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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-8598

The Commerce Funds

(Exact name of Registrant as specified in charter)

1000 Walnut St., 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: 04/30/24

ITEM 1. REPORTS TO SHAREHOLDERS.

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

 

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 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 9 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 high 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.

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

Performance Summaries	2
Schedules of Investments
Growth	3
Value	5
MidCap Growth	7
MidCap Value	9
Bond	11
Short-Term Government	22
National Tax-Free Intermediate Bond	26
Missouri Tax-Free Intermediate Bond	36
Kansas Tax-Free Intermediate Bond	42
Statements of Assets and Liabilities	46
Statements of Operations	49
Statements of Changes in Net Assets	52
Financial Highlights	57
Notes to Financial Statements	66
Other Information	85

Please note:

The information in this semi-annual report is as of April 30, 2024 and is unaudited. The securities mentioned in this report may no longer be held by the Funds. To view more recent information about each Fund’s performance and portfolio or to obtain a prospectus, please visit our website 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 the Funds’ investment policies, management and expenses. Investors should read the prospectus carefully before investing.

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

Tailored Shareholder Reports: On October 26, 2022, the SEC adopted rule and form amendments (the “Amendments”) that require mutual funds registered on Form N-1A to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Tailored Shareholder Reports are meant to be three to four pages in length and will highlight key information such as a fund’s expenses, performance and portfolio holdings. Other, more detailed information that currently appears in fund shareholder reports will be made available online, filed with the SEC, and delivered to investors free of charge in paper or electronically upon request. The first Tailored Shareholder Reports to be prepared for these Funds will be for the reporting period ended October 31, 2024.

THE COMMERCE FUNDS

Performance Summaries

April 30, 2024 (Unaudited)

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

Performance Review
November 1, 2023 - April 30, 2024	Fund Total Return(a)			Index Total Return			Index
Equity Funds:
Growth		21.66	%		23.56	%	Russell 1000® Growth(b)
Value		15.54			18.42		Russell 1000® Value(c)
MidCap Growth		16.50			24.49		Russell Midcap® Growth(d)
MidCap Value(e)		15.01			16.76		Russell Midcap® Value(f)
Fixed Income Funds:
Bond		5.49			4.97		Bloomberg U.S. Aggregate Bond(g)
Short-Term Government		3.37			2.18		Bloomberg U.S. 1-5 Year Government Bond(h)
National Tax-Free Intermediate Bond		7.05			5.75		Bloomberg 3-15 Year Blend Municipal Bond(i)
Missouri Tax-Free Intermediate Bond		7.23			5.75		Bloomberg 3-15 Year Blend Municipal Bond(i)
Kansas Tax-Free Intermediate Bond		6.65			5.75		Bloomberg 3-15 Year Blend Municipal Bond(i)

(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.

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

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

(e) Commenced operations on November 13, 2023

(f) The Russell Midcap Value Index, an unmanaged index, measures the performance of the midcap value segment of the US equity universe. It includes those Russell Midcap Index companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years).

(g) 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.

(h) The Bloomberg U.S. 1-5 Year Government Bond Index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds (i.e., U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local authority debt) and investment grade U.S. corporate bonds that have a remaining maturity of greater than or equal to one year and less than five years. The Index figures do not reflect any deduction for fees, taxes or expenses.

(i) 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.

2

THE GROWTH FUND

Schedule of Investments

April 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – 96.0%
	Automobiles* – 1.6%
	18,940	Tesla, Inc.		$  3,471,323
	Beverages – 1.0%
	12,165	PepsiCo., Inc.		2,139,945
	Biotechnology – 0.9%
	11,730	AbbVie, Inc.		1,907,767
	Broadline Retail – 6.3%
	67,300	Amazon.com, Inc.*		11,777,500
	36,550	eBay, Inc.		1,883,787
				13,661,287
	Capital Markets – 1.7%
	3,780	MSCI, Inc.		1,760,686
	17,860	Tradeweb Markets, Inc. Class A		1,816,541
				3,577,227
	Chemicals – 1.6%
	15,830	RPM International, Inc.		1,692,385
	6,105	Sherwin-Williams Co.		1,829,119
				3,521,504
	Commercial Services & Supplies – 2.7%
	36,465	Copart, Inc.*		1,980,414
	40,380	Rollins, Inc.		1,799,333
	9,880	Waste Management, Inc.		2,055,238
				5,834,985
	Communications Equipment – 0.9%
	6,000	Motorola Solutions, Inc.		2,034,900
	Consumer Staples Distribution & Retail  – 1.7%
	2,850	Costco Wholesale Corp.		2,060,265
	24,765	Performance Food Group Co.*		1,681,048
				3,741,313
	Electrical Equipment – 0.8%
	6,560	Rockwell Automation, Inc.		1,777,498
	Electronic Equipment, Instruments & Components – 2.6%
	18,295	Amphenol Corp. Class A		2,209,487
	7,350	CDW Corp.		1,777,671
	41,990	Vontier Corp.		1,706,054
				5,693,212
	Financial Services – 4.6%
	6,715	Corpay, Inc.*		2,028,870
	13,395	Fiserv, Inc.*		2,045,015
	5,925	Mastercard, Inc. Class A		2,673,360
	11,585	Visa, Inc. Class A		3,111,847
				9,859,092
	Ground Transportation – 0.9%
	56,050	CSX Corp.		1,861,981

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – 1.8%
	18,930	Abbott Laboratories		$  2,006,012
	5,935	Stryker Corp.		1,997,128
				4,003,140
	Health Care Providers & Services – 2.2%
	3,930	McKesson Corp.		2,111,235
	5,675	UnitedHealth Group, Inc.		2,744,998
				4,856,233
	Hotels, Restaurants & Leisure – 3.6%
	9,905	Hilton Worldwide Holdings, Inc.		1,954,058
	7,410	McDonald’s Corp.		2,023,226
	23,075	Starbucks Corp.		2,041,907
	39,675	Travel & Leisure Co.		1,727,450
				7,746,641
	Household Products – 0.9%
	17,965	Church & Dwight Co., Inc.		1,938,244
	Industrial Conglomerates – 0.9%
	10,425	Honeywell International, Inc.		2,009,210
	Insurance* – 0.9%
	20,720	Arch Capital Group Ltd.		1,938,149
	Interactive Media & Services – 9.0%
	78,740	Alphabet, Inc. Class A*		12,817,297
	15,265	Meta Platforms, Inc. Class A		6,566,545
				19,383,842
	IT Services* – 0.9%
	15,450	GoDaddy, Inc. Class A		1,890,771
	Life Sciences Tools & Services – 0.9%
	3,595	Thermo Fisher Scientific, Inc.		2,044,548
	Machinery – 1.6%
	7,790	Illinois Tool Works, Inc.		1,901,617
	7,280	Lincoln Electric Holdings, Inc.		1,598,178
				3,499,795
	Oil, Gas & Consumable Fuels – 1.7%
	11,760	Cheniere Energy, Inc.		1,855,963
	16,945	Targa Resources Corp.		1,932,747
				3,788,710
	Pharmaceuticals – 3.9%
	5,960	Eli Lilly & Co.		4,655,356
	15,425	Jazz Pharmaceuticals PLC*		1,708,319
	12,390	Zoetis, Inc.		1,972,983
				8,336,658
	Residential REITs – 0.8%
	29,060	Equity Lifestyle Properties, Inc.		1,752,027
	Semiconductors & Semiconductor Equipment  – 9.4%
	2,850	Broadcom, Inc.		3,705,770
	19,210	NVIDIA Corp.		16,597,824
				20,303,594

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

THE GROWTH FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – 17.4%
	36,235	Bentley Systems, Inc. Class B		$  1,903,424
	6,485	Cadence Design Systems, Inc.*		1,787,461
	1,475	Fair Isaac Corp.*		1,671,662
	85,045	Gen Digital, Inc.		1,712,806
	3,255	Intuit, Inc.		2,036,393
	58,430	Microsoft Corp.		22,748,552
	7,300	Palo Alto Networks, Inc.*		2,123,497
	9,870	PTC, Inc.*		1,751,333
	6,795	Salesforce, Inc.		1,827,447
				37,562,575
	Specialty Retail – 1.7%
	5,360	Home Depot, Inc.		1,791,419
	7,140	Tractor Supply Co.		1,949,791
				3,741,210
	Technology Hardware, Storage & Peripherals – 10.2%
	118,210	Apple, Inc.		20,134,709
	17,940	NetApp, Inc.		1,833,648
				21,968,357
	Textiles, Apparel & Luxury Goods* – 0.9%
	5,190	Lululemon Athletica, Inc.		1,871,514
	TOTAL COMMON STOCKS
	(Cost $110,806,652)			$207,717,252
	Exchange Traded Fund – 2.5%
	16,745	iShares Russell 1000 Growth ETF		$  5,405,956
	(Cost $5,085,459)
Shares		Dividend Rate	Value
	Investment Company – 1.4%
	State Street Institutional US Government Money Market Fund – Premier Class
	2,964,407	5.250%		$  2,964,407
	(Cost $2,964,407)
	TOTAL INVESTMENTS – 99.9%
	(Cost $118,856,518)			$216,087,615
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			142,706
	NET ASSETS – 100.0%			$216,230,321

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

	AS OF 4/30/24			AS OF 10/31/23
Information Technology		41.4	%		41.4	%
Consumer Discretionary		14.1			14.9
Health Care		9.7			9.9
Communication Services		9.0			8.8
Financials		7.1			7.2
Industrials		6.9			7.4
Consumer Staples		3.6			3.5
Exchange Traded Fund		2.5			1.6
Energy		1.8			1.0
Materials		1.6			1.7
Investment Company		1.4			1.0
Real Estate		0.8			1.7
TOTAL INVESTMENTS		99.9	%		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.

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

THE VALUE FUND

Schedule of Investments

April 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – 93.7%
	Aerospace & Defense – 4.0%
	18,750	General Dynamics Corp.		$  5,382,938
	54,500	RTX Corp.		5,532,840
				10,915,778
	Air Freight & Logistics – 1.8%
	33,500	United Parcel Service, Inc. Class B		4,940,580
	Banks – 9.2%
	142,000	Bank of America Corp.		5,255,420
	40,500	JPMorgan Chase & Co.		7,765,470
	217,500	KeyCorp		3,151,575
	25,000	PNC Financial Services Group, Inc.		3,831,500
	120,500	U.S. Bancorp		4,895,915
				24,899,880
	Beverages – 2.0%
	30,500	PepsiCo., Inc.		5,365,255
	Biotechnology – 3.6%
	29,000	AbbVie, Inc.		4,716,560
	18,500	Amgen, Inc.		5,067,890
				9,784,450
	Building Products – 1.1%
	37,500	A.O. Smith Corp.		3,106,500
	Capital Markets – 7.8%
	6,250	BlackRock, Inc.		4,716,500
	24,000	CME Group, Inc.		5,031,360
	57,500	Morgan Stanley		5,223,300
	38,500	Northern Trust Corp.		3,172,015
	28,000	T. Rowe Price Group, Inc.		3,067,960
				21,211,135
	Chemicals – 2.6%
	16,500	Air Products & Chemicals, Inc.		3,899,610
	129,500	Huntsman Corp.		3,089,870
				6,989,480
	Communications Equipment – 1.8%
	105,500	Cisco Systems, Inc.		4,956,390
	Consumer Staples Distribution & Retail – 1.1%
	41,000	Sysco Corp.		3,047,120
	Diversified Telecommunication Services – 1.9%
	128,000	Verizon Communications, Inc.		5,054,720
	Electric Utilities – 3.3%
	39,500	American Electric Power Co., Inc.		3,398,185
	55,000	Duke Energy Corp.		5,404,300
				8,802,485
	Electrical Equipment – 3.8%
	16,750	Eaton Corp. PLC		5,330,855
	47,000	Emerson Electric Co.		5,065,660
				10,396,515

Shares		Description	Value
	Common Stocks – (continued)
	Financial Services – 1.8%
	46,000	Apollo Global Management, Inc.		$  4,985,480
	Food Products – 2.0%
	74,000	Mondelez International, Inc. Class A		5,323,560
	Health Care Equipment & Supplies – 1.9%
	63,000	Medtronic PLC		5,055,120
	Health Care Providers & Services – 3.2%
	10,250	Elevance Health, Inc.		5,417,945
	15,500	Laboratory Corp. of America Holdings		3,121,235
				8,539,180
	Hotels, Restaurants & Leisure – 3.1%
	20,500	Darden Restaurants, Inc.		3,144,905
	18,750	McDonald’s Corp.		5,119,500
				8,264,405
	Household Products – 2.0%
	32,750	Procter & Gamble Co.		5,344,800
	Industrial REITs – 1.6%
	41,500	Prologis, Inc.		4,235,075
	Insurance – 1.2%
	45,000	MetLife, Inc.		3,198,600
	IT Services – 1.7%
	28,000	International Business Machines Corp.		4,653,600
	Machinery – 2.9%
	19,500	Illinois Tool Works, Inc.		4,760,145
	35,000	Stanley Black & Decker, Inc.		3,199,000
				7,959,145
	Media – 2.9%
	122,500	Comcast Corp. Class A		4,668,475
	19,750	Nexstar Media Group, Inc.		3,161,185
				7,829,660
	Multi-Utilities – 1.3%
	68,000	Dominion Energy, Inc.		3,466,640
	Oil, Gas & Consumable Fuels – 7.9%
	58,500	Chevron Corp.		9,434,295
	41,000	EOG Resources, Inc.		5,417,330
	42,000	ONEOK, Inc.		3,323,040
	19,500	Valero Energy Corp.		3,117,465
				21,292,130
	Pharmaceuticals – 4.3%
	33,500	Johnson & Johnson		4,843,765
	52,000	Merck & Co., Inc.		6,719,440
				11,563,205
	Semiconductors & Semiconductor Equipment – 6.3%
	3,850	Broadcom, Inc.		5,006,039
	37,500	Microchip Technology, Inc.		3,449,250
	31,500	Skyworks Solutions, Inc.		3,357,585
	30,500	Texas Instruments, Inc.		5,380,810
				17,193,684

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

THE VALUE FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – 1.7%
	41,500	Oracle Corp.		$  4,720,625
	Specialized REITs – 1.1%
	12,000	Public Storage		3,113,400
	Specialty Retail – 2.8%
	41,000	Best Buy Co., Inc.		3,019,240
	13,750	Home Depot, Inc.		4,595,525
				7,614,765
	TOTAL COMMON STOCKS
	(Cost $212,756,721)			$253,823,362
	Exchange Traded Fund – 4.1%
	65,000	iShares Russell 1000 Value ETF		$ 11,147,500
	(Cost $10,500,697)
Shares		Dividend Rate	Value
	Investment Company – 2.3%
	State Street Institutional US Government Money Market Fund – Premier Class
	6,130,595	5.250%		$  6,130,595
	(Cost $6,130,595)
	TOTAL INVESTMENTS – 100.1%
	(Cost $229,388,013)			$271,101,457
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(346,899)
	NET ASSETS – 100.0%			$270,754,558

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

	AS OF 4/30/24			AS OF 10/31/23
Financials		20.0	%		18.8	%
Industrials		13.7			14.8
Health Care		13.0			14.8
Information Technology		11.5			9.9
Energy		7.9			8.4
Consumer Staples		7.1			7.1
Consumer Discretionary		5.9			6.2
Communication Services		4.8			4.5
Utilities		4.6			4.4
Exchange Traded Fund		4.1			3.0
Real Estate		2.7			2.9
Materials		2.5			4.3
Investment Company		2.3			0.9
TOTAL INVESTMENTS		100.1	%		100.0	%

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

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

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

THE MIDCAP GROWTH FUND

Schedule of Investments

April 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.7%
	Aerospace & Defense – 1.3%
	39,735	Howmet Aerospace, Inc.		$  2,652,311
	Biotechnology* – 3.7%
	31,655	BioMarin Pharmaceutical, Inc.		2,556,458
	113,175	Exelixis, Inc.		2,655,085
	62,725	Ionis Pharmaceuticals, Inc.		2,588,034
				7,799,577
	Broadline Retail – 1.3%
	51,635	eBay, Inc.		2,661,268
	Capital Markets – 6.0%
	149,580	Blue Owl Capital, Inc.		2,825,566
	5,500	FactSet Research Systems, Inc.		2,292,895
	9,015	Morningstar, Inc.		2,548,090
	4,795	MSCI, Inc.		2,233,463
	25,740	Tradeweb Markets, Inc. Class A		2,618,015
				12,518,029
	Chemicals – 1.2%
	22,785	RPM International, Inc.		2,435,944
	Commercial Services & Supplies – 3.9%
	14,670	MSA Safety, Inc.		2,646,468
	57,300	Rollins, Inc.		2,553,288
	14,815	Tetra Tech, Inc.		2,884,777
				8,084,533
	Consumer Staples Distribution & Retail – 1.3%
	8,510	Casey’s General Stores, Inc.		2,719,626
	Electrical Equipment – 1.2%
	9,520	Rockwell Automation, Inc.		2,579,539
	Electronic Equipment, Instruments & Components – 5.1%
	23,935	Amphenol Corp. Class A		2,890,630
	10,695	CDW Corp.		2,586,693
	17,805	Keysight Technologies, Inc.*		2,634,072
	60,275	Vontier Corp.		2,448,973
				10,560,368
	Entertainment* – 1.2%
	18,075	Take-Two Interactive Software, Inc.		2,581,291
	Financial Services – 1.2%
	23,820	Apollo Global Management, Inc.		2,581,612
	Food Products – 1.0%
	26,005	Lamb Weston Holdings, Inc.		2,167,257
	Ground Transportation – 2.3%
	13,755	JB Hunt Transport Services, Inc.		2,236,150
	14,515	Landstar System, Inc.		2,531,561
				4,767,711
	Health Care Equipment & Supplies* – 1.2%
	5,065	IDEXX Laboratories, Inc.		2,495,829
	Health Care Providers & Services – 3.5%
	11,090	Cencora, Inc.		2,651,064
	4,180	Chemed Corp.		2,374,240
	6,445	Molina Healthcare, Inc.*		2,204,835
				7,230,139

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 5.2%
	5,940	Domino’s Pizza, Inc.		$  3,143,864
	12,745	Hilton Worldwide Holdings, Inc.		2,514,333
	57,070	Travel & Leisure Co.		2,484,828
	19,655	Yum! Brands, Inc.		2,776,269
				10,919,294
	Household Products – 1.3%
	26,050	Church & Dwight Co., Inc.		2,810,534
	Insurance – 2.4%
	29,095	Arch Capital Group Ltd.*		2,721,547
	10,655	Primerica, Inc.		2,257,368
				4,978,915
	IT Services* – 3.6%
	5,585	Gartner, Inc.		2,304,315
	22,520	GoDaddy, Inc. Class A		2,755,998
	14,130	VeriSign, Inc.		2,394,752
				7,455,065
	Life Sciences Tools & Services – 8.1%
	18,220	Agilent Technologies, Inc.		2,496,869
	37,330	Bio-Techne Corp.		2,359,629
	28,860	Bruker Corp.		2,251,369
	10,615	IQVIA Holdings, Inc.*		2,460,239
	2,055	Mettler-Toledo International, Inc.*		2,527,033
	7,700	Waters Corp.*		2,379,608
	6,805	West Pharmaceutical Services, Inc.		2,432,651
				16,907,398
	Machinery – 6.1%
	40,950	Donaldson Co., Inc.		2,956,590
	28,785	Graco, Inc.		2,308,557
	10,480	Lincoln Electric Holdings, Inc.		2,300,674
	27,015	Otis Worldwide Corp.		2,463,768
	30,035	Toro Co.		2,630,766
				12,660,355
	Media* – 1.3%
	32,145	Trade Desk, Inc. Class A		2,663,213
	Oil, Gas & Consumable Fuels – 5.2%
	16,485	Cheniere Energy, Inc.		2,601,663
	33,995	ONEOK, Inc.		2,689,684
	24,600	Targa Resources Corp.		2,805,876
	4,755	Texas Pacific Land Corp.		2,740,307
				10,837,530
	Pharmaceuticals* – 1.1%
	21,500	Jazz Pharmaceuticals PLC		2,381,125
	Professional Services – 3.8%
	18,275	Booz Allen Hamilton Holding Corp.		2,698,669
	13,140	Broadridge Financial Solutions, Inc.		2,541,408
	21,815	Paychex, Inc.		2,591,840
				7,831,917
	Real Estate Management & Development* – 1.2%
	27,860	CoStar Group, Inc.		2,550,026
	Residential REITs – 1.2%
	40,955	Equity LifeStyle Properties, Inc.		2,469,177

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

THE MIDCAP GROWTH FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 2.7%
	25,050	Teradyne, Inc.		$  2,913,816
	16,600	Universal Display Corp.		2,622,468
				5,536,284
	Software – 9.7%
	7,815	ANSYS, Inc.*		2,538,937
	57,485	Dynatrace, Inc.*		2,604,645
	2,150	Fair Isaac Corp.*		2,436,659
	124,290	Gen Digital, Inc.		2,503,201
	10,685	Manhattan Associates, Inc.*		2,201,751
	42,750	Nutanix, Inc. Class A*		2,594,925
	14,140	PTC, Inc.*		2,509,002
	6,375	Tyler Technologies, Inc.*		2,942,381
				20,331,501
	Specialty Retail – 5.6%
	34,145	Best Buy Co., Inc.		2,514,438
	12,840	Five Below, Inc.*		1,879,006
	18,255	Ross Stores, Inc.		2,364,935
	10,440	Tractor Supply Co.		2,850,955
	5,120	Ulta Beauty, Inc.*		2,072,781
				11,682,115
	Technology Hardware, Storage & Peripherals – 1.3%
	25,690	NetApp, Inc.		2,625,775
	Textiles, Apparel & Luxury Goods* – 2.5%
	2,930	Deckers Outdoor Corp.		2,398,117
	43,980	Skechers USA, Inc. Class A		2,904,879
				5,302,996
	TOTAL COMMON STOCKS
	(Cost $153,598,412)			$203,778,254
	Exchange Traded Fund – 1.5%
	29,150	iShares Russell Mid-Cap Growth ETF		$  3,131,876
	(Cost $3,127,610)
Shares		Dividend Rate	Value
	Investment Company – 0.8%
	State Street Institutional US Government Money Market Fund – Premier Class
	1,760,548	5.250%		$  1,760,548
	(Cost $1,760,548)
	TOTAL INVESTMENTS – 100.0%
	(Cost $158,486,570)			$208,670,678
	LIABILITIES IN EXCESS OF OTHER ASSETS – 0.0%			(37,028)
	NET ASSETS – 100.0%			$208,633,650

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

	AS OF 4/30/24			AS OF 10/31/23
Information Technology		22.3	%		20.2	%
Industrials		18.5			21.6
Health Care		17.6			18.7
Consumer Discretionary		14.7			12.1
Financials		9.6			9.7
Energy		5.2			3.7
Consumer Staples		3.7			3.6
Communication Services		2.5			1.2
Real Estate		2.4			2.4
Exchange Traded Fund		1.5			3.1
Materials		1.2			1.2
Investment Company		0.8			3.0
TOTAL INVESTMENTS		100.0	%		100.5	%

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.

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

THE MIDCAP VALUE FUND

Schedule of Investments

April 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – 94.7%
	Aerospace & Defense – 2.4%
	1,535	Huntington Ingalls Industries, Inc.		$   425,088
	2,110	L3Harris Technologies, Inc.		451,645
				876,733
	Air Freight & Logistics – 1.1%
	1,580	FedEx Corp.		413,612
	Automobile Components – 2.2%
	12,470	Gentex Corp.		427,721
	3,100	Lear Corp.		390,197
				817,918
	Automobiles – 1.1%
	4,075	Thor Industries, Inc.		405,137
	Banks – 3.6%
	10,175	Bank OZK		454,314
	33,485	Huntington Bancshares, Inc.		451,043
	29,470	KeyCorp		427,020
				1,332,377
	Capital Markets – 8.0%
	3,470	Blackstone, Inc.		404,637
	2,080	CME Group, Inc.		436,051
	2,325	Evercore, Inc. Class A		421,987
	27,980	Invesco Ltd.		396,477
	11,080	Lazard, Inc.		426,580
	5,915	State Street Corp.		428,778
	3,780	T. Rowe Price Group, Inc.		414,175
				2,928,685
	Chemicals – 7.0%
	1,880	Air Products & Chemicals, Inc.		444,319
	2,665	Celanese Corp.		409,371
	17,590	Huntsman Corp.		419,698
	4,455	LyondellBasell Industries NV Class A		445,366
	3,170	PPG Industries, Inc.		408,930
	6,165	Scotts Miracle-Gro Co.		422,549
				2,550,233
	Consumer Staples Distribution & Retail – 2.3%
	8,000	Kroger Co.		443,040
	5,535	Sysco Corp.		411,361
				854,401
	Electric Utilities – 2.5%
	9,205	Alliant Energy Corp.		458,409
	6,165	Pinnacle West Capital Corp.		454,052
				912,461
	Electrical Equipment – 2.4%
	4,005	Emerson Electric Co.		431,659
	1,585	Rockwell Automation, Inc.		429,471
				861,130

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – 3.8%
	13,785	Corning, Inc.		$   460,143
	1,925	Littelfuse, Inc.		443,982
	4,245	TD SYNNEX Corp.		500,231
				1,404,356
	Gas Utilities – 1.2%
	3,855	Atmos Energy Corp.		454,504
	Ground Transportation – 1.2%
	2,440	Landstar System, Inc.		425,560
	Health Care Equipment & Supplies – 2.3%
	1,850	Becton Dickinson & Co.		434,010
	2,025	STERIS PLC		414,234
				848,244
	Health Care Providers & Services – 2.3%
	1,365	HCA Healthcare, Inc.		422,905
	2,090	Laboratory Corp. of America Holdings		420,863
				843,768
	Health Care REITs – 1.2%
	14,445	Omega Healthcare Investors, Inc.		439,272
	Hotels, Restaurants & Leisure – 1.2%
	2,750	Darden Restaurants, Inc.		421,878
	Household Durables – 1.0%
	3,945	Whirlpool Corp.		374,223
	Household Products – 1.2%
	2,970	Clorox Co.		439,174
	Insurance – 5.9%
	3,705	Cincinnati Financial Corp.		428,631
	10,080	CNA Financial Corp.		442,915
	6,120	MetLife, Inc.		435,010
	5,295	Principal Financial Group, Inc.		419,046
	8,425	Unum Group		427,148
				2,152,750
	IT Services – 1.2%
	4,995	Amdocs Ltd.		419,530
	Leisure Products – 1.3%
	8,005	Hasbro, Inc.		490,706
	Life Sciences Tools & Services – 1.2%
	3,075	Agilent Technologies, Inc.		421,398
	Machinery – 9.5%
	5,660	Allison Transmission Holdings, Inc.		416,293
	1,555	Cummins, Inc.		439,272
	2,550	Dover Corp.		457,215
	1,680	Illinois Tool Works, Inc.		410,105
	3,720	Oshkosh Corp.		417,644
	5,410	Pentair PLC		427,877
	4,740	Stanley Black & Decker, Inc.		433,236
	5,175	Timken Co.		461,714
				3,463,356

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

THE MIDCAP VALUE FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media – 2.4%
	13,810	Interpublic Group of Cos., Inc.		$   420,376
	4,795	Omnicom Group, Inc.		445,168
				865,544
	Multi-Utilities – 3.8%
	5,055	Consolidated Edison, Inc.		477,192
	6,425	Sempra		460,223
	5,600	WEC Energy Group, Inc.		462,784
				1,400,199
	Oil, Gas & Consumable Fuels – 4.8%
	5,640	ONEOK, Inc.		446,237
	765	Texas Pacific Land Corp.		440,870
	2,655	Valero Energy Corp.		424,455
	11,715	Williams Cos., Inc.		449,387
				1,760,949
	Professional Services – 1.2%
	3,760	Paychex, Inc.		446,726
	Residential REITs – 2.5%
	2,455	AvalonBay Communities, Inc.		465,395
	1,865	Essex Property Trust, Inc.		459,256
				924,651
	Retail REITs – 1.2%
	7,575	Regency Centers Corp.		448,591
	Semiconductors & Semiconductor Equipment – 4.9%
	5,105	Microchip Technology, Inc.		469,558
	3,560	MKS Instruments, Inc.		423,569
	4,265	Skyworks Solutions, Inc.		454,606
	2,695	Universal Display Corp.		425,756
				1,773,489
	Specialized REITs – 4.6%
	4,320	Crown Castle, Inc.		405,130
	3,245	Digital Realty Trust, Inc.		450,341
	3,185	Extra Space Storage, Inc.		427,682
	12,615	Weyerhaeuser Co.		380,594
				1,663,747
	Specialty Retail – 1.1%
	5,545	Best Buy Co., Inc.		408,334
	Textiles, Apparel & Luxury Goods – 1.1%
	2,445	Ralph Lauren Corp.		400,100
	TOTAL COMMON STOCKS
	(Cost $33,338,326)			$34,643,736
	Exchange Traded Fund – 3.6%
	11,000	iShares Russell Mid-Cap Value ETF		$ 1,307,460
	(Cost $1,212,927)

Shares		Dividend Rate	Value
	Investment Company – 1.4%
	State Street Institutional US Government Money Market Fund – Premier Class
	508,687	5.250%		$   508,687
	(Cost $508,687)
	TOTAL INVESTMENTS – 99.7%
	(Cost $34,059,940)			$36,459,883
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			99,643
	NET ASSETS – 100.0%			$36,559,526
	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Investment Abbreviation:
REIT	—RealEstate Investment Trust

PORTFOLIO COMPOSITION

	AS OF 4/30/24
Industrials		17.7	%
Financials		17.5
Information Technology		9.8
Real Estate		9.5
Consumer Discretionary		9.1
Utilities		7.6
Materials		7.0
Health Care		5.8
Energy		4.8
Exchange Traded Fund		3.6
Consumer Staples		3.5
Communication Services		2.4
Investment Company		1.4
TOTAL INVESTMENTS		99.7	%

The Fund commenced operations on November 13, 2023. As such, portfolio composition for the Fund is only presented as of April 30, 2024.

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.

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

THE BOND FUND

Schedule of Investments

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – 42.5%
Aerospace/Defense – 0.7%
Boeing Co.(a)
$ 5,000,000		5.805	%	05/01/50	$	4,421,813
General Electric Co.
3,413,000		6.150		08/07/37		3,503,997
						7,925,810
Auto Manufacturers – 2.4%
BMW U.S. Capital LLC(a)(b)
1,475,000		3.750		04/12/28		1,393,867
5,000,000		5.150		04/02/34		4,815,700
Ford Motor Credit Co. LLC
2,500,000		4.134		08/04/25		2,438,239
2,000,000		6.050	(a)	03/05/31		1,968,872
General Motors Co.(a)
3,450,000		6.600		04/01/36		3,549,122
General Motors Financial Co., Inc.(a)
2,000,000		2.400		04/10/28		1,769,019
1,615,000		3.100		01/12/32		1,331,548
Mercedes-Benz Finance North America LLC(b)
3,900,000		4.800		03/30/28		3,824,655
2,000,000		5.050		08/03/33		1,937,271
Volkswagen Group of America Finance LLC(a)(b)
4,000,000		6.450		11/16/30		4,136,835
						27,165,128
Banks – 6.9%
Bank of America Corp.
3,000,000		4.450		03/03/26		2,938,248
(3 mo. USD Term SOFR + 1.302%),
6,749,000		3.419	(a)(c)	12/20/28		6,253,591
Citigroup, Inc.
3,500,000		4.450		09/29/27		3,371,591
(Secured Overnight Financing Rate + 2.086%),
4,400,000		4.910	(a)(c)	05/24/33		4,133,424
(Secured Overnight Financing Rate + 1.379%),
2,000,000		2.904	(a)(c)	11/03/42		1,366,632
HSBC Holdings PLC(a)(c) (Secured Overnight Financing Rate + 2.650%)
3,150,000		6.332		03/09/44		3,223,476
Huntington Bancshares, Inc.(a)(c) (Secured Overnight Financing Rate + 2.050%)
4,000,000		5.023		05/17/33		3,689,554
JPMorgan Chase & Co. (Secured Overnight Financing Rate + 0.885%),
1,500,000		6.239	(a)(c)	04/22/27		1,504,402
(Secured Overnight Financing Rate + 1.560%),
1,000,000		4.323	(a)(c)	04/26/28		966,515
(3 mo. USD Term SOFR + 1.592%),
2,000,000		4.452	(a)(c)	12/05/29		1,913,552
(3 mo. USD Term SOFR + 1.422%),
1,650,000		3.702	(a)(c)	05/06/30		1,512,987
2,520,000		5.600		07/15/41		2,505,994

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
KeyBank NA
$ 3,000,000		3.400	%	05/20/26	$	2,816,577
Morgan Stanley(a)(c) (Secured Overnight Financing Rate + 1.200%)
2,900,000		2.511		10/20/32		2,335,330
Northern Trust Corp.(a)
4,000,000		3.150		05/03/29		3,651,385
1,500,000		1.950		05/01/30		1,243,588
PNC Bank NA
3,830,000		4.050		07/26/28		3,584,509
Truist Financial Corp.
3,500,000		2.500	(a)	08/01/24		3,470,937
(Secured Overnight Financing Rate + 2.300%),
1,900,000		6.123	(a)(c)	10/28/33		1,896,861
(Secured Overnight Financing Rate + 1.852%),
1,776,000		5.122	(a)(c)	01/26/34		1,654,222
U.S. Bancorp (Secured Overnight Financing Rate + 1.230%),
1,000,000		4.653	(a)(c)	02/01/29		963,617
(Secured Overnight Financing Rate + 1.600%),
7,000,000		4.839	(a)(c)	02/01/34		6,459,073
(Secured Overnight Financing Rate + 1.860%),
1,350,000		5.678	(a)(c)	01/23/35		1,318,487
UBS Group AG
(1 yr. CMT + 0.850%),
2,000,000		1.494	(a)(b)(c)	08/10/27		1,810,870
(1 yr. CMT + 1.750%),
2,500,000		4.751	(a)(b)(c)	05/12/28		2,419,324
Wells Fargo & Co.
2,500,000		4.100		06/03/26		2,422,058
1,500,000		4.650		11/04/44		1,247,111
5,000,000		4.750		12/07/46		4,172,376
Wells Fargo Bank NA(d)
2,000,000		6.180		02/15/36		1,925,982
						76,772,273
Beverages(a) – 0.7%
Anheuser-Busch InBev Worldwide, Inc.
1,000,000		4.600		04/15/48		862,898
6,000,000		4.439		10/06/48		5,027,038
PepsiCo, Inc.
2,190,000		4.450		04/14/46		1,884,320
						7,774,256
Biotechnology(a) – 0.3%
Amgen, Inc.
1,000,000		5.600		03/02/43		964,210
3,175,000		2.770		09/01/53		1,843,330
						2,807,540
Chemicals(a) – 0.2%
Linde, Inc.
2,000,000		3.200		01/30/26		1,927,653
Sherwin-Williams Co.
1,075,000		2.200		03/15/32		853,677
						2,781,330

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

THE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Commercial Services – 1.6%
Corp. of Gonzaga University
$ 3,500,000		4.158	%		04/01/46	$	2,667,088
Emory University(a)
2,000,000		1.566			09/01/25		1,897,486
Equifax, Inc.(a)
2,000,000		5.100			12/15/27		1,969,920
Henry J Kaiser Family Foundation
6,250,000		3.356			12/01/25		6,055,779
Northwestern University
1,000,000		4.643			12/01/44		908,352
PayPal Holdings, Inc.(a)
3,600,000		5.250			06/01/62		3,241,198
Thomas Jefferson University
1,375,000		2.368			11/01/25		1,290,082
							18,029,905
Computers(a) – 0.3%
CGI, Inc.
4,000,000		2.300			09/14/31		3,105,287
Computers & Peripherals(a) – 0.4%
Amazon.com, Inc.
2,000,000		4.700			12/01/32		1,942,191
Meta Platforms, Inc.
2,320,000		3.850			08/15/32		2,105,681
							4,047,872
Distribution/Wholesale(a) – 0.3%
WW Grainger, Inc.
3,260,000		4.600			06/15/45		2,841,794
Diversified Financial Services – 1.4%
Aircastle Ltd.(a)
1,000,000		4.250			06/15/26		966,761
Aviation Capital Group LLC(a)(b)
5,500,000		1.950			09/20/26		4,995,809
Brookfield Finance, Inc.(a)
3,100,000		4.700			09/20/47		2,559,355
Capital One Financial Corp.(a)(c) (Secured Overnight Financing Rate + 2.370%)
3,000,000		5.268			05/10/33		2,841,886
CDP Financial, Inc.(b)
1,000,000		3.150			07/24/24		994,502
Charles Schwab Corp.(a)
1,225,000		2.750			10/01/29		1,080,021
2,500,000		1.950			12/01/31		1,958,382
							15,396,716
Electrical Equipment – 4.2%
Arizona Public Service Co.
2,150,000		6.875			08/01/36		2,214,337
Consumers Energy Co.(a)
3,290,000		3.950			07/15/47		2,569,438
Emerson Electric Co.
1,000,000		6.125			04/15/39		1,033,167
Entergy Louisiana LLC(a)
3,000,000		3.780			04/01/25		2,929,018

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical Equipment – (continued)
Evergy Kansas Central, Inc.(a)
$ 7,435,000		5.900	%		11/15/33	$	7,536,513
Florida Power & Light Co.(a)
1,250,000		4.550			10/01/44		1,031,988
Louisville Gas & Electric Co.(a)
1,850,000		4.650			11/15/43		1,540,896
National Grid USA
3,375,000		8.000			11/15/30		3,697,198
National Rural Utilities Cooperative Finance Corp.(a)
4,000,000		5.800			01/15/33		4,056,086
Nevada Power Co.(a)
1,250,000		3.125			08/01/50		779,081
Ohio Power Co.
2,870,000		5.850			10/01/35		2,816,657
Pacific Gas & Electric Co.(a)
1,000,000		4.550			07/01/30		927,648
1,000,000		4.950			07/01/50		813,302
PacifiCorp
2,200,000		6.100			08/01/36		2,206,422
PG&E Wildfire Recovery Funding LLC
1,008,517		3.594			06/01/32		955,433
PPL Electric Utilities Corp.(a)
2,225,000		4.750			07/15/43		1,959,711
Public Service Enterprise Group, Inc.(a)
5,500,000		8.625			04/15/31		6,108,314
Southern California Edison Co.
1,000,000		5.550			01/15/37		955,470
Wisconsin Power & Light Co.(a)
1,000,000		1.950			09/16/31		787,919
Wisconsin Public Service Corp.(a)
3,000,000		3.300			09/01/49		2,002,843
							46,921,441
Energy Minerals(a) – 0.3%
HF Sinclair Corp.
3,850,000		5.875			04/01/26		3,858,421
Entertainment(a) – 0.1%
Warnermedia Holdings, Inc.
1,000,000		3.755			03/15/27		942,836
Food(a)(b) – 0.6%
Nestle Holdings, Inc.
6,700,000		4.300			10/01/32		6,371,861
Gas(a) – 0.6%
Atmos Energy Corp.
1,400,000		4.125			03/15/49		1,098,402
Boston Gas Co.(b)
2,900,000		3.001			08/01/29		2,525,611
Northwest Natural Gas Co.
4,650,000		3.869			06/15/49		3,171,248
							6,795,261
Healthcare-Products(a) – 0.2%
Baxter International, Inc.
3,000,000		2.539			02/01/32		2,404,753

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

THE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare-Services – 2.2%
Adventist Health System(a)
$ 7,000,000		2.952	%		03/01/29	$	6,176,687
Ascension Health
3,000,000		2.532	(a)		11/15/29		2,614,094
1,500,000		3.945			11/15/46		1,197,812
Baptist Health South Florida, Inc.
3,695,000		4.342			11/15/41		3,079,937
Community Health Network, Inc.
2,225,000		4.237			05/01/25		2,169,076
Mayo Clinic
2,600,000		3.774			11/15/43		2,083,934
SSM Health Care Corp.(a)
4,990,000		3.823			06/01/27		4,757,374
3,000,000		4.894			06/01/28		2,941,652
							25,020,566
Insurance – 5.9%
Americo Life, Inc.(b)
5,206,000		3.450			04/15/31		4,011,890
Aon North America, Inc.(a)
2,175,000		5.750			03/01/54		2,103,972
Arch Capital Group Ltd.
2,149,000		7.350			05/01/34		2,364,929
Arthur J Gallagher & Co.(a)
1,000,000		5.450			07/15/34		971,405
Assured Guaranty U.S. Holdings, Inc.(a)
4,715,000		3.150			06/15/31		3,997,878
AXIS Specialty Finance LLC(a)
3,000,000		3.900			07/15/29		2,796,576
Berkshire Hathaway Finance Corp.(a)
4,220,000		4.200			08/15/48		3,507,163
Equitable Financial Life Global Funding(b)
3,000,000		1.300			07/12/26		2,714,941
5,000,000		1.750			11/15/30		3,931,162
Guardian Life Global Funding(b)
5,000,000		1.250			11/19/27		4,348,316
Horace Mann Educators Corp.(a)
2,000,000		7.250			09/15/28		2,098,510
Loews Corp.
3,000,000		6.000			02/01/35		3,100,846
MassMutual Global Funding II(b)
2,670,000		1.550			10/09/30		2,107,800
MetLife, Inc.(a)
2,055,000		10.750			08/01/69		2,715,438
New York Life Global Funding(b)
9,000,000		4.550			01/28/33		8,411,958
Principal Life Global Funding II(b)
2,600,000		5.500			06/28/28		2,566,607
Prudential Insurance Co. of America(b)
2,775,000		8.300			07/01/25		2,832,131
Reinsurance Group of America, Inc.(a)
2,500,000		3.150			06/15/30		2,181,293
1,811,000		6.000			09/15/33		1,817,958
(3 mo. USD Term SOFR + 2.927%),
2,000,000		8.256	(c)		12/15/65		1,940,000

Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
Reliance Standard Life Global Funding II(b)
$ 1,750,000		2.750	%	01/21/27	$	1,598,190
Teachers Insurance & Annuity Association of America(a)(b)
3,000,000		4.270		05/15/47		2,343,802
Travelers Cos., Inc.(a)
2,000,000		4.100		03/04/49		1,598,441
						66,061,206
Machinery-Diversified – 0.3%
John Deere Capital Corp.
4,000,000		4.350		09/15/32		3,755,586
Media – 0.2%
Comcast Corp.
1,250,000		6.400		05/15/38		1,292,258
1,500,000		2.800	(a)	01/15/51		894,508
						2,186,766
Metals & Mining – 0.2%
Southern Copper Corp.
2,000,000		5.875		04/23/45		1,941,742
Oil-Field Services – 1.9%
Apache Corp.(a)
2,835,000		5.100		09/01/40		2,359,703
BP Capital Markets America, Inc.(a)
4,000,000		3.543		04/06/27		3,813,773
Equinor ASA
1,795,000		6.800		01/15/28		1,876,799
Phillips 66(a)
3,000,000		4.650		11/15/34		2,744,227
Saudi Arabian Oil Co.(b)
5,000,000		3.500		04/16/29		4,588,800
Schlumberger Investment SA(a)
3,600,000		2.650		06/26/30		3,115,436
Tosco Corp.
2,095,000		8.125		02/15/30		2,373,274
						20,872,012
Paper and Forest Products – 0.7%
Georgia-Pacific LLC(a)(b)
5,000,000		2.100		04/30/27		4,535,082
International Paper Co.
2,925,000		8.700		06/15/38		3,497,737
						8,032,819
Pharmaceuticals – 1.4%
Bristol-Myers Squibb Co.(a)
3,250,000		3.900		02/20/28		3,104,227
CVS Pass-Through Trust(b)
1,924,978		7.507		01/10/32		1,959,633
Johnson & Johnson
4,970,000		5.950		08/15/37		5,289,343
Pfizer, Inc.
2,000,000		1.750	(a)	08/18/31		1,579,982
2,900,000		7.200		03/15/39		3,340,861
						15,274,046

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

THE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – 1.8%
DCP Midstream Operating LP
$ 3,397,000		8.125	%		08/16/30	$	3,799,446
Energy Transfer LP(a)
3,000,000		4.900			03/15/35		2,745,235
Kinder Morgan Energy Partners LP
4,175,000		5.800			03/15/35		4,100,638
ONEOK, Inc.(a)
2,635,000		3.950			03/01/50		1,867,753
Tennessee Gas Pipeline Co. LLC
628,000		8.375			06/15/32		713,468
1,450,000		7.625			04/01/37		1,616,408
TransCanada PipeLines Ltd.(a)
1,000,000		4.625			03/01/34		907,725
Transcanada Trust(a)(c)
(3 mo. USD LIBOR + 3.208%)
4,660,000		5.300			03/15/77		4,316,966
							20,067,639
Real Estate(a) – 3.8%
Alexandria Real Estate Equities, Inc.
2,500,000		5.250			05/15/36		2,349,403
AvalonBay Communities, Inc.
1,500,000		1.900			12/01/28		1,292,988
Camden Property Trust
6,000,000		4.900			01/15/34		5,640,956
DOC DR LLC
1,325,000		2.625			11/01/31		1,066,604
Healthcare Realty Holdings LP
1,075,000		2.050			03/15/31		809,965
Kimco Realty OP LLC
1,000,000		3.850			06/01/25		978,463
Mid-America Apartments LP
1,900,000		1.100			09/15/26		1,714,332
Omega Healthcare Investors, Inc.
4,500,000		4.750			01/15/28		4,264,443
Prologis Targeted U.S. Logistics Fund LP(b)
4,000,000		5.500			04/01/34		3,882,094
Realty Income Corp.
2,400,000		0.750			03/15/26		2,194,752
2,400,000		3.950			08/15/27		2,292,618
SBA Tower Trust(b)
1,575,000		2.836			01/15/50		1,539,778
Scentre Group Trust 1/Scentre Group Trust 2(b)
4,000,000		3.750			03/23/27		3,787,037
Simon Property Group LP
1,500,000		6.250			01/15/34		1,550,298
Sun Communities Operating LP
1,000,000		2.700			07/15/31		806,861
Ventas Realty LP
2,910,000		3.500			02/01/25		2,857,228
Welltower OP LLC
5,900,000		2.750			01/15/32		4,812,837
							41,840,657
Semiconductors(a) – 0.7%
Broadcom, Inc.(b)
3,500,000		3.469			04/15/34		2,896,817

Principal Amount	Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Semiconductors(a) – (continued)
Texas Instruments, Inc.
$ 6,000,000		3.650	%		08/16/32	$	5,380,850
							8,277,667
Software(a) – 0.3%
Salesforce, Inc.
2,850,000		1.950			07/15/31		2,299,857
1,000,000		2.900			07/15/51		628,176
							2,928,033
Telecommunications – 0.7%
AT&T, Inc.
4,000,000		6.250			03/29/41		4,025,031
Bell Telephone Co. of Canada or Bell Canada(a)
3,850,000		5.100			05/11/33		3,690,463
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC(a)(b)
500,000		4.738			09/20/29		497,060
							8,212,554
Transportation – 1.0%
Burlington Northern Santa Fe LLC(a)
1,220,000		4.950			09/15/41		1,123,786
Canadian National Railway Co.
1,190,000		6.200			06/01/36		1,259,267
1,310,000		2.450	(a)		05/01/50		764,719
Canadian Pacific Railway Co.
1,980,000		5.750			01/15/42		1,902,200
1,635,000		4.950	(a)		08/15/45		1,442,392
1,500,000		4.700	(a)		05/01/48		1,262,272
2,500,000		6.125	(a)(e)		09/15/15		2,469,690
Kansas City Southern Railway Co.(a)
500,000		4.950			08/15/45		391,739
							10,616,065
Trucking & Leasing(a) – 0.2%
GATX Corp.
3,155,000		3.100			06/01/51		1,925,096
TOTAL CORPORATE OBLIGATIONS
(Cost $528,614,058)						$	472,954,938
U.S. Treasury Obligations – 16.9%
U.S. Treasury Bonds
$12,000,000		1.750	%		08/15/41	$	7,612,500
10,000,000		2.750			08/15/42		7,394,531
3,000,000		3.125			08/15/44		2,309,297
2,125,000		2.500			02/15/45		1,456,953
5,000,000		2.500			02/15/46		3,387,500
38,000,000		2.750			11/15/47		26,551,016
6,000,000		3.000			02/15/48		4,393,359
22,800,000		3.125			05/15/48		17,066,156
7,000,000		2.250			08/15/49		4,340,820
U.S. Treasury Inflation-Indexed Bonds
9,611,560		0.750			02/15/42		7,282,698

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

THE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – (continued)
U.S. Treasury Inflation-Indexed Notes
$  6,422,100		0.375	%		01/15/27	$	6,072,133
U.S. Treasury Notes
5,000,000		2.875			05/31/25		4,875,586
5,000,000		1.500			08/15/26		4,624,609
2,000,000		2.250			02/15/27		1,862,813
6,380,000		0.625			05/15/30		5,019,515
5,000,000		1.375			11/15/31		3,953,516
18,000,000		2.875			05/15/32		15,811,172
14,000,000		2.750			08/15/32		12,135,703
10,000,000		4.125			11/15/32		9,598,047
14,500,000		3.500			02/15/33		13,256,738
23,000,000		3.375			05/15/33		20,779,063
8,000,000		4.500			11/15/33		7,880,000
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $214,805,628)						$	187,663,725
Asset-Backed Securities – 15.3%
Automotive(b) – 2.1%
Avis Budget Rental Car Funding AESOP LLC Series 2019-3A, Class A
$11,100,000		2.360	%		03/20/26	$	10,840,622
Avis Budget Rental Car Funding AESOP LLC Series 2020-2A, Class A
2,080,000		2.020			02/20/27		1,955,210
Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class A
4,150,000		1.380			08/20/27		3,783,308
Ford Credit Auto Owner Trust Series 2018-1, Class A
5,000,000		3.190			07/15/31		4,913,442
Hertz Vehicle Financing III LP Series 2021-2A, Class A
2,800,000		1.680			12/27/27		2,516,321
							24,008,903
Credit Card(b) – 0.2%
Avant Credit Card Master Trust Series 2021-1A, Class A
2,000,000		1.370			04/15/27		1,939,171
Home Equity – 0.4%
Accredited Mortgage Loan Trust Series 2004-4, Class A1B(c) (1 mo. USD Term SOFR + 0.894%)
234,120		5.000			01/25/35		233,490
EquiFirst Mortgage Loan Trust Series 2003-2, Class 2A2(f)
97,576		4.250			09/25/33		92,184
FIGRE Trust Series 2023-HE1, Class A(b)
2,315,264		5.850			03/25/53		2,293,069
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1(c) (1 mo. USD Term SOFR + 0.789%)
961,464		6.106			12/25/34		921,545
Renaissance Home Equity Loan Trust Series 2005-3, Class AF4(f)
234,708		5.140			11/25/35		230,560
Southern Pacific Secured Asset Corp. Series 1998-2, Class A7(f)
505,120		7.490			07/25/29		476,060
							4,246,908

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Manufactured Housing – 0.0%
Mid-State Trust Series 2011, Class A1
$     61,283		4.864	%	07/15/38	$	59,638
Other – 12.4%
Affirm Asset Securitization Trust Series 2022-A, Class 1A(b)
1,000,000		4.300		05/17/27		999,167
AFN LLC Series 2019-1A, Class A1(b)
4,571,318		3.780		05/20/49		4,193,393
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2(b)
4,700,000		1.937		08/15/46		4,260,364
Beacon Container Finance LLC Series 2021-1A, Class A(b)
2,250,000		2.250		10/22/46		1,976,993
BHG Securitization Trust Series 2021-B, Class B(b)
1,000,000		1.670		10/17/34		927,503
CAL Funding IV Ltd. Series 2020-1A, Class A(b)
4,172,500		2.220		09/25/45		3,740,520
Chase Funding Trust Series 2002-3, Class 1A5(f)
500,807		5.907		06/25/32		477,553
Chase Funding Trust Series 2004-1, Class 2A2(c) (1 mo. USD Term SOFR + 0.574%)
2,656,605		5.891		12/25/33		2,554,753
CLI Funding VIII LLC Series 2018-1A, Class A(b)
2,840,133		2.720		01/18/47		2,477,833
CMFT Net Lease Master Issuer LLC Series 2021-1, Class A1(b)
3,112,541		2.090		07/20/51		2,624,293
Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1(b)(c) (1 mo. USD Term SOFR + 0.514%)
332,506		5.831		02/25/37		311,933
DB Master Finance LLC Series 2021-1A, Class A2II(b)
3,910,000		2.493		11/20/51		3,384,474
Diamond Infrastructure Funding LLC Series 2021-1A, Class A(b)
4,000,000		1.760		04/15/49		3,553,552
Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A23(b)
6,110,000		4.118		07/25/47		5,775,732
Driven Brands Funding LLC Series 2021-1A, Class A2(b)
2,681,250		2.791		10/20/51		2,289,609
FCI Funding LLC Series 2021-1A, Class A(b)
161,611		1.130		04/15/33		160,944
GBX Leasing LLC Series 2022-1, Class A(b)
1,547,590		2.870		02/20/52		1,343,602
Global SC Finance VII SRL Series 2020-2A, Class A(b)
3,221,338		2.260		11/19/40		2,955,285
Harvest SBA Loan Trust Series 2018-1, Class A(b)(c) (1 mo. USD Term SOFR + 2.364%)
544,765		7.694		08/25/44		541,153
Home Partners of America Trust Series 2019-1, Class A(b)
5,847,923		2.908		09/17/39		5,315,600
Jack in the Box Funding LLC Series 2022-1A, Class A2I(b)
3,840,000		3.445		02/26/52		3,533,703
Lendmark Funding Trust Series 2021-2A, Class A(b)
2,000,000		2.000		04/20/32		1,788,347
LFS LLC Series 2021-B, Class A(b)
897,448		2.400		12/15/33		857,222

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

THE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Other – (continued)
Long Beach Mortgage Loan Trust Series 2003-4, Class AV1(c) (1 mo. USD Term SOFR + 0.734%)
$   109,919		6.051	%	08/25/33	$	106,047
Longtrain Leasing III LLC Series 2015-1A, Class A1(b)
1,991,828		2.980		01/15/45		1,964,305
Longtrain Leasing III LLC Series 2015-1A, Class A2(b)
4,861,135		4.060		01/15/45		4,759,963
NP SPE II LLC Series 2016-1A, Class A1(b)
934,631		4.164		04/20/46		913,678
OnDeck Asset Securitization Trust LLC Series 2021-1A, Class A(b)
1,500,000		1.590		05/17/27		1,496,415
PACEWell 5 Trust Series 2021-1, Class A(b)
2,553,987		2.628		10/10/59		1,927,111
Pear LLC Series 2023-1, Class A(b)
3,740,263		7.420		07/15/35		3,746,575
Progress Residential Trust Series 2020-SFR2, Class A(b)
996,640		2.078		06/17/37		955,222
Retained Vantage Data Centers Issuer LLC Series 2023-1A, Class A2A(b)
5,000,000		5.000		09/15/48		4,739,730
Sabey Data Center Issuer LLC Series 2021-1, Class A2(b)
3,000,000		1.881		06/20/46		2,714,273
ServiceMaster Funding LLC Series 2020-1, Class A2I(b)
3,771,840		2.841		01/30/51		3,293,361
SERVPRO Master Issuer LLC Series 2021-1A, Class A2(b)
1,940,000		2.394		04/25/51		1,676,903
Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class A(b)
203,176		0.990		11/20/37		192,077
STAR Trust Series 2021-SFR1, Class A(b)(c) (1 mo. USD Term SOFR + 0.714%)
3,318,137		6.035		04/17/38		3,291,205
State of Hawaii Department of Business Economic Development & Tourism Series 2014-A, Class A2
4,841,716		3.242		01/01/31		4,618,068
Structured Asset Investment Loan Trust Series 2003-BC5, Class M1(c) (1 mo. USD Term SOFR + 1.239%)
43,457		6.556		06/25/33		43,388
Taco Bell Funding LLC Series 2021-1A, Class A2I(b)
1,891,313		1.946		08/25/51		1,697,590
Thrust Engine Leasing DAC Series 2021-1A, Class A(b)
4,406,469		4.163		07/15/40		4,033,374
Tif Funding II LLC Series 2020-1A, Class A(b)
1,636,833		2.090		08/20/45		1,465,923
Towd Point Mortgage Trust Series 2017-3, Class A2(b)(c)(g)
1,850,000		3.000		07/25/57		1,754,462
Towd Point Mortgage Trust Series 2018-2,Class A2(b)(c)(g)
5,500,000		3.500		03/25/58		5,080,547
Trinity Rail Leasing LLC Series 2019-1A, Class A(b)
3,956,442		3.820		04/17/49		3,771,125
Trinity Rail Leasing LLC Series 2019-2A, Class A2(b)
3,000,000		3.100		10/18/49		2,790,442
Trinity Rail Leasing LLC Series 2020-2A, Class A2(b)
10,315,000		2.560		11/19/50		9,137,798

Principal Amount	Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Other – (continued)
Triton Container Finance VIII LLC Series 2020-1A, Class A(b)
$ 4,346,354		2.110	%		09/20/45	$	3,837,783
Triton Container Finance VIII LLC Series 2021-1A, Class A(b)
368,958		1.860			03/20/46		318,991
TVEST LLC Series 2021-A, Class A(b)
163,488		2.350			09/15/33		162,650
Vantage Data Centers LLC Series 2020-1A, Class A2(b)
8,250,000		1.645			09/15/45		7,710,309
Wendy’s Funding LLC Series 2019-1A, Class A2I(b)
2,692,403		3.783			06/15/49		2,561,198
Wendy’s Funding LLC Series 2021-1A, Class A2I(b)
1,215,397		2.370			06/15/51		1,037,185
							137,841,226
Student Loan – 0.2%
Massachusetts Educational Financing Authority Series 2018-A, Class A
1,038,755		3.850			05/25/33		980,257
SoFi Professional Loan Program LLC Series 2018-C, Class A2FX(b)
1,201,799		3.590			01/25/48		1,163,867
South Carolina Student Loan Corp. Series 2015-A, Class A(c) (1 mo. USD Term SOFR + 1.614%)
624,452		6.931			01/25/36		624,878
							2,769,002
TOTAL ASSET-BACKED SECURITIES
(Cost $183,579,606)						$	170,864,848
Mortgage-Backed Obligations – 15.2%
Collateralized Mortgage Obligations – 10.0%
Agate Bay Mortgage Trust Series 2016-2, Class A3(b)(c)(g)
$   144,482		3.500	%		03/25/46	$	125,377
Banc of America Alternative Loan Trust Series 2005-10, Class 6A1
6,853		5.500			11/25/20		6,020
Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2(b)(c)(g)
3,111,998		2.500			06/25/51		2,397,212
Bayview MSR Opportunity Master Fund VI Trust Series 2021-6, Class A1(b)(c)(g)
8,558,892		3.000			10/25/51		6,878,875
Bear Stearns Alt-A Trust Series 2005-9, Class 25A1(c)(g)
592,387		4.543			11/25/35		390,010
Bear Stearns Asset Backed Securities Trust Series 2003-AC7, Class A2(f)
156,292		5.750			01/25/34		129,192
CAFL Issuer LLC Series 2022-RTL1, Class A1(f)
2,000,000		4.250			05/28/29		1,959,068
CFMT LLC Series 2023-HB12, Class A(b)(c)(g)
1,546,668		4.250			04/25/33		1,510,903
CHL Mortgage Pass-Through Trust Series 2005-27, Class 2A1
332,985		5.500			12/25/35		133,916

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

THE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
CHL Mortgage Pass-Through Trust Series 2005-6, Class 2A1
$    46,594		5.500	%	04/25/35	$	37,076
CHL Mortgage Pass-Through Trust Series 2005-7, Class 1A1(c)
(1 mo. USD Term SOFR + 0.654%)
337,744		5.971		03/25/35		304,411
Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2
287,429		6.750		08/25/34		279,137
Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5, Class 1A3A(c)(g)
3,248		5.126		04/25/37		3,280
Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1
11,135		5.250		09/25/19		10,462
Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1
2,432		6.500		08/25/32		2,407
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4
98,310		5.250		07/25/33		90,198
CSMC Trust Series 2013-6, Class 1A1(b)(c)(g)
2,243,680		2.500		07/25/28		2,096,335
CSMC Trust Series 2017-HL2, Class A1(b)(c)(g)
359,531		3.500		10/25/47		309,395
EverBank Mortgage Loan Trust Series 2013-2, Class A(b)(c)(g)
405,770		3.000		06/25/43		359,554
Federal Home Loan Mortgage Corp. REMICS Series 2103, Class TE
10,688		6.000		12/15/28		10,653
Federal Home Loan Mortgage Corp. REMICS Series 2110, Class PG
54,352		6.000		01/15/29		54,097
Federal Home Loan Mortgage Corp. REMICS Series 2391, Class Z
206,881		6.000		12/15/31		207,761
Federal Home Loan Mortgage Corp. REMICS Series 4272, Class DG
136,894		3.000		04/15/43		129,625
Federal Home Loan Mortgage Corp. REMICS Series 4370, Class PA
50,245		3.500		09/15/41		49,032
Federal Home Loan Mortgage Corp. REMICS Series 4792, Class AC
137,234		3.500		05/15/48		119,051
Federal Home Loan Mortgage Corp. REMICS Series 5020, Class KW
6,000,000		2.000		09/25/45		4,795,696
Federal Home Loan Mortgage Corp. REMICS Series 5081, Class QA
605,265		2.000		12/25/50		466,599
Federal Home Loan Mortgage Corp. REMICS Series 5139, Class EC
4,000,000		2.500		09/25/51		2,674,427
Federal National Mortgage Association REMICS Series 2001-45, Class WG
23,080		6.500		09/25/31		22,798

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Federal National Mortgage Association REMICS Series 2003-117, Class KB
$   919,207		6.000	%	12/25/33	$	926,613
Federal National Mortgage Association REMICS Series 2003-14, Class AP
3,670		4.000		03/25/33		3,606
Federal National Mortgage Association REMICS Series 2003-W6, Class 3A
41,434		6.500		09/25/42		41,219
Federal National Mortgage Association REMICS Series 2004-53, Class NC
179		5.500		07/25/24		178
Federal National Mortgage Association REMICS Series 2014-80, Class KA
799,775		2.000		03/25/44		562,971
Federal National Mortgage Association REMICS Series 2015-2, Class PA
880,102		2.250		03/25/44		807,032
Federal National Mortgage Association REMICS Series 2015-30, Class JA
774,702		2.000		05/25/45		642,867
Federal National Mortgage Association REMICS Series 2016-16, Class PD
366,180		3.000		12/25/44		341,034
Finance of America Structured Securities Trust Series 2022-S4, Class A1A(b)(c)(g)
1,450,514		2.500		01/25/57		1,340,001
First Horizon Alternative Mortgage Securities Series 2006-RE1, Class A1(c)(g)
537,832		5.500		05/25/35		334,931
Flagstar Mortgage Trust Series 2018-2, Class A4(b)(c)(g)
85,307		3.500		04/25/48		82,787
Flagstar Mortgage Trust Series 2019-1INV, Class A3(b)(c)(g)
866,881		3.500		10/25/49		745,072
Flagstar Mortgage Trust Series 2021-8INV, Class A3(b)(c)(g)
3,199,713		2.500		09/25/51		2,454,782
GCAT Trust Series 2022-HX1, Class A1(b)(c)(g)
5,340,587		2.885		12/27/66		4,773,222
Government National Mortgage Association REMICS Series 2015-167, Class KM
81,986		3.000		12/20/43		72,571
Government National Mortgage Association REMICS Series 2015-94, Class AT
406,687		2.250		07/16/45		347,001
Government National Mortgage Association REMICS Series 2016-129, Class W
157,308		2.500		07/20/46		128,320
Government National Mortgage Association REMICS Series 2017-H23, Class MA
1,154,493		3.000		11/20/67		1,086,558
Government National Mortgage Association REMICS Series 2018-37, Class KT
460,994		3.500		03/20/48		403,843
Government National Mortgage Association REMICS Series 2021-116, Class LG
8,098,397		2.000		06/20/51		6,711,209

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

THE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
GS Mortgage-Backed Securities Trust Series 2021-GR3, Class A2(b)(c)(g)
$ 6,509,323		2.500	%	04/25/52	$	5,022,353
GS Mortgage-Backed Securities Trust Series 2021-MM1, Class A2(b)(c)(g)
9,631,051		2.500		04/25/52		7,382,808
GSR Mortgage Loan Trust Series 2004-12, Class 1A1(c)
(1 mo. USD Term SOFR + 0.454%)
175,493		5.771		12/25/34		156,839
GSR Mortgage Loan Trust Series 2004-7, Class 1A1(c)(g)
40,493		4.090		06/25/34		38,019
Impac CMB Trust Series 2003-2F, Class A(f)
72,342		5.730		01/25/33		70,696
Impac CMB Trust Series 2004-4, Class 1A1(c)
(1 mo. USD Term SOFR + 0.754%)
80,692		6.071		09/25/34		79,337
Impac CMB Trust Series 2004-4, Class 2A2(f)
868,104		5.301		09/25/34		918,249
Imperial Fund Mortgage Trust Series 2022-NQM1, Class A1(b)(c)(g)
2,707,479		2.493		02/25/67		2,345,182
JP Morgan Mortgage Trust Series 2021-14, Class A3(b)(c)(g)
9,827,552		2.500		05/25/52		7,539,580
JP Morgan Mortgage Trust Series 2023-6, Class A2(b)(c)(g)
4,464,613		6.000		12/26/53		4,378,982
JPMorgan Mortgage Trust Series 2007-A2, Class 4A2(c)(g)
98,621		4.538		04/25/37		77,110
JPMorgan Mortgage Trust Series 2013-3, Class A3(b)(c)(g)
431,904		3.333		07/25/43		382,853
JPMorgan Mortgage Trust Series 2014-2, Class 1A1(b)(c)(g)
336,359		3.000		06/25/29		320,180
JPMorgan Mortgage Trust Series 2017-3, Class 1A3(b)(c)(g)
914,520		3.500		08/25/47		789,697
JPMorgan Mortgage Trust Series 2017-4, Class A3(b)(c)(g)
87,676		3.500		11/25/48		76,033
JPMorgan Mortgage Trust Series 2017-6, Class A3(b)(c)(g)
405,804		3.500		12/25/48		353,107
JPMorgan Mortgage Trust Series 2021-10, Class A3(b)(c)(g)
2,466,291		2.500		12/25/51		1,890,567
JPMorgan Mortgage Trust Series 2021-7, Class A4(b)(c)(g)
3,666,959		2.500		11/25/51		3,126,925
MASTR Adjustable Rate Mortgages Trust Series 2003-2, Class 6A1(c)(g)
122,230		7.107		07/25/33		115,979
MASTR Alternative Loan Trust Series 2004-4, Class 1A1
32,252		5.500		05/25/34		30,301
MASTR Alternative Loan Trust Series 2004-4, Class 8A1
330,553		6.500		05/25/34		314,532
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1, Class A3(c)(g)
40,711		6.286		03/25/33		34,954

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1(c)(g)
$   317,609		5.083	%	11/25/35	$	178,455
Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22
478,849		6.000		08/25/37		166,173
New Residential Mortgage Loan Trust Series 2017-6A, Class A1(b)(c)(g)
1,774,202		4.000		08/27/57		1,650,586
New Residential Mortgage Loan Trust Series 2021-INV1, Class A2(b)(c)(g)
4,127,629		2.500		06/25/51		3,174,407
OBX Trust Series 2019-EXP1, Class 1A3(b)(c)(g)
370,489		4.000		01/25/59		352,321
OBX Trust Series 2019-INV2, Class A5(b)(c)(g)
123,726		4.000		05/27/49		109,981
Oceanview Mortgage Trust Series 2021-3, Class A4(b)(c)(g)
3,803,294		2.500		06/25/51		3,236,697
Rate Mortgage Trust Series 2021-J1, Class A7(b)(c)(g)
4,029,898		2.500		07/25/51		3,414,858
RBSGC Mortgage Loan Trust Series 2007-B, Class 2A1(c)(g)
169,959		4.050		01/25/37		98,888
RBSGC Mortgage Loan Trust Series 2007-B, Class 3A1(c)(g)
2,927		5.622		01/25/37		2,772
Residential Accredit Loans, Inc. Trust Series 2005-QS11, Class A2(c)
(1 mo. USD Term SOFR + 0.614%)
89,163		5.500		07/25/35		63,545
RFMSI Trust Series 2005-S7, Class A5
42,319		5.500		11/25/35		30,586
Seasoned Credit Risk Transfer Trust Series 2017-3, Class MA
1,711,127		3.000		07/25/56		1,564,212
Seasoned Loans Structured Transaction Series 2018-1, Class A2
1,245,000		3.500		06/25/28		1,131,586
Sequoia Mortgage Trust Series 2004-10, Class A1A(c)
(1 mo. USD Term SOFR + 0.734%)
130,565		6.050		11/20/34		119,787
Sequoia Mortgage Trust Series 2013-2, Class A(c)(g)
430,985		1.874		02/25/43		345,756
Sequoia Mortgage Trust Series 2013-6, Class A1(c)(g)
916,054		2.500		05/25/43		758,043
Sequoia Mortgage Trust Series 2015-4, Class A1(b)(c)(g)
365,544		3.000		11/25/30		345,127
Sequoia Mortgage Trust Series 2016-3, Class A1(b)(c)(g)
466,386		3.500		11/25/46		403,357
Sequoia Mortgage Trust Series 2017-5, Class A1(b)(c)(g)
414,973		3.500		08/25/47		356,398
Sequoia Mortgage Trust Series 2017-6, Class A1(b)(c)(g)
1,006,125		3.500		09/25/47		867,147
Sequoia Mortgage Trust Series 2018-2, Class A1(b)(c)(g)
350,532		3.500		02/25/48		300,366
Shellpoint Co-Originator Trust Series 2017-2, Class A1(b)(c)(g)
552,351		3.500		10/25/47		478,842
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A(c)(g)
78,985		5.948		10/25/34		72,687

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

THE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4(c)(g)
$    7,164		6.831	%		04/25/34	$	7,090
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-31A, Class 2A7(c)(g)
96,431		6.592			10/25/33		92,502
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 3A3(c)(g)
61,830		5.879			11/25/33		60,538
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 6A(c)(g)
59,814		6.969			11/25/33		58,863
UWM Mortgage Trust Series 2021-INV4, Class A3(b)(c)(g)
10,256,476		2.500			12/25/51		7,887,877
Wells Fargo Mortgage Backed Securities Trust Series 2021-2, Class A1(b)(c)(g)
289,257		2.500			06/25/51		222,457
WinWater Mortgage Loan Trust Series 2015-5, Class A3(b)(c)(g)
986,816		3.500			08/20/45		859,388
WinWater Mortgage Loan Trust Series 2016-1, Class 1A5(b)(c)(g)
633,941		3.500			01/20/46		550,041
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $135,837,252)						$	111,764,000
Commercial Mortgage Obligations – 0.5%
Government National Mortgage Association REMICS Series 2013-68, Class B(c)(g)
$  497,387		2.500	%		08/16/43	$	472,677
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2(b)
527,465		2.579			03/10/49		527,069
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class A2
1,113,578		2.739			04/15/48		1,110,762
Reunion Resort Orlando FL Mortgage Secured Pass-Through Trust Series 2024-RSRT, Class A(b)
3,000,000		6.972			03/15/29		3,000,000
TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $5,132,295)						$	5,110,508
Federal Agencies – 4.7%
Federal Home Loan Mortgage Corp.
$   20,691		7.000	%		05/01/26	$	21,159
6,491		7.500			12/01/30		6,653
11,295		7.500			01/01/31		11,500
25,342		7.000			08/01/31		25,916
303,253		5.000			05/01/33		293,051
(1 yr. CMT + 2.229%),
29,281		5.287	(c)		05/01/34		29,930
(RFUCC 1 yr. Treasury + 1.783%),
35,917		6.033	(c)		01/01/36		35,706
423,565		4.000			06/01/42		391,524
9,310,520		5.000			06/01/43		8,948,246
366,161		3.000			06/01/45		309,488
(RFUCC 1 yr. Treasury + 1.600%),
728,436		2.707	(c)		07/01/45		710,360
4,188,063		3.500			08/01/52		3,651,169
1,038,688		5.000			03/01/54		985,033

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
Federal National Mortgage Association
$  237,046		2.500	%		05/01/28	$	225,057
(RFUCC 6 mo. Treasury + 1.413%),
11,050		5.663	(c)		02/01/33		10,883
(RFUCC 1 yr. Treasury + 1.760%),
28,640		6.290	(c)		02/01/35		28,554
2,000,314		5.000			05/01/43		1,927,132
(RFUCC 1 yr. Treasury + 1.596%),
66,242		7.520	(c)		12/01/45		67,757
122,393		4.500			01/01/48		110,980
817,458		2.500			06/01/51		631,308
5,825,252		4.500			07/01/52		5,375,536
9,429,470		5.500			08/01/53		9,155,268
Government National Mortgage Association
1,721		7.500			08/20/25		1,720
10,485		7.500			07/20/26		10,503
6,678		6.500			04/15/31		6,843
48,069		6.500			05/15/31		49,561
584,686		2.500			06/20/31		546,105
4,742,865		5.000			07/20/52		4,547,245
Uniform Mortgage-Backed Security
5,035		6.500			10/01/28		5,135
6,915		7.500			09/01/29		6,870
17,602		7.000			03/01/31		17,980
1,154		7.500			03/01/31		1,160
5,650		7.000			11/01/31		5,772
16,565		7.000			01/01/32		16,921
25,648		6.000			12/01/32		25,960
786,237		3.500			08/01/35		730,866
8,864,506		5.000			04/01/43		8,543,998
357,077		5.000			08/01/48		349,195
4,985,357		5.500			02/01/54		4,842,603
							52,660,647
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $195,463,557)						$	169,535,155
Municipal Bond Obligations – 8.1%
Arizona(a) – 0.1%
Arizona Board of Regents Revenue Bonds Series 2023
$1,000,000		4.599	%		07/01/31	$	973,148
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		992,327
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		2,875,396
California State Municipal Finance Authority Refunding Revenue Bonds (Taxable-Refunding-University Of San Diego) Series B
3,130,000		2.536			10/01/29		2,742,794
City of National City CA Pension Obligation Revenue (Taxable) Series 2021
3,820,000		2.649			11/01/31		3,187,171

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

THE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
California – (continued)
Foothill-De Anza CA Community College District GO Bonds (Taxable – Election of 2006) Series E(a)
$ 1,730,000		3.223	%	08/01/38	$	1,411,514
Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B(a)
3,000,000		6.507		08/01/43		3,220,533
Poway CA Unified School District GO Bonds (Taxable-Refunding-Improvement Date 2002-1) Series 2019
3,750,000		2.414		08/01/27		3,452,063
						16,889,471
Connecticut – 0.3%
Connecticut State GO Bonds Unlimited (Taxable) Series A
3,500,000		3.743		09/15/25		3,430,347
Florida(a) – 0.2%
Florida Development Finance Corp. (Taxable-Refunding-Shands Jacksonville Medical Center Obligated Group) Series B AGM
1,800,000		3.223		02/01/32		1,484,102
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		1,214,120
						2,698,222
Idaho(a) – 0.5%
Idaho Housing & Finance Association Economic Development Revenue Bonds Taxable (Facilities Project) Series 2011(b)
4,100,000		7.000		01/01/31		4,108,159
Idaho State Building Authority Revenue Bonds Taxable (Idaho Board of Education Project) Series A
1,500,000		3.120		09/01/24		1,488,385
						5,596,544
Illinois – 0.4%
Will County Elementary School District No 122 GO Bonds (Taxable-Refunding) Series A
2,750,000		2.111		10/01/27		2,478,181
Will County Forest Preservation District GO Bonds Build America Bonds Direct Payment Series 2009
1,000,000		5.700		12/15/27		1,022,951
Winnebago County IL GO Bonds Series 2018
1,035,000		3.900		12/30/25		1,010,304
						4,511,436
Indiana(a) – 0.1%
Indiana University Revenue Bonds (Taxable-Refunding) Series B
1,000,000		2.767		06/01/37		770,159
Kentucky – 1.0%
Kentucky Higher Education Student Loan Corp. (Taxable) Series A
4,500,000		2.685		06/01/31		3,673,765
Kentucky State Property & Buildings Commission Revenue Bonds (Taxable-Refunding) Series D
5,000,000		2.522		11/01/27		4,571,961

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kentucky – (continued)
River City, Inc. KY Parking Authority Revenue Bonds (Refunding) Series B(a)
$ 2,890,000		2.750	%	12/01/33	$	2,626,543
						10,872,269
Louisiana – 0.2%
City of New Orleans LA GO Bonds (Taxable-Refunding) Series 2021
2,085,000		2.054		09/01/28		1,831,166
Michigan – 0.3%
Dearborn MI GO Bonds (Taxable) Series B
1,750,000		3.879		05/01/27		1,688,494
Fraser MI Public School District GO Bonds (Taxable-Refunding) Series 2019 (Q-SBLF)
2,150,000		2.380		05/01/29		1,888,067
						3,576,561
Mississippi(a) – 0.2%
State of Mississippi GO (Taxable-Refunding-Bonds) Series 2020
3,000,000		1.282		11/01/28		2,577,972
Missouri(a) – 0.2%
Curators University of Missouri System Facilities Revenue Bonds Build America Bonds
2,500,000		5.792		11/01/41		2,528,562
Nebraska – 0.3%
University of Nebraska Facilities Corp. Revenue Bonds (Taxable-Refunding) Series A
3,750,000		2.175		10/01/26		3,502,114
New Jersey(a) – 0.3%
Rutgers New Jersey State University Revenue Bonds (Taxable-Refunding) Series R
4,000,000		2.588		05/01/27		3,722,954
New York(a) – 0.4%
New York State Dormitory Authority Revenue Bonds (Taxable-Refunding) Series B
2,700,000		3.229		03/15/30		2,430,523
New York State Urban Development Corp. Revenue Bonds Series 2019 B
1,950,000		3.350		03/15/26		1,884,362
						4,314,885
Ohio – 0.6%
City of Cincinnati OH GO Bonds (Taxable-Refunding) Series A(a)
2,865,000		1.880		12/01/31		2,305,566
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		2,163,240
University of Cincinnati Revenue Bonds (Taxable-Refunding) Series B
3,000,000		1.775		06/01/29		2,566,716
						7,035,522

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

THE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Oregon – 0.2%
Oregon Education Districts Full Faith & Credit Pension Obligations GO Bonds (Taxable) Series 2018(a)
$   495,000		4.220	%		06/30/30	$	474,007
Portland OR Community College District GO Bonds Series 2018
1,250,000		3.970			06/01/27		1,217,001
							1,691,008
Pennsylvania(a) – 0.4%
County of Allegheny PA GO (Taxable-Refunding-Bonds) Series C-79
1,650,000		0.973			11/01/25		1,549,773
State Public School Building Authority Revenue Bonds (Qualified School Construction Bonds)
3,000,000		6.495			09/15/28		3,128,890
							4,678,663
Rhode Island – 0.2%
Rhode Island State Student Loan Authority Loan Revenue Bonds (Taxable) Series 1
2,000,000		2.530			12/01/25		1,912,623
Texas(a) – 0.4%
City of Houston TX GO Bonds (Taxable-Refunding) Series B
5,000,000		2.130			03/01/26		4,719,266
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		1,806,969
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $98,311,979)						$	90,632,188
Agency Debenture(a) – 0.6%
Federal National Mortgage Association
$6,400,000		0.420	%		11/18/24	$	6,233,820
(Cost $6,400,000)

Shares	Dividend Rate	Value
Investment Company – 0.7%
State Street Institutional US Government Money Market Fund – Premier Class
7,708,310	5.250%	$	7,708,310
(Cost $7,708,310)
TOTAL INVESTMENTS – 99.3%
(Cost $1,234,883,138)		$	1,105,592,984
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%			7,292,292
NET ASSETS – 100.0%		$	1,112,885,276

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 April 30, 2024.
(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 April 30, 2024. Maturity date disclosed is the ultimate maturity.
(g)	Rate shown is that which is in effect on April 30, 2024. 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	—Insuredby Assured Guaranty Municipal Corp.
GO	—GeneralObligation
LIBOR	—LondonInterbank Offered Rate
Q-SBLF	—QualifiedSchool Bond Loan Fund
REMICS	—RealEstate Mortgage Investment Conduit
RFUCC	—RefinitiveUSD IBOR Consumer Cash Fallbacks
SOFR	—SecuredOvernight Financing Rate

PORTFOLIO COMPOSITION

	AS OF 4/30/24			AS OF 10/31/23
Corporate Obligations		42.5	%		41.5	%
U.S. Treasury Obligations		16.9			15.5
Asset-Backed Securities		15.3			16.5
Collateralized Mortgage Obligations		10.0			11.3
Municipal Bond Obligations		8.1			8.6
Federal Agencies		4.7			3.9
Investment Company		0.7			1.3
Agency Debentures		0.6			0.6
Commercial Mortgage Obligations		0.5			0.3
TOTAL INVESTMENTS		99.3	%		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. 21

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 49.1%
Collateralized Mortgage Obligations – 37.0%
Banc of America Funding Trust Series 2004-A, Class 1A3(a)(b)
$      611		6.496	%	09/20/34	$	501
Banc of America Mortgage Trust Series 2003-J, Class 2A1(a)(b)
44,624		5.078		11/25/33		39,546
Barclays Mortgage Loan Trust Series 2021-NQM1, Class A1(a)(b)(c)
325,768		1.747		09/25/51		279,103
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-9, Class 24A1(a)(b)
10,989		5.641		11/25/34		9,833
BINOM Securitization Trust Series 2021-INV1, Class A1(a)(b)(c)
374,345		2.034		06/25/56		316,818
BRAVO Residential Funding Trust Series 2021-NQM1, Class A1(a)(b)(c)
172,635		0.941		02/25/49		150,757
BRAVO Residential Funding Trust Series 2021-NQM2, Class A1(a)(b)(c)
203,557		0.970		03/25/60		188,630
Bunker Hill Loan Depositary Trust Series 2020-1, Class A1(a)(b)(c)
96,175		1.724		02/25/55		91,510
Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class 1A(a)(b)
13,529		4.638		09/25/34		11,850
CSMC Trust Series 2021-NQM5, Class A1(a)(b)(c)
299,877		0.938		05/25/66		235,529
Federal Home Loan Mortgage Corp. REMICS PAC Series 2022, Class PE
2,425		6.500		01/15/28		2,421
Federal Home Loan Mortgage Corp. REMICS PAC Series 2109, Class PE
8,604		6.000		12/15/28		8,570
Federal Home Loan Mortgage Corp. REMICS Series 3753, Class AS
97,503		3.500		11/15/25		95,862
Federal Home Loan Mortgage Corp. REMICS Series 3816, Class HA
220,608		3.500		11/15/25		216,999
Federal Home Loan Mortgage Corp. REMICS Series 4561, Class BA
162,153		3.500		09/15/42		158,505
Federal Home Loan Mortgage Corp. REMICS Series 5065, Class A
113,001		2.000		09/25/30		112,169
Federal Home Loan Mortgage Corp. REMICS Series 5131, Class MA
577,939		1.500		04/25/49		476,434
Federal National Mortgage Association Grantor Trust Series 2011-T2, Class A1
383,643		2.500		08/25/51		339,202

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Federal National Mortgage Association REMICS Series 2003-117, Class KB
$  170,360		6.000	%	12/25/33	$	171,732
Federal National Mortgage Association REMICS Series 2003-14, Class AP
4,934		4.000		03/25/33		4,848
Federal National Mortgage Association REMICS Series 2010-109, Class M
257,046		3.000		09/25/40		241,815
Federal National Mortgage Association REMICS Series 2011-146, Class NB
7,378		4.000		09/25/41		7,279
Federal National Mortgage Association REMICS Series 2012-100, Class WA
128,792		1.500		09/25/27		121,865
Federal National Mortgage Association REMICS Series 2012-110, Class CA
168,499		3.000		10/25/42		147,176
Federal National Mortgage Association REMICS Series 2012-118, Class EB
126,624		1.500		11/25/27		119,867
Federal National Mortgage Association REMICS Series 2013-112, Class G
57,397		2.125		07/25/40		55,679
Federal National Mortgage Association REMICS Series 2013-135, Class GA
143,656		3.000		07/25/32		140,547
Federal National Mortgage Association REMICS Series 2013-16, Class FY(a)
(1 mo. USD Term SOFR + 0.464%)
863,132		5.795		03/25/43		840,023
Federal National Mortgage Association REMICS Series 2013-6, Class BE
102,070		2.000		12/25/42		97,992
Federal National Mortgage Association REMICS Series 2013-74, Class YA
148,982		3.000		05/25/42		138,917
Federal National Mortgage Association REMICS Series 2015-15, Class CA
307,481		3.500		04/25/35		290,778
Federal National Mortgage Association REMICS Series 2015-19, Class CA
86,147		3.500		01/25/43		83,346
Federal National Mortgage Association REMICS Series 2015-2, Class PA
136,858		2.250		03/25/44		125,495
Federal National Mortgage Association REMICS Series 2016-104, Class BA
194,897		3.000		01/25/47		179,776
Federal National Mortgage Association REMICS Series 2016-24, Class TA
13,648		3.000		04/25/42		13,523

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

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Federal National Mortgage Association REMICS Series 2016-53, Class BV
$  361,881		3.500	%	11/25/27	$	347,825
Federal National Mortgage Association REMICS Series 2016-96, Class A
235,038		1.750		12/25/46		204,233
Federal National Mortgage Association REMICS Series 2017-46, Class EA
58,575		3.500		12/25/50		57,456
Federal National Mortgage Association REMICS Series 2017-7, Class JA
156,906		2.000		02/25/47		125,130
Federal National Mortgage Association REMICS Series 2019-10, Class PT
216,295		3.500		03/25/49		200,786
Federal National Mortgage Association REMICS Series 2020-35, Class MA
281,102		2.000		12/25/43		254,303
Federal National Mortgage Association REMICS Series 2020-45, Class CB
458,673		2.000		02/25/44		414,077
Federal National Mortgage Association REMICS Series 2020-56, Class AH
519,157		2.000		05/25/45		468,367
GCAT Trust Series 2021-NQM6, Class A1(a)(b)(c)
344,800		1.855		08/25/66		297,370
Government National Mortgage Association REMICS Series 2009-65, Class AF
2,278		4.000		07/20/39		2,251
Government National Mortgage Association REMICS Series 2010-14, Class PA
3,142		3.000		02/20/40		3,054
Government National Mortgage Association REMICS Series 2012-13, Class EG
72,895		2.000		10/20/40		71,477
Government National Mortgage Association REMICS Series 2013-188, Class LE
431,971		2.500		11/16/43		379,209
Government National Mortgage Association REMICS Series 2014-131, Class DM
56,865		3.000		02/20/44		53,752
Government National Mortgage Association REMICS Series 2015-65, Class BD
209,054		2.250		05/20/45		177,693
Government National Mortgage Association REMICS Series 2015-94, Class AT
181,682		2.250		07/16/45		155,018
Government National Mortgage Association REMICS Series 2019-11, Class MA
126,011		3.000		01/20/47		116,720
Government National Mortgage Association REMICS Series 2019-21, Class MA
238,061		3.500		09/20/47		219,837

Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
GS Mortgage-Backed Securities Corp. Trust Series 2020-NQM1, Class A1(a)(b)(c)
$  357,259		1.017	%	07/25/61	$	306,590
GS Mortgage-Backed Securities Trust Series 2020-NQM1, Class A1(a)(b)(c)
110,025		1.382		09/27/60		99,817
GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1(a)
(1 mo. USD Term SOFR + 0.554%)
38,420		5.871		05/25/35		28,573
GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4(a)(b)
137,434		4.710		01/25/36		123,205
Impac CMB Trust Series 2003-2F, Class A(d)
44,783		5.730		01/25/33		43,764
Impac CMB Trust Series 2004-7, Class 1A1(a)
(1 mo. USD Term SOFR + 0.854%)
14,067		6.171		11/25/34		13,704
Impac CMB Trust Series 2005-2, Class 2A2(a)
(1 mo. USD Term SOFR + 0.914%)
19,328		6.231		04/25/35		17,705
Impac Secured Assets Trust Series 2006-1, Class 2A1(a)
(1 mo. USD Term SOFR + 0.814%)
71,915		6.131		05/25/36		63,160
IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 6A1(a)(b)
26,240		5.329		10/25/34		23,942
JPMorgan Mortgage Trust Series 2016-4, Class A3(a)(b)(c)
95,383		3.500		10/25/46		82,628
Lehman XS Trust Series 2005-7N, Class 1A1A(a)
(1 mo. USD Term SOFR + 0.654%)
56,612		5.971		12/25/35		51,940
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1(a)(b)
24,050		6.416		04/21/34		22,681
MFA Trust Series 2021-NQM1, Class A1(a)(b)(c)
174,402		1.153		04/25/65		156,977
MFA Trust Series 2021-NQM2, Class A1(a)(b)(c)
224,229		1.029		11/25/64		190,574
MortgageIT Trust Series 2005-1, Class 1A1(a)
(1 mo. USD Term SOFR + 0.754%)
110,331		6.071		02/25/35		109,689
MortgageIT Trust Series 2005-1, Class 1A2(a)
(1 mo. USD Term SOFR + 0.894%)
94,901		6.211		02/25/35		92,260
New Residential Mortgage Loan Trust Series 2019-RPL3, Class A1(a)(b)(c)
474,256		2.750		07/25/59		441,672
Residential Accredit Loans, Inc. Trust Series 2004-QA4, Class NB21(a)(b)
8,745		5.157		09/25/34		8,251
Sequoia Mortgage Trust Series 2003-2, Class A1(a)
(1 mo. USD Term SOFR + 0.774%)
8,471		6.090		06/20/33		8,212
Sequoia Mortgage Trust Series 2010, Class 1A(a)
(1 mo. USD Term SOFR + 0.914%)
4,707		6.230		10/20/27		4,533

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

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-31A, Class 2A7(a)(b)
$   87,480		6.592	%		10/25/33	$	83,915
Vendee Mortgage Trust Series 1996-2, Class 1Z
9,896		6.750			06/15/26		9,945
Verus Securitization Trust Series 2021-2, Class A1(a)(b)(c)
272,639		1.031			02/25/66		232,684
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $12,388,351)						$	11,279,876
Commercial Mortgage Obligations – 3.4%
Government National Mortgage Association REMICS Series 2010-141, Class B
$   85,441		2.717	%		02/16/44	$	83,186
Government National Mortgage Association REMICS Series 2022-196, Class AB
436,162		3.250			04/16/54		400,910
Government National Mortgage Association REMICS Series 2022-199, Class A
610,540		3.250			02/16/54		560,800
TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $1,052,480)						$	1,044,896
Federal Agencies – 8.7%
Federal Home Loan Mortgage Corp.
$    2,951		5.000	%		05/01/27	$	2,916
65,039		2.500			04/01/28		62,107
(RFUCC 1 yr. Treasury + 1.600%),
147,047		2.707	(a)		07/01/45		143,398
(RFUCC 1 yr. Treasury + 1.590%),
67,758		6.796	(a)		07/01/46		68,987
Federal National Mortgage Association
162,573		3.500			10/01/26		158,538
79,692		3.500			12/01/27		77,189
107,838		2.500			03/01/28		102,583
238,157		2.500			05/01/28		226,239
109,730		3.000			05/01/28		105,671
155,229		2.500			07/01/28		146,984
136,976		3.000			09/01/28		130,992
100,631		2.500			01/01/30		94,964
140,277		3.500			10/01/32		131,770
242,611		3.000			08/01/33		222,997
(RFUCC 1 yr. Treasury + 1.596%),
33,711		7.520	(a)		12/01/45		34,482
Government National Mortgage Association,
(1 yr. CMT + 1.500%)
3		4.000	(a)		11/20/24		3
13		5.000	(a)		12/20/24		13
796		3.875	(a)		04/20/26		786
593		3.625	(a)		08/20/26		580
1,439		3.625	(a)		01/20/28		1,427
Uniform Mortgage-Backed Security
97,224		3.000			11/01/26		94,394
71,994		3.000			12/01/26		70,143

Principal Amount	Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
$  156,048		2.000	%		01/01/31	$	144,268
1,712		7.000			11/01/31		1,749
143,203		5.000			02/01/32		141,174
51,194		6.000			07/01/33		51,193
298,661		3.500			07/01/34		278,593
180,744		3.500			08/01/35		168,015
							2,662,155
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $16,303,565)						$	14,986,927
U.S. Treasury Obligations – 33.4%
U.S. Treasury Bills(e)
$1,000,000		0.000	%		06/11/24	$	993,981
750,000		0.000			07/02/24		743,195
2,100,000		0.000			07/18/24		2,076,078
800,000		0.000			08/15/24		787,713
800,000		0.000			09/26/24		782,914
1,000,000		0.000			12/26/24		966,474
U.S. Treasury Notes
50,000		0.250			05/15/24		49,901
700,000		0.375			08/15/24		689,956
1,000,000		1.500			11/30/24		977,949
750,000		2.125			11/30/24		736,033
950,000		1.000			12/15/24		924,961
200,000		1.125			02/28/25		193,285
300,000		1.250			11/30/26		273,398
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $10,290,802)						$	10,195,838
U.S. Government Agency Obligations – 16.0%
Federal Farm Credit Banks Funding Corp.(f)
$  600,000		2.920	%		05/16/24	$	599,332
275,000		5.120			11/24/27		270,237
Federal Home Loan Banks
700,000		4.875			09/13/24		698,652
Federal Home Loan Mortgage Corp.
700,000		2.350	(f)		03/25/25		681,839
1,000,000		0.375			07/21/25		943,662
Federal National Mortgage Association
1,000,000		0.625			04/22/25		956,692
750,000		0.500			06/17/25		711,602
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $5,026,603)						$	4,862,016
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		6.511	%		03/25/33	$	179,415

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

THE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Home Equity – (continued)
Terwin Mortgage Trust Series 2004-7HE, Class A3(c)
(1 mo. USD Term SOFR + 1.514%)
$  121,630		6.831	%	07/25/34	$	114,758
Terwin Mortgage Trust Series 2004-9HE, Class A1(c)
(1 mo. USD Term SOFR + 0.914%)
40,121		6.231		09/25/34		37,248
						331,421
Other – 0.3%
Countrywide Asset-Backed Certificates Trust Series 2004-6, Class 2A4
(1 mo. USD Term SOFR + 1.014%)
111,391		6.331		11/25/34		104,913
TOTAL ASSET-BACKED SECURITIES
(Cost $415,068)					$	436,334
Shares	Dividend Rate				Value
Investment Company – 0.5%
State Street Institutional US Government Money Market Fund – Premier Class (Cost $153,516)
153,516		5.250%			$	153,516
TOTAL INVESTMENTS – 100.4%
(Cost $32,189,554)					$	30,634,631
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%						(133,163)
NET ASSETS – 100.0%					$	30,501,468

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. The interest rate shown reflects the rate as of April 30, 2024.
(b)	Rate shown is that which is in effect on April 30, 2024. 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 April 30, 2024. Maturity date disclosed is the ultimate maturity.
(e)	Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.
(f)	Security with “Call” features with resetting interest rates.

Investment Abbreviations:
PAC	—PlannedAmortization Class
REMICS	—RealEstate Mortgage Investment Conduit
RFUCC	—RefinitiveUSD IBOR Consumer Cash Fallbacks
SOFR	—SecuredOvernight Financing Rate

PORTFOLIO COMPOSITION

	AS OF 4/30/24			AS OF 10/31/23
Collateralized Mortgage Obligations		37.0	%		49.7	%
U.S. Treasury Obligations		33.4			16.2
U.S. Government Agency Obligations		16.0			16.9
Federal Agencies		8.7			9.6
Commercial Mortgage Obligations		3.4			4.6
Asset-Backed Securities		1.4			1.4
Investment Company		0.5			1.6
TOTAL INVESTMENTS		100.4	%		100.0	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies 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. 25

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – 94.1%
Alabama(a) – 0.6%
Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding–Noland Health Services Inc.) Series 2021 (A/NR)
$ 2,255,000		5.000	%		12/01/31	$	2,361,891
Alaska – 0.7%
Alaska State Municipal Bond Bank Authority Revenue Bonds (Master Resolution) Series A (A+/NR)
1,000,000		5.000			10/01/25		1,016,422
1,000,000		5.000	(a)		10/01/28		1,050,997
Alaska State Municipal Bond Bank Authority Revenue Bonds Series B (AMT) (A+/NR)(a)
450,000		5.000			03/01/27		452,986
							2,520,405
Arizona(a) – 0.6%
Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR)
2,285,000		4.000			11/01/39		2,228,671
Arkansas – 0.8%
City of Benton AR Public Utilities Revenue Bonds (Taxable-Refunding) Series 2020 (NR/A1)
500,000		2.280			09/01/26		466,562
250,000		2.400	(a)		09/01/27		228,222
City of Forrest City AR Sales & Use Tax Revenue Bonds Series 2021 (A-/NR)
650,000		3.000			11/01/29		623,364
675,000		3.000	(a)		11/01/30		643,468
Fort Smith AR Water & Sewer Revenue Bonds (Refunding) Series 2018 (A/NR)(a)
500,000		5.000			10/01/31		533,370
National Park AR Community College District GO Bonds (Refunding) Series 2018 (A+/NR)(a)
645,000		4.000			03/01/30		654,701
							3,149,687
California – 0.1%
Corona-Norca CA Unified School District GO Bonds Series E (AA-/Aa3)
450,000		5.400			08/01/26		472,064
Colorado – 3.5%
Adams County CO Certificates of Participation Series 2021 (A/NR)(a)
550,000		4.000			12/01/36		557,743
Boulder Valley School CO District No. Re-2 Boulder GO Bonds Series 2015 (AA+/Aa1)(a)
3,750,000		5.000			12/01/40		3,793,550
City & County of Denver Airport System Revenue Bonds (Refunding) Series D (AA-/Aa3)(a)
500,000		5.750			11/15/41		564,734
Colorado State Health Facilities Authority Revenue Bonds Series A (A+/A1)(a)
1,770,000		5.000			12/01/44		1,783,871

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Colorado – (continued)
Colorado State Housing & Finance Authority Revenue Bonds (Taxable) Series C-1 (GNMA) (AAA/Aaa)
$   310,000		2.025	%		05/01/24	$	310,000
280,000		2.075			11/01/24		275,513
250,000		2.125			05/01/25		242,310
250,000		2.175			11/01/25		239,247
Holland Creek Metropolitan District Revenue Bonds Series 2001 (NR/Aa1)(a)(b)(c)
4,000,000		3.730			06/01/41		4,000,000
South Suburban Park & Recreation District Certification of Participation Series 2021 (AA-/NR)(a)
1,175,000		4.000			12/15/41		1,164,406
							12,931,374
Connecticut – 1.4%
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series A (AMT) (NR/Aa3)(a)(d)
560,000		3.250			11/15/24		559,807
830,000		3.750			11/15/27		829,862
Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series B (AMT) (NR/Aa3)
330,000		5.000			11/15/27		338,741
450,000		5.000			11/15/28		468,076
450,000		5.000			11/15/29		471,954
385,000		5.000			11/15/30		406,342
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		323,595
530,000		1.900			05/15/25		511,666
765,000		1.950			11/15/25		727,756
500,000		2.090			05/15/26		470,212
							5,108,011
Florida – 3.1%
County of Broward FL Port Facilities Revenue Bond (Refunding) Series A (A/A1)
870,000		5.000			09/01/24		872,780
County of Broward FL Port Facilities Revenue Bond Series A (A/A1)
620,000		5.000			09/01/28		662,803
Florida State Housing Finance Corp. Revenue Bonds Series 1 (GNMA/FNMA/FHLMC) (NR/Aaa)
535,000		2.000			07/01/27		497,150
495,000		2.050			01/01/28		455,489
515,000		2.100			07/01/28		477,488
520,000		2.125	(a)		01/01/29		479,724
Greater Orlando FL Aviation Authority Revenue Bonds Series 2015 A (AA-/Aa3)(a)
2,015,000		5.000			10/01/30		2,044,105

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Florida – (continued)
Lake County FL School Board Certificates of Participation (Refunding-Master Lease Program) Series A (A+/NR)(a)
$   725,000		5.000	%		06/01/24	$	725,190
St. Johns County FL School Board Certificates of Participation Series 2024 A (AA/NR)(a)
1,200,000		5.000			07/01/40		1,319,347
Village Community Development District No 10 (Refunding) Series 2023 AGM (AA/NR)(a)
2,630,000		5.000			05/01/41		2,806,945
1,250,000		5.000			05/01/42		1,328,914
							11,669,935
Georgia – 1.9%
City of Atlanta Department of Aviation Revenue Bonds (Refunding) Series 2021 (NR/Aa3)(a)
2,000,000		4.000			07/01/38		2,020,590
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		1,023,093
Gainesville & Hall County Hospital Authority Revenue Bond Series 2020 (A/NR)(a)
1,700,000		4.000			02/15/39		1,682,973
Milledgeville & Baldwin County Development Authority Revenue Bonds (Refunding) Series 2021 (A+/NR)
500,000		5.000			06/15/30		544,469
500,000		5.000			06/15/31		551,006
600,000		5.000	(a)		06/15/32		660,967
700,000		5.000	(a)		06/15/33		770,739
							7,253,837
Idaho(a) – 0.6%
County of Nez Perce ID Certification of Participation Series 2022 (NR/Aa3)
1,000,000		5.500			03/01/37		1,126,131
Idaho Housing & Finance Association (Refunding Garvee) Series A (NR/A2)
500,000		4.000			07/15/36		509,336
750,000		4.000			07/15/37		756,746
							2,392,213
Illinois – 9.5%
Champaign County IL Community Unit School District No. 4 GO Bonds (Refunding) Series 2019 (AA/Aa2)
630,000		4.000			06/01/28		644,935
Chicago IL Midway International Airport Revenue Bonds (Senior Lien) Series 2024 A (A/NR)
1,000,000		5.000			01/01/34		1,099,420
1,000,000		5.000			01/01/35		1,105,941
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		1,486,393

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
Elk Grove Village GO Bonds Series 2017 (AA+/NR)
$   550,000		3.000	%		01/01/25	$	545,011
1,140,000		5.000			01/01/26		1,166,489
525,000		5.000	(a)		01/01/28		548,832
Governors State University Revenue Bonds (Refunding) Series 2021 (AA/NR)(a)
805,000		4.000			10/01/34		804,570
855,000		4.000			10/01/36		841,411
Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series 2022 (AA-/NR)(a)
750,000		5.000			06/01/42		792,941
Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series A (AA-/NR)(a)
1,550,000		4.000			08/15/37		1,561,723
Illinois Finance Authority Revenue Bonds (Rush University Medical Center Obligated Group) Series A (A+/A1)
500,000		5.000			11/15/24		502,349
Kane County IL Forest Preservation District GO Bonds Series A (AA+/NR)(a)
1,695,000		3.000			12/15/26		1,663,799
Kendall Kane & Will Counties IL Community Unit School District No. 308 GO Bonds (Refunding) Series 2016 (NR/A1)
1,000,000		5.000			02/01/25		1,007,874
Montgomery & Bond Counties Community Unit School District No. 3 Hillsboro GO Bonds Series 2024 (AA/NR)(a)
2,525,000		5.000			12/01/37		2,688,737
Peoria County Community Unit School District No 323 GO Bonds (Refunding) Series 2022 (NR/Aa2)(a)
780,000		3.000			04/01/32		736,833
Rolling Meadows IL GO Bonds Series 2019 (AA+/NR)(a)
495,000		4.000			12/15/34		507,146
515,000		4.000			12/15/35		526,471
535,000		4.000			12/15/36		544,089
555,000		4.000			12/15/37		561,272
580,000		4.000			12/15/38		584,138
600,000		4.000			12/15/39		600,442
Round Lake IL GO Bonds (Refunding) Series 2019 (NR/Aa2)
765,000		4.000			01/01/25		765,729
Saint Clair County IL High School District No. 203 O’Fallon GO Bonds (Refunding) Series 2017 (NR/Aa2)
685,000		4.000			12/01/24		685,434
735,000		4.000			12/01/25		739,323
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		864,335
University of Illinois Auxiliary Facilities System Revenue Bonds (Refunding) Series A (AA-/Aa2)(a)
2,000,000		4.000			04/01/33		2,000,519
Westchester Village of IL GO Bonds Series 2021 (BAM) (AA/A2)(a)
1,000,000		4.000			12/01/34		1,027,262
1,825,000		4.000			12/01/38		1,821,739

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
Whiteside & Lee Counties Community Unit School District No. 5 Sterling GO Bonds Series A (AA/A1)(a)
$   690,000		4.000	%		12/01/33	$	711,435
660,000		4.000			12/01/34		677,993
Winnebago County IL GO Bonds (Refunding) Series C (NR/Aa3)
765,000		5.000			12/30/25		783,612
905,000		5.000			12/30/28		976,454
960,000		5.000			12/30/29		1,050,709
Woodford Lasalle Livingston Etc. Counties Community Unit School District GO Bonds Series A (AA/NR)(a)
650,000		4.000			12/01/30		672,868
700,000		4.000			12/01/31		723,338
700,000		4.000			12/01/32		721,628
725,000		4.000			12/01/33		746,778
							35,489,972
Indiana – 9.4%
Boonville Redevelopment Authority Revenue Bonds Series 2023 (AA/NR)(a)
1,085,000		4.000			08/01/37		1,075,501
1,175,000		4.000			08/01/39		1,119,600
Brownsburg 1999 School Building Corp. Revenue Bonds Refunding Notes Series 2022 (AA+/NR)(a)
1,150,000		5.000			01/15/42		1,230,220
Fort Wayne Redevelopment Authority Revenue Bonds Riverfront Phase II Project Series 2022 (NR/Aa3)(a)
1,935,000		4.000			12/15/36		1,965,929
Griffith Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)(a)
585,000		3.000			07/15/33		542,808
Griffith Redevelopment Authority Revenue Bonds (Refunding) Series B (A/NR)(a)
585,000		3.000			07/15/33		542,808
Indiana Finance Authority (Refunding Stadium Projects) Series 2015 A (AA+/Aa2)(a)
1,300,000		5.250			02/01/34		1,322,283
Indiana Finance Authority Revenue Bonds (Educational Facilities-Butler University Project) Series A (A-/NR)(a)
540,000		5.000			02/01/25		540,054
425,000		5.000			02/01/27		425,042
700,000		5.000			02/01/28		700,069
600,000		5.000			02/01/29		600,060
Indiana Health Facility Financing Authority Revenue Bonds (Ascension Health Credit Group) Series E-6 (AA+/Aa2)(a)(b)(c)
2,000,000		3.750			11/15/39		2,000,000
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		815,193
Indiana State Finance Authority Revenue Bond (Refunding-Marion Hospital, Inc. Obligated Group) Series 2021 (A/NR)
830,000		4.000			07/01/31		852,580
700,000		4.000	(a)		07/01/32		718,913
700,000		4.000	(a)		07/01/36		705,849

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Indiana – (continued)
Indiana State Finance Authority Revenue Bonds (Refunding-Butler University Project) Series 2024 (A-/NR)(a)
$  1,435,000		5.000	%		02/01/38	$	1,533,368
1,505,000		5.000			02/01/39		1,595,874
1,200,000		5.000			02/01/40		1,268,511
IPS Multi-School Building Corp. Revenue Bonds Series 2022 (Social Bonds) (AA+/NR)(a)
1,200,000		5.250			07/15/40		1,319,486
1,685,000		5.500			07/15/40		1,899,868
Lake Central Multi-District School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series B (AA+/NR)
505,000		5.000			07/15/24		505,928
Martinsville Redevelopment Authority Series 2021 BAM (AA/NR)(a)
565,000		3.000			08/01/33		526,082
400,000		3.000			08/01/35		364,224
Noblesville Redevelopment Authority Revenue Bonds (Pleasant street Project) Series 2022 (AA/NR)(a)
1,000,000		4.750			07/15/45		1,027,819
Plainfield IN High School Building Corp. Revenue Bonds (Refunding-First Mortgage) Series 2014 (AA+/NR)(a)
1,000,000		4.000			01/15/26		1,000,946
Shelbyville IN Redevelopment Authority Series 2021 (AA-/NR)(a)
885,000		3.000			08/01/29		838,216
910,000		3.000			08/01/30		856,268
940,000		3.000			08/01/31		876,225
485,000		4.000			08/01/32		501,076
Vinton-Tecumseh IN School Building Corporation Revenue Bonds (First Mortgage) Series A (AA+/NR)(a)
500,000		5.000			07/15/31		527,009
500,000		5.000			07/15/32		527,133
Westfield High School 1995 Building Corp. Revenue Bonds (1st Mortgage) Series B (AA+/NR)(a)
1,000,000		5.000			01/15/31		1,022,919
750,000		5.000			07/15/31		767,064
Whitestown Redevelopment Authority Revenue Bonds (Refunding) Series B (AA+/NR)(a)
1,625,000		3.000			08/01/33		1,552,245
1,670,000		3.000			08/01/34		1,592,907
							35,260,077
Iowa – 0.2%
County of Woodbury IA GO Bonds Series 2021 (NR/Aa3)
620,000		4.000			06/01/25		622,614
Kansas(a) – 0.8%
Geary County KS Unified School District No. 475 GO Bonds Series A (NR/Aa3)(d)
700,000		4.000			09/01/33		704,853

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas(a) – (continued)
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)(d)
$ 1,015,000		5.000	%		09/01/30	$	1,034,453
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		1,055,529
							2,794,835
Kentucky – 4.2%
Appalachian Regional Healthcare Obligated Group Revenue Bonds (Refunding) Series 2021 (A/NR)
1,695,000		5.000			07/01/30		1,809,769
855,000		5.000			07/01/31		918,460
1,275,000		5.000	(a)		07/01/32		1,372,844
Barren County KY School District Finance Corp. Revenue Bonds (Refunding) Series 2015 (NR/A1)(a)
1,000,000		5.000			08/01/26		1,008,909
Bullitt County School District Finance Corp. Revenue Bonds Series 2023 (NR/A1)(a)
1,925,000		4.125			03/01/39		1,910,373
Eastern Kentucky University Revenue Bonds Series A (AA/A1)(a)
1,830,000		4.000			04/01/40		1,827,750
Kentucky State Property & Building Commission Revenue Bonds (Project No. 112) Series B (A/A1)(a)
400,000		5.000			11/01/27		415,744
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series B (NR/A1)(a)
750,000		5.000			05/01/28		787,013
915,000		5.000			05/01/29		957,142
Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series D (NR/A1)
750,000		5.000			05/01/27		784,923
Kentucky State Property & Building Commission Series 2018 (AA/A1)
885,000		5.000			04/01/28		945,542
Kentucky State Property & Building Commission Series A (AA/A1)
960,000		5.000			02/01/26		985,285
Oldham County KY School District Finance Corp. (Refunding) Series 2016 (NR/A1)
690,000		5.000			06/01/24		690,435
Owensboro KY GO Bonds Series A (NR/A1)(a)
1,200,000		5.000			05/01/25		1,200,940
							15,615,129
Louisiana – 2.1%
City of Lafayette LA Communications System Revenue Bonds (Refunding) Series A (AA/A2)
830,000		4.000			11/01/28		850,439
860,000		3.000			11/01/29		833,518

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Louisiana – (continued)
Iberia Parish LA Parish wide School District GO Bonds Series 2017 (AA-/NR)
$   530,000		4.000	%		03/01/25	$	531,318
550,000		4.000			03/01/26		554,375
570,000		4.000			03/01/27		578,792
450,000		4.000	(a)		03/01/28		457,647
Louisiana Correctional Facilities Corp. Revenue Bonds (Louisiana Correctional Institute) Series 2023 (AA-/NR)(a)
695,000		5.000			10/01/35		766,850
545,000		5.000			10/01/36		596,636
1,000,000		4.000			10/01/37		1,000,189
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		827,265
Louisiana Public Facilities Authority Revenue Bonds (Refunding-Ochsner Clinic Foundation Project) Series 2015 (A/A3)(a)
800,000		5.000			05/15/30		811,851
							7,808,880
Maine – 1.9%
Maine Health & Higher Educational Facilities Authority Revenue Bonds Series 2020 A (A+/A1)(a)
1,150,000		4.000			07/01/37		1,159,251
Maine State Health & Higher Educational Facilities Authority Revenue Bonds Series A (NR/A1)(a)
115,000		5.000			07/01/24		115,077
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series B (AA+/Aa1)
1,300,000		1.950			11/15/24		1,273,628
835,000		2.050			11/15/25		796,205
1,000,000		2.100			11/15/26		943,618
Maine State Housing Authority Mortgage Purchase Revenue Bonds Series E (AA+/Aa1)(a)
840,000		2.150			11/15/29		745,352
870,000		2.250			11/15/30		762,434
905,000		2.350			11/15/31		787,923
Portland ME Airport Revenue Bonds (Refunding-General) Series 2016 (A-/Baa1)(a)
215,000		5.000			01/01/34		218,962
330,000		5.000			01/01/35		335,974
							7,138,424
Maryland(a) – 0.6%
City of Baltimore MD Revenue Bonds (Water Projects) Series A (A/Aa3)
2,130,000		5.000			07/01/35		2,211,708
Massachusetts(a) – 0.4%
Massachusetts Housing Finance Agency Revenue Bonds Series 2021 (AA+/Aa1)
960,000		1.850			06/01/32		779,604
710,000		1.900			12/01/32		573,694
							1,353,298

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Michigan – 6.3%
Comstock Park MI Public Schools GO Bonds (Refunding) Series 2015 (Q-SBLF) (AA/NR)
$   730,000		5.000	%		05/01/24	$	730,000
Gerald R Ford International Airport Authority MI Revenue Bonds Series 2024 (AAA/Aaa)(a)
500,000		5.000			01/01/38		551,247
500,000		5.000			01/01/39		547,629
500,000		5.000			01/01/40		542,969
Grand Blanc Community Schools (Taxable-Refunding) Series 2021 (Q-SBLF) (AA/NR)
500,000		2.000			05/01/25		483,870
1,475,000		2.000			11/01/25		1,405,929
500,000		2.000			05/01/26		469,895
1,875,000		2.000			11/01/26		1,737,764
Grand Rapids MI Public Schools GO Bonds Series 2024 (AA/NR)(a)
875,000		5.000			05/01/37		985,114
750,000		5.000			05/01/38		839,465
625,000		5.000			05/01/39		696,334
775,000		5.000			05/01/40		855,867
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		473,773
495,000		5.000			07/01/32		526,734
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		404,607
Ingham County Building Authority Revenue Bonds (Justice Complex Project) Series 2020 (AA/NR)(a)
1,485,000		2.000			05/01/31		1,280,679
Jackson College MI GO Bonds (Refunding) Series 2016 (NR/Aa2)
940,000		3.000			05/01/25		928,706
Mattawan MI Consolidated School District GO Bonds Series I (Q-SBLF) (AA/NR)(a)(d)
750,000		5.000			05/01/26		761,136
Michigan State Housing Development Authority Revenue Bonds Series A (AA+/NR)
400,000		2.150			04/01/25		392,715
470,000		2.550	(a)		04/01/28		445,550
410,000		2.600	(a)		10/01/28		386,812
North Muskegon MI Public Schools MI GO Bonds Series 2024 (AA/NR)(a)
425,000		5.000			05/01/36		484,700
200,000		5.000			05/01/38		223,501
315,000		5.000			05/01/40		347,321
580,000		5.000			05/01/44		628,777
Saginaw Township MI Community School District (Refunding) Series 2015 (Q-SBLF) (NR/Aa1)(a)
750,000		4.000			05/01/28		758,940
Washtenaw MI Community College GO Bonds (Refunding) Series 2015 (NR/Aa1)
645,000		4.000			04/01/25		646,416

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Michigan – (continued)
Wayne County MI Airport Authority Revenue Bonds (Refunding) Series 2015 G (A/A1)(a)
$  2,625,000		5.000	%		12/01/34	$	2,673,583
Wayne County MI Airport Authority Revenue Bonds Series 2015 D (A/A1)(a)
2,400,000		5.000			12/01/34		2,444,419
							23,654,452
Minnesota – 0.4%
Minnesota Higher Education Facilities Authority Revenue Bonds (University Of St. Thomas) Series 2016 8-L (NR/A2)(a)
1,265,000		5.000			04/01/35		1,297,022
Minnesota State Housing & Finance Agency Revenue Bonds Series A (GNMA/FNMA/FHLMC) (AA+/Aa1)
230,000		1.700			07/01/26		214,236
							1,511,258
Mississippi – 2.3%
Mississippi Development Bank Revenue Bonds (Meridian Public School) Series 2023 BAM (AA/A2)(a)
1,500,000		4.000			04/01/37		1,506,030
Mississippi State Development Bank Special Obligation Revenue Bonds (Hinds County Project) Series 2017 (NR/WR)(a)
300,000		5.000			11/01/29		293,660
400,000		5.000			11/01/30		390,756
500,000		5.000			11/01/31		486,974
400,000		5.000			11/01/32		388,288
Mississippi State Gaming Tax Revenue Bonds Series 2015-E (A-/A3)
1,055,000		5.000			10/15/25		1,071,274
Mississippi State Home Corp. Revenue Bonds Series 2022 (NR/Aaa)
720,000		1.800			06/01/30		613,633
690,000		1.850			12/01/30		584,286
1,000,000		1.950	(a)		06/01/31		838,820
Warren MS Certificates of Participation Series 2023 (AA/Aa3)(a)
1,000,000		6.000			09/01/39		1,175,855
1,000,000		6.000			09/01/40		1,168,052
							8,517,628
Missouri – 1.8%
Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR)
850,000		4.000			04/01/28		862,642
1,825,000		4.000			04/01/29		1,858,646
810,000		4.000			04/01/30		826,135
Health & Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Mercy Health) Series 2014 F (A+/A1)(a)
3,000,000		5.000			11/15/45		2,980,588
							6,528,011

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Nebraska(a) – 0.0%
Sarpy County NE Hospital Authority No.1 Revenue Bonds (Refunding-Nebraska Medicine) Series 2016 (AA-/NR)
$    35,000		3.000	%		05/15/46	$	25,451
New Hampshire(a) – 0.4%
New Hampshire Business Finance Authority Revenue Bonds (Saint Luke’s University Health Network) Series 2021 (AA/A1)
1,355,000		4.000			08/15/41		1,322,832
New Jersey – 1.5%
County of Union NJ GO Bonds Series 2016 (AA+/Aaa)(a)
600,000		2.000			03/01/27		564,600
Middlesex County NJ Cops Certificates of Participation (Refunding) Series 2017 (AA+/NR)
705,000		4.000			06/15/26		713,810
500,000		4.000			06/15/27		511,498
500,000		4.000	(a)		06/15/28		513,305
760,000		4.000	(a)		06/15/29		780,399
New Jersey Housing & Mortgage Finance Agency MF Conduit Revenue Bonds (Lexington Manor Apartments Project) Series B (NR/Aaa)
255,000		3.150			06/15/25		253,087
Ventnor City NJ GO Bonds (Refunding) Series 2017 (AA/NR)
690,000		4.000			12/01/26		701,588
705,000		4.000			12/01/27		723,188
730,000		4.000	(a)		12/01/28		749,734
							5,511,209
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		856,915
500,000		4.000			06/01/30		507,153
500,000		4.000			06/01/33		505,551
New Mexico State Mortgage Finance Authority Revenue Bonds Series A (NR/Aaa)
775,000		1.900			03/01/31		650,345
520,000		2.050	(a)		03/01/32		438,182
585,000		2.100	(a)		09/01/32		491,168
University of New Mexico NM Revenue Bonds (Refunding & Improvement-Subordinate Lien) Series A (AA-/Aa3)(a)
1,685,000		2.250			06/01/27		1,586,599
							5,035,913
New York(a) – 0.7%
Monroe Country NY Development Corp. Revenue Bonds (Refunding John Fisher College) Series A (A-/NR)
500,000		5.000			06/01/29		500,484
Upper Mohawk Valley Memorial Auditorium Authority Revenue Bonds (Refunding) Series 2021 (A+/NR)
890,000		2.700			12/01/32		720,375
915,000		2.850			12/01/33		732,606
940,000		3.000			12/01/34		745,812
							2,699,277

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
North Carolina(a) – 0.2%
North Carolina State Housing Finance Agency Homeownership Revenue Bonds Series 39-B (GNMA/FNMA/FHLMC) (AA+/Aa1)
$   595,000		3.200	%		01/01/29	$	578,564
Ohio – 4.2%
Akron OH Certificates of Participation (District Energy Project) Series 2018 (A/NR)(a)
885,000		4.000			12/01/29		898,614
960,000		4.000			12/01/31		975,821
Akron OH GO Bonds (Refunding) (A+/NR)(a)
545,000		5.000			12/01/26		549,042
City of Middletown OH GO Bonds (Refunding) Series 2017 (NR/Aa3)
995,000		4.000			12/01/25		999,331
935,000		5.000			12/01/27		986,928
City of Middletown OH GO Bonds (Refunding) Series 2017 (NR/NR)
100,000		4.000			12/01/25		100,665
110,000		5.000			12/01/27		116,490
County of Franklin OH Revenue Bonds (Trinity Health Credit Group) Series 2017 (AA-/Aa3)(a)
2,120,000		5.000			12/01/46		2,154,067
Dayton City School District Certificates of Participation Series 2021 (NR/A3)(a)
610,000		4.000			12/01/30		625,891
675,000		3.000			12/01/33		621,991
Dayton-Montgomery County Port Authority Revenue Bonds Series 2021 (A-/NR)
410,000		2.000			11/15/31		347,718
Licking Heights OH Local School District GO Bonds (Refunding) Series C (NR/Aa2)
765,000		5.000			10/01/27		808,884
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		630,869
500,000		4.000			12/01/29		499,998
Miami Valley Career Technology Center OH GO Bonds Series 2018 (NR/Aa3)(a)
2,245,000		4.000			12/01/36		2,275,314
2,170,000		4.000			12/01/37		2,186,596
Toledo-Lucas County Port Authority Revenue Bonds Series 2021 (A/NR)
410,000		2.000			11/15/31		349,341
University of Toledo OH Revenue Bonds (Refunding-General Receipt) Series A (A/A2)(a)
700,000		4.000			06/01/36		707,460
							15,835,020
Oklahoma – 2.9%
Bryan County School Finance Authority Revenue Bonds Series 2020 (A/NR)
895,000		4.000			09/01/24		894,715

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Oklahoma – (continued)
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	$	1,375,488
1,770,000		4.000	(a)		12/01/30		1,814,480
McClain County Economic Development Authority Revenue Bonds (Washington Public Schools Project) Series 2022 (A-/NR)(a)
2,000,000		4.000			09/01/36		2,045,010
Murray County OKLA Educational Facilities Authority Revenue Bonds (Sulphur Public Schools Project) Series 2022 (A-/NR)(a)
2,580,000		5.000			09/01/42		2,704,789
Oklahoma Capitol Improvement Authority Revenue Bonds Series 2018 (AA-/NR)(a)
1,975,000		4.000			07/01/38		1,975,393
Oklahoma Capitol Improvement Authority Revenue Bonds Series 2018 (NR/NR)(a)(d)
25,000		4.000			07/01/38		25,845
							10,835,720
Pennsylvania – 9.9%
Berwick Area School District GO Bonds Series 2021 (AA/NR)(a)
345,000		3.000			11/15/34		318,419
720,000		3.000			11/15/36		634,282
Bucks County Technical School Authority Revenue Bonds Series 2022 (AA/A1)(a)
455,000		4.000			02/15/33		469,130
685,000		4.000			02/15/36		701,960
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		1,031,871
Chester County PA School Authority Revenue Bonds (Chester County Intermediate Unit Project) Series 2024 (AA/Aa3)(a)
750,000		5.000			04/01/36		817,664
500,000		5.000			04/01/38		537,408
Pennsylvania Economic Development Financing Authority Revenue Bonds Series 2020 (A/A2)(a)
3,145,000		4.000			04/15/38		3,157,399
Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (A/Aa2)
500,000		5.000			06/01/26		505,690
525,000		5.000			06/01/27		536,338
525,000		5.000			06/01/28		540,926
535,000		5.000			06/01/29		556,421
425,000		5.000			06/01/30		444,258
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		975,378
1,000,000		4.000			05/15/41		965,113

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Pennsylvania – (continued)
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds Series 2022 (AA/Aa3)(a)
$   475,000		4.000	%		08/15/42	$	461,605
Pennsylvania State Housing Finance Agency SF Mortgage Revenue Bonds Series 130A (AA+/Aa1)(a)
795,000		2.100			10/01/30		692,780
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Taxable-Refunding-1st) Series 2020 (NR/Aa3)
335,000		2.355			12/01/26		312,067
400,000		2.533			12/01/27		366,209
350,000		2.633			12/01/29		307,692
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series A-2 (NR/Aa3)(a)
3,000,000		5.000			12/01/35		3,229,265
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds Series C (AA-/Aa3)(a)
500,000		5.000			12/01/26		504,828
Peters Township PA School District Washington County GO Bonds Series C (NR/Aa2)(a)
1,000,000		4.000			09/01/36		1,011,067
Pittsburgh Water & Sewer Authority Revenue Bonds Series A (AA/A1)(a)
800,000		5.000			09/01/40		878,791
1,750,000		5.000			09/01/41		1,906,648
Ridley School PA District Revenue Bonds Series 2024 B (AA/A1)(a)
3,055,000		5.000			11/15/43		3,202,758
1,315,000		5.000			11/15/44		1,375,831
Shikellamy School District PA GO Bonds Series 2020 (AA/NR)(a)
1,945,000		2.000			09/01/28		1,771,795
1,610,000		2.000			09/01/29		1,434,938
Southcentral PA General Authority Revenue Bond Series TT2 (A-/NR)
225,000		5.000			05/01/28		235,535
225,000		5.000			05/01/29		238,641
400,000		5.000			05/01/30		429,544
375,000		5.000			05/01/31		406,863
325,000		4.000	(a)		05/01/32		323,011
325,000		4.000	(a)		05/01/33		323,074
300,000		4.000	(a)		05/01/34		299,397
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		551,276
520,000		4.000			07/01/27		528,593
400,000		5.000	(a)		07/01/28		415,487
500,000		4.000	(a)		07/01/33		503,303
Wilkes-Barre PA Finance Authority Revenue Bonds (Refunding-University of Scranton) Series A (A-/NR)
1,000,000		5.000			11/01/24		1,003,798

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Pennsylvania – (continued)
Wilson PA School District GO Bonds Series A (AA/NR)
$   650,000		4.000	%		05/15/26	$	657,897
840,000		4.000	(a)		05/15/27		852,952
York PA GO Bonds (Refunding) Series A (NR/NR)
640,000		5.000			11/15/26		643,894
							37,061,796
Rhode Island(a) – 0.9%
Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B (AA-/Aa3)
760,000		4.000			11/01/32		778,075
980,000		4.000			11/01/33		1,003,841
Rhode Island State Housing and Mortgage Finance Corp Revenue Bonds Series 2022 (AA+/Aa1)
2,025,000		2.100			04/01/32		1,713,048
							3,494,964
South Carolina – 0.3%
Laurens County SC School District No. 055 Installment Purchase Revenue Bonds (Refunding) Series 2015 (A-/A2)
1,000,000		5.000			12/01/24		1,005,740
South Dakota – 1.2%
County of Clay SD G0 Bonds Series 2023 (NR/Aa3)(a)
1,000,000		5.000			12/01/38		1,085,896
Mitchell School SD District No. 17-2 GO Bonds Series 2024 (AA+/NR)(a)
1,745,000		5.000			08/01/38		1,894,116
South Dakota Housing Development Authority Revenue Bonds (Home Ownership Mortgage) Series D (AAA/Aaa)
30,000		2.700			05/01/25		29,444
South Dakota State Health & Educational Facilities Authority Revenue Bonds Series 2017 (NR/A1)
825,000		5.000			09/01/24		827,201
605,000		5.000			09/01/25		613,049
							4,449,706
Tennessee – 1.7%
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		526,086
600,000		5.000	(a)		07/01/29		628,650
500,000		5.000	(a)		07/01/30		524,192
Johnson City Health & Educational Facilities Board Revenue Bonds Series 2023 B (A-/NR)
4,155,000		5.000			07/01/33		4,608,835
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		124,869
							6,412,632

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Texas – 10.2%
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	$	1,293,376
1,000,000		5.000			08/15/40		1,070,523
Arlington TX Higher Education Finance Corp. Revenue Bonds (Responsive Education Solutions) Series A (PSF-GTD) (AAA/NR)
725,000		5.000			08/15/25		736,075
Arlington TX Higher Education Finance Corp. Revenue Bonds (Uplift Education) Series B (PSF-GTD) (AAA/NR)(a)
540,000		4.000			12/01/30		545,919
485,000		4.000			12/01/32		490,471
Arlington TX Higher Education Finance Corp. Revenue Bonds Series A (PSF-GTD) (AAA/NR)(a)
1,000,000		4.000			08/15/34		1,026,600
1,000,000		4.000			08/15/35		1,023,760
Celina TX GO Bonds (Certificates of Obligation) (Waterworks & Sewer System) Series 2015 (AA/Aa2)(a)
430,000		5.000			09/01/27		438,207
980,000		5.000			09/01/28		1,000,192
City of Atlanta Department of Aviation Revenue Bonds Series 2022 (A+/A1)
1,250,000		5.000			11/15/32		1,372,298
City of Brownsville TX Utilities System Revenue Bonds (Refunding) Series 2022 (AA/NR)(a)
500,000		5.000			09/01/42		529,011
City of Bryan TX Electric System Revenue Bonds (Refunding) Series 2021 (A+/NR)(a)
960,000		4.000			07/01/31		968,801
City of Houston TX Airport System Revenue Bonds Series 2021 (NR/A1)
1,000,000		5.000			07/01/29		1,061,310
900,000		5.000			07/01/30		966,574
1,200,000		5.000			07/01/31		1,301,595
City of Houston TX Combined Utility System Revenue Bonds (Refunding) Series C (NR/Aa1)(a)(b)(c)
4,000,000		3.750			05/15/34		4,000,000
Clifton TX Higher Education Finance Corp. Revenue Bonds (Refunding International Leadership Of Texas, Inc.) Series 2024 A (NR/Aaa)(a)
1,175,000		5.000			08/15/34		1,326,318
860,000		5.000			08/15/35		967,324
975,000		5.000			08/15/36		1,087,828
Dallas Fort Worth International Airport Revenue Bonds Refunding Series 2023 B (A+/A1)(a)
1,000,000		5.000			11/01/39		1,114,472
Greater Texoma Utility Authority Revenue Bonds (City Of Sherman Project) Series 2022 (AA/NR)(a)
2,515,000		4.000			10/01/39		2,530,212
Greenville TX Electric System Revenue Bonds Series 2022 (AA/NR)(a)
1,000,000		5.000			02/15/47		1,046,342

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Texas – (continued)
Harris County Municipal Utility District No 105 GO Bonds (Refunding) Series 2022 (AA/NR)
$   905,000		4.000	%		03/01/32	$	930,756
970,000		4.000	(a)		03/01/33		1,002,630
1,015,000		4.000	(a)		03/01/34		1,051,552
Hutto Independent School District GO Series 2023 (PSF-GTD) (AAA/Aaa)(a)
1,000,000		5.000			08/01/40		1,101,855
Katy TX Independent School District GO Bonds (Refunding) Series A (PSF-GTD) (AAA/Aaa)
300,000		5.000			02/15/25		303,458
Kyle TX GO Bonds Series 2022 (AA/NR)(a)
1,500,000		4.000			08/15/38		1,505,942
Laredo TX GO Bonds Series 2022 (AA/Aa2)(a)
1,740,000		5.000			02/15/40		1,880,880
McGregor TX Independent School District GO Bonds (Capital Appreciation) Series 2001 (PSF-GTD) (AAA/NR)(e)
230,000		0.000			02/15/25		223,011
Port Freeport TX Revenue Bonds Series 2024 (AMT) (A+/NR)
1,550,000		6.000			06/01/34		1,783,263
1,655,000		4.000	(a)		06/01/35		1,656,308
Round Rock Transportation & Economic Development Corp. (Taxable) Series 2021 BAM (AA/NR)
910,000		1.250			08/15/26		831,911
							38,168,774
Utah – 0.4%
Salt Lake City UT Airport Revenue Bonds Series A (A+/A2)
1,000,000		5.000			07/01/26		1,023,074
Salt Lake City UT Airport Revenue Bonds Series B (A+/A2)(a)
500,000		5.000			07/01/34		524,563
							1,547,637
Vermont – 0.9%
Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (A/NR)
400,000		5.000			06/15/25		402,580
400,000		5.000			06/15/26		406,873
780,000		5.000			06/15/27		797,154
Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (AAA/NR)
300,000		5.000			06/15/24		300,127
Vermont Student Assistance Corp Revenue Bonds Series 2021 (A/NR)
400,000		5.000			06/15/29		415,219
455,000		5.000			06/15/30		474,983
475,000		5.000			06/15/31		497,395
							3,294,331

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Virginia(a) – 1.0%
Isle of Wight County Economic Development Authority Revenue Bonds (Riverside Health System) Series 2023 (AA/NR)
$ 1,000,000		5.250	%		07/01/43	$	1,091,803
Virginia Housing Development Authority Revenue Bonds Series 2023 F (AA+/Aa1)
2,500,000		5.150			11/01/48		2,555,132
							3,646,935
Port of Seattle WA Special Facilities Revenue Bonds (Refunding) Series 2013 (A+/A1)
900,000		3.600			06/01/26		884,109
Port of Seattle WA Special Facilities Revenue Bonds Series 2017 (AA-/A1)
1,500,000		5.000			05/01/37		1,529,484
Washington State Health Care Facilities Authority Revenue Bonds (Multicare Health System) Series A (A/WR)
495,000		5.000			08/15/27		501,512
Washington State Health Care Facilities Authority Revenue Bonds (Refunding-Providence St. Joseph Health) Series B (A/A2)
150,000		5.000			10/01/30		157,248
Washington State Housing Finance Commission Revenue Bonds (Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa)
290,000		3.450			12/01/30		286,002
							3,358,355
Wisconsin(a) – 2.2%
City of Milwaukee WI GO Bonds (Refunding) Series 2022 (AA/NR)
2,000,000		5.000			04/01/35		2,236,681
City of Milwaukee WI GO Bonds Series 2020 (AA/NR)
2,580,000		4.000			04/01/35		2,601,941
Luxemburg-Casco WI School District Brown & Kewaunee Counties GO Notes (Refunding) Series 2018 (AA-/NR)
520,000		4.000			03/01/30		531,565
Tomorrow River School District GO Bonds Series 2022 (AA/NR)
1,910,000		4.000			03/15/41		1,912,514
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		1,107,036
							8,389,737
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $364,794,714)						$	351,268,967

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Shares	Dividend Rate	Value
Investment Company – 5.4%
State Street Institutional US Government Money Market Fund – Premier Class
20,218,808	5.250%	$	20,218,808
(Cost $20,218,808)
TOTAL INVESTMENTS – 99.5%
(Cost $385,013,522)		$	371,487,775
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%			1,735,764
NET ASSETS – 100.0%		$	373,223,539

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 April 30, 2024.
(c)	Rate shown is that which is in effect on April 30, 2024. 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.
(d)	Prerefunded security. Maturity date disclosed is prerefunding date.
(e)	Security issued with a zero coupon. The actual effective yield of this security is different than the stated coupon due to the accretion of discount.
Security ratings disclosed, if any, are issued by S&P Global Ratings/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

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
PSF-GTD	—Guaranteedby Permanent School Fund
Q-SBLF	—QualifiedSchool Bond Loan Fund
WR	—WithdrawnRating

PORTFOLIO COMPOSITION

	AS OF 4/30/24			AS OF 10/31/23
General Obligation		24.1	%		32.5	%
Lease		16.9			16.7
Hospital		12.7			11.6
Limited Tax		9.7			12.5
Transportation		9.3			5.8
Investment Company		5.4			0.7
Higher Education		5.2			4.2
Water/Sewer		5.2			2.9
Single Family Housing		5.1			5.6
Student		2.0			2.1
Prerefunded/Escrow to Maturity		1.1			1.2
Multi Family Housing		1.1			1.2
Power		0.7			0.7
Not For Profit		0.5			0.5
Utilities		0.5			0.7
TOTAL INVESTMENTS		99.5	%		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.

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – 100.5%
Alabama(a) – 0.9%
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	$	2,094,803
Arizona(a) – 1.1%
Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR)
2,680,000		4.000			11/01/40		2,582,865
Illinois(a) – 0.4%
Woodford Lasalle Livingston Etc. Counties IL Community Unit School District GO Bonds Series A (AA/NR)
500,000		4.000			12/01/34		513,631
500,000		4.000			12/01/35		508,281
							1,021,912
Indiana(a) – 0.8%
Shelbyville Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR)
500,000		3.000			08/01/33		457,769
Whitestown Redevelopment Authority (Lease Rental Multipurpose Refunding Revenue)- Series 2021 (AA+/NR)
1,575,000		3.000			08/01/32		1,518,936
							1,976,705
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		2,770,394
Missouri – 94.8%
Andrew County Reorganized School District No. 3 Certificates of Participation Series 2023 BAM (AA/NR)(a)
2,000,000		4.000			04/15/43		1,955,803
Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)(a)
760,000		4.000			08/15/28		771,654
825,000		4.000			08/15/30		837,937
555,000		4.000			08/15/31		563,553
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		1,175,348
1,000,000		4.000			03/01/40		1,016,428
750,000		4.000			03/01/41		761,552
Brentwood MO Certificates of Participation Series 2018 (AA-/NR)(a)
2,070,000		4.000			10/01/33		2,079,893
1,655,000		4.000			10/01/34		1,661,597
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		922,120
750,000		4.000			03/01/37		758,722

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Cape Girardeau County MO Reorganized School District No. R-2 GO Bonds (Refunding) Series 2022 (A+/NR)
$  915,000		4.000	%		03/01/28	$	934,228
City of Brentwood MO Certificates of Participation Series 2019 (AA-/NR)(a)
1,415,000		4.000			10/01/36		1,415,310
City of Carthage MO Certificates of Participation Series 2022 (A+/NR)(a)
1,145,000		5.000			05/01/37		1,201,940
City of Florissant MO Certificates of Participation (Refunding) Series 2021 (NR/Aa3)(a)
505,000		3.000			10/01/30		483,361
570,000		3.000			10/01/34		525,808
City of Jennings MO Certificates of Participation Series 2021 (NR/NR)(a)
1,095,000		4.000			03/01/31		1,110,543
1,230,000		4.000			03/01/34		1,247,469
750,000		4.000			03/01/37		751,580
530,000		4.000			03/01/40		504,178
City of Kansas City MO Special Obligation Revenue Bonds Series 2021 (AA-/A1)(a)
1,000,000		5.000			04/01/35		1,110,238
760,000		5.000			04/01/36		837,387
1,435,000		5.000			04/01/37		1,564,684
City of Kansas City MO Special Obligation Revenue Bonds Series 2024 (AA-/A1)(a)
1,500,000		5.000			04/01/35		1,726,436
City of Republic MO Revenue Bonds Series 2022 (A+/NR)(a)
920,000		4.000			05/01/34		951,508
640,000		4.000			05/01/35		659,189
685,000		4.000			05/01/36		701,664
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		1,006,275
1,000,000		4.000			03/01/35		1,005,852
Clay County MO Public School District No. 53 Liberty GO Bonds Series 2018 (AA/NR)(a)
1,000,000		4.000			03/01/34		1,006,275
Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)(a)
500,000		4.000			10/01/42		487,130
County of Barry MO Certificate of Participation Series 2023 (NR/A3)
640,000		5.000			10/01/29		670,424
670,000		5.000			10/01/30		704,951
705,000		5.000			10/01/31		743,016
740,000		5.000	(a)		10/01/32		780,892
County of Cole MO Reorganized School District No. 2 GO Series 2019 (AA+/NR)(a)
3,370,000		5.000			03/01/36		3,401,708
County of Franklin MO Certificates of Participation (Refunding) Series B (A+/NR)(a)
1,100,000		4.000			04/01/28		1,119,172

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
County of Greene MO Certificate of Participation Series 2018 (NR/Aa2)(a)
$1,000,000		4.000	%		09/01/31	$	1,019,757
County of St. Charles MO Special Obligation Revenue Bonds Series 2024 (AA/NR)(a)
1,945,000		4.000			04/01/38		1,971,234
2,025,000		4.000			04/01/39		2,040,006
Fenton MO Fire Protection District GO Bonds Series 2019 (AA+/NR)(a)
1,200,000		4.000			03/01/33		1,217,463
625,000		4.000			03/01/34		634,166
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		742,583
830,000		5.000	(a)		04/01/30		902,138
905,000		5.000	(a)		04/01/31		986,123
Fort Zumwalt School District FORT ZUMWALT SD-REF Series 2024 ST AID DIR DEP (AA+/NR)(a)
1,425,000		5.250			03/01/34		1,643,304
1,115,000		5.250			03/01/35		1,280,469
Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series A (A+/NR)(a)
715,000		4.000			12/30/32		746,989
1,780,000		3.000			12/30/33		1,674,221
Greene County MO Certificates of Participation Series 2018 (NR/Aa2)(a)
1,130,000		5.000			09/01/36		1,193,019
1,000,000		5.000			09/01/37		1,050,771
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		910,271
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		922,176
985,000		4.000			03/01/32		1,003,287
Greenwood MO GO Build America Bonds Taxable Series B (AA-/NR)(a)
95,000		5.625			03/01/25		94,995
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		3,276,946
Harrisonville MO Cass R-9 School District GO Bonds Series 2020 (AA+/NR)(a)
1,250,000		5.000			03/01/37		1,258,498
Hazelwood School District GO Bonds (Refunding) Series 2023 (AA/NR)(a)
750,000		5.000			03/01/42		812,989

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Health & Educational Facilities Authority of the State of Missouri (Refunding) Series 2021 (BBB+/NR)(a)
$  350,000		4.000	%		02/15/34	$	333,227
400,000		4.000			02/15/35		378,561
580,000		4.000			02/15/36		542,720
700,000		4.000			02/15/37		643,854
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		2,289,742
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		559,619
Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (Refunding-Saint Lukes Health Systems) Series 2020 (AA/Aa2)
525,000		5.000			11/15/25		536,512
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		551,661
Health & Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Mercy Health) Series 2014 F (A+/A1)(a)
6,000,000		5.000			11/15/45		5,961,176
Independence MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)(a)
1,470,000		3.250			03/01/38		1,398,117
Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR)(a)
960,000		3.000			04/01/26		941,998
Jackson County MO Reorganized School District No. 7 Certificates of Participation Series 2016 (AA/NR)(a)
700,000		4.000			05/01/27		705,293
630,000		4.000			05/01/29		635,522
675,000		4.000			05/01/30		680,301
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		1,105,163
1,000,000		5.500			03/01/36		1,100,322
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		447,626
575,000		3.250			04/15/30		541,442
550,000		3.300			04/15/31		513,792
700,000		3.375			04/15/32		647,548
Jackson County MO School District Hickman Mills C-1 GO Bonds (Refunding) Series 2020 (AA+/NR)
100,000		3.000			03/01/27		98,261
165,000		4.000	(a)		03/01/31		169,175
180,000		4.000	(a)		03/01/32		184,322
200,000		4.000	(a)		03/01/33		204,670

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

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	$	1,387,088
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		694,378
Jefferson City MO School District Certificate of Participation Series 2021 (A+/NR)(a)
1,220,000		4.000			04/01/35		1,252,475
Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)(a)
15,000		4.000			03/01/30		15,127
Jefferson County School District No R-VI Festus Certificate of Participation (Refunding)Series 2021 (A+/NR)(a)
585,000		3.000			04/01/29		565,946
605,000		3.000			04/01/30		584,903
420,000		3.000			04/01/31		406,120
460,000		3.000			04/01/33		434,498
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		1,895,355
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		487,531
1,020,000		2.558			02/15/26		969,008
815,000		2.844			02/15/28		746,077
825,000		2.894			02/15/29		741,071
Joplin MO Schools GO Buildings–Series 2020 (AA+/NR)(a)
1,285,000		3.000			03/01/35		1,206,467
Kansas City MO Industrial Development Authority Airport Special Obligation Revenue Bonds(Kansas City International Airport Terminal Modified Project) Series B (A-/A2)(a)
1,275,000		4.000			03/01/34		1,290,598
Kansas City MO Industrial Development Authority Airport Special Obligation Revenue Bonds(Kansas City International Airport Terminal Modified Project) Series B (A-/A2)
2,540,000		5.000			03/01/28		2,643,980
1,370,000		5.000			03/01/29		1,444,182
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		2,132,795
Kansas City MO Special Obligation Revenue Bonds (Refunding) Series C (AA-/A2)(a)
1,000,000		5.000			09/01/31		1,050,149
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		1,017,532

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Liberty Public School District No. 53 GO Bonds Series 2023 (AA/NR)(a)
$2,000,000		4.000	%		03/01/42	$	1,964,069
Maplewood Richmond Heights Mosch District GO Bonds (Refunding) Series 2019 (AA-/NR)(a)
500,000		4.000			03/01/30		508,811
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		2,808,562
Missouri Development Finance Board Revenue Bonds (Sant Louis Zoo Projects) Series 2022 (AA-/A1)(a)
1,000,000		5.250			05/01/36		1,116,277
1,100,000		5.250			05/01/37		1,212,505
Missouri Development Finance Board Revenue Bonds (The Nelson Gallery Foundation) Series A (AA-/NR)(a)(b)(c)
2,000,000		3.700			12/01/37		2,000,000
Missouri Joint Municipal Electric Utility Commission Revenue Bonds Series 2022 (NR/A2)(a)
500,000		5.250			12/01/41		535,257
500,000		5.250			12/01/42		533,871
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		910,946
990,000		4.000	(a)		04/01/32		1,017,941
1,095,000		4.000	(a)		04/01/33		1,122,565
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)(a)
635,000		2.000			04/01/27		596,278
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series B (AA+/Aa1)(a)
800,000		4.000			04/01/28		800,415
Missouri State Environmental Improvement & Energy Resources Authority Revenue Bonds (Tri-County Water Authority Project) (NR/Aa3)(a)
595,000		5.000			01/01/30		599,834
775,000		5.000			01/01/31		781,093
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		1,440,835
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		2,126,353
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		702,127
800,000		5.000			09/01/38		822,504

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

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	$	2,521,488
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		1,392,473
1,000,000		5.000			12/01/33		1,012,513
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		993,525
1,100,000		5.000			06/01/37		1,139,341
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		1,252,158
250,000		4.000			05/15/39		244,950
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		293,278
310,000		2.500			05/01/31		274,648
320,000		2.550			11/01/31		282,849
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series B-2 (GNMA/FNMA/FHLMC) (AA+/NR)(a)
70,000		3.550			11/01/30		69,510
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series D (GNMA/FNMA/FHLMC) (AA+/NR)(a)
250,000		3.050			11/01/28		241,863
225,000		3.150			11/01/29		217,739
245,000		3.250			11/01/30		235,211
Nixa MO Public Schools Certificates of Participation Series 2021 (A/NR)(a)
1,465,000		3.000			04/01/39		1,251,554
Nixa MO Public Schools GO Bonds (Direct Deposit Program) (Refunding) Series 2019 (AA+/NR)(a)
500,000		4.000			03/01/33		509,306
800,000		4.000			03/01/34		813,679
Nodaway County MO Industrial Development Authority Revenue Bonds (Northwest Foundation) Series 2008 (A+/NR)(a)(b)(c)
850,000		3.740			11/01/28		850,000
North Jefferson County MO Ambulance District GO Bonds Series 2022 (AA/NR)(a)
650,000		5.000			03/01/40		700,856
North Kansas City MO School District No. 74 GO Bonds (Refunding) Series 2022 (AA+/Aa1)
5,625,000		5.000			03/01/25		5,692,834
2,500,000		5.000			03/01/26		2,578,151

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
North Kansas City MO School District No. 74 GO Bonds Series 2022 (AA+/Aa1)(a)
$2,000,000		5.250	%		03/01/39	$	2,238,226
O’Fallon Fire Protection District GO Bonds Series 2023 (NR/Aa2)(a)
510,000		4.000			03/01/38		520,405
530,000		4.000			03/01/39		538,397
575,000		4.000			03/01/41		577,396
600,000		4.000			03/01/42		598,976
Ozark MO Certificates of Participation Series 2014 (A+/NR)(a)
500,000		5.000			09/01/44		500,221
Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)(a)
400,000		3.000			03/01/36		374,752
Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)(a)
1,000,000		4.000			03/01/37		1,019,600
1,000,000		4.000			03/01/38		1,010,874
750,000		4.000			03/01/39		753,359
Platte County Reorganized School District No R-3 GO Bonds (Refunding) Series 2021 (AA/NR)(a)
2,155,000		5.250			03/01/40		2,387,666
Polk County Mo School District No R-1 GO (Bolivar Refunding) Series 2021 (A/NR)(a)
625,000		3.000			03/01/33		607,047
1,600,000		3.000			03/01/35		1,566,886
Rolla MO Certificates of Participation Series B (A+/NR)(a)
225,000		3.150			07/01/27		224,034
410,000		3.450			07/01/32		403,051
Rolla School District No. 31 GO Bonds (Missouri Direct Deposit Program) Series 2023 (AA+/NR)(a)
925,000		5.000			03/01/41		995,824
Saint Louis MO Airport Revenue Bonds (Refunding -St. Louis Lambert International Airport) Series A (NR/A2)
1,500,000		5.000			07/01/31		1,621,100
1,355,000		5.000			07/01/32		1,471,924
Saint Louis MO Airport Revenue Bonds (Refunding) Series 2017 C (AA/A1)(a)
3,745,000		5.000			07/01/42		3,845,877
Southeast Missouri State University Revenue Bonds (Refunding) Series 2020 BAM (AA/NR)(a)
1,465,000		4.000			04/01/40		1,376,701
Southern Platte MO Fire Protection District Series 2018 (NR/Aa2)(a)
540,000		4.000			03/01/38		542,628
Springfield MO Public Utility Revenue Bonds (Refunding) Series 2015 (AA+/NR)(a)
1,310,000		4.000			08/01/31		1,310,943
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (AMT) (NR/Aa2)
2,275,000		5.000			07/01/27		2,379,523
1,220,000		5.000	(a)		07/01/28		1,263,670
1,400,000		5.000	(a)		07/01/30		1,454,303

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (NR/Aa3)(a)
$1,405,000		4.000	%		05/01/27	$	1,405,631
Springfield MO Special Obligation Revenue Bonds Series 2020 (NR/Aa2)(a)
470,000		4.000			11/01/34		481,010
475,000		4.000			11/01/35		484,820
815,000		4.000			11/01/36		828,193
845,000		4.000			11/01/37		851,086
920,000		4.000			11/01/38		923,777
St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)(a)
2,480,000		2.125			04/01/39		1,878,920
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		1,942,839
St. Charles MO Certificates of Participation Series 2024 (NR/Aa3)(a)
660,000		5.000			02/01/37		729,519
695,000		5.000			02/01/38		759,854
730,000		5.000			02/01/39		790,346
670,000		5.000			02/01/40		720,843
St. Louis County MO Community College District Certificates of Participation Series 2017 (AA/NR)(a)
1,000,000		4.000			04/01/35		1,015,450
2,000,000		4.000			04/01/36		2,025,405
2,515,000		4.000			04/01/37		2,532,546
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		1,001,555
St. Louis County MO Reorganized School District No. R-6 GO Bonds Series 2018 (AAA/NR)
800,000		5.000			02/01/26		822,305
St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR)
2,710,000		5.000			02/15/27		2,795,866
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		2,622,630
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		1,745,723
1,840,000		4.000			03/01/34		1,861,641
Stone County Reorganized School District No. 4 GO (Reeds Spring) Series 2022 (AA/NR)(a)
2,000,000		4.000			03/01/39		2,010,090
Strafford Fire Protection District GO Bonds Series 2022 BAM (AA/NR)(a)
1,125,000		5.000			03/01/40		1,186,263
Taney County Public Water Supply District No 3 Certification of Participation Series 2022 (A/NR)(a)
720,000		3.750			07/01/36		725,643

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Truman MO State University Housing Society Revenue Bonds (Refunding-Revenue) Series 2016 (NR/A3)(a)
$  865,000		3.000	%		06/01/25	$	848,328
University City Municipal Library District Certification of Participation Series 2022 (NR/A1)(a)
710,000		3.000			04/15/39		607,756
Valley Park MO Fire Protection District GO Bonds Series 2019 (AA/NR)(a)
450,000		4.000			03/01/35		455,722
500,000		4.000			03/01/37		503,700
755,000		4.000			03/01/39		755,657
Warrensburg MO School District No R-VI GO Bonds (Direct Deposit Program) Series 2020 (AA+/NR)(a)
500,000		3.000			03/01/36		466,750
560,000		3.000			03/01/37		506,358
Washington MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)(a)
2,400,000		4.000			03/01/38		2,410,196
Webster County MO Marshfield School District No. R-1 GO Bonds (Direct Deposit Program) Series A (AA+/NR)(a)
500,000		4.000			03/01/32		512,006
890,000		4.000			03/01/33		910,137
Wentzville MO Certificates of Participation Series 2023 (NR/Aa3)
250,000		5.000			03/01/32		277,114
260,000		5.000			03/01/33		290,698
340,000		5.000	(a)		03/01/34		380,304
360,000		5.000	(a)		03/01/35		401,979
380,000		5.000	(a)		03/01/36		422,037
320,000		5.000	(a)		03/01/37		352,246
600,000		4.000	(a)		03/01/39		591,239
Wentzville MO School District No. 4 (Refunding) (Direct Deposit Program) Series 2016 (AA+/Aa1)(a)(d)
2,000,000		0.000			03/01/26		1,853,300
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		1,814,532
1,800,000		4.000			04/01/33		1,803,887
1,800,000		4.000			04/01/34		1,804,576
Wright City R-II School District GO Bonds Series 2022 AGM (AA/NR)(a)
1,055,000		6.000			03/01/34		1,272,588
							231,807,751
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		2,155,752
105,000		3.150			01/01/36		94,122
							2,249,874

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Ohio(a) – 0.5%
Dayton City School District Certificates of Participation (Ohio School Facilities Project) Series 2021 (NR/A3)
$  715,000		3.000	%	12/01/35	$	647,819
Dayton City School District Certificates of Participation (Ohio School Facilities Project) Series 2021 (NR/A3)
695,000		2.125		12/01/34		568,637
						1,216,456
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $255,665,160)					$	245,720,760
Shares	Dividend Rate				Value
Investment Company – 0.0%
State Street Institutional US Government Money Market Fund – Premier Class
120,414		5.250%			$	120,414
(Cost $120,414)
TOTAL INVESTMENTS – 100.5%
(Cost $255,785,574)					$	245,841,174
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%						(1,246,559)
NET ASSETS – 100.0%					$	244,594,615

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 April 30, 2024.
(c)	Rate shown is that which is in effect on April 30, 2024. 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.
(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/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

	AS OF 4/30/24			AS OF 10/31/23
Lease		37.7	%		39.8	%
General Obligation		30.6			28.9
Hospital		11.6			8.5
Limited Tax		6.8			7.9
Transportation		4.8			3.0
Higher Education		4.5			3.2
Single Family Housing		2.7			3.7
Power		1.0			1.1
Water/Sewer		0.8			1.5
Investment Company		—			0.6
Utilities		—			0.5
Multi Family Housing		—			0.5
TOTAL INVESTMENTS		100.5	%		99.2	%

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

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

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – 99.8%
Alabama(a) – 0.9%
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	$	1,047,402
Georgia(a) – 0.7%
University Of GA Milledgeville & Baldwin Development Authority Revenue Bonds (Refunding-State of Georgia University Project) (A+/NR)
745,000		5.000			06/15/34		819,887
Illinois(a) – 2.2%
Lake County IL Community Consolidated School District No. 73 Hawthorn GO Bonds (Refunding) Series B (AA+/NR)
1,000,000		4.000			01/01/33		1,013,245
Westchester Village GO Bonds Series 2021 (BAM) (AA/A2)
1,690,000		4.000			12/01/36		1,704,247
							2,717,492
Indiana – 6.5%
Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR)(a)
440,000		4.000			01/15/35		446,789
City of Martinsville Indiana Government Facility Building Corp. Revenue Bonds Series 2023 BAM (AA/NR)(a)
500,000		5.250			08/01/37		547,986
500,000		5.250			08/01/42		535,895
Frankfort Redevelopment Authority Revenue Bonds Riverfront Phase II Project Series 2022 BAM (AA/NR)(a)
1,500,000		5.000			08/01/38		1,637,700
Indianapolis Local Public Improvement Bond Bank Revenue Bonds (City Moral Obligation – Subordinate) Series 2023 (AA/NR)(a)
1,750,000		5.250			03/01/43		1,900,167
Northwestern School Building Corp. Revenue Bonds Series 2023 (AA+/NR)(a)
550,000		6.000			07/15/36		639,680
600,000		6.000			07/15/37		691,810
Whitestown Redevelopment Authority Redevelopment Authority Lease Rental Revenue Bonds (Taxable-Refunding) Series 2021 (AA+/NR)
1,530,000		3.000			08/01/31		1,488,561
							7,888,588
Iowa(a) – 0.6%
City of Marion IA Road Use Tax Revenue Bonds Series 2023 (NR/Aa2)
750,000		5.000			06/01/43		777,828
Kansas – 85.4%
Arkansas City KS Public Building Commission Revenue Bonds (Refunding) Series 2019 (A/NR)
560,000		5.000			09/01/27		588,648
585,000		5.000			09/01/28		625,630
415,000		5.000	(a)		09/01/29		450,436

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Atchison County KS Unified School District No. 409 GO Bonds (Refunding) Series 2024 (AA/NR)(a)
$  920,000		5.000	%		09/01/36	$	1,019,595
Bel Aire KS GO Bond Series 2022 (SP-1+/NR)(a)
2,000,000		3.000			12/01/25		1,972,092
Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AGM) (AA/Aa2)(a)
800,000		4.000			10/01/27		802,352
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		831,957
Butler County KS Unified School District No. 385 GO Bonds (Refunding-School Building) Series 2017 (AA-/Aa3)(a)
1,000,000		4.000			09/01/30		1,018,467
500,000		4.000			09/01/31		508,195
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		1,356,715
1,305,000		4.000	(a)		09/01/28		1,329,571
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding) (AMBAC) (NR/WR)
1,000,000		5.250			09/01/24		1,000,909
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		597,216
600,000		4.000			12/01/29		612,350
650,000		4.000			12/01/30		662,500
City of Dodge KS GO Bonds (Refunding) Series B (A+/NR)
670,000		4.000			09/01/26		677,152
740,000		4.000	(a)		09/01/28		757,609
City of Mulvane KS GO Bonds (Refunding) Series A (NR/NR)
500,000		5.000			09/01/25		508,277
City of Salina KS Water & Sewage System Revenue Bonds (Refunding) Series A (NR/Aa3)(a)
495,000		3.000			10/01/27		480,282
350,000		3.000			10/01/28		336,537
300,000		3.000			10/01/29		287,113
City of Topeka KS Combined Utility Revenue Bonds (Refunding) Series A (NR/Aa3)(a)
545,000		4.000			08/01/27		552,406
445,000		3.000			08/01/28		433,936
650,000		3.000			08/01/32		599,388
Crawford County Unified School District No 250 Pittsburg GO Bonds Series 2022 BAM (AA/A2)(a)
750,000		4.000			09/01/41		741,062
Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)(a)
1,550,000		3.250			08/01/33		1,497,131
1,000,000		5.000			08/01/44		1,040,375
Dickinson County KS Unified School District No. 435 GO Bonds (Taxable-Refunding) Series 2019 (A+/NR)(a)
375,000		2.950			09/01/32		321,350

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
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	$	1,915,221
Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (A+/NR)(a)
1,530,000		4.000			09/01/30		1,556,387
Franklin County KS Unified School District No. 290 GO Bonds Series A (NR/A1)(a)(b)
1,720,000		5.000			09/01/32		1,755,215
750,000		5.000			09/01/40		765,355
Geary Country KS GO Bonds (Refunding) Series 2016 (A/NR)
1,000,000		5.000			09/01/25		1,015,904
Geary County KS Unified Government GO Bonds (Refunding & Improvement) Series B (AA-/NR)(a)
380,000		4.000			12/01/26		384,212
Geary County Public Building Commission Revenue Bonds Series 2022 (A/NR)(a)
1,000,000		5.000			08/01/47		1,025,743
Harvey County Unified School District GO Bonds (Refunding) Series 2023 (AA/NR)(a)
430,000		4.000			09/01/31		445,477
450,000		4.000			09/01/32		466,803
475,000		4.000			09/01/33		491,430
Independence KS GO Bonds Series 2024 (SP-1/NR)(a)
2,000,000		4.000			10/01/27		2,003,133
Jefferson County Unified School District No. 343 Perry GO Bonds (Refunding) Series 2023 (AA/A1)(a)
1,000,000		5.500			09/01/43		1,085,309
Jefferson County Unified School District No. 343 Perry GO Bonds (Refunding) Series 2023 (AA/A1)(a)
585,000		5.500			09/01/33		660,776
620,000		5.500			09/01/34		699,070
655,000		5.500			09/01/35		736,549
500,000		5.500			09/01/38		551,939
Johnson & Miami Counties KS Unified School District No. 230 GO Bonds Series A (NR/A1)(a)
1,000,000		4.000			09/01/32		1,021,446
2,000,000		5.000			09/01/35		2,097,810
Johnson & Miami County KS Unified School District No. 230 GO Bonds (Refunding) Series 2016 (NR/A1)
1,000,000		5.000			09/01/26		1,036,488
Johnson & Miami County KS Unified School District No. 230 GO Bonds Series B (NR/A1)(a)
1,000,000		4.000			09/01/33		1,007,911
Johnson County KS Improvement GO Bond Series A (AAA/Aaa)(a)
2,000,000		4.000			09/01/34		2,023,955
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		1,503,249
Johnson County KS Unified School District No. 231 GO Bonds (Refunding-Gardner-Edgerton) Series 2023 (AA-/NR)
750,000		5.000			10/01/30		827,373

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Johnson County KS Unified School District No. 512 GO Bonds (Refunind-Shawnee Mission) Series 2015 (NR/Aaa)(a)(b)
$1,500,000		5.000	%		10/01/34	$	1,532,946
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		1,655,240
785,000		5.000			10/01/42		860,770
Kansas City KS Community College District Certificates of Participation (Refunding) Series A (AA-/NR)
350,000		4.000			04/01/26		352,820
Kansas State Department of Transportation Highway Revenue Bonds Series 2015 (AA/Aa2)(a)
2,000,000		5.000			09/01/32		2,035,645
525,000		5.000			09/01/33		534,083
1,110,000		5.000			09/01/34		1,128,191
Kansas State Department of Transportation Highway Revenue Bonds Series A (AA/Aa2)(a)
1,250,000		5.000			09/01/32		1,314,298
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		1,477,443
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		1,803,348
Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (A+/Aa3)(a)
2,000,000		4.000			03/01/31		1,999,962
Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (BBB+/NR)(a)
1,715,000		5.000			07/01/32		1,791,227
1,335,000		4.000			07/01/37		1,295,261
Leavenworth County KS Unified School District No. 453 GO Bonds Series A (NR/Aa3)(a)
1,165,000		4.000			09/01/31		1,178,402
Lyon County KS Unified School District No. 253 Emporia GO Bonds Series 2019 (NR/A1)
540,000		4.000			09/01/25		543,044
1,050,000		4.000	(a)		09/01/33		1,069,938
Manhattan KS GO Bonds (Refunding) Series A (NR/Aa3)
750,000		5.000			11/01/29		826,294
Marion County KS Unified School District No. 410 Durham Etc GO Bonds Series 2024 (AA/NR)(a)
700,000		5.000			09/01/36		789,283
880,000		5.000			09/01/38		977,850
475,000		4.000			09/01/39		471,841
Miami County Unified School District No. 416 GO Bonds (Refunding) Series 2020 (AA-/NR)(a)
200,000		3.000			09/01/39		170,569
380,000		3.000			09/01/40		317,830
320,000		3.000			09/01/41		263,560
Nemaha County Unified School District GO Bonds (Refunding) Series 2023 (AA/NR)(a)
750,000		5.000			09/01/43		797,255
750,000		4.000			09/01/48		716,108

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Principal Amount	Interest Rate			Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Osage County KS GO Bonds (Refunding) Series A (AA-/NR)(a)
$  570,000		3.000	%		09/01/36	$	524,283
350,000		3.000			09/01/38		310,950
575,000		3.000			09/01/41		476,533
Scott County KS Unified School District No. 466 GO Bonds Series A (NR/A2)(a)(b)
965,000		5.000			09/01/29		983,494
Sedgwick County KS Unified School District No. 261 GO Bonds Series 2016 (NR/A2)(a)
985,000		3.000			11/01/32		935,016
Sedgwick County KS Unified School District No. 262 GO Bonds (Refunding) Series 2015 (A+/NR)(a)
800,000		4.000			09/01/25		801,380
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		1,118,674
Sedgwick County KS Unified School District No. 265 GO Bonds (Refunding) Series B (NR/Aa3)(a)
1,300,000		4.000			10/01/29		1,318,063
Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)(a)
485,000		4.000			09/01/30		488,982
1,000,000		4.000			09/01/31		1,007,703
1,065,000		5.000			09/01/32		1,082,315
Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)(a)
600,000		4.000			09/01/29		610,897
650,000		4.000			09/01/30		662,620
895,000		4.000			09/01/31		912,779
Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2015 (AA/NR)(a)
910,000		4.000			09/01/27		918,325
Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2022 (NR/Aa2)(a)
1,400,000		5.000			09/01/39		1,553,513
Shawnee County KS Unified School District No. 437 GO Bonds Series 2024 (NR/Aa2)(a)
1,000,000		5.000			09/01/36		1,153,128
750,000		5.000			09/01/37		856,211
University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2015 (AA-/NR)(a)
2,000,000		5.000			09/01/45		2,016,743
University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series A (AA-/NR)
1,500,000		5.000			03/01/28		1,591,592
1,930,000		5.000(a)			09/01/48		1,971,271
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		1,100,736
Washburn University KS Revenue Bonds Series A (Refunding) (AGM) (AA/A1)
490,000		4.000			07/01/26		493,869
515,000		4.000			07/01/27		522,274
555,000		4.000			07/01/29		568,928

Principal Amount	Interest Rate	Maturity Date		Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Wichita KS GO Bonds (AMT-Airport) Series 2015 (AA+/Aa2)(a)
$1,200,000	5.000%		12/01/35	$	1,213,113
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		1,052,081
Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B (AA-/NR)(a)
415,000	4.000		10/01/26		416,056
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		1,001,598
1,000,000	4.250		09/01/39		1,000,758
Wyandotte County Unified School District No. 203 Piper GO (Refunding) Series A (AA/NR)(a)
525,000	5.000		09/01/40		561,378
Wyandotte County-Kansas City Unified Government GO Bonds Series A (AA/A1)
900,000	4.000		08/01/25		904,585
					102,719,062
Missouri – 0.3%
Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR)
335,000	3.000		04/01/27		322,020
Ohio(a) – 0.8%
Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR)
1,000,000	4.000		12/01/42		942,062
Texas(a) – 1.5%
Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR)
625,000	5.000		08/15/38		676,410
Sabine-Neches Navigation District GO Bonds Series 2022 (Sabine -Neches Waterway Project) (NR/Aa2)
500,000	5.250		02/15/38		546,563
500,000	5.250		02/15/39		543,462
					1,766,435
Wisconsin(a) – 0.9%
Wisconsin Health & Educational Facilities Authority Revenue Bonds Series 2022 (A+/A2)
500,000	5.000		12/01/38		535,550
500,000	5.000		12/01/39		535,562
					1,071,112
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $123,593,970)				$	120,071,888

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

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

Shares	Dividend Rate	Value
Investment Company – 0.4%
State Street Institutional US Government Money Market Fund — Premier Class
517,446	5.250%		$    517,446
(Cost $517,446)
TOTAL INVESTMENTS – 100.2%
(Cost $124,111,416)			$120,589,334
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%			(288,406)
NET ASSETS – 100.0%			$120,300,928

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/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	—Insuredby American Municipal Bond Assurance Corp.
GO	—GeneralObligation
NR	—Not Rated
PSF-GTD	—Guaranteedby Permanent School Fund
WR	—WithdrawnRating

PORTFOLIO COMPOSITION

	AS OF 4/30/24			AS OF 10/31/23
General Obligation		47.6	%		43.5	%
Lease		14.1			17.8
Hospital		10.9			10.0
Limited Tax		8.5			6.5
Water/Sewer		5.6			6.4
Prerefunded/Escrow to Maturity		4.2			5.8
Transportation		4.2			2.4
Higher Education		3.0			5.4
Power		1.7			1.5
Investment Company		0.4			0.1
TOTAL INVESTMENTS		100.2	%		99.4	%

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

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

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

THE COMMERCE FUNDS

Statements of Assets and Liabilities

April 30, 2024 (Unaudited)

	Growth Fund		Value Fund		MidCap Growth Fund
Assets:
Investments at value (identified cost $118,856,518, $229,388,013 and $158,486,570, respectively)	$	216,087,615	$	271,101,457	$	208,670,678
Receivables:
Dividends		74,449		412,000		74,879
Fund shares sold		264,177		276,001		164,844
Other		3,615		4,402		3,662
Total Assets		216,429,856		271,793,860		208,914,063
Liabilities:
Payables:
Fund shares redeemed		10,255		800,898		78,271
Advisory fees		71,691		67,493		86,221
Deferred trustee fees		40,130		45,559		24,418
Administrative fees		24,642		30,935		24,003
Accrued expenses		52,817		94,417		67,500
Total Liabilities		199,535		1,039,302		280,413
Net Assets:
Paid-in capital		100,174,063		221,439,301		147,078,843
Total distributable earnings		116,056,258		49,315,257		61,554,807
Net Assets	$	216,230,321	$	270,754,558	$	208,633,650
Shares Outstanding/Net Asset Value
Total shares outstanding, no par value (unlimited number of shares authorized):		4,746,583		8,514,113		4,797,822
Net asset value (net assets/shares outstanding)	$	45.55	$	31.80	$	43.49

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

THE COMMERCE FUNDS

Statements of Assets and Liabilities (continued)

April 30, 2024 (Unaudited)

	MidCap Value Fund		Bond Fund			Short-Term Government Fund
Assets:
Investments at value (identified cost $34,059,940, $1,234,883,138 and $32,189,554, respectively)	$	36,459,883	$	1,105,592,984		$	30,634,631
Cash		—		13,796			—
Receivables:
Interest and dividends		52,249		9,935,544			80,100
Fund shares sold		—		1,129,083			114
Reimbursement from adviser		12,053		—			11,553
Deferred offering costs		50,322		—			—
Other		59,200		17,253			492
Total Assets		36,633,707		1,116,688,660			30,726,890
Liabilities:
Payables:
Dividends		—		2,306,632			16,429
Fund shares redeemed		—		494,492			102,430
Advisory fees		12,178		337,167			13,052
Deferred trustee fees		129		254,687			45,404
Administrative fees		4,186		126,835			3,589
Offering costs		39,900		—			—
Accrued expenses		17,788		283,571			44,518
Total Liabilities		74,181		3,803,384			225,422
Net Assets:
Paid-in capital		33,559,924		1,257,771,517			39,926,410
Total distributable earnings (loss)		2,999,602		(144,886,241	)		(9,424,942	)
Net Assets	$	36,559,526	$	1,112,885,276		$	30,501,468
Shares Outstanding/Net Asset Value
Total shares outstanding, no par value (unlimited number of shares authorized):		1,602,609		64,609,706			1,942,521
Net asset value (net assets/shares outstanding)	$	22.81	$	17.22		$	15.70

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

THE COMMERCE FUNDS

Statements of Assets and Liabilities (continued)

April 30, 2024 (Unaudited)

	National Tax-Free Intermediate Bond Fund			Missouri Tax-Free Intermediate Bond Fund			Kansas Tax-Free Intermediate Bond Fund
Assets:
Investments at value (identified cost $385,013,522, $255,785,574 and $124,111,416, respectively)	$	371,487,775		$	245,841,174		$	120,589,334
Receivables:
Interest and dividends		4,481,100			2,352,394			1,169,953
Fund shares sold		195,848			57,770			50,000
Reimbursement from adviser		—			—			9,183
Other		5,984			4,179			2,164
Total Assets		376,170,707			248,255,517			121,820,634
Liabilities:
Payables:
Dividends		758,350			426,828			224,538
Fund shares redeemed		191,221			14,111			96,702
Investments purchased on an extended settlement basis		1,647,775			2,921,711			1,029,314
Advisory fees		105,719			79,150			47,284
Deferred trustee fees		73,898			89,006			31,921
Administrative fees		42,367			27,754			13,746
Accrued expenses		127,838			102,342			76,201
Total Liabilities		2,947,168			3,660,902			1,519,706
Net Assets:
Paid-in capital		392,259,396			262,738,124			128,136,815
Total distributable earnings (loss)		(19,035,857	)		(18,143,509	)		(7,835,887	)
Net Assets	$	373,223,539		$	244,594,615		$	120,300,928
Shares Outstanding/Net Asset Value
Total shares outstanding, no par value (unlimited number of shares authorized):		20,211,235			13,305,674			6,618,919
Net asset value (net assets/shares outstanding)	$	18.47		$	18.38		$	18.18

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

THE COMMERCE FUNDS

Statements of Operations

For the Six Months Ended April 30, 2024 (Unaudited)

	Growth Fund		Value Fund		MidCap Growth Fund
Investment Income:
Dividends	$	1,123,887	$	4,589,582	$	1,038,727
Total Investment Income		1,123,887		4,589,582		1,038,727
Expenses:
Advisory fees		462,400		396,849		528,221
Administration fees		158,948		181,890		147,389
Professional fees		36,721		51,700		40,482
Transfer Agent fees		33,509		54,177		26,217
Custody, accounting and administrative services		33,330		40,445		34,779
Shareholder servicing fees		26,985		128,910		39,380
Trustee fees		16,224		19,377		16,000
Registration fees		11,284		13,066		11,554
Printing and mailing fees		8,319		14,557		9,529
Other		13,137		16,333		13,538
Total Expenses		800,857		917,304		867,089
Less — expense reductions		—		—		—
Net Expenses		800,857		917,304		867,089
Net Investment Income	$	323,030	$	3,672,278	$	171,638
Realized and unrealized gain (loss)
Net realized gain		18,628,211		7,104,766		11,364,073
Net change in unrealized gain		26,533,816		26,270,915		21,300,264
Net realized and unrealized gain		45,162,027		33,375,681		32,664,337
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	45,485,057	$	37,047,959	$	32,835,975

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

THE COMMERCE FUNDS

Statements of Operations (continued)

For the Six Months Ended April 30, 2024 (Unaudited)

	MidCap Value Fund(a)			Bond Fund			Short-Term Government Fund
Investment Income:
Dividends	$	470,376		$	322,469		$	12,993
Interest		—			21,625,071			438,032
Total Investment Income		470,376			21,947,540			451,025
Expenses:
Advisory fees		60,694			2,031,560			78,763
Administration fees		20,864			761,811			21,660
Professional fees		10,659			195,066			7,312
Transfer Agent fees		15,029			39,037			16,987
Custody, accounting and administrative services		14,013			171,897			27,848
Shareholder servicing fees		—			225,939			7,790
Trustee fees		1,725			79,608			2,406
Registration fees		14,102			15,672			10,394
Printing and mailing fees		4,889			30,725			4,287
Amortization of offering costs		42,989			—			—
Organizational costs		39,900			—			—
Other		3,530			60,423			3,265
Total Expenses		228,394			3,611,738			180,712
Less — expense reductions		(122,180	)		—			(73,595	)
Net Expenses		106,214			3,611,738			107,117
Net Investment Income	$	364,162		$	18,335,802		$	343,908
Realized and unrealized gain (loss)
Net realized gain (loss)		543,382			(1,738,372	)		(736,746	)
Net change in unrealized gain		2,399,943			40,037,539			1,443,598
Net realized and unrealized gain		2,943,325			38,299,167			706,852
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,307,487		$	56,634,969		$	1,050,760

(a) Commenced operations on November 13, 2023.

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

THE COMMERCE FUNDS

Statements of Operations (continued)

For the Six Months Ended April 30, 2024 (Unaudited)

	National Tax-Free Intermediate Bond Fund			Missouri Tax-Free Intermediate Bond Fund			Kansas Tax-Free Intermediate Bond Fund
Investment Income:
Interest	$	5,218,500		$	3,573,488		$	1,820,787
Dividends		384,338			52,889			37,678
Total Investment Income		5,602,838			3,626,377			1,858,465
Expenses:
Advisory fees		636,160			484,781			293,379
Administration fees		254,163			170,905			85,953
Professional fees		69,556			51,931			25,901
Transfer Agent fees		21,095			20,926			17,559
Custody, accounting and administrative services		84,399			57,902			37,581
Shareholder servicing fees		9,109			14,840			23,065
Trustee fees		27,022			18,748			9,494
Registration fees		12,749			12,321			10,529
Printing and mailing fees		11,372			9,680			6,202
Other		21,813			15,985			8,801
Total Expenses		1,147,438			858,019			518,464
Less — expense reductions		—			—			(80,885	)
Net Expenses		1,147,438			858,019			437,579
Net Investment Income	$	4,455,400		$	2,768,358		$	1,420,886
Realized and unrealized gain (loss)
Net realized loss		(3,194,726	)		(2,195,515	)		(1,046,550	)
Net change in unrealized gain		22,888,067			17,336,160			7,866,335
Net realized and unrealized gain		19,693,341			15,140,645			6,819,785
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,148,741		$	17,909,003		$	8,240,671

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

THE COMMERCE FUNDS

Statements of Changes in Net Assets

	Growth Fund						Value Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Year Ended October 31, 2023
From Operations:
Net investment income	$	323,030		$	561,273		$	3,672,278		$	7,480,713
Net realized gain		18,628,211			9,546,925			7,104,766			8,724,357
Net change in unrealized gain (loss)		26,533,816			16,987,666			26,270,915			(34,926,848	)
Net increase (decrease) in net assets from operations		45,485,057			27,095,864			37,047,959			(18,721,778	)
Distributions to Shareholders:
From distributable earnings		(10,062,498	)		(11,128,619	)		(11,087,888	)		(24,451,548	)
From Share Transactions:
Proceeds from sales of shares		30,510,574			40,566,034			32,189,671			27,373,944
Reinvestment of distributions		2,644,079			3,321,692			4,876,767			11,721,659
Cost of shares redeemed		(55,048,286	)		(32,280,417	)		(36,714,927	)		(56,728,627	)
Net increase (decrease) in net assets resulting from share transactions		(21,893,633	)		11,607,309			351,511			(17,633,024	)
TOTAL INCREASE (DECREASE)		13,528,926			27,574,554			26,311,582			(60,806,350	)
Net Assets:
Beginning of period		202,701,395			175,126,841			244,442,976			305,249,326
End of period	$	216,230,321		$	202,701,395		$	270,754,558		$	244,442,976

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

THE COMMERCE FUNDS

Statements of Changes in Net Assets (continued)

	MidCap Growth Fund						MidCap Value Fund(a)
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Year Ended October 31, 2023			For the Period ended April 30, 2024 (Unaudited)
From Operations:
Net investment income	$	171,638		$	709,253		$	364,162
Net realized gain		11,364,073			14,104,331			543,382
Net change in unrealized gain (loss)		21,300,264			(11,423,981	)		2,399,943
Net increase in net assets from operations		32,835,975			3,389,603			3,307,487
Distributions to Shareholders:
From distributable earnings		(14,721,470	)		(4,233,485	)		(307,885	)
From Share Transactions:
Proceeds from sales of shares		10,825,173			24,235,867			33,559,924
Reinvestment of distributions		3,683,999			920,999			—
Cost of shares redeemed		(29,583,293	)		(34,487,260	)		—
Net increase (decrease) in net assets resulting from share transactions		(15,074,121	)		(9,330,394	)		33,559,924
TOTAL INCREASE (DECREASE)		3,040,384			(10,174,276	)		36,559,526
Net Assets:
Beginning of period		205,593,266			215,767,542			—
End of period	$	208,633,650		$	205,593,266		$	36,559,526

(a) Commenced operations on November 13, 2023.

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

THE COMMERCE FUNDS

Statements of Changes in Net Assets (continued)

	Bond Fund						Short-Term Government Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Year Ended October 31, 2023
From Operations:
Net investment income	$	18,335,802		$	32,824,537		$	343,908		$	768,206
Net realized loss		(1,738,372	)		(3,928,379	)		(736,746	)		(1,418,195	)
Net change in unrealized gain (loss)		40,037,539			(17,202,946	)		1,443,598			1,662,565
Net increase in net assets from operations		56,634,969			11,693,212			1,050,760			1,012,576
Distributions to Shareholders:
From distributable earnings		(18,733,721	)		(34,771,703	)		(439,574	)		(795,813	)
From Share Transactions:
Proceeds from sales of shares		132,781,868			252,575,715			1,794,526			2,095,858
Reinvestment of distributions		5,630,038			9,949,204			307,960			583,274
Cost of shares redeemed		(107,241,734	)		(189,537,528	)		(3,394,685	)		(25,905,724	)
Net increase (decrease) in net assets resulting from share transactions		31,170,172			72,987,391			(1,292,199	)		(23,226,592	)
TOTAL INCREASE (DECREASE)		69,071,420			49,908,900			(681,013	)		(23,009,829	)
Net Assets:
Beginning of period		1,043,813,856			993,904,956			31,182,481			54,192,310
End of period	$	1,112,885,276		$	1,043,813,856		$	30,501,468		$	31,182,481

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

THE COMMERCE FUNDS

Statements of Changes in Net Assets (continued)

	National Tax-Free Intermediate Bond Fund						Missouri Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Year Ended October 31, 2023
From Operations:
Net investment income	$	4,455,400		$	7,903,314		$	2,768,358		$	5,968,799
Net realized loss		(3,194,726	)		(2,903,961	)		(2,195,515	)		(3,007,482	)
Net change in unrealized gain (loss)		22,888,067			(715,891	)		17,336,160			1,276,802
Net increase in net assets from operations		24,148,741			4,283,462			17,909,003			4,238,119
Distributions to Shareholders:
From distributable earnings		(4,428,247	)		(8,530,818	)		(2,765,043	)		(5,961,123	)
From Share Transactions:
Proceeds from sales of shares		51,198,540			102,365,343			30,080,951			50,422,142
Reinvestment of distributions		265,156			348,390			285,921			644,236
Cost of shares redeemed		(43,974,066	)		(132,739,430	)		(49,280,379	)		(113,816,816	)
Net increase (decrease) in net assets resulting from share transactions		7,489,630			(30,025,697	)		(18,913,507	)		(62,750,438	)
TOTAL INCREASE (DECREASE)		27,210,124			(34,273,053	)		(3,769,547	)		(64,473,442	)
Net Assets:
Beginning of period		346,013,415			380,286,468			248,364,162			312,837,604
End of period	$	373,223,539		$	346,013,415		$	244,594,615		$	248,364,162

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

THE COMMERCE FUNDS

Statements of Changes in Net Assets (continued)

	Kansas Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Year Ended October 31, 2023
From Operations:
Net investment income	$	1,420,886		$	2,843,118
Net realized loss		(1,046,550	)		(3,079,648	)
Net change in unrealized gain		7,866,335			2,016,995
Net increase in net assets from operations		8,240,671			1,780,465
Distributions to Shareholders:
From distributable earnings		(1,420,997	)		(2,838,761	)
From Share Transactions:
Proceeds from sales of shares		13,807,172			20,423,347
Reinvestment of distributions		97,944			258,208
Cost of shares redeemed		(24,628,214	)		(44,256,091	)
Net decrease in net assets resulting from share transactions		(10,723,098	)		(23,574,536	)
TOTAL DECREASE		(3,903,424	)		(24,632,832	)
Net Assets:
Beginning of period		124,204,352			148,837,184
End of period	$	120,300,928		$	124,204,352

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

THE GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	The Growth Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	39.19		$	36.54		$	56.39		$	42.32		$	37.43		$	34.61
Net investment income(a)		0.06			0.11			0.09			0.07			0.15			0.21
Net realized and unrealized gain (loss)		8.25			4.91			(9.74	)		15.90			6.95			5.69
Total from investment operations		8.31			5.02			(9.65	)		15.97			7.10			5.90
Distributions to shareholders from net investment income		(0.12	)		(0.08	)		(0.08	)		(0.15	)		(0.19	)		(0.22	)
Distributions to shareholders from net realized gains		(1.83	)		(2.29	)		(10.12	)		(1.75	)		(2.02	)		(2.86	)
Total distributions		(1.95	)		(2.37	)		(10.20	)		(1.90	)		(2.21	)		(3.08	)
Net asset value, end of period	$	45.55		$	39.19		$	36.54		$	56.39		$	42.32		$	37.43
Total return(b)		21.66	%		14.59	%		(20.81	)%		38.86	%		19.89	%		19.10	%
Net assets, end of period (in 000s)	$	216,230		$	202,701		$	175,127		$	235,663		$	210,702		$	168,179
Ratio of net expenses to average net assets		0.69	%(c)		0.71	%		0.74	%		0.68	%		0.71	%		0.75	%
Ratio of total expenses to average net assets		0.69	%(c)		0.71	%		0.74	%		0.68	%		0.71	%		0.75	%
Ratio of net investment income to average net assets		0.28	%(c)		0.29	%		0.23	%		0.14	%		0.38	%		0.61	%
Portfolio turnover rate		17	%		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 period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

THE VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	The Value Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	28.73		$	33.64		$	36.21		$	26.84		$	31.50		$	30.97
Net investment income(a)		0.43			0.84			0.89			0.82			0.84			0.76
Net realized and unrealized gain (loss)		3.96			(3.03	)		(1.52	)		9.34			(3.14	)		3.32
Total from investment operations		4.39			(2.19	)		(0.63	)		10.16			(2.30	)		4.08
Distributions to shareholders from net investment income		(0.37	)		(0.92	)		(0.90	)		(0.79	)		(0.82	)		(0.79	)
Distributions to shareholders from net realized gains		(0.95	)		(1.80	)		(1.04	)		—			(1.54	)		(2.76	)
Total distributions		(1.32	)		(2.72	)		(1.94	)		(0.79	)		(2.36	)		(3.55	)
Net asset value, end of period	$	31.80		$	28.73		$	33.64		$	36.21		$	26.84		$	31.50
Total return(b)		15.54	%		(7.21	)%		(1.74	)%		38.10	%		(7.69	)%		14.65	%
Net assets, end of period (in 000s)	$	270,755		$	244,443		$	305,249		$	346,369		$	242,146		$	286,982
Ratio of net expenses to average net assets		0.69	%(c)		0.70	%		0.68	%		0.66	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.69	%(c)		0.70	%		0.68	%		0.66	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		2.78	%(c)		2.64	%		2.56	%		2.44	%		2.99	%		2.52	%
Portfolio turnover rate		22	%		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 period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

THE MIDCAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	The Midcap Growth Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	39.98		$	40.20		$	59.47		$	46.51		$	43.88		$	40.44
Net investment income(a)		0.03			0.13			0.07			0.06			0.11	(b)		0.14
Net realized and unrealized gain (loss)		6.42			0.44			(9.55	)		15.06			5.36			7.00
Total from investment operations		6.45			0.57			(9.48	)		15.12			5.47			7.14
Distributions to shareholders from net investment income		(0.14	)		(0.10	)		(0.05	)		(0.10	)		(0.14	)		(0.17	)
Distributions to shareholders from net realized gains		(2.80	)		(0.69	)		(9.74	)		(2.06	)		(2.70	)		(3.53	)
Total distributions		(2.94	)		(0.79	)		(9.79	)		(2.16	)		(2.84	)		(3.70	)
Net asset value, end of period	$	43.49		$	39.98		$	40.20		$	59.47		$	46.51		$	43.88
Total return(c)		16.50	%		1.40	%		(18.58	)%		33.46	%		13.08	%		19.76	%
Net assets, end of period (in 000s)	$	208,634		$	205,593		$	215,768		$	316,815		$	294,328		$	222,697
Ratio of net expenses to average net assets		0.81	%(d)		0.79	%		0.77	%		0.72	%		0.77	%		0.81	%
Ratio of total expenses to average net assets		0.81	%(d)		0.79	%		0.77	%		0.72	%		0.77	%		0.81	%
Ratio of net investment income to average net assets		0.16	%(d)		0.32	%		0.15	%		0.10	%		0.26	%		0.33	%
Portfolio turnover rate		21	%		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 period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

THE MIDCAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	MidCap Value Fund
	Period ended April 30, 2024(a) (Unaudited)
Per Share Data
Net asset value, beginning of period	$	20.00
Net investment income(b)		0.27
Net realized and unrealized gain		2.73
Total from investment operations		3.00
Distributions to shareholders from net investment income		(0.19	)
Net asset value, end of period	$	22.81
Total return(c)		15.01	%
Net assets, end of period (in 000s)	$	36,560
Ratio of net expenses to average net assets		0.70	%(d)
Ratio of total expenses to average net assets		1.36	%(d)
Ratio of net investment income to average net assets		2.40	%(d)
Portfolio turnover rate		63	%

(a) Commenced operations on November 13, 2023.

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

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

(d) Annualized.

60 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 Period

	The Bond Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	16.60		$	16.91		$	20.65		$	20.85		$	20.46		$	19.05
Net investment income(a)		0.29			0.55			0.47			0.46			0.53			0.60
Net realized and unrealized gain (loss)		0.62			(0.29	)		(3.59	)		(0.13	)		0.44			1.45
Total from investment operations		0.91			0.26			(3.12	)		0.33			0.97			2.05
Distributions to shareholders from net investment income		(0.29	)		(0.57	)		(0.52	)		(0.53	)		(0.58	)		(0.64	)
Distributions to shareholders from net realized gains		—			—			(0.10	)		—			—			—
Total distributions		(0.29	)		(0.57	)		(0.62	)		(0.53	)		(0.58	)		(0.64	)
Net asset value, end of period	$	17.22		$	16.60		$	16.91		$	20.65		$	20.85		$	20.46
Total return(b)		5.49	%		1.48	%		(15.39	)%		1.60	%		4.82	%		10.90	%
Net assets, end of period (in 000s)	$	1,112,885		$	1,043,814		$	993,905		$	1,233,445		$	1,276,727		$	1,197,380
Ratio of net expenses to average net assets		0.65	%(c)		0.66	%		0.64	%		0.60	%		0.61	%		0.62	%
Ratio of total expenses to average net assets		0.65	%(c)		0.66	%		0.64	%		0.60	%		0.61	%		0.62	%
Ratio of net investment income to average net assets		3.31	%(c)		3.14	%		2.50	%		2.20	%		2.55	%		3.04	%
Portfolio turnover rate		6	%		15	%		19	%		25	%		20	%		16	%

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

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

(c) Annualized.

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

THE SHORT-TERM GOVERNMENT FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	The Short-Term Government Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	15.40		$	15.36		$	16.85		$	17.25		$	17.14		$	16.73
Net investment income(a)		0.14			0.30			0.19			0.15			0.23			0.34
Net realized and unrealized gain (loss)		0.38			0.05			(1.45	)		(0.24	)		0.23			0.44
Total from investment operations		0.52			0.35			(1.26	)		(0.09	)		0.46			0.78
Distributions to shareholders from net investment income		(0.22	)		(0.31	)		(0.23	)		(0.30	)		(0.35	)		(0.37	)
Distributions to shareholders from return of capital		—			—			—			(0.01	)		—			—
Total distributions		(0.22	)		(0.31	)		(0.23	)		(0.31	)		(0.35	)		(0.37	)
Net asset value, end of period	$	15.70		$	15.40		$	15.36		$	16.85		$	17.25		$	17.14
Total return(c)		3.37	%		2.34	%		(7.52	)%		(0.56	)%		2.73	%		4.73	%
Net assets, end of period (in 000s)	$	30,501		$	31,182		$	54,192		$	61,794		$	68,372		$	58,704
Ratio of net expenses to average net assets		0.68	%(c)		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Ratio of total expenses to average net assets		1.15	%(c)		1.10	%		1.00	%		1.03	%		1.05	%		1.03	%
Ratio of net investment income to average net assets		1.78	%(c)		1.96	%		1.17	%		0.90	%		1.33	%		2.02	%
Portfolio turnover rate		1	%		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 period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	The National Tax-Free Intermediate Bond Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	17.46		$	17.70		$	20.30		$	20.45		$	20.13		$	18.92
Net investment income(a)		0.22			0.38			0.31			0.31			0.37			0.43
Net realized and unrealized gain (loss)		1.01			(0.21	)		(2.42	)		(0.10	)		0.39			1.23
Total from investment operations		1.23			0.17			(2.11	)		0.21			0.76			1.66
Distributions to shareholders from net investment income		(0.22	)		(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		(0.22	)		(0.41	)		(0.49	)		(0.36	)		(0.44	)		(0.45	)
Net asset value, end of period	$	18.47		$	17.46		$	17.70		$	20.30		$	20.45		$	20.13
Total return(b)		7.05	%		0.90	%		(10.56	)%		1.01	%		3.82	%		8.89	%
Net assets, end of period (in 000s)	$	373,224		$	346,013		$	380,286		$	461,668		$	459,387		$	413,792
Ratio of net expenses to average net assets		0.62	%(c)		0.62	%		0.59	%		0.57	%		0.58	%		0.59	%
Ratio of total expenses to average net assets		0.62	%(c)		0.62	%		0.59	%		0.57	%		0.58	%		0.59	%
Ratio of net investment income to average net assets		2.40	%(c)		2.09	%		1.63	%		1.52	%		1.81	%		2.20	%
Portfolio turnover rate		21	%		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 period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	The Missouri Tax-Free Intermediate Bond Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	17.33		$	17.58		$	19.98		$	20.12		$	19.89		$	18.84
Net investment income(a)		0.20			0.39			0.35			0.36			0.38			0.44
Net realized and unrealized gain (loss)		1.05			(0.25	)		(2.40	)		(0.14	)		0.23			1.05
Total from investment operations		1.25			0.14			(2.05	)		0.22			0.61			1.49
Distributions to shareholders from net investment income		(0.20	)		(0.39	)		(0.35	)		(0.36	)		(0.38	)		(0.44	)
Net asset value, end of period	$	18.38		$	17.33		$	17.58		$	19.98		$	20.12		$	19.89
Total return(b)		7.23	%		0.70	%		(10.37	)		%1.07	%		3.10	%		7.98	%
Net assets, end of period (in 000s)	$	244,595		$	248,364		$	312,838		$	384,681		$	382,640		$	365,839
Ratio of net expenses to average net assets		0.69	%(c)		0.68	%		0.63	%		0.60	%		0.62	%		0.64	%
Ratio of total expenses to average net assets		0.69	%(c)		0.68	%		0.63	%		0.60	%		0.62	%		0.64	%
Ratio of net investment income to average net assets		2.23	%(c)		2.13	%		1.84	%		1.77	%		1.91	%		2.26	%
Portfolio turnover rate		16	%		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 period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

64 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 Period

	The Kansas Tax-Free Intermediate Bond Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	17.24		$	17.48		$	19.94		$	20.11		$	19.77		$	18.75
Net investment income(a)		0.21			0.36			0.32			0.30			0.36			0.43
Net realized and unrealized gain (loss)		0.94			(0.24	)		(2.46	)		(0.17	)		0.34			1.02
Total from investment operations		1.15			0.12			(2.14	)		0.13			0.70			1.45
Distributions to shareholders from net investment income		(0.21	)		(0.36	)		(0.32	)		(0.30	)		(0.36	)		(0.43	)
Net asset value, end of period	$	18.18		$	17.24		$	17.48		$	19.94		$	20.11		$	19.77
Total return(b)		6.65	%		(0.63	)%		(10.82	)%		0.64	%		3.54	%		7.80	%
Net assets, end of period (in 000s)	$	120,301		$	124,204		$	148,837		$	177,918		$	182,352		$	160,731
Ratio of net expenses to average net assets		0.70	%(c)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.83	%(c)		0.77	%		0.76	%		0.72	%		0.75	%		0.79	%
Ratio of net investment income to average net assets		2.27	%(c)		2.00	%		1.71	%		1.49	%		1.79	%		2.23	%
Portfolio turnover rate		19	%		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 period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total return would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

THE COMMERCE FUNDS

Notes to Financial Statements

April 30, 2024 (Unaudited)

1. ORGANIZATION

The Commerce Funds (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act” or “1940 Act”), as an open-end, management investment company. The Trust consists of nine portfolios (individually, a “Fund” and collectively, the “Funds”): Growth Fund, Value Fund, MidCap Growth Fund, MidCap Value 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 MidCap Value Fund commenced operations on November 13, 2023.

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. Offering and Organizational Costs — Offering costs paid in connection with the initial offering of shares of MidCap Value Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of this Fund were expensed on the first day of operations.

E. 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.

66

THE COMMERCE FUNDS

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 and MidCap 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, which are intended to provide the Trust’s Board of Trustees with the information needed to oversee Commerce’s fair value determinations. The Trust’s Board of Trustees has approved 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

67

THE COMMERCE FUNDS

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

available. The Board of Trustees has designated Commerce as the “valuation designee” to make all necessary determinations of fair value for portfolio investments for which market quotations are not readily available. Commerce has established a valuation committee (“Valuation Committee”) to undertake the day-to-day responsibility for implementing, performing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, the Valuation Committee regularly performs price verifications and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in characteristics such as rating, interest rate and maturity date, to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real 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.

68

THE COMMERCE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

There is no collateral held as of April 30, 2024.

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.

69

THE COMMERCE FUNDS

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of April 30, 2024:

GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	207,717,252	$	—	$	—
Exchange Traded Fund		5,405,956		—		—
Investment Company		2,964,407		—		—
Total	$	216,087,615	$	—	$	—
VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	253,823,362	$	—	$	—
Exchange Traded Fund		11,147,500		—		—
Investment Company		6,130,595		—		—
Total	$	271,101,457	$	—	$	—
MIDCAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	203,778,254	$	—	$	—
Exchange Traded Fund		3,131,876		—		—
Investment Company		1,760,548		—		—
Total	$	208,670,678	$	—	$	—
MIDCAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	34,643,736	$	—	$	—
Exchange Traded Fund		1,307,460		—		—
Investment Company		508,687		—		—
Total	$	36,459,883	$	—	$	—
BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	170,864,848	$	—
Municipal Bond Obligations		—		90,632,188		—
Mortgage-Backed Obligations		—		169,535,155		—
Corporate Obligations		—		472,954,938		—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		187,663,725		6,233,820		—
Investment Company		7,708,310		—		—
Total	$	195,372,035	$	910,220,949	$	—

70

THE COMMERCE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT-TERM GOVERNMENT
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	436,334	$	—
Mortgage-Backed Obligations		—		14,986,927		—
U.S. Treasury Obligations		10,195,838		4,862,016		—
Investment Company		153,516		—		—
Total	$	10,349,354	$	20,285,277	$	—
NATIONAL TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	351,268,967	$	—
Investment Company		20,218,808		—		—
Total	$	20,218,808	$	351,268,967	$	—
MISSOURI TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	245,720,760	$	—
Investment Company		120,414		—		—
Total	$	120,414	$	245,720,760	$	—
KANSAS TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	120,071,888	$	—
Investment Company		517,446		—		—
Total	$	517,446	$	120,071,888	$	—

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

71

THE COMMERCE FUNDS

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

4. AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS

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

	Contractual Advisory Fees
Fund	First $100 million	Next $100 million	In excess of $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	In excess of $700 million
Bond	0.50%	0.35%	0.25%
	First $200 million		In excess of $200 million
MidCap Growth Fund	0.50%		0.40%
MidCap Value Fund	0.40%		0.30%

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 six month period ended April 30, 2024, the effective advisory fees were 0.40%, 0.30%, 0.49%, 0.37%, 0.50%, 0.34%, 0.39% and 0.47%, 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. For the period November 13, 2023 (commencement of operations) to April 30, 2024, the effective advisory fee of the MidCap Value Fund was 0.40%.

B. Administration Agreements — Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”) and Commerce, serve as Co-Administrators of the Trust pursuant to a Co-Administration Agreement. Under the Co-Administration Agreement, GSAM and Commerce administer the Trust’s business affairs. As compensation for the services rendered under the Co-Administration Agreement, GSAM and Commerce are entitled to a fee, accrued daily and payable monthly, at the contractual annual rate of the corresponding Fund’s average daily net assets. Pursuant to the Co-Administration Agreement, the Funds pay an aggregate administrative fee at the annual rate of 0.1375%, of 1% of each Fund’s average daily net assets allocated as follows: (1) for each Fund, Commerce is entitled to receive an administrative fee payable on the last day of each month at the annual rate of 0.12% of 1% of each Fund’s average daily net assets; and (2) for each Fund, GSAM is entitled to receive an administrative fee payable on the last day of each month at the annual rate of 0.0175% of 1% of each Fund’s average daily net assets. State Street Bank and Trust Company (“State Street”) also provides certain enhanced accounting and administrative services to the Funds pursuant to an Amended and Restated Enhanced Accounting and Administrative Services Agreement which services include, among other things, certain financial reporting, daily compliance and treasury services.

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

D. Other Agreements — The Adviser has contractually agreed to waive fees and/or reimburse expenses for all Funds (except the MidCap Growth Fund) so that after such waivers and/or reimbursements, the maximum total operating expense ratios of the Funds on an annualized basis shall not exceed 1.00%, 0.70%, 0.70%, 0.80%, 0.68%, 0.70%, 0.70% and 0.70% of

72

THE COMMERCE FUNDS

4. AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS (continued)

the average net assets of the Growth, Value, MidCap 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, 2025. 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 six months period ended April 30, 2024.

Pursuant to the Amended and Restated Shareholder Administrative Services Plan adopted by the Trust’s Board of Trustees, the Funds may enter into agreements with service organizations, such as broker-dealers, banks, trust companies, employee benefit plan representatives, other financial institutions, or industry professionals (“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% (on an annualized basis) 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 compensation earned by the Trustees’ for their services as Trustees. Under the Plan, such Trustees have deferred fees treated as if they had been invested by The Commerce Funds in the shares of one or more Funds of the Trust. All amounts payable to the Trustees under the Plan are determined based on the performance of such Funds and are accrued monthly.

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2024, 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	$	—	$	38,136,458	$	—	$	71,207,395
Value		—		58,458,965		—		69,121,551
MidCap Growth		—		45,062,691		—		71,249,153
MidCap Value1		—		52,753,206		—		19,233,909
Bond		35,525,400		67,820,819		4,493,055		64,260,919
Short-Term Government		275,000		—		6,431,574		1,119,197
National Tax-Free Intermediate Bond		—		76,088,013		—		82,519,523
Missouri Tax-Free Intermediate Bond		—		39,809,435		—		52,518,234
Kansas Tax-Free Intermediate Bond		—		23,266,274		—		32,473,923

¹  For the period November 13, 2023 (commencement of operations) to April 30, 2024.

73

THE COMMERCE FUNDS

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

6. TAX INFORMATION

As of the Funds’ most recent fiscal year ended October 31, 2023, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	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	)
				Growth			Value			MidCap Growth			Bond
Timing differences (dividends payable, deferred trustees’ fees)				$	(29,368	)	$	(42,902	)	$	(23,465	)	$	(2,401,322	)
				Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Timing differences (dividends payable, deferred trustees’ fees)				$	(42,788	)	$	(680,393	)	$	(514,703	)	$	(236,367	)
As of April 30, 2024, 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			MidCap Value			Bond
Tax Cost	$	118,943,092		$	229,410,592		$	158,494,042		$	34,059,940		$	1,242,188,303
Gross unrealized gain		98,549,547			47,934,466			1,091,283,725			2,843,402			2,780,630
Gross unrealized loss		(1,405,024	)		(6,243,601	)		(1,041,107,089	)		(443,459	)		(139,375,949	)
Net unrealized security gain/(loss)	$	97,144,523		$	41,690,865		$	50,176,636		$	2,399,943		$	(136,595,319	)
				Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Tax Cost				$	32,194,849		$	384,936,416		$	255,750,037		$	124,110,758
Gross unrealized gain					218,255			1,092,796			452,970			239,306
Gross unrealized loss					(1,778,473	)		(14,541,437	)		(10,361,833	)		(3,760,730	)
Net unrealized security gain/(loss)				$	(1,560,218	)	$	(13,448,641	)	$	(9,908,863	)	$	(3,521,424	)

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, where applicable, 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.

74

THE COMMERCE FUNDS

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.

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

75

THE COMMERCE FUNDS

Notes to Financial Statements (continued)

7. OTHER RISKS (continued)

includes the risk that geopolitical events will disrupt the economy on a national or global level. For instance, local or regional events such as financial institution failures, 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, MidCap Growth and MidCap Value Funds are subject to the risks associated with investing in equity securities of mid-cap companies. The MidCap Growth and MidCap Value Funds are also subject to the risks of investing in 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 NAV 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 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 — Under normal circumstances, the National Tax-Free Intermediate Bond Fund invests at least 80% of its net assets plus any borrowings for investments purposes (measured at the time of purchase) in municipal bonds issued by or on behalf of the states, territories and possessions (such as Puerto Rico, the U.S. Virgin Islands and Guam) of the United States, the District of Columbia and their respective authorities, agencies, instrumentalities and political subdivisions, the income from which, in the opinion of bond counsel, is exempt from regular federal income and federal alternative minimum taxes. Alternatively, at least 80% of the Fund’s distributed income must be exempt from such taxes. 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 net 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 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 and MidCap 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 and the MidCap Value Funds concentrate in mid-cap stocks. Investing in smaller and mid-sized companies may be riskier than investing in larger, more established companies.

76

THE COMMERCE FUNDS

7. OTHER RISKS (continued)

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, MidCap Growth and MidCap Value 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. Results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology system malfunctions. The quantitative models used by the Adviser to manage The Growth, Value, MidCap Growth and MidCap Value Funds may not perform as expected, particularly in volatile markets.

8. INDEMNIFICATIONS

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

9. 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. OTHER MATTERS

Approval of Advisory Agreement for the 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 — At a meeting held on November 16, 2023 (the “Annual Contract Meeting”), the Board of Trustees (the “Board” or the ‘Trustees”) of The Commerce Funds (the “Trust”), including all of the Trustees who are not “interested persons”) (the “Independent Trustees”), as defined in the Investment Company Act of 1940 (the “1940 Act”), voting separately, reviewed and approved the continuance for an additional one-year period the advisory agreement (“the Advisory Agreement”) between the Trust and Commerce Investment Advisors, Inc. (“Commerce” or the “Adviser”) on behalf of the Growth Fund, Value

77

COMMERCE FUNDS

Notes to Financial Statements (continued)

10. OTHER MATTERS (continued)

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 a “Fund,” and together, the ‘Funds”).

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

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

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

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

The Trustees considered that the Adviser had invested significant resources in the Funds and provided capable and experienced portfolio management and compliance staff for the Funds’ operations. They took into account that the Adviser managed the Funds’ assets using a highly disciplined and analytic money management and credit research process and exhibited an ability to attract and retain high quality personnel. The Trustees considered the longevity and stability of the Funds’ portfolio managers serving the Funds and noted that the portfolio managers averaged over thirty years of experience in the portfolio management business. They also considered matters related to the Adviser’s communications, including providing clear and concise reports to the Board and updating the Trustees frequently on Fund compliance and performance issues. In addition, they noted that the Adviser and its affiliates had other client relationships with many of the Funds’ shareholders and

78

COMMERCE FUNDS

10. OTHER MATTERS (continued)

provided them with other services through these relationships. In addition, the Trustees took into account the Adviser’s compliance record and compliance oversight of the Funds’ other service providers. Accordingly, the Trustees concluded that the nature, quality, and extent of the services provided by the Adviser to each Fund under the Advisory Agreement was appropriate and that the Funds would benefit from the Adviser’s continued service to them.

Performance of the Funds – The Trustees considered the short-term and long-term performance of each Fund, bearing in mind the performance information that they received at the meeting and at various other Board meetings held throughout the year. They reviewed performance in light of the market conditions and each Fund’s investment objectives and strategies, including risk and credit parameters, as applicable. They also considered and discussed the Broadridge report and other information provided during the meeting, which included comparisons of each Fund’s performance with that of its benchmark and with the performance of comparable funds identified by Broadridge, and data on the risk and return measures of each Fund.

The Trustees evaluated the performance of the Growth Fund, the MidCap Growth Fund and the Value Fund (collectively, the “Equity Funds”) for various periods ended September 30, 2023. The Trustees considered that the MidCap Growth Fund and Growth Fund had outperformed their Lipper category medians for all periods except the year-to-date (“YTD”) and one-year period; and the Value Fund did not outperform its Lipper category median for any of the reported periods.

The Trustees examined the performance of 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 (collectively, the “Fixed Income Funds”) for various periods ended September 30, 2023. Among other things, they considered that the Bond Fund had outperformed its benchmark index and Lipper category median for all periods; the Short Term Government Fund underperformed its benchmark index for all periods except the Quarter and YTD, and underperformed its Lipper category median for all periods except the YTD; the Missouri Tax-Free Intermediate Bond Fund underperformed its Lipper category median for all periods except the ten-year period, and underperformed its benchmark for all periods; and the National Tax-Free Intermediate Bond Fund and Kansas Tax-Free Intermediate Bond Fund underperformed their respective Lipper category median and benchmark index for all periods. In considering the benchmark performance for each of the state-specific Tax-Free Funds, the Board considered that the benchmarks included municipal securities of states other than those in which the state-specific Tax-Free Funds were invested. In considering the Fixed Income Funds’ performance, the Trustees considered the Adviser’s explanation of factors impacting performance.

Fund Fees and Expenses – The Trustees then examined the Funds’ advisory fees and total net operating expenses. They reviewed each Fund’s advisory fees and net expense ratios compared to similar funds as presented in the Broadridge report. They considered that the net advisory fees for the Short-Term Government Fund, Growth Fund, MidCap Growth Fund and Value Funds were below their respective Broadridge peer group averages, and net advisory fees of the Bond Fund, National Tax-Free Intermediate Bond Fund, Missouri Tax-Free Intermediate Bond Fund and Kansas Tax-Free Intermediate Bond Fund were above their respective Broadridge peer group average. They considered that all of the Funds total net operating expenses were below their respective Broadridge peer group average, except the Bond Fund and National Tax-Free Intermediate Bond Fund, which were three and four basis points higher than their respective Broadridge peer group average. In addition, the Trustees considered the amount of assets in the Funds, the Funds’ share structure, the Adviser’s caps on total operating expenses for each of the Funds (except for the MidCap Growth Fund) and any reimbursements made by the Adviser to maintain those caps.

The Trustees took into account information provided at the meeting that compared the Funds’ advisory fees to advisory fees charged by CTC, the Adviser’s affiliate, to similar institutional accounts managed by CTC personnel. The Trustees considered that these accounts were not managed by the Adviser, but some of the Adviser’s same investment personnel provided advisory services to CTC. In certain instances, the fees charged were lower than the fees charged to the Funds and in other instances the fees were about the same or higher. The Trustees also noted that the Adviser provided significant additional services for the Funds that its affiliate did not provide to non-mutual fund clients, including but not limited to administrative

79

COMMERCE FUNDS

Notes to Financial Statements (continued)

10. OTHER MATTERS (continued)

services, regulatory compliance support and testing, Board support, oversight of the Funds’ other service providers, comprehensive risk management monitoring and various other services.

Costs of Services and Profits Realized by the Adviser – The Board examined the Adviser’s cost of providing advisory services to the Funds, both on a pre-marketing and post-marketing cost basis, as well as its profitability. The Trustees considered that the Adviser appeared to have a rigorous and consistent program in place to control Fund expenses and noted that six of the eight Funds had total net operating expenses under their respective Broadridge peer group averages and that one Fund was four basis point above its respective Broadridge peer group average. They considered the Adviser’s profitability in light of the profitability of other investment advisers’ publicly-reported profitability margins and that Commerce remained within the range of reported profitability margins. Based on its review of the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the profits realized by the Adviser did not suggest that the Funds’ advisory fees were excessive.

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

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

Conclusion – The Trustees reviewed and discussed the information that had been submitted to them in connection with the reapproval of the Advisory Agreement. They gave weight to various factors but did not identify any particular factor as controlling their decision. The Trustees considered the Broadridge comparative information with respect to Fund performance, fees and profitability of the Adviser, Fund assets levels, each Fund’s shareholder base and distribution model and Commerce’s relationship with and services to the shareholders. After further discussion, the Trustees concluded that the investment advisory fees paid by the Funds were reasonable in light of the services provided by the Adviser, Fund performance, the Adviser’s costs and the Funds’ current and reasonably foreseeable asset levels as well as the fallout benefits to the Adviser. For these reasons, the Board determined that the Advisory Agreement should be reapproved and continued with respect to each Fund.

Approval of Advisory Agreement for The MidCap Value Fund — At a meeting held on August 15, 2023 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of The Commerce Funds (the “Trust”), including all of the Trustees who are not “interested persons”) (the “Independent Trustees”), as defined in the Investment Company Act of 1940 (the “1940 Act”), voting separately, reviewed and approved an initial two- year term of the advisory agreement (“Advisory Agreement”) between the Trust, on behalf of the MidCap Value Fund (the “Fund”), a new series of the Trust, and Commerce Investment Advisors, Inc. (“Commerce” or the “Adviser”).

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

The Trustees reviewed, among other things, information relating to: (i) the terms of the Advisory Agreement; (ii) the proposed advisory fee and the estimated total expenses expected to be borne by the Fund in comparison to those borne by

80

COMMERCE FUNDS

10. OTHER MATTERS (continued)

mutual fund peer groups selected by Broadridge; (iii) the Adviser’s staffing for the Fund and the experience of the portfolio managers and other investment personnel, including with other funds of the Trust; and (iv) potential economies of scale. The Trustees also considered the fact that they oversee other funds advised by the Adviser, as well as information about the Adviser they had received in connection with their oversight of those other funds, including about the Adviser’s services and personnel. Because the Fund is newly formed and had not commenced operations at the time of the Trustees’ review, certain information, including data relating to the Fund’s performance, was not available.

In connection with their approval of the Advisory Agreement for the Fund, the Trustees gave weight to various factors, but did not identify any single factor as controlling their decision. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Advisory Agreement included, but were not limited to, the factors listed below.

Nature, Quality and Extent of Services – The Trustees reviewed the nature, quality and extent of services to be provided by the Adviser to the Fund, considering the Fund’s investment objective, strategies, and expected shareholder base, and the information received from the Adviser at the meeting and throughout the year relating to other funds advised by the Adviser. The Trustees considered the resources to be dedicated to the Fund by the Adviser and considered their experience with other funds advised by the Adviser. In this regard, the Trustees considered not only the advisory services proposed to be provided by the Adviser to the Fund, but also the co-administrative services proposed to be provided by the Adviser to the Fund.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the scope of the services to be provided to the Fund under the Advisory Agreement was consistent with the Fund’s operational requirements, and that the Adviser had the capabilities, resources, and personnel necessary to provide the advisory services that would be required by the Fund. The Trustees determined that the nature, extent and quality of services proposed to be provided under the Advisory Agreement supported approval of the Advisory Agreement.

Performance of the Fund – Because the Fund had not yet commenced operations, performance information for the Fund was not considered; however, the Trustees considered the Adviser’s performance and reputation generally in relation to other funds advised by the Adviser, and the historical responsiveness of the Adviser to the Board in this regard. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Advisory Agreement, that these relevant factors supported approval of the Advisory Agreement.

Fund Fees and Expenses – Although the Fund had not yet commenced operations at the time of the Trustees’ review of the Advisory Agreement, the Trustees reviewed information comparing the proposed advisory fees and estimated total expenses of the Fund with the fees and expenses of comparable funds prepared by Broadridge, including information about how those comparable funds were selected and information about differences in such fees. In evaluating the Fund’s proposed advisory fees, the Trustees also took into account the demands, complexity and quality of the investment management of the Fund. The Trustees also noted that the Fund would have an expense cap in place. In addition, the Trustees considered information regarding the co- administrative fees to be paid by the Fund to the Adviser.

Because the Fund had not yet commenced operations, historical profitability information with respect to the Fund was not considered. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Advisory Agreement, that the advisory fees and expenses proposed to be charged to the Fund were fair and reasonable, and supported the approval of the Advisory Agreement.

Economies of Scale – The Trustees considered the extent to which the Adviser may realize economies of scale in the provision of services by the Adviser and whether those economies could be shared with the Fund through breakpoints in its investment advisory fees or other means, such as an expense cap. The Trustees noted that the Fund will be subject to an expense cap. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding

81

COMMERCE FUNDS

Notes to Financial Statements (continued)

10. OTHER MATTERS (continued)

the Advisory Agreement, that the extent to which economies of scale might be shared with the Fund supported the approval of the Advisory Agreement.

Fall-Out Benefits – The Trustees further considered that the Adviser would benefit from its relationship with the Fund through, among other things, its proposed contract as a Co- Administrator of the Fund, and the Fund’s anticipated contribution to the scale of the Adviser’s advisory business. The Trustees noted the Adviser’s potential use of soft dollars with respect to the Fund. The Trustees considered that for these other funds, the Adviser did not “pay up” for soft dollar trades and had a system in place to test for best execution, which was regularly reviewed by the Board.

Conclusion – The Trustees also considered other factors, which included but were not limited to the compliance-related resources the Adviser would provide to the Fund, and the nature, quality, cost and extent of co-administrative services to be performed by the Adviser under the Co-Administration Agreement. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the Advisory Agreement should be approved with respect to the Fund.

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	The Growth Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	Shares			Shares
Shares sold		691,019			1,140,268
Reinvestment of distributions		63,247			95,735
Shares redeemed		(1,179,710	)		(857,110	)
Net Increase (Decrease)		(425,444	)		378,893
	The Value Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	Shares			Shares
Shares sold		1,023,704			873,696
Reinvestment of distributions		160,402			363,363
Shares redeemed		(1,176,818	)		(1,805,450	)
Net Increase (Decrease)		7,288			(568,391	)
	The Midcap Growth Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	Shares			Shares
Shares sold		247,855			584,730
Reinvestment of distributions		88,505			22,700
Shares redeemed		(680,733	)		(832,056	)
Net Decrease		(344,373	)		(224,626	)

82

COMMERCE FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

				The Midcap Value Fund(a)
				For the Period ended April 30, 2024 (Unaudited)
				Shares
Shares sold					1,602,609
Net Increase					1,602,609
(a)  Commenced operations on November 13, 2023.
	The Bond Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	Shares			Shares
Shares sold		7,557,903			14,410,164
Reinvestment of distributions		320,590			572,561
Shares redeemed		(6,143,043	)		(10,883,754	)
Net Increase		1,735,450			4,098,971
	The Short-Term Government Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	Shares			Shares
Shares sold		113,857			134,763
Reinvestment of distributions		19,558			37,542
Shares redeemed		(215,998	)		(1,676,181	)
Net Decrease		(82,583	)		(1,503,876	)
	The National Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	Shares			Shares
Shares sold		2,753,683			5,562,147
Reinvestment of distributions		14,208			19,083
Shares redeemed		(2,373,282	)		(7,244,872	)
Net Increase (Decrease)		394,609			(1,663,642	)

83

COMMERCE FUNDS

Notes to Financial Statements (continued)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	The Missouri Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	Shares			Shares
Shares sold		1,630,307			2,750,782
Reinvestment of distributions		15,396			35,270
Shares redeemed		(2,670,388	)		(6,248,661	)
Net Decrease		(1,024,685	)		(3,462,609	)
	The Kansas Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	Shares			Shares
Shares sold		754,347			1,119,608
Reinvestment of distributions		5,329			14,253
Shares redeemed		(1,346,309	)		(2,441,805	)
Net Decrease		(586,633	)		(1,307,944	)

84

THE COMMERCE FUNDS

Fund Expenses – Six Month Period Ended April 30, 2024 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 through April 30, 2024, which represents a period of 182 days in a 366-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.

Share Class	Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*		Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*		Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*		Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the Period ended 4/30/24*
	The Growth Fund							The Value Fund							The MidCap Growth Fund							The MidCap Value Fund
Actual	$	1,000.00	$	1,216.60		$	3.80	$	1,000.00	$	1,155.40		$	3.70	$	1,000.00	$	1,165.00		$	4.36	$	1,000.00	$	1,150.10		$	3.47
Hypothetical 5% return		1,000.00		1,021.43	+		3.47		1,000.00		1,021.43	+		3.47		1,000.00		1,020.85	+		4.07		1,000.00		1,019.86	+		3.26

* Expenses are calculated using each Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the period from November 13, 2023 (commencement of operations) ending April 30, 2024 for the MidCap Value Fund, and the six months ended April 30, 2024 for all other Funds. 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
Growth Fund	0.69	%
Value Fund	0.69
MidCap Growth Fund	0.81
MidCap Value 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.

85

THE COMMERCE FUNDS

Share Class	Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*		Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*		Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*		Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*
	The Bond Fund							The Short-Term Government Fund							The National Tax-Free Intermediate Bond Fund							The Missouri Tax-Free Intermediate Bond Fund
Actual	$	1,000.00	$	1,054.90		$	3.32	$	1,000.00	$	1,033.70		$	3.44	$	1,000.00	$	1,070.50		$	3.19	$	1,000.00	$	1,072.30		$	3.56
Hypothetical 5% return		1,000.00		1,021.63	+		3.27		1,000.00		1,021.48	+		3.42		1,000.00		1,021.78	+		3.12		1,000.00		1,021.43	+		3.47

* Expenses are calculated using each Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2024. 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
Bond Fund	0.65	%
Short Term Government Fund	0.68
National Tax-Free Intermediate Bond Fund	0.62
Missouri Tax-Free Intermediate Bond Fund	0.69

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

Share Class	Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*
	The Kansas Tax-Free Intermediate Bond Fund
Actual	$	1,000.00	$	1,066.50		$	3.60
Hypothetical 5% return		1,000.00		1,021.38	+		3.52

* 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 April 30, 2024. 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
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.

86

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

 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 REGISTERED PUBLIC ACCOUNTING 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 Semi-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. You may also review and obtain copies at the SEC’s Public Reference Room in Washington, D.C. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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       

 

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

(b) Not applicable.

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

INVESTMENT COMPANIES.

Not applicable.

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

Not applicable.

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

AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

COMPANIES.

Not applicable.

ITEM 13. EXHIBITS

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

SIGNATURES

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

THE COMMERCE FUNDS

/s/ Bill Schuetter    

Bill Schuetter

President

June 21, 2024

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

/s/ Bill Schuetter    

Bill Schuetter

President

The Commerce Funds

June 21, 2024

/s/  Peter W. Fortner    

Peter W. Fortner

Chief Accounting Officer

The Commerce Funds

June 21, 2024