,675
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-31A, Class 2A7(c)(g)
105,731		6.689			10/25/33		100,601
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 3A3(c)(g)
64,042		5.634			11/25/33		62,336
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 6A(c)(g)
62,071		6.409			11/25/33		60,347
UWM Mortgage Trust Series 2021-INV4, Class A3(b)(c)(g)
10,533,436		2.500			12/25/51		7,700,521
Wells Fargo Mortgage Backed Securities Trust Series 2021-2, Class A1(b)(c)(g)
296,326		2.500			06/25/51		216,631
WinWater Mortgage Loan Trust Series 2015-5, Class A3(b)(c)(g)
1,025,356		3.500			08/20/45		862,822

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
WinWater Mortgage Loan Trust Series 2016-1, Class 1A5(b)(c)(g)
$       695,687		3.500	%		01/20/46	$	582,524
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $147,894,427)						$	118,571,144
Commercial Mortgage Obligations – 0.3%
Government National Mortgage Association REMICS Series 2013-68, Class B(c)(g)
601,979		2.500			08/16/43		559,829
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2(b)
575,433		2.579			03/10/49		558,733
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class A2
1,954,471		2.739			04/15/48		1,949,074
TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $3,142,644)						$	3,067,636
Federal Agencies – 3.9%
Federal Home Loan Mortgage Corp.
28,415		7.000			05/01/26		28,769
7,285		7.500			12/01/30		7,538
12,088		7.500			01/01/31		12,313
27,415		7.000			08/01/31		28,254
335,092		5.000			05/01/33		319,979
(1 yr. CMT + 2.229%)
30,679		5.210(c)			05/01/34		30,991
(RFUCC 1 yr. + 1.783%)
36,963		4.033(c)			01/01/36		36,375
458,192		4.000			06/01/42		410,098
9,782,753		5.000			06/01/43		9,181,893
372,955		3.000			06/01/45		300,711
(RFUCC 1 yr. + 1.600%)
744,894		2.708(c)			07/01/45		712,756
4,532,836		3.500			08/01/52		3,825,465
Federal National Mortgage Association
280,591		2.500			05/01/28		255,899
(RFUCC 6 mo. + 1.413%)
11,568		4.663(c)			02/01/33		11,279
(RFUCC 1 yr. + 1.760%)
29,797		4.291(c)			02/01/35		29,369
(RFUCC 1 yr. + 1.597%)
86,654		6.338(c)			12/01/45		88,392
123,638		4.500			01/01/48		108,629
841,170		2.500			06/01/51		629,877
9,753,772		5.500			08/01/53		9,261,790
Government National Mortgage Association
2,788		7.500			08/20/25		2,786
15,334		7.500			07/20/26		15,369
7,786		6.500			04/15/31		7,901
52,464		6.500			05/15/31		53,224
648,944		2.500			06/20/31		585,745
4,958,578		5.000			07/20/52		4,617,403

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
Uniform Mortgage-Backed Security
$      5,878		6.500%			10/01/28	$	5,902
7,431		7.500			09/01/29		7,404
18,557		7.000			03/01/31		18,765
1,429		7.500			03/01/31		1,436
5,959		7.000			11/01/31		6,026
18,216		7.000			01/01/32		18,420
28,347		6.000			12/01/32		27,933
843,241		3.500			08/01/35		773,101
9,414,358		5.000			04/01/43		8,838,866
440,040		5.000			08/01/48		419,188
							40,679,846
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $194,373,664)						$	162,318,626
U.S. Treasury Obligations – 15.5%
U.S. Treasury Bonds
$  12,000,000		1.750	%		08/15/41	$	7,165,312
10,000,000		2.750			08/15/42		7,037,500
3,000,000		3.125			08/15/44		2,197,500
2,125,000		2.500			02/15/45		1,380,171
5,000,000		2.500			02/15/46		3,201,562
38,000,000		2.750			11/15/47		25,192,812
6,000,000		3.000			02/15/48		4,173,047
22,800,000		3.125			05/15/48		16,233,422
7,000,000		2.250			08/15/49		4,122,344
U.S. Treasury Inflation-Indexed Bonds
9,509,990		0.750			02/15/42		6,906,011
U.S. Treasury Inflation-Indexed Notes
6,354,200		0.375			01/15/27		5,906,986
U.S. Treasury Notes
6,000,000		2.875			05/31/25		5,790,000
5,000,000		1.500			08/15/26		4,557,422
2,000,000		2.250			02/15/27		1,842,031
6,380,000		0.625			05/15/30		4,869,984
5,000,000		1.375			11/15/31		3,846,094
18,000,000		2.875			05/15/32		15,479,297
14,000,000		2.750			08/15/32		11,870,469
10,000,000		4.125			11/15/32		9,441,797
23,000,000		3.375			05/15/33		20,387,344
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $193,028,771)						$	161,601,105
Municipal Bond Obligations – 8.6%
Arizona(a) – 0.1%
Arizona Board of Regents Revenue Bonds Series 2023
$    1,000,000		4.599	%		07/01/31	$	926,463
Arkansas(a) – 0.1%
City of Springdale Sales & Use Tax Revenue Revenue Bonds (Taxable-Refunding) Series 2023 BAM
1,000,000		5.160			08/01/32		960,673

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
California – 1.5%
Beverly Hills CA Unified School District GO Bonds (Capital Appreciation) (Refunding) Series 2016(a)(h)
$    5,000,000		0.000	%		08/01/38	$	2,457,852
California State Municipal Finance Authority Refunding Revenue Bonds (Taxable-Refunding-University Of San Diego) Series B
3,130,000		2.536			10/01/29		2,689,202
City of National City CA Pension Obligation Revenue (Taxable) Series 2021
3,820,000		2.649			11/01/31		3,035,291
Foothill-De Anza CA Community College District GO Bonds (Taxable–Election of 2006) Series E(a)
1,730,000		3.223			08/01/38		1,334,507
Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B
3,000,000		6.507			08/01/43		3,056,610
Poway CA Unified School District GO Bonds (Taxable-Refunding-Improvement Date 2002-1) Series 2019
3,750,000		2.414			08/01/27		3,383,749
							15,957,211
Connecticut – 0.3%
Connecticut State GO Bonds Unlimited (Taxable) Series A
3,500,000		3.743			09/15/25		3,397,305
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		1,426,701
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		1,163,010
							2,589,711
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		4,106,721
Idaho State Building Authority Revenue Bonds Taxable (Idaho Board of Education Project) Series A
1,500,000		3.120			09/01/24		1,469,559
							5,576,280
Illinois – 0.4%
Will County Elementary School District No 122 GO Bonds (Taxable-Refunding) Series A
2,750,000		2.111			10/01/27		2,425,250
Will County Forest Preservation District GO Bonds Build America Bonds Direct Payment Series 2009
1,000,000		5.700			12/15/27		1,017,928
Winnebago County IL GO Bonds Series 2018
1,035,000		3.900			12/30/25		1,001,187
							4,444,365

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Indiana – 0.1%
Indiana University Revenue Bonds (Taxable-Refunding) Series B
$    1,000,000		2.767	%		06/01/37	$	724,288
Kentucky – 1.0%
Kentucky Higher Education Student Loan Corp. (Taxable) Series A
4,500,000		2.685			06/01/31		3,475,275
Kentucky State Property & Buildings Commission Revenue Bonds (Taxable-Refunding) Series D
5,000,000		2.522			11/01/27		4,471,871
River City, Inc. KY Parking Authority Revenue Bonds (Refunding) Series B(a)
2,890,000		2.750			12/01/33		2,426,522
							10,373,668
Louisiana – 0.2%
City of New Orleans LA GO Bonds (Taxable-Refunding) Series 2021
2,085,000		2.054			09/01/28		1,783,139
Michigan – 0.3%
Dearborn MI GO Bonds (Taxable) Series B
1,750,000		3.879			05/01/27		1,668,229
Fraser MI Public School District GO Bonds (Taxable-Refunding) Series 2019 (Q-SBLF)
2,150,000		2.380			05/01/29		1,834,701
							3,502,930
Mississippi(a) – 0.2%
State of Mississippi GO (Taxable-Refunding-Bonds) Series 2020
3,000,000		1.282			11/01/28		2,492,665
Missouri(a) – 0.2%
Curators University of Missouri System Facilities Revenue Bonds Build America Bonds
2,500,000		5.792			11/01/41		2,436,931
Nebraska – 0.3%
University of Nebraska Facilities Corp. Revenue Bonds (Taxable-Refunding) Series A
3,750,000		2.175			10/01/26		3,441,263
New Jersey(a) – 0.4%
Rutgers New Jersey State University Revenue Bonds (Taxable-Refunding) Series R
4,000,000		2.588			05/01/27		3,653,982
New York(a) – 0.7%
New York State Dormitory Authority Revenue Bonds (Taxable-Refunding) Series B
2,700,000		3.229			03/15/30		2,389,820
New York State Thruway Authority Revenue Bonds (Taxable-Refunding) Series M
2,755,000		2.500			01/01/27		2,538,378

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
New York(a) – (continued)
New York State Urban Development Corp. Revenue Bonds Series 2019 B
$       1,950,000		3.350	%	03/15/26	$	1,861,734
						6,789,932
Ohio – 0.6%
City of Cincinnati OH GO Bonds (Taxable-Refunding) Series A(a)
2,865,000		1.880		12/01/31		2,179,256
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		2,072,461
University of Cincinnati Revenue Bonds (Taxable-Refunding) Series B
3,000,000		1.775		06/01/29		2,486,374
						6,738,091
Oregon – 0.2%
Oregon Education Districts Full Faith & Credit Pension Obligations GO Bonds (Taxable) Series 2018(a)
495,000		4.220		06/30/30		455,486
Portland OR Community College District GO Bonds Series 2018
1,250,000		3.970		06/01/27		1,197,214
						1,652,700
Pennsylvania(a) – 0.4%
County of Allegheny PA GO (Taxable-Refunding-Bonds) Series C-79
1,650,000		0.973		11/01/25		1,514,749
State Public School Building Authority Revenue Bonds (Qualified School Construction Bonds)
3,000,000		6.495		09/15/28		3,109,159
						4,623,908
Rhode Island – 0.2%
Rhode Island State Student Loan Authority Loan Revenue Bonds (Taxable) Series 1
2,000,000		2.530		12/01/25		1,862,458
Texas(a) – 0.4%
City of Houston TX GO Bonds (Taxable-Refunding) Series B
5,000,000		2.130		03/01/26		4,635,175
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		1,740,730
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $100,839,574)					$	90,303,868

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

THE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Agency Debenture – 0.6%
Federal National Mortgage Association(a)
$          6,400,000		0.420	%		11/18/24	$	6,067,465
(Cost $6,400,000)
Shares	Dividend Rate					Value
Investment Company – 1.3%
State Street Institutional US Government Money Market Fund–Premier Class
13,484,605 (Cost $13,484,605)		5.301%				$	13,484,605
TOTAL INVESTMENTS – 99.5%
(Cost $1,207,742,377)						$	1,038,414,684
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%							5,399,172
NET ASSETS – 100.0%						$	1,043,813,856

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, 2023.
(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, 2023. Maturity date disclosed is the ultimate maturity.
(g)	Rate shown is that which is in effect on October 31, 2023. 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.
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
Q-SBLF	—Qualified School Bond Loan Fund
REMIC	—Real Estate Mortgage Investment Conduit
RFUCC	—RefinitiveUSD IBOR Consumer Cash Fallbacks 1 year
SOFR	—SecuredOvernight Financing Rate

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/23			AS OF 10/31/22
Corporate Obligations		41.5	%		44.5	%
Asset-Backed Securities		16.5			17.8
U.S. Treasury Obligations		15.5			11.4
Collateralized Mortgage Obligations		11.3			12.7
Municipal Bond Obligations		8.6			9.9
Federal Agencies		3.9			0.6
Investment Company		1.3			0.7
Agency Debentures		0.6			1.2
Commercial Mortgage Obligations		0.3			0.5
TOTAL INVESTMENTS		99.5	%		99.3	%

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, 2023.

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, 2023, the Fund returned a cumulative 2.34%, underperforming the Bloomberg 1-5 Year Government Bond Index (the “benchmark”) which returned 2.41% for 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. The Federal Reserve (the “Fed”), however, increased the federal funds rate by 225 basis points over the period and drove Treasury yields up across the short end of the yield curve. The 5-year Treasury was volatile, touching a low of 3.30% in early May 2023 and climbing steadily to 4.85% by the end of October 2023. Overall, higher Treasury yields forced the prices of the Fund’s bond holdings lower.

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

A: There were no significant adjustments made to the Fund’s portfolio during the period. We maintained a short duration by purchasing short treasury and agency bonds only.

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

A: Directing all inflows, maturities, and paydowns primarily to purchases of Treasury bills enhanced the Fund’s yield and held duration short as the Fed raised rates over the period.

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

A: Redemption requests concentrated the Fund’s holdings of mortgage-backed securities, which performed relatively poorly compared to other bond market sectors. The mortgage exposure also pulled the Fund’s duration closer to that of the benchmark.

28

THE SHORT-TERM GOVERNMENT FUND

Performance Summary

October 31, 2023 (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, 2013 through October 31, 2023.

Average Annual Total Return through October 31, 2023	One Year	Five Years	Ten Years
Short-Term Government Fund(a)	2.34%	0.25%	0.38%

(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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 63.9%
Collateralized Mortgage Obligations – 49.7%
Banc of America Funding Trust Series 2004-A, Class 1A3(a)(b)
$                994		6.496	%	09/20/34	$	905
Banc of America Mortgage Trust Series 2003-J, Class 2A1(a)(b)
48,833		4.951		11/25/33		43,075
Barclays Mortgage Loan Trust Series 2021-NQM1, Class A1(a)(b)(c)
343,853		1.747		09/25/51		285,006
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-9, Class 24A1(a)(b)
11,268		5.660		11/25/34		9,959
BINOM Securitization Trust Series 2021-INV1, Class A1(a)(b)(c)
406,211		2.034		06/25/56		333,936
BRAVO Residential Funding Trust Series 2021-NQM1, Class A1(a)(b)(c)
187,732		0.941		02/25/49		162,845
BRAVO Residential Funding Trust Series 2021-NQM2, Class A1(a)(b)(c)
237,768		0.970		03/25/60		217,488
Bunker Hill Loan Depositary Trust Series 2020-1, Class A1(a)(b)(c)
115,551		1.724		02/25/55		109,350
Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class A1(a)(b)
13,839		4.658		09/25/34		11,910
CSMC Trust Series 2021-NQM5, Class A1(a)(b)(c)
321,313		0.938		05/25/66		243,359
Federal Home Loan Mortgage Corp. REMICS PAC Series 2022, Class PE
2,898		6.500		01/15/28		2,887
Federal Home Loan Mortgage Corp. REMICS PAC Series 2109, Class PE
9,902		6.000		12/15/28		9,844
Federal Home Loan Mortgage Corp. REMICS PAC Series 23, Class PK
29		6.000		11/25/23		29
Federal Home Loan Mortgage Corp. REMICS Series 3753, Class AS
141,601		3.500		11/15/25		138,098
Federal Home Loan Mortgage Corp. REMICS Series 3816, Class HA
330,766		3.500		11/15/25		322,132
Federal Home Loan Mortgage Corp. REMICS Series 4561, Class BA
190,817		3.500		09/15/42		185,201
Federal Home Loan Mortgage Corp. REMICS Series 4690, Class VK
52,956		3.500		09/15/28		52,701
Federal Home Loan Mortgage Corp. REMICS Series 5065, Class A
275,423		2.000		09/25/30		271,354
Federal Home Loan Mortgage Corp. REMICS Series 5131, Class MA
606,949		1.500		04/25/49		489,154

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Federal Home Loan Mortgage Corp. REMICS Series 5140, Class H
$          847,193		2.000	%	08/25/46	$	684,497
Federal Home Loan Mortgage Corp. REMICS Series 5144, Class PC
852,740		1.500		09/25/51		670,801
Federal National Mortgage Association Grantor Trust Series 2011-T2, Class A1
406,973		2.500		08/25/51		356,973
Federal National Mortgage Association REMICS Series 2003-117, Class KB
186,182		6.000		12/25/33		184,766
Federal National Mortgage Association REMICS Series 2003-14, Class AP
6,373		4.000		03/25/33		6,215
Federal National Mortgage Association REMICS Series 2010-109, Class M
284,458		3.000		09/25/40		262,414
Federal National Mortgage Association REMICS Series 2011-146, Class NB
14,817		4.000		09/25/41		14,462
Federal National Mortgage Association REMICS Series 2012-100, Class WA
161,414		1.500		09/25/27		151,206
Federal National Mortgage Association REMICS Series 2012-110, Class CA
174,655		3.000		10/25/42		147,678
Federal National Mortgage Association REMICS Series 2012-118, Class EB
163,407		1.500		11/25/27		153,142
Federal National Mortgage Association REMICS Series 2013-112, Class G
83,365		2.125		07/25/40		79,218
Federal National Mortgage Association REMICS Series 2013-135, Class GA
187,993		3.000		07/25/32		182,553
Federal National Mortgage Association REMICS Series 2013-16, Class FY(a) (30 day USD SOFR Average + 0.464%)
894,427		5.785		03/25/43		850,120
Federal National Mortgage Association REMICS Series 2013-6, Class BE
143,186		2.000		12/25/42		136,276
Federal National Mortgage Association REMICS Series 2013-74, Class YA
157,271		3.000		05/25/42		145,693
Federal National Mortgage Association REMICS Series 2015-15, Class CA
335,070		3.500		04/25/35		311,728
Federal National Mortgage Association REMICS Series 2015-19, Class CA
100,129		3.500		01/25/43		96,013

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

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Federal National Mortgage Association REMICS Series 2015-2, Class PA
$          149,983		2.250	%	03/25/44	$	133,984
Federal National Mortgage Association REMICS Series 2016-104, Class BA
212,349		3.000		01/25/47		192,003
Federal National Mortgage Association REMICS Series 2016-24, Class TA
29,105		3.000		04/25/42		28,636
Federal National Mortgage Association REMICS Series 2016-53, Class BV
410,828		3.500		11/25/27		390,724
Federal National Mortgage Association REMICS Series 2016-96, Class A
258,201		1.750		12/25/46		220,984
Federal National Mortgage Association REMICS Series 2017-46, Class EA
76,309		3.500		12/25/50		74,304
Federal National Mortgage Association REMICS Series 2017-7, Class JA
159,742		2.000		02/25/47		124,393
Federal National Mortgage Association REMICS Series 2019-10, Class PT
235,242		3.500		03/25/49		211,248
Federal National Mortgage Association REMICS Series 2020-35, Class MA
300,130		2.000		12/25/43		266,038
Federal National Mortgage Association REMICS Series 2020-56, Class AH
563,265		2.000		05/25/45		498,942
Federal National Mortgage Association REMICS Series 2021-28, Class YG
673,859		2.000		03/25/47		549,989
Federal National Mortgage Association REMICS Series 2021-45, Class CB
489,026		2.000		02/25/44		433,797
Federal National Mortgage Association REMICS Series 2021-56, Class HE
563,636		1.250		09/25/51		443,817
GCAT Trust Series 2021-NQM6, Class A1(a)(b)(c)
373,901		1.855		08/25/66		310,511
Government National Mortgage Association REMICS Series 2009-65, Class AF
3,925		4.000		07/20/39		3,855
Government National Mortgage Association REMICS Series 2010-14, Class PA
3,533		3.000		02/20/40		3,411
Government National Mortgage Association REMICS Series 2012-13, Class EG
108,875		2.000		10/20/40		105,510

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Government National Mortgage Association REMICS Series 2013-188, Class LE
$          456,425		2.500	%	11/16/43	$	389,108
Government National Mortgage Association REMICS Series 2014-131, Class DM
60,030		3.000		02/20/44		56,389
Government National Mortgage Association REMICS Series 2015-65, Class BD
220,023		2.250		05/20/45		183,629
Government National Mortgage Association REMICS Series 2015-94, Class AT
194,461		2.250		07/16/45		161,059
Government National Mortgage Association REMICS Series 2019-11, Class MA
140,008		3.000		01/20/47		128,525
Government National Mortgage Association REMICS Series 2019-21, Class MA
254,193		3.500		09/20/47		232,122
GS Mortgage-Backed Securities Corp. Trust Series 2020-NQM1, Class A1(a)(b)(c)
382,184		1.017		07/25/61		311,908
GS Mortgage-Backed Securities Trust Series 2020-NQM1, Class A1(a)(b)(c)
126,392		1.382		09/27/60		112,514
GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1(a) (1 mo. USD Term SOFR + 0.554%)
38,832		5.879		05/25/35		28,072
GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4(a)(b)
143,309		3.977		01/25/36		126,835
Impac CMB Trust Series 2003-2F, Class A(d)
48,094		5.730		01/25/33		46,637
Impac CMB Trust Series 2003-8, Class 2A1(a) (1 mo. USD Term SOFR + 1.014%)
1,509		6.339		10/25/33		1,486
Impac CMB Trust Series 2004-7, Class 1A1(a) (1 mo. USD Term SOFR + 0.854%)
15,937		6.179		11/25/34		15,435
Impac CMB Trust Series 2005-2, Class 2A2(a) (1 mo. USD Term SOFR + 0.914%)
20,293		6.239		04/25/35		18,377
Impac Secured Assets Trust Series 2006-1, Class 2A1(a) (1 mo. USD Term SOFR + 0.814%)
76,858		6.139		05/25/36		66,758
IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 6A1(a)(b)
26,891		4.739		10/25/34		24,283
JPMorgan Mortgage Trust Series 2016-4, Class A3(a)(b)(c)
101,109		3.500		10/25/46		86,680
Lehman XS Trust Series 2005-7N, Class 1A1A(a) (1 mo. USD Term SOFR + 0.654%)
60,720		5.979		12/25/35		52,465

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

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1(a)(b)
$            25,070		5.453	%	04/21/34	$	23,413
MFA Trust Series 2021-INV2, Class A1(a)(b)(c)
816,758		1.906		11/25/56		660,418
MFA Trust Series 2021-NQM1, Class A1(a)(b)(c)
190,074		1.153		04/25/65		164,949
MFA Trust Series 2021-NQM2, Class A1(a)(b)(c)
241,250		1.029		11/25/64		191,677
MortgageIT Trust Series 2005-1, Class 1A1(a) (1 mo. USD Term SOFR + 0.754%)
132,951		6.079		02/25/35		125,322
MortgageIT Trust Series 2005-1, Class 1A2(a) (1 mo. USD Term SOFR + 0.894%)
114,358		6.219		02/25/35		108,018
New Residential Mortgage Loan Trust Series 2019-RPL3, Class A1(a)(b)(c)
519,066		2.750		07/25/59		477,710
Residential Accredit Loans, Inc. Trust Series 2004-QA4, Class NB21(a)(b)
9,067		5.117		09/25/34		8,264
Sequoia Mortgage Trust Series 2003-2, Class A1(a) (1 mo. USD Term SOFR + 0.774%)
12,790		6.114		06/20/33		12,203
Sequoia Mortgage Trust Series 2010, Class 1A(a) (1 mo. USD Term SOFR + 0.914%)
5,841		6.254		10/20/27		5,543
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-31A, Class 2A7(a)(b)
95,917		6.689		10/25/33		91,263
Towd Point Mortgage Trust Series 2017-2, Class A1(a)(b)(c)
16,194		2.750		04/25/57		16,105
Vendee Mortgage Trust Series 1996-2, Class 1Z
13,512		6.750		06/15/26		13,578
Verus Securitization Trust Series 2021-2, Class A1(a)(b)(c)
310,930		1.031		02/25/66		254,902
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $17,756,786)					$	15,510,781
Commercial Mortgage Obligations – 4.6%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K726 Class A2
$           386,045		2.905	%	04/25/24	$	381,392
Government National Mortgage Association REMICS Series 2010-141, Class B
118,276		2.717		02/16/44		113,332
Government National Mortgage Association REMICS Series 2022-196, Class AB
442,078		3.250		04/16/54		392,713
Government National Mortgage Association REMICS Series 2022-199, Class A
615,868		3.250		02/16/54		549,578
TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $1,470,813)					$	1,437,015

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – 9.6%
Federal Home Loan Mortgage Corp.
$              4,274		5.000	%	05/01/27	$	4,144
83,033		2.500		04/01/28		79,183
(RFUCC 1 yr. + 1.600%),
150,369		2.708	(a)	07/01/45		143,881
(RFUCC 1 yr. + 1.593%),
81,879		6.648	(a)	07/01/46		82,960
Federal National Mortgage Association
197,425		3.500		10/01/26		187,351
93,595		3.500		12/01/27		90,018
124,507		2.500		03/01/28		113,746
277,506		2.500		05/01/28		253,169
134,849		3.000		05/01/28		125,248
179,267		2.500		07/01/28		162,555
164,898		3.000		09/01/28		156,242
114,689		2.500		01/01/30		107,093
155,458		3.500		10/01/32		145,875
255,139		3.000		08/01/33		209,458
(RFUCC 1 yr. + 1.597%),
44,099		6.338	(a)	12/01/45		44,983
Government National Mortgage Association, (1 yr. CMT + 1.500%)
8		3.000	(a)	11/20/24		8
36		4.000	(a)	12/20/24		36
1,040		3.875	(a)	04/20/26		1,022
795		2.625	(a)	08/20/26		774
1,708		3.625	(a)	01/20/28		1,673
Uniform Mortgage-Backed Security
128,127		3.000		11/01/26		123,833
99,865		3.000		12/01/26		96,815
176,365		2.000		01/01/31		159,860
1,806		7.000		11/01/31		1,826
167,837		5.000		02/01/32		161,248
53,583		6.000		07/01/33		53,079
320,630		3.500		07/01/34		295,368
193,849		3.500		08/01/35		177,724
						2,979,172
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $22,513,228)					$	19,926,968
U.S. Government Agency Obligations – 16.9%
Federal Farm Credit Banks Funding Corp.(e)
$          600,000		2.920	%	05/16/24	$	591,512
Federal Home Loan Banks
700,000		4.875		09/13/24		696,162
Federal Home Loan Mortgage Corp.
700,000		2.350	(e)	03/25/25		670,842
1,000,000		0.375		07/21/25		922,698
750,000		5.250	(e)	11/28/25		747,355
Federal National Mortgage Association
1,000,000		0.625		04/22/25		935,006
750,000		0.500		06/17/25		695,550
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $5,508,276)					$	5,259,125

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

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 16.2%
U.S. Treasury Inflation-Indexed Notes
$       1,315,660		0.625	%		01/15/24	$	1,303,737
U.S. Treasury Notes
50,000		0.250			05/15/24		48,617
700,000		0.375			08/15/24		672,574
1,000,000		1.500			11/30/24		958,945
750,000		2.125			11/30/24		724,190
950,000		1.000			12/15/24		904,875
200,000		1.125			02/28/25		189,328
300,000		1.250			11/30/26		269,109
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $5,248,961)						$	5,071,375
Shares	Dividend Rate					Value
Investment Company – 1.6%
State Street Institutional US Government Money Market Fund – Premier Class
491,825		5.301	%			$	491,825
(Cost $491,825)
Principal Amount	Interest Rate			Maturity Date		Value
Asset-Backed Securities(a) – 1.4%
Home Equity – 1.1%
Morgan Stanley ABS Capital I, Inc. Series 2002-HE3, Class A2 (1 mo. USD Term SOFR + 1.194%)
$  181,384		6.519	%		03/25/33	$	177,325
Terwin Mortgage Trust Series 2004-7HE, Class A3(c) (1 mo. USD Term SOFR + 1.514%)
127,424		6.839			07/25/34		117,038
Terwin Mortgage Trust Series 2004-9HE, Class A1(c) (1 mo. USD Term SOFR + 0.914%)
40,121		6.239			09/25/34		36,267
							330,630
Other – 0.3%
Countrywide Asset-Backed Certificates Trust Series 2004-6, Class 2A4 (1 mo. USD Term SOFR + 1.014%)
111,391		6.339			11/25/34		103,433
TOTAL ASSET-BACKED SECURITIES
(Cost $419,587)						$	434,063
TOTAL INVESTMENTS – 100.0%
(Cost $34,181,877)						$	31,183,356
LIABILITIES IN EXCESS OF     OTHER ASSETS – 0.0%							(875)
NET ASSETS – 100.0%						$	31,182,481

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, 2023.
(b)	Rate shown is that which is in effect on October 31, 2023. 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, 2023. Maturity date disclosed is the ultimate maturity.
(e)	Security with “Call” features with resetting interest rates.

Investment Abbreviation:
PAC	—Planned Amortization Class
REMIC	—Real Estate Mortgage Investment Conduit
RFUCC	—Refinitive USD IBOR Consumer Cash Fallbacks 1 year
SOFR	—Secured Overnight Financing Rate

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/23			AS OF 10/31/22
Collateralized Mortgage Obligations		49.7	%		37.0	%
U.S. Government Agency Obligations		16.9			9.3
U.S. Treasury Obligations		16.2			41.0
Federal Agencies		9.6			9.5
Commercial Mortage Obligations		4.6			0.3
Investment Company		1.6			2.1
Asset-Backed Securities		1.4			1.1
TOTAL INVESTMENTS		100.0	%		100.3	%

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 Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond, 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, 2023.

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, 2023, the National Tax-Free Intermediate Bond Fund generated an annualized total return of 0.90%.

Over the one-year period ended October 31, 2023, the Missouri Tax-Free Intermediate Bond Fund generated an annualized total return of 0.70%.

Over the one-year period ended October 31, 2023, the Kansas Tax-Free Intermediate Bond Fund generated an annualized total return of 0.63%.

These returns compare to the 2.49% annualized total return of the Bloomberg 3-15 Year Blend Municipal Bond Index, (the Funds’ “benchmark”), 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 average credit quality was in-line with the benchmark during the period, however, the emphasis on up in quality had a negative effect on the Fund’s performance during the period. Duration positioning also detracted on a relative basis over this time frame. Sector positioning was a detractor from returns. The relative underweight to the water/sewer sector helped the Fund’s returns, however, the underweight to the power and transportation sectors lagged. The Fund’s cash position helped. The relative overweight to the housing sector detracted while the overweight to the lease and the underweight to the higher education sectors were additive to

Fund returns. The overweight to the G.O. sector detracted

and overweight to the hospital sector enhanced returns. The underweights to the IDR/PCR and resource recovery sectors hindered relative performance during the last 12-months. Overall, curve positioning was a negative for the last 12-months. The relative outperformance of bonds eight years and longer was not enough to overcome the underperforming shorter exposures.

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 average credit quality was in-line with the benchmark during the period, however, the emphasis on up in quality had a negative effect on the Fund’s performance during the period. Duration positioning also detracted on a relative basis over this time frame. Sector positioning was a detractor from returns. The relative underweight to the water/sewer sector helped the Fund’s returns, however, the underweight to the power and transportation sectors lagged. The Fund’s cash position helped. The relative overweight to the housing sector detracted while the overweight to the lease and the underweight to the higher education sectors were additive to Fund returns. The slight overweight to the G.O. sector detracted and neutral weight to the hospital sector helped returns. The underweights to the IDR/PCR and resource recovery sectors hindered relative performance during the last 12-months. Overall, curve positioning was a negative for the last 12-months. The relative outperformance of bonds eight years and longer was not enough to overcome the underperforming shorter exposures.

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. The average credit quality was in-line with the benchmark during the period, however, the emphasis on up in quality had a negative effect on the Fund’s performance during the period. Duration positioning also detracted on a relative basis over this time frame. Sector positioning was a detractor from returns. The relative underweight to the water/sewer sector helped the Fund’s returns, however, the underweight to the power and

34

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

transportation sectors lagged. The Fund’s cash position helped. The relative underweight to the housing and to the higher education sectors helped and the overweight to the lease sector was additive to Fund returns. The overweight to the G.O. sector detracted and overweight to the hospital sector helped returns. The underweights to the IDR/PCR and resource recovery sectors hindered relative performance during the last 12-months. Overall, curve positioning was a negative for the last 12-months. The relative outperformance of bonds eight years and longer was not enough to overcome the underperforming shorter exposures.

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 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 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 Denver City & Cnty CO Sch Dist #1 3% due 12/01/2036, Omaha NE Public Facs Corp Lease Revenue 3% due 04/15/2035 , and Palos Park Vlg IL 3.5% due 12/01/2041.

In the Missouri Tax-Free Intermediate Bond Fund, the best performing bonds were Saint Louis MO Land Clearance Redev Auth Revenue Ref 2.125% due 04/01/2039, University City MO Muni Library Dist Cops 3% due 04/15/2042, and Joplin MO Schs 3% due 03/01/2035.

In the Kansas Tax-Free Intermediate Bond Fund, the best performing bonds were Kansas St Dev Fin Auth Revenue KS St Univ Aerospace & Technol 3.125% due 05/01/2050, Sumner Cnty KS Ser 2021-1 3% due 10/01/2035, and Miami Cnty KS Unif Sch Dist #416 Ref 3% due 09/01/2038.

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

A: In the National Tax-Free Intermediate Bond Fund, the worst performing bonds were Louisiana St Corrnl Facs Corp Lease Revenue Louisiana Correctional Inst 4% due 10/01/2037, Pennsylvania St Econ Dev Fing Auth Upmc Revenue Ref 4% due 05/15/2041, and Rosendale Brandon WI Sch Dist Ref 4% due 04/01/2040.

In the Missouri Tax-Free Intermediate Bond Fund, the worst performing bonds were O’Fallon MO Fire Prot Dist 4% due 03/01/2042, Clay Cnty MO Public Sch Dist #53 Liberty 4% due 03/01/2042, and Andrew Cnty MO #R-III Sch Dist Lease Cops Savannah Ref 4% due 04/15/2043.

In the Kansas Tax-Free Intermediate Bond Fund, the worst performing bonds were Gtr Texoma TX Utility Auth Contract Revenue City of Sherman Proj 4% due 10/01/2042, Crawford Cnty KS Unif Sch Dist #250 4% due 09/01/2041, and Nemaha Cnty KS Unif Sch Dist #115 Ref 4% due 09/01/2048.

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, 2023 (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, 2013 through October 31, 2023.

Average Annual Total Return through October 31, 2023	One Year	Five Years	Ten Years
National Tax-Free Intermediate Bond Fund(a)	0.90%	0.60%	1.42%

(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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 98.2%
Alabama – 1.1%
Millbrook AL GO Bonds (Refunding) Series 2019 (AA-/NR)
$1,625,000		5.000	%	09/01/25	$	1,655,673
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		2,260,835
						3,916,508
Alaska – 1.0%
Alaska State Municipal Bond Bank Authority Revenue Bonds (Master Resolution) Series A (A+/NR)
1,000,000		4.000		10/01/24		998,085
1,000,000		5.000		10/01/25		1,016,985
1,000,000		5.000	(a)	10/01/28		1,033,871
Alaska State Municipal Bond Bank Authority Revenue Bonds Series B (AMT) (A+/NR)(a)
450,000		5.000		03/01/27		453,551
						3,502,492
Arizona(a) – 0.6%
Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR)
2,285,000		4.000		11/01/39		1,972,274
Arkansas – 1.7%
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		951,358
City of Benton AR Public Utilities Revenue Bonds (Taxable-Refunding) Series 2020 (NR/A1)
500,000		2.280		09/01/26		458,231
250,000		2.400	(a)	09/01/27		223,734
City of Forrest City AR Sales & Use Tax Revenue Bonds Series 2021 (A-/NR)
635,000		3.000		11/01/28		582,674
650,000		3.000		11/01/29		589,509
675,000		3.000	(a)	11/01/30		604,011
690,000		3.000	(a)	11/01/31		610,019
Fort Smith AR Water & Sewer Revenue Bonds (Refunding) Series 2018 (A/NR)(a)
500,000		5.000		10/01/31		515,007
National Park AR Community College District GO Bonds (Refunding) Series 2018 (A+/NR)(a)
645,000		4.000		03/01/30		645,013
635,000		4.000		03/01/32		630,146
						5,809,702
California(b) – 0.1%
Corona-Norca CA Unified School District GO Bonds Series E (AA-/Aa3)
450,000		5.400		08/01/26		470,589
Colorado – 2.1%
Adams County CO Certificates of Participation Series 2021 (A/NR)(a)
550,000		4.000		12/01/36		498,140

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Colorado – (continued)
City & County of Denver Airport System Revenue Bonds (Refunding) Series D (AA-/Aa3)(a)
$   500,000		5.750	%	11/15/41	$	530,080
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		442,802
850,000		4.000		11/01/32		831,761
Colorado State Health Facilities Authority Revenue Bonds Series A (A+/A1)(a)
1,770,000		5.000		12/01/44		1,678,660
Colorado State Health Facilities Authority Revenue Bonds Series A (A+/NR)
1,000,000		5.000		11/01/23		1,000,000
Colorado State Housing & Finance Authority Revenue Bonds (Taxable) Series C-1 (GNMA) (AAA/Aaa)
310,000		2.025		05/01/24		304,130
280,000		2.075		11/01/24		269,658
250,000		2.125		05/01/25		236,954
250,000		2.175		11/01/25		233,650
Denver City & County School District No. 1 GO Bonds Series 2021 (AA+/Aa1)(a)
410,000		3.000		12/01/36		333,522
South Suburban Park & Recreation District Certification of Participation Series 2021 (AA-/NR)(a)
1,175,000		4.000		12/15/41		1,016,180
						7,375,537
Connecticut – 1.4%
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series A (AMT) (NR/Aa3)(a)(c)
560,000		3.250		11/15/24		557,686
830,000		3.750		11/15/27		828,747
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series B (AMT) (NR/Aa3)
330,000		5.000		11/15/27		334,305
450,000		5.000		11/15/28		456,993
450,000		5.000		11/15/29		456,649
385,000		5.000		11/15/30		390,451
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		316,266
530,000		1.900		05/15/25		498,083
765,000		1.950		11/15/25		708,060
500,000		2.090		05/15/26		456,384
						5,003,624
Florida – 2.7%
County of Broward FL Port Facilities Revenue Bond (Refunding) Series A (A/A1)
870,000		5.000		09/01/24		876,820

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Florida – (continued)
County of Broward FL Port Facilities Revenue Bond Series A (A/A1)
$   620,000		5.000	%	09/01/28	$	650,446
Florida State Housing Finance Corp. Revenue Bonds Series 1 (GNMA/FNMA/FHLMC) (NR/Aaa)
535,000		2.000		07/01/27		490,512
495,000		2.050		01/01/28		449,974
515,000		2.100		07/01/28		483,337
520,000		2.125	(a)	01/01/29		488,232
Lake County FL School Board Certificates of Participation (Refunding-Master Lease Program) Series A (A/NR)(a)
725,000		5.000		06/01/24		725,210
South Broward Hospital District Hospital Revenue Bonds Series 2022 (AA/Aa3)(a)
1,755,000		3.000		05/01/37		1,390,326
Village Community Development District No 10 (Refunding) Series 2023 AGM (AA/NR)(a)
2,630,000		5.000		05/01/41		2,648,375
1,250,000		5.000		05/01/42		1,253,517
						9,456,749
Georgia – 2.0%
City of Atlanta Department of Aviation Revenue Bonds (Refunding) Series 2021 (NR/Aa3)(a)
2,000,000		4.000		07/01/38		1,863,220
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		1,019,311
Gainesville & Hall County Hospital Authority Revenue Bond Series 2020 (A/NR)(a)
1,700,000		4.000		02/15/39		1,490,560
Milledgeville & Baldwin County Development Authority Revenue Bonds(Refunding) Series 2021 (A+/NR)
500,000		5.000		06/15/30		525,588
500,000		5.000		06/15/31		528,670
600,000		5.000	(a)	06/15/32		634,238
700,000		5.000	(a)	06/15/33		739,593
						6,801,180
Idaho(a) – 0.6%
County of Nez Perce ID Certification of Participation Series 2022 (NR/Aa3)
1,000,000		5.500		03/01/37		1,056,150
Idaho Housing & Finance Association (Refunding Garvee) Series A (NR/A2)
500,000		4.000		07/15/36		457,749
750,000		4.000		07/15/37		671,473
						2,185,372
Illinois – 12.0%
Champaign County IL Community Unit School District No. 4 GO Bonds (Refunding) Series 2019 (AA/Aa2)
630,000		4.000		06/01/28		629,909

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
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	$	1,400,689
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		1,113,570
Countryside IL GO Bonds (Taxable-Refunding) Series 2014 (NR/Aa2)
500,000		3.300		01/01/24		497,845
DuPage County School District No 62 Gower Series 2021 (NR/Aa2)
500,000		4.000		12/30/30		500,243
Elk Grove Village GO Bonds Series 2017 (AA+/NR)
530,000		3.000		01/01/24		528,430
550,000		3.000		01/01/25		539,753
1,140,000		5.000		01/01/26		1,164,509
525,000		5.000	(a)	01/01/28		542,894
Governors State University Revenue Bonds (Refunding) Series 2021 (AA/NR)(a)
805,000		4.000		10/01/34		749,329
855,000		4.000		10/01/36		771,433
Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series 2022 (AA-/NR)(a)
750,000		5.000		06/01/42		742,175
Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series A (AA-/NR)(a)
1,550,000		4.000		08/15/37		1,395,489
Illinois Finance Authority Revenue Bonds (Rush University Medical Center Obligated Group) Series A (A+/A1)
500,000		5.000		11/15/24		503,330
Kane County IL Forest Preservation District GO Bonds Series A (AA+/NR)(a)
1,695,000		3.000		12/15/26		1,623,537
Kendall Kane & Will Counties Community Unit School District No 308 GO Bonds Series 2022 (AA/A1)
1,035,000		5.000		02/01/24		1,037,086
Kendall Kane & Will Counties IL Community Unit School District No. 308 GO Bonds (Refunding) Series 2016 (NR/A1)
1,115,000		5.000		02/01/24		1,117,108
1,000,000		5.000		02/01/25		1,010,410
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		1,000,000
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		2,394,985
Mount Prospect IL GO Bonds (Refunding) Series A (AA+/NR)(a)
1,000,000		3.000		12/01/28		948,123
Peoria County Community Unit School District No 323 GO Bonds (Refunding) Series 2022 (NR/Aa2)(a)
780,000		3.000		04/01/32		685,526
815,000		3.000		04/01/33		702,623

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
Peoria IL GO Bonds (Refunding) Series B (A+/A2)
$1,205,000		5.000	%	01/01/24	$	1,206,175
Rolling Meadows IL GO Bonds Series 2019 (AA+/NR)(a)
495,000		4.000		12/15/34		476,754
515,000		4.000		12/15/35		490,548
535,000		4.000		12/15/36		499,248
555,000		4.000		12/15/37		507,671
580,000		4.000		12/15/38		523,370
600,000		4.000		12/15/39		530,698
Round Lake IL GO Bonds (Refunding) Series 2019 (NR/Aa2)
815,000		4.000		01/01/24		814,731
765,000		4.000		01/01/25		764,695
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		844,845
685,000		4.000		12/01/24		684,744
735,000		4.000		12/01/25		734,866
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		766,143
University of Illinois Auxiliary Facilities System Revenue Bonds (Refunding) Series A (AA-/Aa2)(a)
2,000,000		4.000		04/01/33		1,875,309
Westchester Village of IL GO Bonds Series 2021 (BAM) (AA/A2)(a)
1,000,000		4.000		12/01/34		959,376
1,825,000		4.000		12/01/38		1,606,936
Whiteside & Lee Counties Community Unit School District No. 5 Sterling GO Bonds Series A (AA/A1)(a)
690,000		4.000		12/01/33		675,060
660,000		4.000		12/01/34		633,188
Winnebago County IL GO Bonds (Refunding) Series C (NR/Aa3)
765,000		5.000		12/30/25		782,539
905,000		5.000		12/30/28		955,279
960,000		5.000		12/30/29		1,018,582
Woodford Lasalle Livingston Etc. Counties Community Unit School District GO Bonds Series A (AA/NR)(a)
650,000		4.000		12/01/30		644,672
700,000		4.000		12/01/31		690,917
700,000		4.000		12/01/32		687,210
725,000		4.000		12/01/33		708,140
						41,680,692
Indiana – 9.7%
Brownsburg 1999 School Building Corp. Revenue Bonds Refunding Notes Series 2022 (AA+/NR)(a)
1,150,000		5.000		01/15/42		1,160,828
Carmel IN Local Public Improvement Bank Revenue Bonds Series B-1 (AA/NR)(a)
1,810,000		4.000		01/15/34		1,740,418
Carmel Redevelopment Authority Revenue Bonds Series 2022 (AA/NR)(a)
3,000,000		3.000		07/15/40		2,253,132
City of Bloomington IN Revenue Bonds Series 2022 (AA-/NR)(a)
1,365,000		4.000		07/01/34		1,303,829

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Indiana – (continued)
Fort Wayne Redevelopment Authority Revenue Bonds Riverfront Phase II Project Series 2022 (NR/Aa3)(a)
$1,935,000		4.000	%	12/15/36	$	1,759,671
Greater Clark In Building Corp. Revenue bonds (1st Mortgage) Series 2018 (AA+/NR)(a)
1,000,000		4.000		07/15/32		973,279
Griffith Redevelopment Authority Revenue Bonds(Refunding) Series A (A+/NR)(a)
585,000		3.000		07/15/33		503,372
Griffith Redevelopment Authority Revenue Bonds(Refunding) Series B (A+/NR)(a)
565,000		3.000		07/15/32		491,796
585,000		3.000		07/15/33		503,372
Indiana Finance Authority Revenue Bonds (Educational Facilities-Butler University Project) Series A (A-/NR)(a)
540,000		5.000		02/01/25		540,385
425,000		5.000		02/01/27		425,424
700,000		5.000		02/01/28		700,803
600,000		5.000		02/01/29		600,716
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		815,225
Indiana State Finance Authority Revenue Bond (Refunding-Marion Hospital, Inc. Obligated Group) Series 2021 (A/NR)
830,000		4.000		07/01/31		763,930
700,000		4.000	(a)	07/01/32		633,940
700,000		4.000	(a)	07/01/36		606,144
IPS Multi-School Building Corp. Revenue Bonds Series 2022 (Social Bonds) (AA+/NR)(a)
1,200,000		5.250		07/15/40		1,244,192
1,685,000		5.500		07/15/40		1,777,290
Jefferson County Jail Building Corp Revenue Bonds Series 2021 (BAM) (AA/NR)(a)
1,955,000		4.000		07/15/33		1,895,655
Lake Central Multi-District School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series B (AA+/NR)
1,000,000		5.000		07/15/24		1,004,382
Martinsville Redevelopment Authority Series 2021 BAM (AA/NR)(a)
565,000		3.000		08/01/33		480,750
400,000		3.000		08/01/35		329,050
700,000		3.000		08/01/37		544,866
Noblesville Redevelopment Authority Revenue Bonds (Pleasant street Project) Series 2022 (AA/NR)(a)
1,000,000		4.750		07/15/45		952,008
Plainfield IN High School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series 2014 (AA+/NR)(a)
1,000,000		4.000		01/15/26		1,000,656
Shelbyville IN Redevelopment Authority Series 2021 (A+/NR)(a)
885,000		3.000		08/01/29		800,808
910,000		3.000		08/01/30		814,783
940,000		3.000		08/01/31		830,441
485,000		4.000		08/01/32		476,733

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Indiana – (continued)
Vinton-Tecumseh IN School Building Corporation Revenue Bonds (First Mortgage) Series A (AA+/NR)(a)
$   500,000		5.000	%	07/15/31	$	517,148
500,000		5.000		07/15/32		517,309
Westfield High School 1995 Building Corp. Revenue Bonds (1st Mortgage) Series B (AA+/NR)(a)
1,000,000		5.000		01/15/31		1,020,275
750,000		5.000		07/15/31		765,048
Whitestown Redevelopment Authority Revenue Bonds (Refunding) Series B (AA+/NR)(a)
1,625,000		3.000		08/01/33		1,418,530
1,670,000		3.000		08/01/34		1,441,460
						33,607,648
Iowa – 0.5%
County of Woodbury IA GO Bonds Series 2021 (NR/Aa3)
620,000		4.000		06/01/25		620,801
525,000		3.000	(a)	06/01/31		467,811
555,000		3.000	(a)	06/01/32		482,028
						1,570,640
Kansas(a) – 0.8%
Geary County KS Unified School District No. 475 GO Bonds Series A (NR/Aa3)(c)
700,000		4.000		09/01/33		702,937
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)(c)
1,015,000		5.000		09/01/30		1,036,141
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		1,048,839
						2,787,917
Kentucky – 4.6%
Appalachian Regional Healthcare Obligated Group Revenue Bonds (Refunding) Series 2021 (A/NR)
1,695,000		5.000		07/01/30		1,734,548
855,000		5.000		07/01/31		877,089
1,275,000		5.000	(a)	07/01/32		1,302,925
Barren County KY School District Finance Corp. Revenue Bonds (Refunding) Series 2015 (NR/A1)(a)
1,000,000		5.000		08/01/26		1,010,832
Bullitt County School District Finance Corp. Revenue Bonds Series 2023 (NR/A1)(a)
1,925,000		4.125		03/01/39		1,649,284
Eastern Kentucky University Revenue Bonds Series A (AA/A1)(a)
1,830,000		4.000		04/01/40		1,612,918
Kentucky State Property & Building Commission Revenue Bonds (Project No. 112) Series B (A/A1)(a)
400,000		5.000		11/01/27		410,031
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series B (NR/A1)
1,000,000		5.000		05/01/26		1,026,092
750,000		5.000	(a)	05/01/28		774,108
915,000		5.000	(a)	05/01/29		943,616

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kentucky – (continued)
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series D (NR/A1)
$   750,000		5.000	%	05/01/27	$	775,802
Kentucky State Property & Building Commission Series 2018 (AA/A1)
885,000		5.000		04/01/28		925,245
Kentucky State Property & Building Commission Series A (AA/A1)
960,000		5.000		02/01/26		983,616
Oldham County KY School District Finance Corp. (Refunding) Series 2016 (NR/A1)
690,000		5.000		06/01/24		693,666
Owensboro KY GO Bonds Series A (NR/A1)(a)
1,200,000		5.000		05/01/25		1,200,642
						15,920,414
Louisiana – 2.8%
City of Lafayette LA Communications System Revenue Bonds (Refunding) Series A (AA/A2)
830,000		4.000		11/01/28		828,927
860,000		3.000		11/01/29		788,079
890,000		3.000		11/01/30		802,426
Iberia Parish LA Parish wide School District GO Bonds Series 2017 (AA-/NR)
510,000		3.000		03/01/24		507,660
530,000		4.000		03/01/25		530,398
550,000		4.000		03/01/26		550,374
570,000		4.000		03/01/27		571,053
450,000		4.000	(a)	03/01/28		449,539
Louisiana Correctional Facilities Corp. Revenue Bonds (Louisiana Correctional Institute) Series 2023 (A+/NR)(a)
695,000		5.000		10/01/35		717,827
545,000		5.000		10/01/36		556,691
1,000,000		4.000		10/01/37		876,020
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Bossier Parishes Port Project) Series 2023 AGM (AA/NR)(a)
800,000		5.000		04/01/48		775,831
Louisiana Public Facilities Authority Revenue Bonds (Refunding-Ochsner Clinic Foundation Project) Series 2015 (A/A3)(a)
800,000		5.000		05/15/30		806,571
St. Tammany LA Parish Wide School District No 12 GO Bonds (Refunding) Series 2017 (AA/NR)(a)
980,000		4.000		03/01/28		978,996
						9,740,392
Maine – 2.4%
Maine Health & Higher Educational Facilities Authority Revenue Bonds Series 2020 A (A+/A1)(a)
1,150,000		4.000		07/01/37		1,040,171
Maine Municipal Bond Bank Revenue Bonds Series A (AA+/Aa2)(a)
1,000,000		3.000		11/01/37		784,189
Maine State Health & Higher Educational Facilities Authority Revenue Bonds Series A (NR/A1)(a)
115,000		5.000		07/01/24		115,079

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Maine – (continued)
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series B (AA+/Aa1)
$1,300,000		1.950	%	11/15/24	$	1,268,279
835,000		2.050		11/15/25		797,778
1,000,000		2.100		11/15/26		935,853
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series E (AA+/Aa1)(a)
840,000		2.150		11/15/29		733,587
870,000		2.250		11/15/30		744,464
905,000		2.350		11/15/31		745,590
Portland ME Airport Revenue Bonds (Refunding-General) Series 2016 (A-/Baa1)
470,000		5.000		01/01/24		470,599
215,000		5.000	(a)	01/01/34		216,571
330,000		5.000	(a)	01/01/35		331,048
						8,183,208
Massachusetts(a) – 0.4%
Massachusetts Housing Finance Agency Revenue Bonds Series 2021 (AA+/Aa1)
960,000		1.850		06/01/32		712,797
710,000		1.900		12/01/32		520,485
						1,233,282
Michigan – 4.5%
Comstock Park MI Public Schools GO Bonds (Refunding) Series 2015 (Q-SBLF) (AA/NR)
730,000		5.000		05/01/24		734,076
Grand Blanc Community Schools (Taxable-Refunding) Series 2021 (Q-SBLF) (AA/NR)
500,000		2.000		05/01/25		475,298
1,475,000		2.000		11/01/25		1,381,634
500,000		2.000		05/01/26		461,399
1,875,000		2.000		11/01/26		1,705,503
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		459,747
495,000		5.000		07/01/32		510,053
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		392,321
Hazel Park School District GO Bonds (Refunding) Series 2022 (AA/NR)
1,135,000		4.000		05/01/24		1,134,870
Ingham County Building Authority Revenue Bonds (Justice Complex Project) Series 2020 (AA/NR)(a)
1,485,000		2.000		05/01/31		1,186,149
Jackson College MI GO Bonds (Refunding) Series 2016 (NR/Aa2)
940,000		3.000		05/01/25		919,145
Kalamazoo MI Public Schools GO Bonds Series 2018 (NR/A1)(a)
2,370,000		4.000		05/01/31		2,345,909

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Michigan – (continued)
Mattawan MI Consolidated School District GO Bonds Series I (Q-SBLF) (AA/NR)(a)(c)
$   750,000		5.000	%	05/01/26	$	763,363
Michigan State Housing Development Authority Revenue Bonds (Taxable-Refunding) Series B (AA+/NR)
500,000		2.816		04/01/25		480,750
Michigan State Housing Development Authority Revenue Bonds Series A (AA+/NR)
400,000		2.150		04/01/25		387,380
470,000		2.550	(a)	04/01/28		431,922
410,000		2.600	(a)	10/01/28		373,759
Saginaw Township MI Community School District (Refunding) Series 2015 (Q-SBLF) (NR/Aa1)(a)
750,000		4.000		05/01/28		752,201
Washtenaw MI Community College GO Bonds (Refunding) Series 2015 (NR/Aa1)
645,000		4.000		04/01/25		644,749
						15,540,228
Minnesota – 0.1%
Minnesota State Housing & Finance Agency Revenue Bonds Series A (GNMA/FNMA/FHLMC) (AA+/Aa1)
230,000		1.700		07/01/26		213,126
Mississippi – 1.7%
Mississippi Development Bank Revenue Bonds (Meridian Public School) Series 2023 BAM (AA/A2)(a)
1,500,000		4.000		04/01/37		1,357,342
Mississippi State Development Bank Special Obligation Revenue Bonds (Hinds County Project) Series 2017 (NR/WR)(a)
300,000		5.000		11/01/29		290,750
400,000		5.000		11/01/30		386,070
500,000		5.000		11/01/31		476,598
400,000		5.000		11/01/32		379,707
Mississippi State Gaming Tax Revenue Bonds Series 2015-E (A-/A3)
1,055,000		5.000		10/15/25		1,070,332
Mississippi State Home Corp. Revenue Bonds Series 2022 (NR/Aaa)
720,000		1.800		06/01/30		592,765
690,000		1.850		12/01/30		563,714
1,000,000		1.950	(a)	06/01/31		815,708
						5,932,986
Missouri – 1.0%
City of Missouri Development Finance Board Revenue Bonds (Refunding) Series 2021 (A-/NR)
850,000		4.000		04/01/28		843,578
1,825,000		4.000		04/01/29		1,803,098
810,000		4.000		04/01/30		788,730
						3,435,406

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Nebraska(a) – 0.2%
Citry of Omaha Public Facilities Corp.Revenue Bonds Series A (AA+/Aa2)
$   860,000		3.000	%	04/15/34	$	730,256
Sarpy County NE Hospital Authority No.1 Revenue Bonds (Refunding-Nebraska Medicine) Series 2016 (AA-/NR)
35,000		3.000		05/15/46		23,341
						753,597
New Jersey – 1.8%
County of Union NJ GO Bonds Series 2016 (AA+/Aaa)(a)
600,000		2.000		03/01/27		545,921
Middlesex County NJ Cops Certificates of Participation (Refunding) Series 2017 (AA+/NR)
705,000		4.000		06/15/26		707,883
500,000		4.000		06/15/27		504,032
500,000		4.000	(a)	06/15/28		503,581
760,000		4.000	(a)	06/15/29		764,033
New Jersey Housing & Mortgage Finance Agency MF Conduit Revenue Bonds (Lexington Manor Apartments Project) Series B (NR/Aaa)
340,000		3.150		06/15/25		334,653
Township of Washington NJ/Gloucester County GO Bonds Series 2021 (NR/Aa2)(a)
1,000,000		2.000		05/15/33		765,217
Ventnor City NJ GO Bonds (Refunding) Series 2017 (AA/NR)
690,000		4.000		12/01/26		693,835
705,000		4.000		12/01/27		710,268
730,000		4.000	(a)	12/01/28		732,588
						6,262,011
New Mexico – 1.4%
Las Cruces NM Joint Utility Revenue Bonds (Subordinate Line System Improvement) Series 2018 (NR/Aa3)(a)
845,000		4.000		06/01/29		841,900
500,000		4.000		06/01/30		497,604
500,000		4.000		06/01/33		489,319
New Mexico State Mortgage Finance Authority Revenue Bonds Series A (NR/Aaa)
775,000		1.900		03/01/31		632,543
520,000		2.050	(a)	03/01/32		428,490
585,000		2.100	(a)	09/01/32		460,678
University of New Mexico NM Revenue Bonds (Refunding & Improvement-Subordinate Lien) Series A (AA-/Aa3)(a)
1,685,000		2.250		06/01/27		1,543,506
						4,894,040
New York(a) – 1.6%
Monroe Country NY Development Corp. Revenue Bonds (Refunding John Fisher College) Series A (A-/NR)
500,000		5.000		06/01/29		501,699
New York State Dormitory Authority Revenue Bonds (Refunding) Series A (AA+/NR)
3,180,000		4.000		03/15/38		2,898,847

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
New York(a) – (continued)
Upper Mohawk Valley Memorial Auditorium Authority Revenue Bonds (Refunding) Series 2021 (A+/NR)
$   890,000		2.700	%	12/01/32	$	690,181
915,000		2.850		12/01/33		700,336
940,000		3.000		12/01/34		712,189
						5,503,252
North Carolina(a) – 0.4%
County of Hoke NC Revenue Bonds(Refunding) Series 2021 (A+/Aa3)
865,000		3.000		06/01/35		726,215
North Carolina State Housing Finance Agency Homeownership Revenue Bonds Series 39-B (GNMA/FNMA/FHLMC) (AA+/Aa1)
610,000		3.200		01/01/29		574,466
						1,300,681
Ohio – 6.5%
Akron OH Certificates of Participation (District Energy Project) Series 2018 (A/NR)(a)
885,000		4.000		12/01/29		875,055
960,000		4.000		12/01/31		945,436
Akron OH GO Bonds (Refunding) (A+/NR)(a)
545,000		5.000		12/01/26		550,642
City of Akron OH Income Tax Revenue Bonds (Refunding) Series 2022 (AA-/NR)(a)
1,000,000		4.000		12/01/32		980,251
1,000,000		4.000		12/01/33		970,562
City of Middletown OH GO Bonds (Refunding) Series 2017 (NR/Aa3)
995,000		4.000		12/01/25		997,776
935,000		5.000		12/01/27		978,457
City of Middletown OH GO Bonds (Refunding) Series 2017 (NR/NR)
100,000		4.000		12/01/25		100,101
110,000		5.000		12/01/27		114,943
Cuyahoga Metropolitan Housing Authority Revenue Bonds Series 2021 (A+/NR)(a)
2,500,000		2.000		12/01/31		2,077,747
Dayton City School District Certificates of Participation Series 2021 (NR/A3)(a)
610,000		4.000		12/01/30		602,693
660,000		3.000		12/01/32		572,312
675,000		3.000		12/01/33		580,927
Dayton-Montgomery County Port Authority Revenue Bonds Series 2021 (A-/NR)
430,000		2.000		11/15/31		336,455
Licking Heights OH Local School District GO Bonds (Refunding) Series C (NR/Aa2)
765,000		5.000		10/01/27		798,963
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		626,861
500,000		4.000		12/01/29		481,637

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Ohio – (continued)
Maumee City School District GO Bonds (Refunding) Series B (AA-/NR)
$1,155,000		4.000	%	12/01/31	$	1,149,608
Miami Valley Career Technology Center OH GO Bonds Series 2018 (NR/Aa3)(a)
725,000		4.000		12/01/34		706,912
2,245,000		4.000		12/01/36		2,033,531
2,170,000		4.000		12/01/37		1,923,993
Ohio State Hospital Refunding Revenue Bonds (Cleveland Clinic Health System Obligated Group) Series A (AA/Aa2)
1,000,000		5.000		01/01/24		1,001,506
Toledo-Lucas County Port Authority Revenue Bonds Series 2021 (A-/NR)
430,000		2.000		11/15/31		338,064
Triway Local School District COPS Certificates of Participation Series 2021 BAM (AA/NR)(a)
1,000,000		4.000		12/01/30		974,338
1,060,000		4.000		12/01/31		1,023,858
University of Toledo OH Revenue Bonds (Refunding-General Receipt) Series A (A/A2)(a)
700,000		4.000		06/01/36		641,700
						22,384,328
Oklahoma – 2.2%
Bryan County School Finance Authority Revenue Bonds Series 2020 (A/NR)
895,000		4.000		09/01/24		894,131
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		1,338,880
1,770,000		4.000	(a)	12/01/30		1,705,947
McClain County Economic Development Authority Revenue Bonds (Washington Public Schools Project) Series 2022 (A-/NR)(a)
2,000,000		4.000		09/01/36		1,820,660
Oklahoma State Capitol Improvement Authority Facility Revenue Bonds (Department of Correction) Series D (AA-/NR)(a)
2,000,000		4.000		07/01/38		1,792,230
						7,551,848
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		1,139,297
Pennsylvania – 10.6%
Berwick Area School District GO Bonds Series 2021 (AA/NR)(a)
345,000		3.000		11/15/34		284,872
685,000		3.000		11/15/35		558,975
720,000		3.000		11/15/36		571,801
Brandywine Heights PA Area School District GO Bonds (Refunding) Series A (AA-/NR)
1,650,000		5.000		02/01/26		1,685,948

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Pennsylvania – (continued)
Bucks County Technical School Authority Revenue Bonds Series 2022 (AA/A1)(a)
$   455,000		4.000	%	02/15/33	$	445,813
685,000		4.000		02/15/36		647,648
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		1,023,736
Easton Area School District Revenue Bonds Series 2021 (NR/Aa2)(a)
1,100,000		4.000		04/01/33		1,085,437
Gateway School District Alleghany County GO Bonds Series 2021 (AA/A1)(a)
795,000		3.000		10/15/35		642,604
Gateway School District Alleghany County GO Bonds Series 2021 (BAM) (AA/A1)(a)
1,000,000		3.000		10/15/34		826,496
Hamburg Area School District PA Series 2021 (AA-/NR)(a)
1,400,000		3.000		04/01/35		1,176,677
Pennsylvania Economic Development Financing Authority Revenue Bonds Series 2020 (A/A2)(a)
3,145,000		4.000		04/15/38		2,780,566
Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (A/Aa2)
500,000		5.000		06/01/26		504,596
525,000		5.000		06/01/27		529,228
525,000		5.000		06/01/28		529,404
535,000		5.000		06/01/29		541,095
425,000		5.000		06/01/30		430,254
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		1,234,926
Pennsylvania State Economic Development Financing Authority Governmental Lease Revenue Bonds (Taxable-Refunding-Forum Place Project) Series 2023 (A/A2)(a)
1,000,000		4.000		05/15/40		861,187
1,000,000		4.000		05/15/41		851,913
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds Series 2022 (AA/Aa3)(a)
475,000		4.000		08/15/42		408,841
Pennsylvania State Housing Finance Agency SF Mortgage Revenue Bonds Series 130A (AA+/Aa1)(a)
795,000		2.100		10/01/30		657,044
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Taxable-Refunding-1st) Series 2020 (NR/Aa3)
335,000		2.355		12/01/26		305,508
400,000		2.533		12/01/27		357,470
350,000		2.633		12/01/29		297,568
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series A-2 (NR/Aa3)(a)
3,000,000		5.000		12/01/35		3,117,387

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Pennsylvania – (continued)
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series C (AA-/Aa3)(a)
$   500,000		5.000	%	12/01/26	$	506,169
Peters Township PA School District Washington County GO Bonds Series C (NR/Aa2)(a)
1,000,000		4.000		09/01/36		920,109
Pittsburgh Water & Sewer Authority Revenue Bonds Series A (AA/A1)(a)
800,000		5.000		09/01/40		826,110
1,750,000		5.000		09/01/41		1,802,366
Shikellamy School District PA GO Bonds Series 2020 (AA/NR)(a)
1,945,000		2.000		09/01/28		1,687,069
1,610,000		2.000		09/01/29		1,354,705
Southcentral PA General Authority Revenue Bond Series TT2 (A-/NR)
225,000		5.000		05/01/28		231,048
225,000		5.000		05/01/29		232,281
400,000		5.000		05/01/30		414,630
375,000		5.000		05/01/31		390,354
325,000		4.000	(a)	05/01/32		295,423
325,000		4.000	(a)	05/01/33		292,968
300,000		4.000	(a)	05/01/34		269,245
Wayne County PA Hospital & Health Facilities Authority Revenue Bonds (Memorial Hospital Project) Series A (CNTY-GTD) (A/NR)
550,000		4.000		07/01/25		548,911
520,000		4.000		07/01/27		520,228
400,000		5.000	(a)	07/01/28		408,060
500,000		4.000	(a)	07/01/33		461,055
Wilkes-Barre PA Finance Authority Revenue Bonds (Refunding-University of Scranton) Series A (A-/NR)
1,000,000		5.000		11/01/24		1,006,909
Wilson PA School District GO Bonds Series A (AA/NR)
650,000		4.000		05/15/26		652,794
840,000		4.000	(a)	05/15/27		843,854
York PA GO Bonds (Refunding) Series A (NR/NR)
640,000		5.000		11/15/26		635,919
						36,657,201
Rhode Island(a) – 1.3%
Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B (AA-/Aa3)
760,000		4.000		11/01/32		761,025
980,000		4.000		11/01/33		978,338
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		1,033,385
Rhode Island State Housing and Mortgage Finance Corp Revenue Bonds Series 2022 (AA+/Aa1)
2,025,000		2.100		04/01/32		1,609,329
						4,382,077

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
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	$	1,068,374
Laurens County SC School District No. 055 Installment Purchase Revenue Bonds (Refunding) Series 2015 (A-/A2)
1,000,000		5.000		12/01/24		1,009,035
						2,077,409
South Dakota – 0.7%
County of Clay SD G0 Bonds Series 2023 (NR/Aa3)(a)
1,000,000		5.000		12/01/38		1,025,757
South Dakota Housing Development Authority Revenue Bonds (Home Ownership Mortgage) Series D (AAA/Aaa)
30,000		2.700		05/01/25		28,991
South Dakota State Health & Educational Facilities Authority Revenue Bonds Series 2017 (NR/A1)
825,000		5.000		09/01/24		830,392
605,000		5.000		09/01/25		612,149
						2,497,289
Tennessee – 1.8%
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		511,860
600,000		5.000	(a)	07/01/29		611,364
500,000		5.000	(a)	07/01/30		508,727
Johnson City Health & Educational Facilities Board Revenue Bonds Series 2023 B (A-/NR)
4,155,000		5.000		07/01/33		4,323,707
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		124,495
						6,080,153
Texas – 9.5%
Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR)(a)
1,200,000		5.000		08/15/39		1,227,189
1,000,000		5.000		08/15/40		1,018,289
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		967,058
1,000,000		4.000		08/15/31		956,870
Arlington TX Higher Education Finance Corp. Revenue Bonds (Responsive Education Solutions) Series A (PSF-GTD) (AAA/NR)
725,000		5.000		08/15/25		735,844
Arlington TX Higher Education Finance Corp. Revenue Bonds (Uplift Education) Series B (PSF-GTD) (AAA/NR)(a)
540,000		4.000		12/01/30		521,420
485,000		4.000		12/01/32		458,765

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Texas – (continued)
Arlington TX Higher Education Finance Corp. Revenue Bonds Series A (PSF-GTD) (AAA/NR)(a)
$1,075,000		3.000	%	08/15/33	$	908,152
1,000,000		4.000		08/15/34		939,444
1,000,000		4.000		08/15/35		928,562
Celina TX GO Bonds (Certificates of Obligation) (Waterworks & Sewer System) Series 2015 (AA/Aa2)(a)
430,000		5.000		09/01/27		436,613
980,000		5.000		09/01/28		995,559
City of Atlanta Department of Aviation Revenue Bonds Series 2022 (A+/A1)
1,250,000		5.000		11/15/32		1,280,074
City of Brownsville TX Utilities System Revenue Bonds (Refunding) Series 2022 (AA/NR)(a)
500,000		5.000		09/01/42		501,300
City of Bryan TX Electric System Revenue Bonds (Refunding) Series 2021 (A+/NR)(a)
960,000		4.000		07/01/31		944,265
City of Houston TX Airport System Revenue Bonds Series 2021 (NR/A1)
1,000,000		5.000		07/01/29		1,021,859
900,000		5.000		07/01/30		919,962
1,200,000		5.000		07/01/31		1,229,443
Dallas Fort Worth International Airport Revenue Bonds Refunding Series 2023 B (A1)(a)
1,000,000		5.000		11/01/39		1,024,717
Greater Texoma Utility Authority Revenue Bonds (City Of Sherman Project) Series 2022 (AA/NR)(a)
2,515,000		4.000		10/01/39		2,185,685
Greenville TX Electric System Revenue Bonds Series 2022 (AA/NR)(a)
1,000,000		5.000		02/15/47		946,151
Harris County Municipal Utility District No 105 GO Bonds (Refunding) Series 2022 (AA/NR)
905,000		4.000		03/01/32		878,468
970,000		4.000	(a)	03/01/33		933,720
1,015,000		4.000	(a)	03/01/34		974,800
Hutto Independent School District GO Series 2023 (PSF-GTD) (AAA/Aaa)(a)
1,000,000		5.000		08/01/40		1,035,593
Katy TX Independent School District GO Bonds (Refunding) Series A (PSF-GTD) (AAA/Aaa)
300,000		5.000		02/15/25		304,728
Kyle TX GO Bonds Series 2022 (AA/NR)(a)
1,500,000		4.000		08/15/37		1,343,181
1,500,000		4.000		08/15/38		1,322,790
Laredo TX GO Bonds Series 2022 (AA/Aa2)(a)
1,740,000		5.000		02/15/40		1,779,333
McGregor TX Independent School District GO Bonds (Capital Appreciation) Series 2001 (PSF-GTD) (AAA/NR)(d)
465,000		0.000		02/15/25		437,529

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	$	1,331,051
Round Rock Transportation & Economic Development Corp. (Taxable) Series 2021 BAM (AA/NR)
910,000		1.250		08/15/26		811,997
Wichita Falls TX GO Bonds Series A (AA/Aa2)(a)
880,000		4.000		09/01/31		858,251
870,000		4.000		09/01/32		842,921
						33,001,583
Utah – 0.4%
Salt Lake City UT Airport Revenue Bonds Series A (A+/A2)
1,000,000		5.000		07/01/26		1,011,870
Salt Lake City UT Airport Revenue Bonds Series B (A+/A2)(a)
500,000		5.000		07/01/34		505,622
						1,517,492
Vermont – 0.9%
Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (A/NR)
400,000		5.000		06/15/25		401,691
400,000		5.000		06/15/26		403,954
780,000		5.000		06/15/27		792,108
Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (AAA/NR)
300,000		5.000		06/15/24		300,879
Vermont Student Assistance Corp Revenue Bonds Series 2021 (A/NR)
400,000		5.000		06/15/29		402,989
455,000		5.000		06/15/30		457,308
475,000		5.000		06/15/31		476,019
						3,234,948
Washington(a) – 1.0%
Port of Seattle WA Special Facilities Revenue Bonds (Refunding) Series 2013 (A+/A1)
900,000		3.600		06/01/26		868,429
Port of Seattle WA Special Facilities Revenue Bonds Series 2017 (AA-/A1)
1,500,000		5.000		05/01/37		1,504,651
Washington State Health Care Facilities Authority Revenue Bonds (Multicare Health System) Series A (A+/WR)
495,000		5.000		08/15/27		498,385
Washington State Health Care Facilities Authority Revenue Bonds (Refunding-Providence St. Joseph Health) Series B (A/A2)
150,000		5.000		10/01/30		151,376
Washington State Housing Finance Commission Revenue Bonds (Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa)
290,000		3.450		12/01/30		282,460
						3,305,301

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, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Wisconsin(a) – 3.2%
City of Milwaukee WI GO Bonds (Refunding) Series 2022 (AA/NR)
$2,000,000		5.000	%		04/01/35	$	2,074,681
City of Milwaukee WI GO Bonds Series 2020 (AA/NR)
2,580,000		4.000			04/01/35		2,364,573
Luxemburg-Casco WI School District Brown & Kewaunee Counties GO Notes (Refunding) Series 2018 (AA-/NR)
520,000		4.000			03/01/30		520,399
765,000		4.000			03/01/31		764,187
540,000		4.000			03/01/32		533,250
Rosendale-Brandon School District GO Bonds (Refunding) Series 2023 AGM (AA/NR)
2,260,000		4.000			04/01/40		1,971,978
Tomorrow River School District GO Bonds Series 2022 (AA/NR)
1,910,000		4.000			03/15/41		1,685,997
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		1,075,506
							10,990,571
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $376,286,858)						$	339,873,044

Shares	Dividend Rate	Value
Investment Company – 0.7%
State Street Institutional US Government Money Market Fund - Premier Class
2,452,504	5.301%	$	2,452,504
(Cost $2,452,504)
TOTAL INVESTMENTS – 98.9%
(Cost $378,739,362)		$	342,325,548
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%			3,687,867
NET ASSETS – 100.0%		$	346,013,415

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)	Variable rate security. The interest rate shown reflects the rate as of October 31, 2023.
(c)	Prerefunded security. Maturity date disclosed is prerefunding date.
(d)	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 Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

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

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/23			AS OF 10/31/22
General Obligation		32.5	%		34.5	%
Lease		16.7			16.4
Limited Tax		12.5			10.1
Hospital		11.6			7.7
Transportation		5.8			4.0
Single Family Housing		5.6			8.4
Higher Education		4.2			6.4
Water/Sewer		2.9			2.8
Student		2.1			2.0
Prerefunded/Escrow to Maturity		1.2			2.3
Multi Family Housing		1.2			1.2
Power		0.7			1.3
Investment Company		0.7			0.3
Utilities		0.7			1.0
Not For Profit		0.5			0.5
TOTAL INVESTMENTS		98.9	%		98.9	%

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.

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Performance Summary

October 31, 2023 (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, 2013 through October 31, 2023.

Average Annual Total Return through October 31, 2023	One Year	Five Years	Ten Years
Missouri Tax-Free Intermediate Bond Fund(a)	0.70%	0.31%	1.26%

(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.

47

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

October 31, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 98.6%
Alabama(a) – 0.8%
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	$	2,005,176
Arizona(a) – 0.9%
Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR)
2,680,000		4.000		11/01/40		2,283,930
Illinois(a) – 1.8%
Illinois Housing Development Authority Revenue Bonds (Refunding Homeowner Mortgage) Series C (AA+/Aa2)
3,000,000		2.900		08/01/31		2,631,857
Woodford Lasalle Livingston Etc. Counties IL Community Unit School District GO Bonds Series A (AA/NR)
500,000		4.000		12/01/34		479,688
500,000		4.000		12/01/35		465,572
500,000		4.000		12/01/36		453,454
515,000		4.000		12/01/37		450,351
						4,480,922
Indiana – 2.4%
Carmel Redevelopment Authority Revenue Bonds Series 2022 (AA/NR)(a)
3,650,000		3.000		07/15/40		2,741,310
Shelbyville Redevelopment Authority Revenue Bonds Series 2021 (A+/NR)
505,000		3.000		08/01/27		471,985
860,000		3.000		08/01/28		789,671
500,000		3.000	(a)	08/01/33		430,221
Whitestown Redevelopment Authority (Lease Rental Multipurpose Refunding Revenue)- Series 2021 (AA+/NR)(a)
1,575,000		3.000		08/01/32		1,400,342
						5,833,529
Kansas(a) – 0.5%
Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)
1,280,000		5.000		08/01/44		1,316,189
Maine(a) – 1.0%
Maine Governmental Facilities Authority Revenue Bonds Series A (AA-/Aa3)
2,640,000		4.000		10/01/33		2,547,891
Michigan(a) – 1.1%
Michigan State Housing Development Authority Revenue Bonds (Non-AMT) (Non-ACE) Series B (AA+/Aa2)
2,920,000		2.550		06/01/27		2,716,024
Missouri – 87.5%
Andrew County Reorganized School District No. 3 Certificates of Participation Series 2023 BAM (AA/NR)(a)
2,000,000		4.000		04/15/43		1,708,792
Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)(a)
760,000		4.000		08/15/28		756,715
645,000		4.000		08/15/29		639,863
825,000		4.000		08/15/30		816,519

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)(a) – (continued)
$   555,000		4.000	%	08/15/31	$	545,793
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		1,059,973
1,000,000		4.000		03/01/40		913,292
750,000		4.000		03/01/41		683,436
Brentwood MO Certificates of Participation Series 2018 (AA-/NR)(a)
2,070,000		4.000		10/01/33		1,999,701
1,655,000		4.000		10/01/34		1,590,987
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		891,716
750,000		4.000		03/01/37		693,201
Cape Girardeau County MO Reorganized School District No. R-2 GO Bonds (Refunding) Series 2022 (A+/NR)
915,000		4.000		03/01/28		914,910
City of Brentwood MO Certificates of Participation Series 2019 (AA-/NR)(a)
1,415,000		4.000		10/01/36		1,304,103
1,735,000		4.000		10/01/38		1,486,369
City of Carthage MO Certificates of Participation Series 2022 (A+/NR)(a)
1,145,000		5.000		05/01/37		1,145,579
City of Columbia MO Water & Electric System Revenue Bonds (Refunding) Series B (A+/NR)(a)
1,850,000		4.000		10/01/30		1,786,052
City of Florissant MO Certificates of Participation (Refunding) Series 2021 (NR/Aa3)(a)
505,000		3.000		10/01/30		461,723
520,000		3.000		10/01/31		463,837
550,000		3.000		10/01/33		473,977
570,000		3.000		10/01/34		485,841
City of Jennings MO Certificates of Participation Series 2021 (A-/NR)(a)
1,095,000		4.000		03/01/31		1,044,700
1,230,000		4.000		03/01/34		1,148,152
750,000		4.000		03/01/37		659,936
530,000		4.000		03/01/40		439,713
City of Kansas City MO Special Obligation Revenue Bonds Series 2021 (AA-/A1)(a)
1,000,000		5.000		04/01/35		1,056,855
760,000		5.000		04/01/36		795,949
1,435,000		5.000		04/01/37		1,485,328
City of Republic MO Revenue Bonds Series 2022 (A+/NR)(a)
920,000		4.000		05/01/34		879,325
640,000		4.000		05/01/35		602,260
685,000		4.000		05/01/36		633,857
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		945,109
1,000,000		4.000		03/01/35		941,114

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Clay County MO Public School District No. 53 Liberty GO Bonds Series 2018 (AA/NR)(a)
$1,000,000		4.000	%	03/01/33	$	948,615
1,000,000		4.000		03/01/34		945,109
Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)(a)
500,000		4.000		10/01/42		435,784
County of Barry MO Certificate of Participation Series 2023 (NR/A3)
640,000		5.000		10/01/29		649,354
670,000		5.000		10/01/30		677,786
705,000		5.000		10/01/31		710,139
740,000		5.000	(a)	10/01/32		739,101
County of Cole MO Reorganized School District No. 2 GO Series 2019 (AA+/NR)(a)
3,370,000		5.000		03/01/36		3,405,723
County of Franklin MO Certificates of Participation (Refunding) Series B (A+/NR)
1,075,000		4.000		04/01/27		1,075,205
1,100,000		4.000	(a)	04/01/28		1,095,477
County of Greene MO Certificate of Participation Series 2018 (NR/Aa2)(a)
1,000,000		4.000		09/01/31		969,259
Fenton MO Fire Protection District GO Bonds Series 2019 (AA+/NR)(a)
1,150,000		4.000		03/01/32		1,141,216
1,200,000		4.000		03/01/33		1,189,169
625,000		4.000		03/01/34		614,971
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		730,100
830,000		5.000	(a)	04/01/30		873,321
905,000		5.000	(a)	04/01/31		954,221
Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series A (A+/NR)(a)
715,000		4.000		12/30/32		699,928
1,780,000		3.000		12/30/33		1,509,448
Greene County MO Certificates of Participation Series 2018 (NR/Aa2)(a)
1,130,000		5.000		09/01/36		1,150,149
1,000,000		5.000		09/01/37		1,012,517
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		891,052
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		900,271
985,000		4.000		03/01/32		974,053
Greenwood MO GO Build America Bonds Taxable Series B (AA-/NR)(a)
185,000		5.625		03/01/25		184,830
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		3,140,026

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Hazelwood School District GO Bonds (Refunding) Series 2023 (AA/NR)(a)
$2,750,000		5.000	%	03/01/42	$	2,797,468
Health & Educational Facilities Authority of the State of Missouri (Refunding) Series 2021 (BBB+/NR)(a)
350,000		4.000		02/15/34		312,578
400,000		4.000		02/15/35		351,713
580,000		4.000		02/15/36		500,911
700,000		4.000		02/15/37		586,465
Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (BJC Health System) Series A (AA/Aa2)
2,000,000		5.000		05/01/33		2,154,248
Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (Mercy Health) Series A (A+/A1)(a)
500,000		5.500		12/01/41		523,510
Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (SSM Health) Series A (A+/WR)(a)
500,000		5.000		06/01/34		519,828
Independence MO School District (Refunding) (Direct Deposit Program) Series 2016 (AA+/NR)(a)
1,500,000		4.000		03/01/30		1,489,406
Independence MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)(a)
1,470,000		3.250		03/01/38		1,180,641
Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR)(a)
960,000		3.000		04/01/26		924,166
Jackson County MO Reorganized School District No. 7 Certificates of Participation Series 2016 (AA/NR)(a)
700,000		4.000		05/01/27		696,219
630,000		4.000		05/01/29		623,347
675,000		4.000		05/01/30		665,962
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		1,071,392
1,000,000		5.500		03/01/36		1,064,928
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		429,545
575,000		3.250		04/15/30		509,698
550,000		3.300		04/15/31		480,216
700,000		3.375		04/15/32		601,829
Jackson County MO School District Hickman Mills C-1 GO Bonds (Refunding) Series 2020 (AA+/NR)
100,000		3.000		03/01/27		95,720
200,000		4.000	(a)	03/01/30		197,966
165,000		4.000	(a)	03/01/31		162,865
180,000		4.000	(a)	03/01/32		177,128
200,000		4.000	(a)	03/01/33		196,825

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Jackson County MO School District No. 58 GO Bonds Series B (NR/A1)(a)
$1,365,000		4.000	%	03/01/28	$	1,362,883
Jackson County MO Special Obligation Revenue Bonds (Right of Way Project) (NR/Aa3)(a)
1,455,000		4.000		12/01/28		1,449,976
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		668,787
1,575,000		4.000		03/01/32		1,557,496
Jefferson City MO School District Certificate of Participation Series 2021 (A+/NR)(a)
1,220,000		4.000		04/01/35		1,153,552
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)(a)
15,000		4.000		03/01/30		14,911
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2018 (AA+/NR)(a)
1,525,000		4.000		03/01/29		1,525,352
Jefferson County School District No R-VI Festus Certificate of Participation (Refunding)Series 2021 (A+/NR)(a)
585,000		3.000		04/01/29		534,420
605,000		3.000		04/01/30		545,600
420,000		3.000		04/01/31		375,093
460,000		3.000		04/01/33		395,274
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		1,896,977
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Taxable-Refunding-Freeman Health System Project) Series B (A+/NR)
500,000		2.378		02/15/25		478,853
1,020,000		2.558		02/15/26		953,179
815,000		2.844		02/15/28		731,154
825,000		2.894		02/15/29		722,625
Joplin MO Schools GO Buildings - Series 2020 (AA+/NR)(a)
1,285,000		3.000		03/01/35		1,086,563
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		2,037,120
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		1,221,127
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		2,583,176
1,370,000		5.000		03/01/29		1,398,958
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		2,132,879

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Kansas City MO Sanitary Sewer System Revenue Bonds (Refunding) Series A (AA/Aa2)(a)
$1,895,000		4.000	%	01/01/33	$	1,854,090
Kansas City MO Special Obligation Revenue Bonds (Refunding) Series C (AA-/A2)(a)
1,000,000		5.000		09/01/31		1,029,230
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		989,766
Liberty Public School District No. 53 GO Bonds Series 2023 (AA/NR)(a)
2,000,000		4.000		03/01/42		1,718,101
Maplewood Richmond Heights Mosch District GO Bonds (Refunding) Series 2019 (AA-/NR)(a)
500,000		4.000		03/01/30		496,011
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		2,669,156
Missouri Development Finance Board Revenue Bonds (Sant Louis Zoo Projects) Series 2022 (AA-/A1)(a)
1,000,000		5.250		05/01/36		1,055,218
1,100,000		5.250		05/01/37		1,145,054
Missouri Joint Municipal Electric Utility Commission Revenue Bonds Series 2022 (NR/A2)(a)
500,000		5.250		12/01/41		502,390
500,000		5.250		12/01/42		501,589
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		861,742
990,000		4.000	(a)	04/01/32		947,525
1,095,000		4.000	(a)	04/01/33		1,037,195
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)(a)
635,000		2.000		04/01/27		576,004
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series B (AA+/Aa1)(a)
800,000		4.000		04/01/28		800,287
Missouri State Environmental Improvement & Energy Resources Authority Revenue Bonds (Tri-County Water Authority Project) (NR/Aa3)(a)
595,000		5.000		01/01/30		601,219
775,000		5.000		01/01/31		782,748
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		1,440,362
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding- Southeast MO State University) Series 2019 (A/NR)
2,030,000		5.000		10/01/27		2,083,672
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		688,588
800,000		5.000		09/01/38		791,529

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
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	$	2,405,768
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		1,380,750
1,000,000		5.000		12/01/33		1,004,097
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		972,492
1,100,000		5.000		06/01/37		1,110,929
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		1,179,491
250,000		4.000		05/15/39		217,557
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series B (GNMA/FNMA/FHLMC) (AA+/NR)(a)
330,000		2.400		11/01/30		286,438
315,000		2.500		05/01/31		273,197
325,000		2.550		11/01/31		280,486
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series B-2 (GNMA/FNMA/FHLMC) (AA+/NR)(a)
145,000		3.550		11/01/30		139,654
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series D (GNMA/FNMA/FHLMC) (AA+/NR)(a)
260,000		3.050		11/01/28		243,306
240,000		3.150		11/01/29		222,590
260,000		3.250		11/01/30		239,637
Nixa MO Public Schools Certificates of Participation Series 2021 (A/NR)(a)
1,465,000		3.000		04/01/39		1,094,462
Nixa MO Public Schools GO Bonds (Direct Deposit Program) (Refunding) Series 2019 (AA+/NR)(a)
500,000		4.000		03/01/33		493,581
800,000		4.000		03/01/34		783,220
North Kansas City MO School District No. 74 GO Bonds Series 2022 (AA+/Aa1)(a)
2,000,000		5.250		03/01/39		2,130,102
O’Fallon Fire Protection District GO Bonds Series 2023 (NR/Aa2)(a)
510,000		4.000		03/01/38		467,573
530,000		4.000		03/01/39		481,334
575,000		4.000		03/01/41		510,675
600,000		4.000		03/01/42		524,795

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Ozark MO Certificates of Participation Series 2014 (A+/NR)(a)
$  500,000		5.000	%	09/01/44	$	500,240
Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)(a)
400,000		3.000		03/01/36		334,115
Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)(a)
1,000,000		4.000		03/01/37		928,870
1,000,000		4.000		03/01/38		906,219
750,000		4.000		03/01/39		672,095
Platte County Reorganized School District No R-3 GO Bonds (Refunding) Series 2021 (AA/NR)(a)
2,155,000		5.250		03/01/40		2,272,243
Polk County Mo School District No R-1 GO (Bolivar Refunding) Series 2021 (A/NR)(a)
625,000		3.000		03/01/33		552,557
1,600,000		3.000		03/01/35		1,388,757
Rolla MO Certificates of Participation Series B (A+/NR)(a)
225,000		3.150		07/01/27		218,245
410,000		3.450		07/01/32		373,294
Rolla School District No. 31 GO Bonds (Missouri Direct Deposit Program) Series 2023 (AA+/NR)(a)
925,000		5.000		03/01/41		941,042
Saint Louis MO Airport Revenue Bonds (Refunding -St. Louis Lambert International Airport) Series A (NR/A2)
1,500,000		5.000		07/01/31		1,531,947
1,355,000		5.000		07/01/32		1,386,559
Southern Platte MO Fire Protection District Series 2018 (NR/Aa2)(a)
540,000		4.000		03/01/38		497,005
Springfield MO Public Utility Revenue Bonds (Refunding) Series 2015 (AA+/NR)(a)
1,310,000		4.000		08/01/31		1,260,499
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (AMT) (NR/Aa2)
2,275,000		5.000		07/01/27		2,329,426
1,220,000		5.000	(a)	07/01/28		1,241,556
1,400,000		5.000	(a)	07/01/30		1,422,913
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (NR/Aa3)(a)
1,405,000		4.000		05/01/27		1,405,019
Springfield MO Special Obligation Revenue Bonds Series 2020 (NR/Aa2)(a)
470,000		4.000		11/01/34		452,481
475,000		4.000		11/01/35		451,581
815,000		4.000		11/01/36		759,808
845,000		4.000		11/01/37		763,528
920,000		4.000		11/01/38		822,709
St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)(a)
2,605,000		2.125		04/01/39		1,622,904
St Louis Land Clearance for Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR)
1,200,000		4.000		07/15/28		1,194,925

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, 2023

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
St Louis Land Clearance for Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR)(a)
$1,570,000		3.000	%	07/15/32	$	1,348,363
1,615,000		3.000		07/15/33		1,358,134
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		991,758
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		1,702,168
St. Louis County MO Community College District Certificates of Participation Series 2017 (AA/NR)(a)
1,000,000		4.000		04/01/35		959,055
2,000,000		4.000		04/01/36		1,885,615
2,515,000		4.000		04/01/37		2,302,999
St. Louis County MO Library District Certificates of Participation (AA/Aa2)(a)
1,930,000		4.000		04/01/26		1,922,909
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		1,000,702
St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR)
2,710,000		5.000		02/15/27		2,767,254
St. Louis MO Municipal Finance Corporation Sales Tax Leasehold Revenue Bonds (Refunding) Series 2016 (A/NR)(a)
2,595,000		4.000		02/15/35		2,498,002
St. Louis MO Municipal Library District Revenue Bonds (Refunding) Series 2020 (AA/NR)(a)
1,900,000		3.000		03/15/39		1,446,061
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		997,522
1,000,000		4.000		04/01/30		993,129
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		1,705,923
1,840,000		4.000		03/01/34		1,811,990
Stone County Reorganized School District No. 4 GO (Reeds Spring) Series 2022 (AA/NR)(a)
2,000,000		4.000		03/01/39		1,790,166
Strafford Fire Protection District GO Bonds Series 2022 BAM (AA/NR)(a)
1,125,000		5.000		03/01/40		1,134,874
Taney County Public Water Supply District No 3 Certification of Participation Series 2022 (A/NR)(a)
720,000		3.750		07/01/36		650,742
Truman MO State University Housing Society Revenue Bonds (Refunding-Revenue) Series 2016 (NR/A2)(a)
865,000		3.000		06/01/25		835,127

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
University City Municipal Library District Certification of Participation Series 2022 (NR/A1)(a)
$   710,000		3.000	%	04/15/39	$	531,418
Valley Park MO Fire Protection District GO Bonds Series 2019 (AA/NR)
555,000		4.000		03/01/27		554,652
450,000		4.000	(a)	03/01/35		427,684
500,000		4.000	(a)	03/01/37		459,272
755,000		4.000	(a)	03/01/39		668,838
Warrensburg MO School District No R-VI GO Bonds (Direct Deposit Program) Series 2020 (AA+/NR)(a)
500,000		3.000		03/01/36		417,123
560,000		3.000		03/01/37		449,327
Washington MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)(a)
2,400,000		4.000		03/01/38		2,166,552
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		496,181
890,000		4.000		03/01/33		884,693
Wentzville MO Certificates of Participation Series 2023 (NR/Aa3)
250,000		5.000		03/01/32		262,693
260,000		5.000		03/01/33		273,373
340,000		5.000	(a)	03/01/34		355,743
360,000		5.000	(a)	03/01/35		375,103
380,000		5.000	(a)	03/01/36		392,689
320,000		5.000	(a)	03/01/37		326,017
600,000		4.000	(a)	03/01/39		518,715
Wentzville MO School District No. 4 (Refunding) (Direct Deposit Program) Series 2016 (AA+/Aa1)(a)(b)
2,000,000		0.000		03/01/26		1,808,437
2,095,000		0.000		03/01/27		1,812,960
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		1,784,029
1,800,000		4.000		04/01/33		1,765,178
1,800,000		4.000		04/01/34		1,764,438
Wright City R-II School District GO Bonds Series 2022 AGM (AA/NR)(a)
1,055,000		6.000		03/01/34		1,217,764
						217,271,549
North Dakota(a) – 0.9%
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		2,123,456
105,000		3.150		01/01/36		92,498
						2,215,954
Ohio(a) – 1.0%
Cuyahoga Metropolitan Housing Authority Revenue Bonds Series 2021 (A+/NR)
1,500,000		2.000		12/01/31		1,246,648

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, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Ohio(a) – (continued)
Dayton City School District Certificates of Participation (Ohio School Facilities Project) Series 2021 (NR/A3)
$  715,000		3.000	%		12/01/35	$	597,762
Dayton City School District Certificates of Participation (Ohio School Facilities Project) Series 2021 (NR/A3)
695,000		2.125			12/01/34		516,762
							2,361,172
Oklahoma(a) – 0.7%
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		1,670,577
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $271,983,473)						$	244,702,913
Shares	Dividend Rate					Value
Investment Company – 0.6%
State Street Institutional US Government Money Market Fund – Premier Class
1,554,575		5.301%				$	1,554,575
(Cost $1,554,575)
TOTAL INVESTMENTS – 99.2%
(Cost $273,538,048)						$	246,257,488
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%							2,106,674
NET ASSETS – 100.0%						$	248,364,162

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.
Security ratings disclosed, if any, are issued by S&P Global Ratings Services/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.
AMT	—AlternativeMinimum Tax
FHLMC	—FederalHome Loan Mortgage Corp.
FNMA	—FederalNational Mortgage Association
GNMA	—GovernmentNational Mortgage Association
GO	—GeneralObligation
NR	—Not Rated
WR	—WithdrawnRating

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/23			AS OF 10/31/22
Lease		39.8	%		37.9	%
General Obligation		28.9			27.1
Hospital		8.5			7.4
Limited Tax		7.9			7.1
Single Family Housing		3.7			3.6
Higher Education		3.2			7.5
Transportation		3.0			3.6
Water/Sewer		1.5			2.4
Power		1.1			0.8
Investment Company		0.6			—
Utilities		0.5			—
Multi Family Housing		0.5			0.4
Not For Profit		—			0.6
Prerefunded/Escrow to Maturity		—			0.4
TOTAL INVESTMENTS		99.2	%		98.8	%

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

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

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Performance Summary

October 31, 2023 (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, 2013 through October 31, 2023.

Average Annual Total Return through October 31, 2023	One Year	Five Years	Ten Years
Kansas Tax-Free Intermediate Bond Fund(a)	0.63%	0.16%	1.16%

(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.

54

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – 99.2%
Alabama(a) – 1.5%
Homewood AL Educational Building Authority Revenue Bonds (Refunding Educational Facilities Samford University) Series A (NR/A3)
$1,000,000		4.000	%		12/01/35	$	891,981
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		1,002,588
							1,894,569
Georgia(a) – 0.6%
University Of GA Milledgeville & Baldwin Development Authority Revenue Bonds (Refunding-State of Georgia University Project) (A+/NR)
745,000		5.000			06/15/34		785,530
Illinois(a) – 2.0%
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		977,545
Westchester Village GO Bonds Series 2021 (BAM) (AA/A2)
1,690,000		4.000			12/01/36		1,532,675
							2,510,220
Indiana – 6.6%
Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR)(a)
440,000		4.000			01/15/35		419,924
City of Bloomington IN Revenue Bonds Series 2022 (AA-/NR)(a)
1,420,000		4.000			07/01/35		1,343,745
City of Martinsville Indiana Government Facility Building Corp. Revenue Bonds Series 2023 BAM (AA/NR)(a)
500,000		5.250			08/01/37		516,394
500,000		5.250			08/01/42		505,503
Frankfort Redevelopment Authority Revenue Bonds Riverfront Phase II Project Series 2022 BAM (AA/NR)(a)
1,500,000		5.000			08/01/38		1,543,106
Noblesville Redevelopment Authority Revenue Bonds (Pleasant street Project) Series 2022 (AA/NR)(a)
775,000		4.750			07/15/45		737,806
Northwestern School Building Corp. Revenue Bonds Series 2023 (AA+/NR)(a)
550,000		6.000			07/15/36		612,719
600,000		6.000			07/15/37		661,288
Shelbyville IN Redevelopment Authority Lease Rental Revenue Bonds Series 2021 (A+/NR)(a)
550,000		3.000			08/01/34		469,999
Whitestown Redevelopment Authority Redevelopment Authority Lease Rental Revenue Bonds(Taxable-Refunding) Series 2021 (AA+/NR)
1,530,000		3.000			08/01/31		1,388,018
							8,198,502

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Iowa(a) – 0.6%
City of Marion IA Road Use Tax Revenue Bonds Series 2023 (NR/Aa2)
$   750,000		5.000	%		06/01/43	$	738,561
Kansas – 82.6%
Arkansas City KS Public Building Commission Revenue Bonds (Refunding) Series 2019 (A/NR)
560,000		5.000			09/01/27		581,406
585,000		5.000			09/01/28		613,464
415,000		5.000	(a)		09/01/29		438,750
Bel Aire KS GO Bond Series 2022 (SP-1+/NR)(a)
2,000,000		3.000			12/01/25		1,955,131
Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AGM) (AA/Aa2)(a)
800,000		4.000			10/01/27		784,532
Bourbon County KS Unified School District No. 234-Fort Scott Certificates of Participation Series 2023 AGM (AA/NR)(a)
830,000		4.000			09/01/39		731,071
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		1,200,689
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		987,531
500,000		4.000			09/01/31		485,918
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		1,348,525
1,305,000		4.000	(a)		09/01/28		1,299,678
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding) (AMBAC) (NR/WR)
1,000,000		5.250			09/01/24		1,002,227
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		587,281
600,000		4.000			12/01/29		594,554
650,000		4.000			12/01/30		639,968
City of Dodge KS GO Bonds (Refunding) Series B (A+/NR)
670,000		4.000			09/01/26		670,224
740,000		4.000	(a)		09/01/28		739,606
City of Mulvane KS GO Bonds (Refunding) Series A (AA-/NR)
500,000		5.000			09/01/25		509,881
City of Salina KS Water & Sewage System Revenue Bonds (Refunding) Series A (NR/Aa3)(a)
495,000		3.000			10/01/27		467,613
350,000		3.000			10/01/28		326,301
300,000		3.000			10/01/29		274,900
City of Topeka KS Combined Utility Revenue Bonds (Refunding) Series A (NR/Aa3)(a)
545,000		4.000			08/01/27		545,674
445,000		3.000			08/01/28		415,837
525,000		3.000			08/01/29		483,007
650,000		3.000			08/01/32		571,645

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2023

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	$	1,736,622
County of Sumner KS Series 2021 AGM (AA/NR)(a)
925,000		3.000			10/01/34		771,336
Crawford County Unified School District No 250 Pittsburg GO Bonds Series 2022 BAM (AA/A2)(a)
750,000		4.000			09/01/41		650,158
Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)(a)
1,550,000		3.250			08/01/33		1,363,885
1,000,000		5.000			08/01/44		1,028,273
Dickinson County KS Unified School District No. 435 GO Bonds (Taxable-Refunding) Series 2019 (A+/NR)(a)
375,000		2.950			09/01/32		308,975
Douglas County KS Unified School District No. 491 GO Bonds (Edora-Refunding) Series A-2023 AGM (AA/A2)(a)
1,785,000		5.000			09/01/40		1,806,189
Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (A+/NR)(a)
1,530,000		4.000			09/01/30		1,521,839
Franklin County KS Unified School District No. 290 GO Bonds Series A (NR/A1)(a)(b)
1,720,000		5.000			09/01/32		1,754,297
750,000		5.000			09/01/40		764,955
Geary Country KS GO Bonds (Refunding) Series 2016 (A/NR)(a)
1,000,000		4.000			09/01/29		999,970
Geary County KS Unified Government GO Bonds (Refunding & Improvement) Series B (AA-/NR)(a)
380,000		4.000			12/01/26		381,474
Geary County Public Building Commission Revenue Bonds Series 2022 (A/NR)(a)
1,000,000		5.000			08/01/47		925,640
Harvey County Unified School District GO Bonds (Refunding) Series 2023 (AA/NR)(a)
430,000		4.000			09/01/31		424,010
450,000		4.000			09/01/32		443,573
475,000		4.000			09/01/33		465,058
Johnson & Miami Counties KS Unified School District No. 230 GO Bonds Series A (NR/A1)(a)
1,000,000		4.000			09/01/32		970,272
Johnson & Miami County KS Unified School District No. 230 GO Bonds (Refunding) Series 2016 (NR/A1)
1,000,000		5.000			09/01/26		1,031,167
1,000,000		3.500	(a)		09/01/30		939,606
Johnson & Miami County KS Unified School District No. 230 GO Bonds Series B (NR/A1)(a)
1,000,000		4.000			09/01/33		937,210
Johnson County KS Improvement GO Bond Series A (AAA/Aaa)(a)
2,000,000		4.000			09/01/34		1,905,069

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
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	$	1,382,441
Johnson County KS Unified School District No. 231 GO Bonds(Refunding-Gardner-Edgerton) Series 2023 (AA-/NR)
750,000		5.000			10/01/30		797,692
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series B (AA-/Aa2)(a)
1,000,000		4.000			09/01/31		984,758
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series C (AA-/Aa2)(a)
1,000,000		4.000			09/01/29		991,606
Johnson County KS Unified School District No. 512 GO Bonds (Refunind-Shawnee Mission) Series 2015 (NR/Aaa)(a)(b)
2,000,000		5.000			10/01/34		2,045,446
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		627,538
Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds Series A (NR/Aaa)(a)
1,500,000		5.000			10/01/41		1,552,467
785,000		5.000			10/01/42		808,956
Kansas City KS Community College District Certificates of Participation (Refunding) Series A (AA-/NR)
545,000		4.000			04/01/24		544,621
1,000,000		4.000			04/01/25		1,000,837
350,000		4.000			04/01/26		350,068
Kansas Development Finance Authority Revenue Bonds (State of Kansas University Aerospace And Technology Campus Housing Project) Series A-1 (NR/Aa3)(a)
265,000		3.125			05/01/50		174,869
280,000		3.125			05/01/51		183,302
Kansas Development Finance Authority Revenue Bonds (Wichita State University Project) Series 2020 (NR/Aa3)
2,000,000		5.000			06/01/24		2,011,197
Kansas State Department of Transportation Highway Revenue Bonds Series 2015 (AA/Aa2)(a)
1,110,000		5.000			09/01/34		1,122,433
Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series C (NR/A1)(a)
1,470,000		4.000			07/01/34		1,332,650
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		1,659,047
Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (A+/Aa3)(a)
2,000,000		4.000			03/01/31		1,884,981
Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (A-/NR)(a)
1,715,000		5.000			07/01/32		1,741,773
1,335,000		4.000			07/01/37		1,156,730

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

October 31, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Leavenworth County KS Unified School District No. 453 GO Bonds Series A (NR/Aa3)(a)
$1,165,000		4.000	%		09/01/31	$	1,134,195
Leavenworth County KS Unified School District No. 469 Lansing GO Bonds (Refunding) Series 2016 (NR/A3)
1,000,000		4.000			09/01/26		988,618
Lyon County KS Unified School District No. 253 Emporia GO Bonds Series 2019 (NR/A1)(a)
1,050,000		4.000			09/01/33		1,015,225
Miami County Unified School District No. 416 GO Bonds (Refunding) Series 2020 (AA-/NR)(a)
200,000		3.000			09/01/39		151,100
380,000		3.000			09/01/40		281,835
320,000		3.000			09/01/41		233,083
Nemaha County Unified School District GO Bonds (Refunding) Series 2023 (AA/NR)(a)
750,000		5.000			09/01/43		752,976
750,000		4.000			09/01/48		627,492
Osage County KS GO Bonds (Refunding) Series A (AA-/NR)(a)
570,000		3.000			09/01/36		466,382
350,000		3.000			09/01/38		275,259
575,000		3.000			09/01/41		436,816
Riley County KS Unified School District No. 383 GO Bonds (Prerefunded-Refunding) Series 2016 (NR/NR)(a)(b)
170,000	��	3.000			09/01/30		166,530
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		1,637,242
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)(a)(b)
965,000		5.000			09/01/29		985,099
Sedgwick County KS Unified School District No. 260 GO Bonds (Refunding) Series 2016 (NR/Aa3)
1,000,000		4.000			10/01/30		1,001,184
1,000,000		4.000			10/01/31		999,489
Sedgwick County KS Unified School District No. 261 GO Bonds Series 2016 (NR/A2)(a)
985,000		3.000			11/01/32		854,573
Sedgwick County KS Unified School District No. 262 GO Bonds (Refunding) Series 2015 (A+/NR)(a)
800,000		4.000			09/01/25		800,774
Sedgwick County KS Unified School District No. 262 GO Bonds Series 2016 (A+/NR)(a)(b)
1,425,000		5.000			09/01/34		1,438,381
Sedgwick County KS Unified School District No. 262 Valley Center GO Bonds (Refunding) Series 2015 (A+/NR)
1,115,000		5.000			09/01/24		1,124,013
Sedgwick County KS Unified School District No. 265 GO Bonds (Refunding) Series B (NR/Aa3)(a)
1,300,000		4.000			10/01/29		1,289,216

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Sedgwick County KS Unified School District No. 266 GO Bonds Series A (AA/NR)
$   300,000		3.000	%		09/01/26	$	288,356
715,000		4.000	(a)		09/01/29		707,844
Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)(a)
485,000		4.000			09/01/30		480,134
1,000,000		4.000			09/01/31		985,413
1,065,000		5.000			09/01/32		1,081,428
Shawnee County KS GO Bonds (Refunding) Series 2015 (NR/Aa1)
490,000		3.000			09/01/25		477,685
Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)(a)
895,000		4.000			09/01/31		882,532
Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)(a)
600,000		4.000			09/01/29		594,301
650,000		4.000			09/01/30		642,275
Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2015 (AA/NR)(a)
910,000		4.000			09/01/27		911,856
Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2022 (NR/Aa2)(a)
1,400,000		5.000			09/01/39		1,447,770
State of Kansas Department of Transportation High Way Revenue Bonds Series 2015 (AA/Aa2)(a)
525,000		5.000			09/01/33		530,972
State of Kansas Department of Transportation High Way Revenue Bonds Series A (AA/Aa2)(a)
1,250,000		5.000			09/01/32		1,292,742
University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2015 (AA-/NR)(a)
2,000,000		5.000			09/01/45		1,909,970
University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series A (AA-/NR)
1,500,000		5.000			03/01/28		1,566,216
1,930,000		5.000	(a)		09/01/48		1,856,578
Wabaunsee County Unified School District No. 330 Mission Valley GO Bonds Series 2022 BAM (AA/NR)(a)
1,000,000		5.500			09/01/42		1,045,938
Washburn University KS Revenue Bonds Series A (Refunding) (AGM) (AA/A1)
490,000		4.000			07/01/26		489,126
515,000		4.000			07/01/27		513,835
555,000		4.000			07/01/29		550,908
Wichita KS GO Bonds (AMT-Airport) Series 2015 (AA+/Aa2)(a)
1,200,000		5.000			12/01/35		1,207,215
Wichita KS GO Bonds Series B (AMT) (AA+/Aa2)(a)
940,000		4.000			12/01/42		766,423

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, 2023

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
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	$	1,050,498
Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B (AA-/NR)(a)
415,000		4.000			10/01/26		415,432
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		1,006,854
1,000,000		4.250			09/01/39		909,663
Wyandotte County Unified School District No. 203 Piper GO (Refunding) Series A (AA/NR)(a)
525,000		5.000			09/01/40		534,254
							102,544,103
Missouri – 0.5%
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		371,860
City of Independence MO Development Authority Revenue GO (Refunding) Bonds Series 2021 (A-/NR)
335,000		3.000			04/01/27		312,455
							684,315
Ohio(a) – 0.7%
Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR)
1,000,000		4.000			12/01/42		820,374
Oklahoma – 0.8%
McClain County Economic Development Authority Revenue Bonds (Washington Public Schools Project) Series 2022 (A-/NR)
1,000,000		4.000			09/01/32		981,020
Texas(a) – 2.0%
Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR)
625,000		5.000			08/15/38		642,100
Greater Texoma Utility Authority Revenue Bonds (City Of Sherman Project) Series 2023 AGM (AA/NR)
1,000,000		4.000			10/01/42		837,486
Sabine-Neches Navigation District GO Bonds Series 2022 (Sabine -Neches Waterway Project) (NR/Aa2)
500,000		5.250			02/15/38		523,154
500,000		5.250			02/15/39		520,248
							2,522,988
Utah(a) – 0.5%
Unified Fire Service Area Local Building Authority Lease Revenue Bonds (Refunding) Series 2016 (NR/Aa2)
675,000		3.000			04/01/34		577,512

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Wisconsin(a) – 0.8%
Wisconsin Health & Educational Facilities Authority Revenue Bonds Series 2022 (A+/A2)
$   500,000		5.000	%		12/01/38	$	488,348
500,000		5.000			12/01/39		484,768
							973,116
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $134,619,227)						$	123,230,810
Shares	Dividend Rate					Value
Investment Company – 0.1%
State Street Institutional US Government Money Market Fund – Premier Class
107,052		5.301%				$	107,052
(Cost $107,052)
TOTAL INVESTMENTS – 99.3%
(Cost $134,726,279)						$	123,337,862
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%							866,490
NET ASSETS – 100.0%						$	124,204,352

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.
Security ratings disclosed, if any, are issued by S&P Global Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
COPS	—Certificates of Participation
GO	—General Obligation
NR	—Not Rated
PSF-GTD	—Guaranteed by Permanent School Fund
WR	—Withdrawn Rating

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, 2023

PORTFOLIO COMPOSITION (unaudited)

	AS OF 10/31/23			AS OF 10/31/22
General Obligation		43.5	%		42.8	%
Lease		17.8			15.2
Hospital		10.0			7.9
Limited Tax		6.5			1.7
Water/Sewer		6.4			5.9
Prerefunded/Escrow to Maturity		5.8			11.4
Higher Education		5.4			7.3
Transportation		2.4			3.3
Power		1.5			1.3
Investment Company		0.1			2.7
TOTAL INVESTMENTS		99.4	%		99.5	%

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. 59

THE COMMERCE FUNDS

Statements of Assets and Liabilities

October 31, 2023

	The Growth Fund		The Value Fund		The MidCap Growth Fund		The Bond Fund
Assets:
Investments at value (identified cost $132,261,602, $229,098,026, $177,811,040 and $1,207,742,377, respectively)	$	202,958,883	$	244,540,555	$	206,694,884	$	1,038,414,684
Cash		—		—		—		34,634
Receivables:
Interest and dividends		65,420		372,811		68,848		9,292,935
Fund shares sold		35,921		52,017		319,097		490,158
Investments sold		—		—		2,145,528		—
Other		8,783		10,894		8,988		42,409
Total Assets		203,069,007		244,976,277		209,237,345		1,048,274,820
Liabilities:
Payables:
Dividends		—		—		—		2,207,376
Investments purchased		—		—		3,261,543		—
Fund shares redeemed		167,501		260,881		168,012		1,215,114
Advisory fees		70,370		63,432		88,829		333,563
Deferred trustee fees		40,921		46,645		25,457		259,652
Administrative fees		24,190		29,073		24,696		122,734
Accrued expenses		64,630		133,270		75,542		322,525
Total Liabilities		367,612		533,301		3,644,079		4,460,964
Net Assets:
Paid-in capital		122,067,696		221,087,790		162,152,964		1,226,601,345
Total distributable earnings (loss)		80,633,699		23,355,186		43,440,302		(182,787,489	)
Net Assets	$	202,701,395	$	244,442,976	$	205,593,266	$	1,043,813,856
Shares Outstanding/Net Asset Value
Total shares outstanding, no par value (unlimited number of shares authorized):		5,172,027		8,506,825		5,142,195		62,874,256
Net asset value (net assets/shares outstanding)	$	39.19	$	28.73	$	39.98	$	16.60

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

THE COMMERCE FUNDS

Statements of Assets and Liabilities (continued)

October 31, 2023

	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 $34,181,877, $378,739,362, $273,538,048 and $134,726,279, respectively)	$	31,183,356		$	342,325,548		$	246,257,488		$	123,337,862
Receivables:
Interest and dividends		105,438			4,481,890			2,358,067			1,233,196
Fund shares sold		587			570,343			739,301			—
Reimbursement from adviser		12,634			—			—			6,541
Other		1,261			14,773			10,420			5,365
Total Assets		31,303,276			347,392,554			249,365,276			124,582,964
Liabilities:
Payables:
Dividends		19,443			638,198			463,501			217,705
Fund shares redeemed		5,962			408,542			242,925			10,564
Advisory fees		13,325			104,626			84,012			50,146
Deferred trustee fees		45,578			75,572			90,558			32,646
Administrative fees		3,664			41,195			29,857			14,695
Accrued expenses		32,823			111,006			90,261			52,856
Total Liabilities		120,795			1,379,139			1,001,114			378,612
Net Assets:
Paid-in capital		41,218,609			384,769,766			281,651,631			138,859,913
Total distributable earnings (loss)		(10,036,128	)		(38,756,351	)		(33,287,469	)		(14,655,561	)
Net Assets	$	31,182,481		$	346,013,415		$	248,364,162		$	124,204,352
Shares Outstanding/Net Asset Value
Total shares outstanding, no par value (unlimited number of shares authorized):		2,025,104			19,816,626			14,330,359			7,205,552
Net asset value (net assets/shares outstanding)	$	15.40		$	17.46		$	17.33		$	17.24

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

THE COMMERCE FUNDS

Statements of Operations

For the Fiscal Year Ended October 31, 2023

	The Growth Fund		The Value Fund			The MidCap Growth Fund			The Bond Fund
Investment Income:
Dividends	$	1,943,564	$	9,454,571		$	2,437,485		$	756,101
Interest		—		—			—			38,943,764
Total Investment Income		1,943,564		9,454,571			2,437,485			39,699,865
Expenses:
Advisory fees		783,255		848,903			1,077,283			3,917,525
Administration fees		269,244		389,081			301,566			1,439,638
Transfer Agent fees		73,321		103,931			55,022			91,314
Custody, accounting and administrative services		68,600		85,998			73,776			347,382
Professional fees		63,293		105,382			74,361			347,682
Shareholder servicing fees		39,269		333,255			66,593			456,659
Registration fees		20,706		19,209			20,615			29,212
Trustee fees		18,922		31,809			23,136			107,109
Printing and mailing fees		16,651		30,033			18,696			63,464
Other		29,030		26,257			17,184			75,343
Total Expenses		1,382,291		1,973,858			1,728,232			6,875,328
Net Investment Income	$	561,273	$	7,480,713		$	709,253		$	32,824,537
Realized and unrealized gain (loss)
Net realized gain (loss)		9,546,925		8,724,357			14,104,331			(3,928,379	)
Net change in unrealized gain (loss)		16,987,666		(34,926,848	)		(11,423,981	)		(17,202,946	)
Net realized and unrealized gain (loss)		26,534,591		(26,202,491	)		2,680,350			(21,131,325	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	27,095,864	$	(18,721,778	)	$	3,389,603		$	11,693,212

62 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, 2023

	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	$	1,015,134		$	9,969,492		$	7,723,450		$	3,763,527
Dividends		19,312			279,814			147,291			74,366
Total Investment Income		1,034,446			10,249,306			7,870,741			3,837,893
Expenses:
Advisory fees		195,764			1,295,611			1,051,211			647,388
Administration fees		53,835			520,086			385,666			195,402
Transfer Agent fees		36,599			46,284			47,534			38,336
Custody, accounting and administrative services		61,116			194,609			147,225			79,600
Professional fees		19,031			131,994			98,484			49,017
Shareholder servicing fees		24,639			37,461			70,552			35,540
Registration fees		19,282			25,397			24,076			5,915
Trustee fees		4,929			40,662			31,880			15,757
Printing and mailing fees		8,272			23,284			19,638			12,397
Other		7,096			30,604			25,676			13,986
Total Expenses		430,563			2,345,992			1,901,942			1,093,338
Less — expense reductions		(164,323	)		—			—			(98,563	)
Net Expenses		266,240			2,345,992			1,901,942			994,775
Net Investment Income	$	768,206		$	7,903,314		$	5,968,799		$	2,843,118
Realized and unrealized gain (loss)
Net realized loss		(1,418,195	)		(2,903,961	)		(3,007,482	)		(3,079,648	)
Net change in unrealized gain (loss)		1,662,565			(715,891	)		1,276,802			2,016,995
Net realized and unrealized gain (loss)		244,370			(3,619,852	)		(1,730,680	)		(1,062,653	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,012,576		$	4,283,462		$	4,238,119		$	1,780,465

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

THE COMMERCE FUNDS

Statements of Changes in Net Assets

	The Growth Fund						The Value Fund
	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
From Operations:
Net investment income	$	561,273		$	414,721		$	7,480,713		$	8,424,470
Net realized gain		9,546,925			10,610,590			8,724,357			15,694,897
Net change in unrealized gain (loss)		16,987,666			(53,608,985	)		(34,926,848	)		(29,756,991	)
Net increase (decrease) in net assets from operations		27,095,864			(42,583,674	)		(18,721,778	)		(5,637,624	)
Distributions to Shareholders:
From distributable earnings		(11,128,619	)		(42,187,100	)		(24,451,548	)		(18,403,534	)
From Share Transactions:
Proceeds from sales of shares		40,566,034			45,716,458			27,373,944			40,647,306
Reinvestment of distributions		3,321,692			12,473,149			11,721,659			8,480,695
Cost of shares redeemed		(32,280,417	)		(33,955,287	)		(56,728,627	)		(66,206,589	)
Net increase (decrease) in net assets resulting from share transactions		11,607,309			24,234,320			(17,633,024	)		(17,078,588	)
TOTAL INCREASE (DECREASE)		27,574,554			(60,536,454	)		(60,806,350	)		(41,119,746	)
Net Assets:
Beginning of year		175,126,841			235,663,295			305,249,326			346,369,072
End of year	$	202,701,395		$	175,126,841		$	244,442,976		$	305,249,326

64 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, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
From Operations:
Net investment income	$	709,253		$	367,060		$	32,824,537		$	27,928,832
Net realized gain (loss)		14,104,331			3,714,773			(3,928,379	)		1,538,075
Net change in unrealized gain (loss)		(11,423,981	)		(56,478,763	)		(17,202,946	)		(214,705,267	)
Net increase (decrease) in net assets from operations		3,389,603			(52,396,930	)		11,693,212			(185,238,360	)
Distributions to Shareholders:
From distributable earnings		(4,233,485	)		(51,815,856	)		(34,771,703	)		(36,742,037	)
From Share Transactions:
Proceeds from sales of shares		24,235,867			36,534,213			252,575,715			215,542,550
Reinvestment of distributions		920,999			10,183,082			9,949,204			10,585,768
Cost of shares redeemed		(34,487,260	)		(43,551,601	)		(189,537,528	)		(243,687,673	)
Net increase (decrease) in net assets resulting from share transactions		(9,330,394	)		3,165,694			72,987,391			(17,559,355	)
TOTAL INCREASE (DECREASE)		(10,174,276	)		(101,047,092	)		49,908,900			(239,539,752	)
Net Assets:
Beginning of year		215,767,542			316,814,634			993,904,956			1,233,444,708
End of year	$	205,593,266		$	215,767,542		$	1,043,813,856		$	993,904,956

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

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, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
From Operations:
Net investment income	$	768,206		$	684,436		$	7,903,314		$	6,844,335
Net realized gain (loss)		(1,418,195	)		(35,774	)		(2,903,961	)		790,911
Net change in unrealized gain (loss)		1,662,565			(5,226,352	)		(715,891	)		(54,535,999	)
Net increase (decrease) in net assets from operations		1,012,576			(4,577,690	)		4,283,462			(46,900,753	)
Distributions to Shareholders:
From distributable earnings		(795,813	)		(844,868	)		(8,530,818	)		(10,986,126	)
From Share Transactions:
Proceeds from sales of shares		2,095,858			12,052,939			102,365,343			131,917,033
Reinvestment of distributions		583,274			643,868			348,390			521,296
Cost of shares redeemed		(25,905,724	)		(14,876,352	)		(132,739,430	)		(155,933,434	)
Net decrease in net assets resulting from share transactions		(23,226,592	)		(2,179,545	)		(30,025,697	)		(23,495,105	)
TOTAL DECREASE		(23,009,829	)		(7,602,103	)		(34,273,053	)		(81,381,984	)
Net Assets:
Beginning of year		54,192,310			61,794,413			380,286,468			461,668,452
End of year	$	31,182,481		$	54,192,310		$	346,013,415		$	380,286,468

66 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, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
From Operations:
Net investment income	$	5,968,799		$	6,526,181		$	2,843,118		$	2,826,770
Net realized loss		(3,007,482	)		(410,491	)		(3,079,648	)		(122,102	)
Net change in unrealized gain (loss)		1,276,802			(44,542,387	)		2,016,995			(21,569,775	)
Net increase (decrease) in net assets from operations		4,238,119			(38,426,697	)		1,780,465			(18,865,107	)
Distributions to Shareholders:
From distributable earnings		(5,961,123	)		(6,503,215	)		(2,838,761	)		(2,814,919	)
From Share Transactions:
Proceeds from sales of shares		50,422,142			93,534,953			20,423,347			25,853,878
Reinvestment of distributions		644,236			735,172			258,208			246,463
Cost of shares redeemed		(113,816,816	)		(121,183,571	)		(44,256,091	)		(33,500,706	)
Net decrease in net assets resulting from share transactions		(62,750,438	)		(26,913,446	)		(23,574,536	)		(7,400,365	)
TOTAL DECREASE		(64,473,442	)		(71,843,358	)		(24,632,832	)		(29,080,391	)
Net Assets:
Beginning of year		312,837,604			384,680,962			148,837,184			177,917,575
End of year	$	248,364,162		$	312,837,604		$	124,204,352		$	148,837,184

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

THE GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

	The Growth Fund
	Year Ended October 31,
	2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of year	$	36.54		$	56.39		$	42.32		$	37.43		$	34.61
Net investment income(a)		0.11			0.09			0.07			0.15			0.21
Net realized and unrealized gain (loss)		4.91			(9.74	)		15.90			6.95			5.69
Total from investment operations		5.02			(9.65	)		15.97			7.10			5.90
Distributions to shareholders from net investment income		(0.08	)		(0.08	)		(0.15	)		(0.19	)		(0.22	)
Distributions to shareholders from net realized gains		(2.29	)		(10.12	)		(1.75	)		(2.02	)		(2.86	)
Total distributions		(2.37	)		(10.20	)		(1.90	)		(2.21	)		(3.08	)
Net asset value, end of year	$	39.19		$	36.54		$	56.39		$	42.32		$	37.43
Total return(b)		14.59	%		(20.81	)%		38.86	%		19.89	%		19.10	%
Net assets, end of year (in 000s)	$	202,701		$	175,127		$	235,663		$	210,702		$	168,179
Ratio of net expenses to average net assets		0.71	%		0.74	%		0.68	%		0.71	%		0.75	%
Ratio of total expenses to average net assets		0.71	%		0.74	%		0.68	%		0.71	%		0.75	%
Ratio of net investment income to average net assets		0.29	%		0.23	%		0.14	%		0.38	%		0.61	%
Portfolio turnover rate		41	%		36	%		39	%		37	%		39	%

(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.

68 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,
	2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of year	$	33.64		$	36.21		$	26.84		$	31.50		$	30.97
Net investment income(a)		0.84			0.89			0.82			0.84			0.76
Net realized and unrealized gain (loss)		(3.03	)		(1.52	)		9.34			(3.14	)		3.32
Total from investment operations		(2.19	)		(0.63	)		10.16			(2.30	)		4.08
Distributions to shareholders from net investment income		(0.92	)		(0.90	)		(0.79	)		(0.82	)		(0.79	)
Distributions to shareholders from net realized gains		(1.80	)		(1.04	)		—			(1.54	)		(2.76	)
Total distributions		(2.72	)		(1.94	)		(0.79	)		(2.36	)		(3.55	)
Net asset value, end of year	$	28.73		$	33.64		$	36.21		$	26.84		$	31.50
Total return(b)		(7.21	)%		(1.74	)%		38.10	%		(7.69	)%		14.65	%
Net assets, end of year (in 000s)	$	244,443		$	305,249		$	346,369		$	242,146		$	286,982
Ratio of net expenses to average net assets		0.70	%		0.68	%		0.66	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.70	%		0.68	%		0.66	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		2.64	%		2.56	%		2.44	%		2.99	%		2.52	%
Portfolio turnover rate		46	%		34	%		29	%		54	%		36	%

(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. 69

THE MIDCAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

	The MidCap Growth Fund
	Year Ended October 31,
	2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of year	$	40.20		$	59.47		$	46.51		$	43.88		$	40.44
Net investment income(a)		0.13			0.07			0.06			0.11	(b)		0.14
Net realized and unrealized gain (loss)		0.44			(9.55	)		15.06			5.36			7.00
Total from investment operations		0.57			(9.48	)		15.12			5.47			7.14
Distributions to shareholders from net investment income		(0.10	)		(0.05	)		(0.10	)		(0.14	)		(0.17	)
Distributions to shareholders from net realized gains		(0.69	)		(9.74	)		(2.06	)		(2.70	)		(3.53	)
Total distributions		(0.79	)		(9.79	)		(2.16	)		(2.84	)		(3.70	)
Net asset value, end of year	$	39.98		$	40.20		$	59.47		$	46.51		$	43.88
Total return(c)		1.40	%		(18.58	)%		33.46	%		13.08	%		19.76	%
Net assets, end of year (in 000s)	$	205,593		$	215,768		$	316,815		$	294,328		$	222,697
Ratio of net expenses to average net assets		0.79	%		0.77	%		0.72	%		0.77	%		0.81	%
Ratio of total expenses to average net assets		0.79	%		0.77	%		0.72	%		0.77	%		0.81	%
Ratio of net investment income to average net assets		0.32	%		0.15	%		0.10	%		0.26	%		0.33	%
Portfolio turnover rate		53	%		63	%		36	%		69	%		53	%

(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.

70 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,
	2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of year	$	16.91		$	20.65		$	20.85		$	20.46		$	19.05
Net investment income(a)		0.55			0.47			0.46			0.53			0.60
Net realized and unrealized gain (loss)		(0.29	)		(3.59	)		(0.13	)		0.44			1.45
Total from investment operations		0.26			(3.12	)		0.33			0.97			2.05
Distributions to shareholders from net investment income		(0.57	)		(0.52	)		(0.53	)		(0.58	)		(0.64	)
Distributions to shareholders from net realized gains		—			(0.10	)		—			—			—
Total distributions		(0.57	)		(0.62	)		(0.53	)		(0.58	)		(0.64	)
Net asset value, end of year	$	16.60		$	16.91		$	20.65		$	20.85		$	20.46
Total return(b)		1.48	%		(15.39	)%		1.60	%		4.82	%		10.90	%
Net assets, end of year (in 000s)	$	1,043,814		$	993,905		$	1,233,445		$	1,276,727		$	1,197,380
Ratio of net expenses to average net assets		0.66	%		0.64	%		0.60	%		0.61	%		0.62	%
Ratio of total expenses to average net assets		0.66	%		0.64	%		0.60	%		0.61	%		0.62	%
Ratio of net investment income to average net assets		3.14	%		2.50	%		2.20	%		2.55	%		3.04	%
Portfolio turnover rate		15	%		19	%		25	%		20	%		16	%

(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 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,
	2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of year	$	15.36		$	16.85		$	17.25		$	17.14		$	16.73
Net investment income(a)		0.30			0.19			0.15			0.23			0.34
Net realized and unrealized gain (loss)		0.05			(1.45	)		(0.24	)		0.23			0.44
Total from investment operations		0.35			(1.26	)		(0.09	)		0.46			0.78
Distributions to shareholders from net investment income		(0.31	)		(0.23	)		(0.30	)		(0.35	)		(0.37	)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—
Total distributions		(0.31	)		(0.23	)		(0.31	)		(0.35	)		(0.37	)
Net asset value, end of year	$	15.40		$	15.36		$	16.85		$	17.25		$	17.14
Total return(b)		2.34	%		(7.52	)%		(0.56	)%		2.73	%		4.73	%
Net assets, end of year (in 000s)	$	31,182		$	54,192		$	61,794		$	68,372		$	58,704
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		1.10	%		1.00	%		1.03	%		1.05	%		1.03	%
Ratio of net investment income to average net assets		1.96	%		1.17	%		0.90	%		1.33	%		2.02	%
Portfolio turnover rate		11	%		22	%		38	%		64	%		30	%

(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.

72 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,
	2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of year	$	17.70		$	20.30		$	20.45		$	20.13		$	18.92
Net investment income(a)		0.38			0.31			0.31			0.37			0.43
Net realized and unrealized gain (loss)		(0.21	)		(2.42	)		(0.10	)		0.39			1.23
Total from investment operations		0.17			(2.11	)		0.21			0.76			1.66
Distributions to shareholders from net investment income		(0.38	)		(0.31	)		(0.32	)		(0.37	)		(0.43	)
Distributions to shareholders from net realized gains		(0.03	)		(0.18	)		(0.04	)		(0.07	)		(0.02	)
Total distributions		(0.41	)		(0.49	)		(0.36	)		(0.44	)		(0.45	)
Net asset value, end of year	$	17.46		$	17.70		$	20.30		$	20.45		$	20.13
Total return(b)		0.90	%		(10.56	)%		1.01	%		3.82	%		8.89	%
Net assets, end of year (in 000s)	$	346,013		$	380,286		$	461,668		$	459,387		$	413,792
Ratio of net expenses to average net assets		0.62	%		0.59	%		0.57	%		0.58	%		0.59	%
Ratio of total expenses to average net assets		0.62	%		0.59	%		0.57	%		0.58	%		0.59	%
Ratio of net investment income to average net assets		2.09	%		1.63	%		1.52	%		1.81	%		2.20	%
Portfolio turnover rate		16	%		26	%		28	%		19	%		29	%

(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 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,
	2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of year	$	17.58		$	19.98		$	20.12		$	19.89		$	18.84
Net investment income(a)		0.39			0.35			0.36			0.38			0.44
Net realized and unrealized gain (loss)		(0.25	)		(2.40	)		(0.14	)		0.23			1.05
Total from investment operations		0.14			(2.05	)		0.22			0.61			1.49
Distributions to shareholders from net investment income		(0.39	)		(0.35	)		(0.36	)		(0.38	)		(0.44	)
Net asset value, end of year	$	17.33		$	17.58		$	19.98		$	20.12		$	19.89
Total return(b)		0.70	%		(10.37	)%		1.07	%		3.10	%		7.98	%
Net assets, end of year (in 000s)	$	248,364		$	312,838		$	384,681		$	382,640		$	365,839
Ratio of net expenses to average net assets		0.68	%		0.63	%		0.60	%		0.62	%		0.64	%
Ratio of total expenses to average net assets		0.68	%		0.63	%		0.60	%		0.62	%		0.64	%
Ratio of net investment income to average net assets		2.13	%		1.84	%		1.77	%		1.91	%		2.26	%
Portfolio turnover rate		11	%		19	%		15	%		13	%		25	%

(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 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,
	2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of year	$	17.48		$	19.94		$	20.11		$	19.77		$	18.75
Net investment income(a)		0.36			0.32			0.30			0.36			0.43
Net realized and unrealized gain (loss)		(0.24	)		(2.46	)		(0.17	)		0.34			1.02
Total from investment operations		0.12			(2.14	)		0.13			0.70			1.45
Distributions to shareholders from net investment income		(0.36	)		(0.32	)		(0.30	)		(0.36	)		(0.43	)
Net asset value, end of year	$	17.24		$	17.48		$	19.94		$	20.11		$	19.77
Total return(b)		0.63	%		(10.82	)%		0.64	%		3.54	%		7.80	%
Net assets, end of year (in 000s)	$	124,204		$	148,837		$	177,918		$	182,352		$	160,731
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		0.77	%		0.76	%		0.72	%		0.75	%		0.79	%
Ratio of net investment income to average net assets		2.00	%		1.71	%		1.49	%		1.79	%		2.23	%
Portfolio turnover rate		22	%		12	%		13	%		16	%		14	%

(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 COMMERCE FUNDS

Notes to Financial Statements

October 31, 2023

1.  ORGANIZATION

The Commerce Funds (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act” or “1940 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 1940 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 conformity with accounting principles generally accepted in the United States of America (“GAAP”) which 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 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 gains or losses.

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 continue to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax.

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2.  SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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;

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

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THE COMMERCE FUNDS

Notes to Financial Statements (continued)

October 31, 2023

3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.

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3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

There is no collateral held as of October 31, 2023.

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 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, 2023:

GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	197,756,997	$	—	$	—
Exchange Traded Fund		3,227,885		—		—
Investment Company		1,974,001		—		—
Total	$	202,958,883	$	—	$	—
VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	234,988,840	$	—	$	—
Exchange Traded Fund		7,321,000		—		—
Investment Company		2,230,715		—		—
Total	$	244,540,555	$	—	$	—

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Notes to Financial Statements (continued)

October 31, 2023

3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

MIDCAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	194,034,385	$	—	$	—
Exchange Traded Fund		6,429,364		—		—
Investment Company		6,231,135		—		—
Total	$	206,694,884	$	—	$	—
BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	171,839,825	$	—
Municipal Bond Obligations		—		90,303,868		—
Mortgage-Backed Obligations		—		162,318,626		—
Corporate Obligations		—		432,799,190		—
U.S. Treasury and/or Other U.S. Government Agencies		161,601,105		6,067,465		—
Investment Company		13,484,605		—		—
Total	$	175,085,710	$	863,328,974	$	—
SHORT-TERM GOVERNMENT
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	434,063	$	—
Mortgage-Backed Obligations		—		19,926,968		—
U.S. Treasury Obligations		5,071,375		5,259,125		—
Investment Company		491,825		—		—
Total	$	5,563,200	$	25,620,156	$	—
NATIONAL TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	339,873,044	$	—
Investment Company		2,452,504		—		—
Total	$	2,452,504	$	339,873,044	$	—
MISSOURI TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	244,702,913	$	—
Investment Company		1,554,575		—		—
Total	$	1,554,575	$	244,702,913	$	—

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3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

KANSAS TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	123,230,810	$	—
Investment Company		107,052		—		—
Total	$	107,052	$	123,230,810	$	—

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

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, 2023, the effective advisory fees were 0.40%, 0.30%, 0.49%, 0.37%, 0.50%, 0.34%, 0.37% and 0.46%, 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

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Notes to Financial Statements (continued)

October 31, 2023

4.  AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS (continued)

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 Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds, respectively. This agreement will remain in place through March 1, 2024. 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, 2023.

Pursuant to a Shareholder Administrative Services Plan adopted by the Trust’s Board of Trustees, the Funds may enter into agreements with service organizations, such as banks and financial institutions, which may include affiliates of the Adviser (“Service Organizations”), under which they will render shareholder administration support services. Servicing agreements entered into by the Funds will provide that the Service Organizations will render shareholder administrative support services to their customers who are the beneficial owners of shares of the Funds in consideration for a Fund’s payment of up to 0.15% (on an annualized basis) of the average daily net asset value of the shares of the Fund beneficially owned by such customers and held by the Service Organizations. Certain shareholder agreements entered into before November 17, 2015 may provide for payments of up to 0.25% of the average daily net asset value of the shares of the Fund beneficially owned by customers and held by a Service Organization.

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.

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Notes to Financial Statements

October 31, 2023

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, 2023, 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	$	—	$	86,881,721	$	—	$	80,185,990
Value		—		130,343,395		—		166,095,308
MidCap Growth		—		114,559,066		—		127,767,938
Bond		141,975,645		74,578,741		50,571,734		99,527,791
Short-Term Government		3,926,874		—		18,977,213		1,327,495
National Tax-Free Intermediate Bond		—		60,521,666		—		86,659,929
Missouri Tax-Free Intermediate Bond		—		30,848,217		—		90,293,046
Kansas Tax-Free Intermediate Bond		—		30,334,854		—		48,361,512

6.  TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2023 was as follows:

	Growth		Value		MidCap Growth		Bond
Distributions paid from:
Ordinary income	$	320,945	$	8,011,443	$	569,477	$	34,771,703
Net long-term capital gains		10,807,674		16,440,105		3,664,008		—
Total taxable distributions	$	11,128,619	$	24,451,548	$	4,233,485	$	34,771,703

	Short-Term Government		National Tax-Free Intermediate Bond		Missouri Tax-Free Intermediate Bond		Kansas Tax-Free Intermediate Bond
Distributions paid from:
Ordinary income	$	795,813	$	446,636	$	184,323	$	102,971
Net long-term capital gains		—		704,156		—		—
Total taxable distributions	$	795,813	$	1,150,792	$	184,323	$	102,971
Total tax-exempt income distributions	$	—	$	7,380,026	$	5,776,800	$	2,735,790

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, 2023

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

As of October 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:

	Growth			Value			MidCap Growth			Bond
Undistributed ordinary income — net	$	620,011		$	—		$	854,891		$	2,245,574
Undistributed long-term capital gains		9,432,350			7,978,138			13,732,504			—
Total undistributed earnings	$	10,052,361		$	7,978,138		$	14,587,395		$	2,245,574
Capital loss carryforward		—			—			—			(5,787,077	)
Timing differences (Dividends Payable, deferred trustees’ fees)		(29,368	)		(42,902	)		(23,465	)		(2,401,322	)
Unrealized gains (losses) — net		70,610,706			15,419,950			28,876,372			(176,844,664	)
Total accumulated gains (losses) — net	$	80,633,699		$	23,355,186		$	43,440,302		$	(182,787,489	)

	Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Undistributed ordinary income — net	$	124,949		$	—		$	—		$	—
Undistributed tax-exempt income		—			1,133,755			647,277			303,077
Undistributed long-term capital gains		—			—			—			—
Total undistributed earnings	$	124,949		$	1,133,755		$	647,277		$	303,077
Capital loss carryforward		(7,044,891	)		(2,883,040	)		(6,171,705	)		(3,334,337	)
Timing differences (Dividends Payable, deferred trustees’ fees)		(42,788	)		(680,393	)		(514,703	)		(236,367	)
Unrealized gains (losses) — net		(3,073,398	)		(36,326,673	)		(27,248,338	)		(11,387,934	)
Total accumulated gains (losses) — net	$	(10,036,128	)	$	(38,756,351	)	$	(33,287,469	)	$	(14,655,561	)

	Bond			Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Capital loss carryforwards:
Perpetual Short-term	$	(331,203	)	$	(737,816	)	$	(800,388	)	$	(1,917,776	)	$	(89,912	)
Perpetual Long-term		(5,455,874	)		(6,307,075	)		(2,082,652	)		(4,253,929	)		(3,244,425	)
Total capital loss carryforwards:	$	(5,787,077	)	$	(7,044,891	)	$	(2,883,040	)	$	(6,171,705	)	$	(3,334,337	)

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6.  TAX INFORMATION (continued)

As of October 31, 2023, 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	$	132,348,177		$	229,120,605		$	177,818,512		$	1,215,259,348
Gross unrealized gain		72,107,340			31,190,754			36,810,167			16,196,164
Gross unrealized loss		(1,496,634	)		(15,770,804	)		(7,933,795	)		(193,040,828	)
Net unrealized security gain (loss)	$	70,610,706		$	15,419,950		$	28,876,372		$	(176,844,664	)
	Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Tax Cost	$	34,256,754		$	378,652,221		$	273,505,826		$	134,725,796
Gross unrealized gain		142,619			7,912			6,244			1,184
Gross unrealized loss		(3,216,017	)		(36,334,585	)		(27,254,582	)		(11,389,118	)
Net unrealized security loss	$	(3,073,398	)	$	(36,326,673	)	$	(27,248,338	)	$	(11,387,934	)

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

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

7.  OTHER RISKS

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

Credit Risk — The 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, together (the “Fixed Income Funds”), are subject to credit risks 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 ability or 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 risks. Interest rate risk is the risk that the value of the Fund’s portfolio will decline when interest rates rise. The magnitude of this decline will often be greater for longer-term, fixed-income securities than shorter-term securities. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Funds to sell assets at inopportune time or at a loss or depressed value and could hurt the Funds’ performance.

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Notes to Financial Statements (continued)

October 31, 2023

7.  OTHER RISKS (continued)

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.

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

Mid-Cap and Small-Cap Risk — The Growth, Value and MidCap Growth Funds are subject to the risks associated with investing in equity securities 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.

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

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7.  OTHER RISKS (continued)

overall value of a non-diversified portfolio more than it would a diversified portfolio. In addition, a non-diversified portfolio may be more susceptible to economic, political and regulatory developments than a diversified investment portfolio with similar objectives.

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 such 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 invest a significant amount of their assets 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 Fund may invest up to 80% of its total assets in mortgage-backed and asset-backed securities. The Short-Term Government Fund invests at least 80% of its net assets in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities and government mortgage-backed securities and may also purchase other mortgage-backed and asset-backed securities sold by private issuers. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity, and enhanced sensitivity to interest rates, and greater risk of default during periods of economic downturns than other securities. 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, technology malfunctions, or programming flaws, 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.

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Notes to Financial Statements (continued)

October 31, 2023

8.  INDEMNIFICATIONS

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

9.  SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated through the date the financial statements were issued and 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, 2023			For the Fiscal Year Ended October 31, 2022
	Shares			Shares
Shares sold		1,140,268			1,138,352
Reinvestment of distributions		95,735			271,276
Shares redeemed		(857,110	)		(795,423	)
Net Increase		378,893			614,205

	Value Fund
	For the Fiscal Year Ended October 31, 2023			For the Fiscal Year Ended October 31, 2022
	Shares			Shares
Shares sold		873,696			1,159,964
Reinvestment of distributions		363,363			247,513
Shares redeemed		(1,805,450	)		(1,898,890	)
Net Decrease		(568,391	)		(491,413	)
	The MidCap Growth Fund
	For the Fiscal Year Ended October 31, 2023			For the Fiscal Year Ended October 31, 2022
	Shares			Shares
Shares sold		584,730			822,393
Reinvestment of distributions		22,700			212,438
Shares redeemed		(832,056	)		(995,086	)
Net Increase (Decrease)		(224,626	)		39,745

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10.  SUMMARY OF SHARE TRANSACTIONS (continued)

	Bond Fund
	For the Fiscal Year Ended October 31, 2023			For the Fiscal Year Ended October 31, 2022
	Shares			Shares
Shares sold		14,410,164			11,519,195
Reinvestment of distributions		572,561			556,835
Shares redeemed		(10,883,754	)		(13,038,508	)
Net Increase		4,098,971			(962,478	)
	The Short-Term Government Fund
	For the Fiscal Year Ended October 31, 2023			For the Fiscal Year Ended October 31, 2022
	Shares			Shares
Shares sold		134,763			738,771
Reinvestment of distributions		37,542			39,935
Shares redeemed		(1,676,181	)		(916,290	)
Net Decrease		(1,503,876	)		(137,584	)
	National Tax-Free Intermediate Bond Fund
	For the Fiscal Year Ended October 31, 2023			For the Fiscal Year Ended October 31, 2022
	Shares			Shares
Shares sold		5,562,147			6,963,671
Reinvestment of distributions		19,083			26,597
Shares redeemed		(7,244,872	)		(8,251,457	)
Net Decrease		(1,663,642	)		(1,261,189	)
	The Missouri Tax-Free Intermediate Bond Fund
	For the Fiscal Year Ended October 31, 2023			For the Fiscal Year Ended October 31, 2022
	Shares			Shares
Shares sold		2,750,782			4,938,405
Reinvestment of distributions		35,270			39,029
Shares redeemed		(6,248,661	)		(6,436,438	)
Net Decrease		(3,462,609	)		(1,459,004	)

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Notes to Financial Statements (continued)

October 31, 2023

10.  SUMMARY OF SHARE TRANSACTIONS (continued)

	Kansas Tax-Free Intermediate Bond Fund
	For the Fiscal Year Ended October 31, 2023			For the Fiscal Year Ended October 31, 2022
	Shares			Shares
Shares sold		1,119,608			1,370,837
Reinvestment of distributions		14,253			13,161
Shares redeemed		(2,441,805	)		(1,794,690	)
Net Decrease		(1,307,944	)		(410,692	)

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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, 2023, 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, 2023, 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, 2023, by correspondence with the custodian and the broker. 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, 2023

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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 18, 2023, 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, 2022 through March 31, 2023 (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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Fund Expenses – Six Month Period Ended October 31, 2023 (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, 2023 through October 31, 2023, 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 5/1/23		Ending Account Value 10/31/23			Expenses Paid for the 6 months ended 10/31/23*		Beginning Account Value 5/1/23		Ending Account Value 10/31/23			Expenses Paid for the 6 months ended 10/31/23*		Beginning Account Value 5/1/23		Ending Account Value 10/31/23			Expenses Paid for the 6 months ended 10/31/23*		Beginning Account Value 5/1/23		Ending Account Value 10/31/23			Expenses Paid for the 6 months ended 10/31/23*
	The Growth Fund							The Value Fund							The MidCap Growth Fund							The Bond Fund
Share Class
Actual	$	1,000.00	$	1,040.90		$	3.55	$	1,000.00	$	928.60		$	3.35	$	1,000.00	$	964.80		$	3.91	$	1,000.00	$	947.40		$	3.19
Hypothetical 5% return		1,000.00		1,021.73	+		3.52		1,000.00		1,021.73	+		3.52		1,000.00		1,021.22	+		4.02		1,000.00		1,021.93	+		3.31
	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	$	994.30		$	3.42	$	1,000.00	$	948.00		$	3.09	$	1,000.00	$	944.10		$	3.33	$	1,000.00	$	947.00		$	3.44
Hypothetical 5% return		1,000.00		1,021.78	+		3.47		1,000.00		1,022.03	+		3.21		1,000.00		1,021.78	+		3.47		1,000.00		1,021.68	+		3.57

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

* Hypothetical expenses are based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses. 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, 2023. 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	0.69	%	Short Term Government Fund	0.68	%
Value Fund	0.69		National Tax-Free Intermediate Bond Fund	0.63
MidCap Growth Fund	0.79		Missouri Tax-Free Intermediate Bond Fund	0.68
Bond Fund	0.65		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.

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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, 2023. 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 Year of Birth: 1961	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
James G. Morris c/o The Commerce Funds 1000 Walnut Street Kansas City, MO 64106 Year of Birth: 1953	Trustee	Since February 2023	Retired. Former Partner of KPMG LLP, from 1988 until September 2012.	8	A member of the Board of Directors of Capitol Federal Financial Corporation (bank holding company) since 2012.
*Charles W. Peffer c/o The Commerce Funds 1000 Walnut Street Kansas City, MO 64106 Year of Birth: 1947	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.

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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 Year of Birth: 1972	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
**J.-J. Landers Carnal c/o The Commerce Funds 1000 Walnut Street Kansas City, MO 64106 Year of Birth: 1956	Chair of the Board	Since 2021	President of Commerce Investment Advisors, Inc. (CIA) from 2008 to 2023, CIA Chief Investment Officer from 2001 to 2021, Executive Vice-President of Commerce Trust Company (CTC) from 2000 to 2021, Senior Advisor to the CEO of CTC from 2021 to 2023, CTC Chief Investment Officer from 2001 to 2021.	8	A member of the CIA board of directors from 2001 to 2023.
***V. Raymond Stranghoener c/o The Commerce Funds 1000 Walnut Street Kansas City, MO 64106 Year of Birth: 1951	Trustee	Since 2018	Executive Vice President of Commerce Bancshares, from 2018 to 2022; Non-Executive Chairman, from 2018 to 2022, Chairman and CEO, from 2016 to 2018, President and CEO, from 1999 to 2016, Commerce Trust Company.	8	None

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 $378,212 (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. Carnal became Chairman of the Board effective January 1, 2023. He is an interested person of the Trust because he served as the President and Director of the Advisor within the past two years. In addition, Mr. Carnal owns shares of Commerce Bancshares.

*** Mr. Stranghoener served as Chairman of the Board until January 1, 2023. He is an interested person of the Trust because, within the past two years, he served as the Non-Executive Chairman of an affiliate of the Adviser and Executive Vice President of the parent company of the Adviser. In addition, Mr. Stranghoener owns shares of Commerce Bancshares.

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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 Year of Birth: 1960	President	Since 2008	President, Commerce Investment Advisors, Inc., since June 2023; 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 Year of Birth: 1969	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 Year of Birth: 1967	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 Year of Birth: 1958	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 (2019-2023); Treasurer of Ayco Charitable Foundation (2020-2023).
Melissa O. Fragapane Plumtree Court, 25 Shoe Lane London EC4A 4AU United Kingdom Year of Birth: 1991	Assistant Secretary	Since 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 Year of Birth: 1991	Assistant Treasurer	Since 2021	Vice President, Goldman Sachs Asset Management, since May 2016.

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THE COMMERCE FUNDS

The Commerce Funds

Commerce Funds Tax Information (Unaudited)

For the year ended October 31, 2023, 100.00%, 100.00%, and 100.00% 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, 2023, 100.00%, 100.00%, and 100.00% 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, National Tax-Free Intermediate Bond, and Value Funds designate $10,807,674, $3,664,008, $704,156, and $16,440,105, respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended October 31, 2023.

During the year ended October 31, 2023, 94.29%, 96.91%, and 96.37%, 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, 2023, 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.

For the fiscal year ended October 31, 2023, the Bond and Short-Term Government Funds, designate 100.00% and 100.00%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

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ADVISER AND CO-ADMINISTRATOR COMMERCE INVESTMENT ADVISORS, INC. 1000 Walnut, 15th Floor, Suite 1580 Kansas City, Missouri 64106 CUSTODIAN/ACCOUNTING AGENT STATE STREET BANK & TRUST COMPANY 1 Lincoln Street Boston, Massachusetts 02111 TRANSFER AGENT SS&C GLOBAL INVESTOR & DISTRIBUTION SOLUTIONS, INC. 2000 Crown Colony Drive Quincy, Massachusetts 02167 DISTRIBUTOR Goldman Sachs & Co. LLC 200 West Street New York, New York 10282 CO-ADMINISTRATOR Goldman Sachs Asset Management, L.P. 200 West Street New York, New York 10282 INDEPENDENT PUBLIC ACCOUNTING REGISTERED FIRM KPMG LLP Two Financial Center 60 South Street Boston, Massachusetts 02111 LEGAL COUNSEL Stradley Ronon Stevens & Young, LLP 2000 K Street, N.W., Suite 700 Washington, District of Columbia 20006 IMPORTANT INFORMATION This Annual Report contains facts concerning The Commerce Funds’ objectives and policies, management, expenses, and other information. For more complete information about The Commerce Funds, a prospectus may be obtained by calling 1-800-995-6365. An investor should read the prospectus carefully before investing or sending money. The Commerce Funds are advised by Commerce Investment Advisors, Inc., a subsidiary of Commerce Bank, which receives a fee for its services. The Commerce Funds are distributed by Goldman Sachs & Co. LLC. The Commerce Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s website at http://www.sec.gov. A description of the policies and procedures that The Commerce Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without change, upon request by calling 1-800-995-6365 and (ii) on the SEC’s website at http://www.sec.gov. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Prospectus carefully before investing or sending money. The Prospectus contains this and other information about a Fund and may be obtained from your authorized dealer or from Commerce Funds by calling 1-800-995-6365. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Commerce Funds TRUSTEES J.-J. Landers Carnal Chairman Charles W. Peffer Lead Independent Trustee V. Raymond Stranghoener Scott D. Monette Erika Z. Schenk James G. Morris OFFICERS William Schuetter President Laura Spidle Vice President, Chief Compliance Officer; Anti-Money Laundering Officer and Secretary Jeffrey Bolin Vice President and Assistant Treasurer Peter W. Fortner Chief Accounting Officer and Treasurer Ericka Sieger Assistant Treasurer Melissa Fragapane Assistant Secretary COMMERCE FUNDS 1000 Walnut, 15th Floor, Suite 1580 Kansas City, Missouri 64106 WWW.COMMERCEFUNDS.COM 1-800-995-6365 347122 -OTU-1925468

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.

(b) Not Applicable.

(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.

(e) Not Applicable.

(f) A copy of the Registrant’s Code of Ethics is attached as exhibit 13(a)(1) to this Form N-CSR.

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 and James G. Morris are the “audit committee financial experts” and are “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 $192,000 and $169,400 for fiscal years ended October 31, 2023 and 2022 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 $39,500 and $38,000 for the fiscal years ended October 31, 2023 and 2022 respectively. Tax fees for the fiscal years ended October 31, 2023 and 2022 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 $158,000 and $285,000 for the fiscal years ended October 31, 2023 and 2022 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)	There have been no changes to the registrant’s independent public accountant during the reporting period.
(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 27, 2023

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 27, 2023

/s/     Peter W. Fortner        

Peter W. Fortner

Chief Accounting Officer

The Commerce Funds

December 27, 2023