# EDGAR Filing Document

**Accession Number:** 0000926243
**File Stem:** 0001193125-26-006582
**Filing Date:** 2026-1
**Character Count:** 674956
**Document Hash:** 67be126a8f7be0b81eacd98f09a29d99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-006582.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-006582

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMMERCE FUNDS
- **CENTRAL INDEX KEY:** 0000926243

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08598
- **FILM NUMBER:** 26516680

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 WALNUT ST
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64121
- **BUSINESS PHONE:** 8006212550

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 219525
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64121

## Series and Classes Contracts Data

### The Missouri Tax-Free Intermediate Bond Fund (Series ID: S000010023)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027715 | Shares       | CFMOX           |

### The Kansas Tax-Free Intermediate Bond Fund (Series ID: S000010024)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027717 | Shares       | KTXIX           |

### The Growth Fund (Series ID: S000010025)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027719 | Shares       | CFGRX           |

### The Value Fund (Series ID: S000010026)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027721 | Shares       | CFVLX           |

### The MidCap Growth Fund (Series ID: S000010027)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027723 | Shares       | CFAGX           |

### The Bond Fund (Series ID: S000010030)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027729 | Shares       | CFBNX           |

### The Short Term Government Fund (Series ID: S000010031)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027731 | Shares       | CFSTX           |

### The National Tax-Free Intermediate Bond Fund (Series ID: S000010032)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027733 | Shares       | CFNLX           |

### The MidCap Value Fund (Series ID: S000082913)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000246257 | Shares       |  |

?xml version='1.0' encoding='ASCII'? The Commerce Funds

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES
Investment Company Act file number 811-08598

## The Commerce Funds

#### (Exact name of Registrant as specified in charter)

---

| |
|:---|
| **1000 Walnut 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: 10/31/25

------

ITEM 1. REPORTS TO SHAREHOLDERS.

(a) The report to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "1940 Act") (17 CFR 270.30e-1) is filed herewith.

![Image](g89954i86a532e8631ef21f3e7b.jpg)

Annual Shareholder Report

October 31, 2025

Commerce Growth Fund

CFGRX

# Fund Overview
This Annual shareholder report contains important information about Commerce Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.commercefunds.com. You can also request this information by contacting us at 1-800-995-6365. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Commerce Growth Fund | $80 | 0.72% |

---

# How did the Fund perform last year and what affected its performance?
Over the one-year period that ended October 31, 2025, the Commerce Growth Fund generated an annualized total return of 22.43%, underperforming the Russell 1000 Growth Index which returned 30.52% for the same period.

Top Contributors to Performance

* Strong security selection in the Communication Services sector with strong performance from Alphabet Inc Class A (GOOGLE) (5.20%) and Spotify Technology SA (SPOT) (0.85%).

* Strong security selection in the Real Estate sector driven by CBRE Group, Inc. Class A (CBRE) (0.90%).

* Underweight positions in the Consumer Discretionary and Healthcare sectors.

Top Detractors from Performance

* Underweight position in the Information Technology sector.

* Weak security selection in the Information Technology sector with poor performance from Salesforce, Inc. (CRM) (1.02%) and NetApp Inc. (NTAP) (0.82%).

* Weak security selection in the Financial sector with weak results from Fiserv, Inc. (FI) (no longer held at fiscal year-end) and Corpay, Inc. (CPAY) (0.75%).

#### Annual Shareholder Report

#### October 31, 2025
Commerce Growth Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### Growth of $10,000
![Growth of 10K Chart](g89954idb5c38f3e80d16ee1ebb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10102 | $10033 | $10028 |
| **12/15** | $10013 | $9853 | $9881 |
| **01/16** | $9676 | $9322 | $9329 |
| **02/16** | $9676 | $9319 | $9325 |
| **03/16** | $10302 | $9968 | $9954 |
| **04/16** | $10253 | $10022 | $9863 |
| **05/16** | $10507 | $10198 | $10055 |
| **06/16** | $10579 | $10221 | $10015 |
| **07/16** | $10932 | $10610 | $10488 |
| **08/16** | $10890 | $10624 | $10436 |
| **09/16** | $10905 | $10633 | $10474 |
| **10/16** | $10564 | $10426 | $10228 |
| **11/16** | $10708 | $10837 | $10451 |
| **12/16** | $10883 | $11040 | $10580 |
| **01/17** | $11197 | $11262 | $10937 |
| **02/17** | $11713 | $11698 | $11391 |
| **03/17** | $11850 | $11705 | $11523 |
| **04/17** | $12132 | $11829 | $11786 |
| **05/17** | $12463 | $11980 | $12093 |
| **06/17** | $12410 | $12064 | $12061 |
| **07/17** | $12676 | $12303 | $12381 |
| **08/17** | $12853 | $12341 | $12608 |
| **09/17** | $12958 | $12604 | $12772 |
| **10/17** | $13381 | $12893 | $13267 |
| **11/17** | $13821 | $13286 | $13670 |
| **12/17** | $13881 | $13434 | $13777 |
| **01/18** | $14657 | $14172 | $14752 |
| **02/18** | $14175 | $13652 | $14366 |
| **03/18** | $13902 | $13342 | $13972 |
| **04/18** | $13885 | $13387 | $14020 |
| **05/18** | $14418 | $13729 | $14635 |
| **06/18** | $14563 | $13818 | $14776 |
| **07/18** | $15143 | $14294 | $15210 |
| **08/18** | $15816 | $14787 | $16041 |
| **09/18** | $15957 | $14843 | $16131 |
| **10/18** | $14751 | $13793 | $14688 |
| **11/18** | $15011 | $14073 | $14844 |
| **12/18** | $13762 | $12792 | $13568 |
| **01/19** | $14813 | $13864 | $14788 |
| **02/19** | $15372 | $14333 | $15317 |
| **03/19** | $15836 | $14583 | $15753 |
| **04/19** | $16676 | $15172 | $16464 |
| **05/19** | $15869 | $14205 | $15424 |
| **06/19** | $16906 | $15202 | $16484 |
| **07/19** | $17240 | $15438 | $16856 |
| **08/19** | $17169 | $15155 | $16727 |
| **09/19** | $17263 | $15418 | $16729 |
| **10/19** | $17568 | $15745 | $17200 |
| **11/19** | $18211 | $16340 | $17964 |
| **12/19** | $18653 | $16812 | $18506 |
| **01/20** | $19081 | $16830 | $18919 |
| **02/20** | $17668 | $15455 | $17631 |
| **03/20** | $15812 | $13412 | $15896 |
| **04/20** | $17962 | $15185 | $18249 |
| **05/20** | $19091 | $15986 | $19474 |
| **06/20** | $19614 | $16339 | $20322 |
| **07/20** | $20998 | $17296 | $21885 |
| **08/20** | $22570 | $18565 | $24144 |
| **09/20** | $21719 | $17887 | $23008 |
| **10/20** | $21062 | $17456 | $22226 |
| **11/20** | $23028 | $19511 | $24502 |
| **12/20** | $24050 | $20336 | $25629 |
| **01/21** | $23765 | $20168 | $25439 |
| **02/21** | $23848 | $20753 | $25433 |
| **03/21** | $24507 | $21538 | $25870 |
| **04/21** | $26120 | $22698 | $27630 |
| **05/21** | $25674 | $22805 | $27248 |
| **06/21** | $26949 | $23377 | $28958 |
| **07/21** | $27883 | $23863 | $29912 |
| **08/21** | $28822 | $24553 | $31030 |
| **09/21** | $27069 | $23425 | $29293 |
| **10/21** | $29247 | $25051 | $31830 |
| **11/21** | $29398 | $24715 | $32024 |
| **12/21** | $30482 | $25716 | $32701 |
| **01/22** | $28060 | $24266 | $29895 |
| **02/22** | $26837 | $23600 | $28625 |
| **03/22** | $27921 | $24396 | $29745 |
| **04/22** | $24992 | $22222 | $26153 |
| **05/22** | $24384 | $22188 | $25545 |
| **06/22** | $22565 | $20330 | $23521 |
| **07/22** | $25297 | $22223 | $26344 |
| **08/22** | $24149 | $21370 | $25117 |
| **09/22** | $21912 | $19393 | $22675 |
| **10/22** | $23161 | $20948 | $24001 |
| **11/22** | $24118 | $22081 | $25094 |
| **12/22** | $22368 | $20797 | $23173 |
| **01/23** | $24054 | $22192 | $25105 |
| **02/23** | $23830 | $21663 | $24807 |
| **03/23** | $25212 | $22349 | $26502 |
| **04/23** | $25496 | $22626 | $26764 |
| **05/23** | $26085 | $22731 | $27984 |
| **06/23** | $27785 | $24266 | $29897 |
| **07/23** | $28489 | $25101 | $30904 |
| **08/23** | $28266 | $24662 | $30627 |
| **09/23** | $26851 | $23503 | $28961 |
| **10/23** | $26539 | $22935 | $28549 |
| **11/23** | $29390 | $25077 | $31661 |
| **12/23** | $30494 | $26314 | $33063 |
| **01/24** | $31033 | $26681 | $33888 |
| **02/24** | $32954 | $28122 | $36200 |
| **03/24** | $33578 | $29024 | $36837 |
| **04/24** | $32288 | $27789 | $35275 |
| **05/24** | $34088 | $29097 | $37386 |
| **06/24** | $36073 | $30060 | $39907 |
| **07/24** | $35846 | $30498 | $39229 |
| **08/24** | $36668 | $31221 | $40046 |
| **09/24** | $37462 | $31888 | $41180 |
| **10/24** | $37391 | $31666 | $41044 |
| **11/24** | $39971 | $33704 | $43706 |
| **12/24** | $40000 | $32764 | $44092 |
| **01/25** | $40570 | $33807 | $44964 |
| **02/25** | $39312 | $33216 | $43349 |
| **03/25** | $36568 | $31294 | $39697 |
| **04/25** | $36928 | $31108 | $40400 |
| **05/25** | $39492 | $33093 | $43975 |
| **06/25** | $41579 | $34769 | $46778 |
| **07/25** | $42642 | $35542 | $48544 |
| **08/25** | $43236 | $36290 | $49087 |
| **09/25** | $44721 | $37548 | $51695 |
| **10/25** | $45777 | $38358 | $53572 |

---

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Commerce Growth Fund | 22.43% | 16.80% | 16.43% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.24% | 18.28% |

---

**Past Performance: Performance data quoted above represents past performance. Past performance is not a guarantee or a reliable indicator of future results.** The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit our website as www.commercefunds.com to obtain the most recent month-end returns.

# Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | A |
| Total Net Assets | $242931015 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $963880 |

---

# What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the sector allocation table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

# Sector Allocation (% of Total Net Assets)
![Group By Sector Chart](g89954ic9f86e531bfd0e3e9683.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Real Estate | 0.9% |
| Exchange Traded Fund | 1.8% |
| Consumer Staples | 2.7% |
| Industrials | 5.2% |
| Financials | 5.5% |
| Health Care | 5.7% |
| Communication Services | 12.1% |
| Consumer Discretionary | 13.7% |
| Information Technology | 51.6% |

---

#### Annual Shareholder Report

#### October 31, 2025
Commerce Growth Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Top Ten Issuers (% of Total Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 12.6% |
| Apple, Inc. | 10.5% |
| Microsoft Corp. | 10.5% |
| Alphabet, Inc., Class A | 5.2% |
| Amazon.com, Inc. | 4.8% |
| Broadcom, Inc. | 4.6% |
| Tesla, Inc. | 3.4% |
| Meta Platforms, Inc., Class A | 3.2% |
| Eli Lilly & Co. | 1.9% |
| iShares Russell 1000 Growth ETF | 1.8% |

---

# Additional Information
Scan the QR code or visit www.commercefunds.com to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 1-800-995-6365.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/CommerceFunds?site=Funds](g89954i66ddc64502a8d1286316.jpg)

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.commercefunds.com/literature-and-resources/prospectus-and-guide or upon request at 1-800-995-6365 or email commercefunds@commercebank.com.

Effective February 21, 2025, Donald McArthur IV, CFA was added as a portfolio manager of the Fund. Also, effective June 11, 2025, Matthew J. Schmitt, CFA no longer serves as a portfolio manager of the Fund.

#### Annual Shareholder Report

#### October 31, 2025
Commerce Growth Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

200626406_TSR_AR

![Image](g89954i86a532e8631ef21f3e7b.jpg)

Annual Shareholder Report

October 31, 2025

Commerce MidCap Value Fund

CFMVX

# Fund Overview
This Annual shareholder report contains important information about Commerce MidCap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.commercefunds.com. You can also request this information by contacting us at 1-800-995-6365. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Commerce MidCap Value Fund | $71 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Reflects fee waiver and/or expense reimbursements, without which expenses would have been higher. |

---

# How did the Fund perform last year and what affected its performance?
Over the one-year period that ended October 31, 2025, the Commerce MidCap Value Fund generated an annualized total return of 2.49%, underperforming the Russell MidCap Value Index which returned 7.86% for the same period.

Top Contributors to Performance

* Overweight position in the Information Technology sector.

* Strong security selection in the Industrials sector with strong results from Rockwell Automation (ROK) (1.28%) and Johnson Controls International (JCI) (1.29%).

* Strong security selection in the Utilities sector with strong performance from UGI Corporation (UGI) (1.25%) and WEC Energy Group (WEC) (1.20%).

Top Detractors from Performance

* Underweight position in the Energy sector.

* Weak security selection in the Information Technology sector with weak results from Microchip Technology (MCHP) (no longer held at fiscal year-end) and Motorola Solutions (MSI) (1.14%).

* Weak security selection in the Materials sector with poor performance from Celanese Corporation (CE) (no longer held at fiscal year-end) and Eastman Chemical Company (EMN) (no longer held at fiscal year-end).

#### Annual Shareholder Report

#### October 31, 2025
Commerce MidCap Value Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for periods since the Fund's inception). For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### Growth of $10,000
![Growth of 10K Chart](g89954i21ec0be1598e637515ff.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 1000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **11/13/2023** | $10000 | $10000 | $10000 |
| **11/30/2023** | $10570 | $10389 | $10561 |
| **12/31/2023** | $11347 | $10902 | $11384 |
| **1/31/2024** | $11080 | $11054 | $11180 |
| **2/29/2024** | $11517 | $11651 | $11714 |
| **3/31/2024** | $12146 | $12024 | $12320 |
| **4/30/2024** | $11501 | $11513 | $11676 |
| **5/31/2024** | $11808 | $12055 | $12095 |
| **6/30/2024** | $11772 | $12454 | $11901 |
| **7/31/2024** | $12568 | $12635 | $12620 |
| **8/31/2024** | $12862 | $12935 | $12858 |
| **9/30/2024** | $13035 | $13211 | $13100 |
| **10/31/2024** | $12882 | $13119 | $12936 |
| **11/30/2024** | $13713 | $13963 | $13888 |
| **12/31/2024** | $12683 | $13574 | $12872 |
| **1/31/2025** | $13147 | $14006 | $13324 |
| **2/28/2025** | $13051 | $13761 | $13081 |
| **3/31/2025** | $12526 | $12965 | $12600 |
| **4/30/2025** | $12027 | $12888 | $12287 |
| **5/31/2025** | $12639 | $13710 | $12824 |
| **6/30/2025** | $12942 | $14405 | $13274 |
| **7/31/2025** | $13040 | $14725 | $13512 |
| **8/31/2025** | $13520 | $15035 | $13917 |
| **9/30/2025** | $13491 | $15556 | $14094 |
| **10/31/2025** | $13204 | $15892 | $13952 |

---

# Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | 1 Year | Since Inception 11/13/23 |
| Commerce MidCap Value Fund | 2.49% | 15.15% |
| Russell 1000<sup>®</sup> Index | 21.14% | 26.60% |
| Russell Midcap<sup>®</sup> Value Index | 7.86% | 18.42% |

---

**Past Performance: Performance data quoted above represents past performance. Past performance is not a guarantee or a reliable indicator of future results.** The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit our website as www.commercefunds.com to obtain the most recent month-end returns.

# Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | A |
| Total Net Assets | $37438922 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 55% |
| Total Advisory Fees Paid | $873 |

---

# What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the sector allocation table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

# Sector Allocation (% of Total Net Assets)
![Group By Sector Chart](g89954i5e1362bb5853a7e4d91a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 9.6% |
| Energy | 6.0% |
| Materials | 6.0% |
| Health Care | 7.1% |
| Utilities | 7.3% |
| Real Estate | 8.3% |
| Consumer Discretionary | 8.5% |
| Information Technology | 11.1% |
| Industrials | 17.4% |
| Financials | 18.8% |

---

#### Annual Shareholder Report

#### October 31, 2025
Commerce MidCap Value Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Top Ten Issuers (% of Total Net Assets)

---

| | |
|:---|:---|
| iShares Russell Mid-Cap Value ETF | 2.0% |
| MSCI, Inc. | 1.4% |
| Cognizant Technology Solutions Corp., Class A | 1.3% |
| Principal Financial Group, Inc. | 1.3% |
| Emerson Electric Co. | 1.3% |
| SS&C Technologies Holdings, Inc. | 1.3% |
| Cummins, Inc. | 1.3% |
| Corning, Inc. | 1.3% |
| Johnson Controls International PLC | 1.3% |
| Rockwell Automation, Inc. | 1.3% |

---

# Additional Information
Scan the QR code or visit www.commercefunds.com to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 1-800-995-6365.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/CommerceFunds?site=Funds](g89954i66ddc64502a8d1286316.jpg)

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.commercefunds.com/literature-and-resources/prospectus-and-guide or upon request at 1-800-995-6365 or email commercefunds@commercebank.com.

Effective February 21, 2025, Donald McArthur IV, CFA was added as a portfolio manager of the Fund. Also, effective June 11, 2025, Matthew J. Schmitt, CFA no longer serves as a portfolio manager of the Fund.

#### Annual Shareholder Report

#### October 31, 2025
Commerce MidCap Value Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

200626711_TSR_AR

![Image](g89954i86a532e8631ef21f3e7b.jpg)

Annual Shareholder Report

October 31, 2025

Commerce MidCap Growth Fund

CFAGX

# Fund Overview
This Annual shareholder report contains important information about Commerce MidCap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.commercefunds.com. You can also request this information by contacting us at 1-800-995-6365. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Commerce MidCap Growth Fund | $86 | 0.83% |

---

# How did the Fund perform last year and what affected its performance?
Over the one-year period that ended October 31, 2025, the Commerce MidCap Growth Fund generated an annualized total return of 6.11%, underperforming the Russell MidCap Growth Index which returned 19.59% for the same period.

Top Contributors to Performance

* Overweight position in the Information Technology sector and underweight position in the Consumer Discretionary sector.

* Strong security selection in the Consumer Staples sector with strong performance from Casey's General Store (CASY) (1.06%) and Performance Food Group (PFGC) (1.08%).

* Strong security selection in the Utilities sector with strong results from NRG Energy, Inc. (1.19%).

Top Detractors from Performance

* Overweight position in the Energy sector and underweight position in the Health Care sector.

* Weak security selection in the Information Technology sector with poor performance from Gartner (IT) (no longer held at fiscal year-end) and Manhattan Associates (MANH) (no longer held at fiscal year-end).

* Weak security selection in the Health Care sector with weak results from Chemed Corporation (CHE) (no longer held at fiscal year-end) and West Pharmaceutical Services (WST) (no longer held at fiscal year-end).

#### Annual Shareholder Report

#### October 31, 2025
Commerce MidCap Growth Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### Growth of $10,000
![Growth of 10K Chart](g89954i6938294ca0fb24470199.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 1000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10033 | $10033 | $10022 |
| **12/15** | $9801 | $9853 | $9795 |
| **01/16** | $9374 | $9322 | $9054 |
| **02/16** | $9564 | $9319 | $9196 |
| **03/16** | $10135 | $9968 | $9852 |
| **04/16** | $10232 | $10022 | $9846 |
| **05/16** | $10415 | $10198 | $10008 |
| **06/16** | $10512 | $10221 | $10006 |
| **07/16** | $10876 | $10610 | $10502 |
| **08/16** | $10825 | $10624 | $10471 |
| **09/16** | $10779 | $10633 | $10465 |
| **10/16** | $10424 | $10426 | $10040 |
| **11/16** | $10767 | $10837 | $10477 |
| **12/16** | $10870 | $11040 | $10513 |
| **01/17** | $11126 | $11262 | $10864 |
| **02/17** | $11570 | $11698 | $11176 |
| **03/17** | $11630 | $11705 | $11238 |
| **04/17** | $11827 | $11829 | $11405 |
| **05/17** | $12039 | $11980 | $11677 |
| **06/17** | $12112 | $12064 | $11712 |
| **07/17** | $12169 | $12303 | $11907 |
| **08/17** | $12201 | $12341 | $11991 |
| **09/17** | $12550 | $12604 | $12330 |
| **10/17** | $12825 | $12893 | $12675 |
| **11/17** | $13307 | $13286 | $13099 |
| **12/17** | $13410 | $13434 | $13170 |
| **01/18** | $13905 | $14172 | $13915 |
| **02/18** | $13427 | $13652 | $13478 |
| **03/18** | $13478 | $13342 | $13456 |
| **04/18** | $13376 | $13387 | $13329 |
| **05/18** | $13664 | $13729 | $13827 |
| **06/18** | $13926 | $13818 | $13881 |
| **07/18** | $14330 | $14294 | $14179 |
| **08/18** | $14934 | $14787 | $14996 |
| **09/18** | $14937 | $14843 | $14932 |
| **10/18** | $13729 | $13793 | $13454 |
| **11/18** | $14075 | $14073 | $13796 |
| **12/18** | $12826 | $12792 | $12544 |
| **01/19** | $13939 | $13864 | $13985 |
| **02/19** | $14801 | $14333 | $14805 |
| **03/19** | $15142 | $14583 | $15005 |
| **04/19** | $15928 | $15172 | $15680 |
| **05/19** | $15340 | $14205 | $14778 |
| **06/19** | $16423 | $15202 | $15816 |
| **07/19** | $16577 | $15438 | $16185 |
| **08/19** | $16341 | $15155 | $15890 |
| **09/19** | $16337 | $15418 | $15709 |
| **10/19** | $16442 | $15745 | $16001 |
| **11/19** | $17000 | $16340 | $16797 |
| **12/19** | $17233 | $16812 | $16993 |
| **01/20** | $17356 | $16830 | $17152 |
| **02/20** | $16061 | $15455 | $15970 |
| **03/20** | $13899 | $13412 | $13588 |
| **04/20** | $15642 | $15185 | $15716 |
| **05/20** | $16941 | $15986 | $17294 |
| **06/20** | $17197 | $16339 | $17700 |
| **07/20** | $18743 | $17296 | $19114 |
| **08/20** | $19191 | $18565 | $19634 |
| **09/20** | $18759 | $17887 | $19359 |
| **10/20** | $18592 | $17456 | $19382 |
| **11/20** | $20390 | $19511 | $21986 |
| **12/20** | $21320 | $20336 | $23041 |
| **01/21** | $21307 | $20168 | $22964 |
| **02/21** | $21666 | $20753 | $23356 |
| **03/21** | $22146 | $21538 | $22910 |
| **04/21** | $23260 | $22698 | $24198 |
| **05/21** | $22880 | $22805 | $23828 |
| **06/21** | $23577 | $23377 | $25447 |
| **07/21** | $24370 | $23863 | $25709 |
| **08/21** | $24804 | $24553 | $26539 |
| **09/21** | $23510 | $23425 | $25254 |
| **10/21** | $24812 | $25051 | $27024 |
| **11/21** | $24174 | $24715 | $25883 |
| **12/21** | $25439 | $25716 | $25973 |
| **01/22** | $22760 | $24266 | $22622 |
| **02/22** | $22268 | $23600 | $22347 |
| **03/22** | $22615 | $24396 | $22706 |
| **04/22** | $20685 | $22222 | $20149 |
| **05/22** | $20273 | $22188 | $19369 |
| **06/22** | $18981 | $20330 | $17921 |
| **07/22** | $21132 | $22223 | $20114 |
| **08/22** | $20288 | $21370 | $19456 |
| **09/22** | $18665 | $19393 | $17804 |
| **10/22** | $20202 | $20948 | $19204 |
| **11/22** | $21323 | $22081 | $20248 |
| **12/22** | $20270 | $20797 | $19033 |
| **01/23** | $21469 | $22192 | $20694 |
| **02/23** | $20982 | $21663 | $20490 |
| **03/23** | $21295 | $22349 | $20772 |
| **04/23** | $21233 | $22626 | $20471 |
| **05/23** | $20624 | $22731 | $20484 |
| **06/23** | $22094 | $24266 | $22067 |
| **07/23** | $22699 | $25101 | $22735 |
| **08/23** | $22294 | $24662 | $21985 |
| **09/23** | $21259 | $23503 | $20914 |
| **10/23** | $20485 | $22935 | $19847 |
| **11/23** | $22555 | $25077 | $22268 |
| **12/23** | $23865 | $26314 | $23956 |
| **01/24** | $23727 | $26681 | $23827 |
| **02/24** | $24710 | $28122 | $25619 |
| **03/24** | $25407 | $29024 | $26231 |
| **04/24** | $23865 | $27789 | $24708 |
| **05/24** | $24567 | $29097 | $24971 |
| **06/24** | $24951 | $30060 | $25388 |
| **07/24** | $25560 | $30498 | $25542 |
| **08/24** | $25955 | $31221 | $26177 |
| **09/24** | $26306 | $31888 | $27049 |
| **10/24** | $26081 | $31666 | $27522 |
| **11/24** | $28364 | $33704 | $31190 |
| **12/24** | $26689 | $32764 | $29251 |
| **01/25** | $27916 | $33807 | $31117 |
| **02/25** | $26816 | $33216 | $29344 |
| **03/25** | $25305 | $31294 | $27169 |
| **04/25** | $25752 | $31108 | $28081 |
| **05/25** | $27493 | $33093 | $30773 |
| **06/25** | $28328 | $34769 | $32114 |
| **07/25** | $28557 | $35542 | $32766 |
| **08/25** | $28557 | $36290 | $33094 |
| **09/25** | $28086 | $37548 | $33006 |
| **10/25** | $27675 | $38358 | $32914 |

---

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Commerce Midcap Growth Fund | 6.11% | 8.28% | 10.72% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Russell Midcap<sup>®</sup> Growth Index | 19.59% | 11.17% | 12.65% |

---

**Past Performance: Performance data quoted above represents past performance. Past performance is not a guarantee or a reliable indicator of future results.** The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit our website as www.commercefunds.com to obtain the most recent month-end returns.

# Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | A |
| Total Net Assets | $188111119 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid | $998897 |

---

# What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the sector allocation table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

# Sector Allocation (% of Total Net Assets)
![Group By Sector Chart](g89954i11dfba9bb667bc866ea5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 5.0% |
| Utilities | 3.2% |
| Consumer Staples | 3.2% |
| Exchange Traded Fund | 4.3% |
| Communication Services | 6.4% |
| Financials | 7.7% |
| Health Care | 15.2% |
| Consumer Discretionary | 17.6% |
| Information Technology | 17.9% |
| Industrials | 19.6% |

---

#### Annual Shareholder Report

#### October 31, 2025
Commerce MidCap Growth Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Top Ten Issuers (% of Total Net Assets)

---

| | |
|:---|:---|
| iShares Russell Mid-Cap Growth ETF | 4.3% |
| Cloudflare, Inc., Class A | 2.3% |
| Howmet Aerospace, Inc. | 2.2% |
| Vertiv Holdings Co., Class A | 2.1% |
| Royal Caribbean Cruises Ltd. | 2.0% |
| Vistra Corp. | 2.0% |
| ROBLOX Corp., Class A | 1.9% |
| Cencora, Inc. | 1.7% |
| Amphenol Corp., Class A | 1.7% |
| Hilton Worldwide Holdings, Inc. | 1.7% |

---

# Additional Information
Scan the QR code or visit www.commercefunds.com to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 1-800-995-6365.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/CommerceFunds?site=Funds](g89954i66ddc64502a8d1286316.jpg)

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.commercefunds.com/literature-and-resources/prospectus-and-guide or upon request at 1-800-995-6365 or email commercefunds@commercebank.com.

Effective February 21, 2025, Donald McArthur IV, CFA was added as a portfolio manager of the Fund. Also, effective June 11, 2025, Matthew J. Schmitt, CFA no longer serves as a portfolio manager of the Fund.

#### Annual Shareholder Report

#### October 31, 2025
Commerce MidCap Growth Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

200626505_TSR_AR

![Image](g89954i86a532e8631ef21f3e7b.jpg)

Annual Shareholder Report

October 31, 2025

Commerce Value Fund

CFVLX

# Fund Overview
This Annual shareholder report contains important information about Commerce Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.commercefunds.com. You can also request this information by contacting us at 1-800-995-6365. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Commerce Value Fund | $71 | 0.68% |

---

# How did the Fund perform last year and what affected its performance?
Over the one-year period that ended October 31, 2025, the Commerce Value Fund generated an annualized total return of 7.69%, underperforming the Russell 1000 Value Index which returned 11.15% for the same period.

Top Contributors to Performance

* Underweight position in the Consumer Staples sector.

* Strong security selection in the Health Care sector with strong results from Johnson & Johnson (JNJ) (1.87%) and Abbott Laboratories (ABT) (1.84%).

* Strong security selection in the Real Estate sector with strong performance from Prologis (PLD) (1.92%).

Top Detractors from Performance

* Underweight position in the Industrial sector.

* Weak security selection in the Materials sector with weak results from Eastman Chemical Company (EMN) (no longer held at fiscal year-end) and Air Products and Chemicals (APD) (1.15%).

* Weak security selection in the Consumer Staples sector with poor performance from Mondelez International (MDLZ) (1.10%) and Tyson Foods Class A (TSN) (1.18%).

#### Annual Shareholder Report

#### October 31, 2025
Commerce Value Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### Growth of $10,000
![Growth of 10K Chart](g89954i22e3384e317cf828343d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10051 | $10033 | $10038 |
| **12/15** | $9853 | $9853 | $9822 |
| **01/16** | $9594 | $9322 | $9315 |
| **02/16** | $9647 | $9319 | $9312 |
| **03/16** | $10281 | $9968 | $9983 |
| **04/16** | $10471 | $10022 | $10193 |
| **05/16** | $10639 | $10198 | $10351 |
| **06/16** | $10896 | $10221 | $10441 |
| **07/16** | $11144 | $10610 | $10744 |
| **08/16** | $11044 | $10624 | $10827 |
| **09/16** | $10964 | $10633 | $10804 |
| **10/16** | $10848 | $10426 | $10637 |
| **11/16** | $11536 | $10837 | $11245 |
| **12/16** | $11749 | $11040 | $11526 |
| **01/17** | $11693 | $11262 | $11608 |
| **02/17** | $12127 | $11698 | $12025 |
| **03/17** | $11926 | $11705 | $11902 |
| **04/17** | $11896 | $11829 | $11880 |
| **05/17** | $11761 | $11980 | $11868 |
| **06/17** | $11940 | $12064 | $12062 |
| **07/17** | $12147 | $12303 | $12223 |
| **08/17** | $12042 | $12341 | $12080 |
| **09/17** | $12489 | $12604 | $12438 |
| **10/17** | $12508 | $12893 | $12528 |
| **11/17** | $13042 | $13286 | $12912 |
| **12/17** | $13260 | $13434 | $13101 |
| **01/18** | $13635 | $14172 | $13607 |
| **02/18** | $13024 | $13652 | $12957 |
| **03/18** | $12729 | $13342 | $12729 |
| **04/18** | $12788 | $13387 | $12771 |
| **05/18** | $12919 | $13729 | $12847 |
| **06/18** | $13034 | $13818 | $12879 |
| **07/18** | $13644 | $14294 | $13389 |
| **08/18** | $13802 | $14787 | $13587 |
| **09/18** | $13882 | $14843 | $13614 |
| **10/18** | $13285 | $13793 | $12909 |
| **11/18** | $13924 | $14073 | $13294 |
| **12/18** | $12849 | $12792 | $12018 |
| **01/19** | $13523 | $13864 | $12953 |
| **02/19** | $14078 | $14333 | $13367 |
| **03/19** | $14215 | $14583 | $13452 |
| **04/19** | $14520 | $15172 | $13929 |
| **05/19** | $13790 | $14205 | $13033 |
| **06/19** | $14665 | $15202 | $13969 |
| **07/19** | $14775 | $15438 | $14085 |
| **08/19** | $14598 | $15155 | $13671 |
| **09/19** | $15091 | $15418 | $14158 |
| **10/19** | $15232 | $15745 | $14356 |
| **11/19** | $15638 | $16340 | $14800 |
| **12/19** | $15931 | $16812 | $15207 |
| **01/20** | $15462 | $16830 | $14880 |
| **02/20** | $14047 | $15455 | $13439 |
| **03/20** | $12011 | $13412 | $11142 |
| **04/20** | $13289 | $15185 | $12395 |
| **05/20** | $13604 | $15986 | $12820 |
| **06/20** | $13587 | $16339 | $12735 |
| **07/20** | $14128 | $17296 | $13238 |
| **08/20** | $14544 | $18565 | $13785 |
| **09/20** | $14290 | $17887 | $13447 |
| **10/20** | $14060 | $17456 | $13270 |
| **11/20** | $15789 | $19511 | $15055 |
| **12/20** | $16072 | $20336 | $15632 |
| **01/21** | $15845 | $20168 | $15489 |
| **02/21** | $16573 | $20753 | $16425 |
| **03/21** | $17886 | $21538 | $17392 |
| **04/21** | $18506 | $22698 | $18087 |
| **05/21** | $19010 | $22805 | $18509 |
| **06/21** | $18719 | $23377 | $18297 |
| **07/21** | $18879 | $23863 | $18444 |
| **08/21** | $19220 | $24553 | $18809 |
| **09/21** | $18510 | $23425 | $18155 |
| **10/21** | $19416 | $25051 | $19077 |
| **11/21** | $18805 | $24715 | $18404 |
| **12/21** | $20043 | $25716 | $19565 |
| **01/22** | $19871 | $24266 | $19110 |
| **02/22** | $19609 | $23600 | $18888 |
| **03/22** | $20414 | $24396 | $19421 |
| **04/22** | $19436 | $22222 | $18326 |
| **05/22** | $19894 | $22188 | $18682 |
| **06/22** | $18385 | $20330 | $17050 |
| **07/22** | $19363 | $22223 | $18180 |
| **08/22** | $18896 | $21370 | $17639 |
| **09/22** | $17172 | $19393 | $16092 |
| **10/22** | $19077 | $20948 | $17742 |
| **11/22** | $20178 | $22081 | $18850 |
| **12/22** | $19451 | $20797 | $18091 |
| **01/23** | $19951 | $22192 | $19028 |
| **02/23** | $19221 | $21663 | $18357 |
| **03/23** | $18979 | $22349 | $18273 |
| **04/23** | $19064 | $22626 | $18548 |
| **05/23** | $17976 | $22731 | $17833 |
| **06/23** | $19008 | $24266 | $19017 |
| **07/23** | $19638 | $25101 | $19686 |
| **08/23** | $19106 | $24662 | $19154 |
| **09/23** | $18294 | $23503 | $18415 |
| **10/23** | $17702 | $22935 | $17766 |
| **11/23** | $18904 | $25077 | $19106 |
| **12/23** | $19933 | $26314 | $20164 |
| **01/24** | $20023 | $26681 | $20185 |
| **02/24** | $20464 | $28122 | $20930 |
| **03/24** | $21354 | $29024 | $21976 |
| **04/24** | $20453 | $27789 | $21037 |
| **05/24** | $20949 | $29097 | $21704 |
| **06/24** | $20918 | $30060 | $21500 |
| **07/24** | $21842 | $30498 | $22599 |
| **08/24** | $22328 | $31221 | $23205 |
| **09/24** | $22650 | $31888 | $23528 |
| **10/24** | $22390 | $31666 | $23269 |
| **11/24** | $23567 | $33704 | $24755 |
| **12/24** | $22181 | $32764 | $23061 |
| **01/25** | $22927 | $33807 | $24129 |
| **02/25** | $23218 | $33216 | $24227 |
| **03/25** | $22469 | $31294 | $23554 |
| **04/25** | $21558 | $31108 | $22836 |
| **05/25** | $22212 | $33093 | $23638 |
| **06/25** | $23024 | $34769 | $24446 |
| **07/25** | $23352 | $35542 | $24586 |
| **08/25** | $24052 | $36290 | $25370 |
| **09/25** | $24442 | $37548 | $25749 |
| **10/25** | $24112 | $38358 | $25863 |

---

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Commerce Value Fund | 7.69% | 11.39% | 9.20% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |

---

**Past Performance: Performance data quoted above represents past performance. Past performance is not a guarantee or a reliable indicator of future results.** The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit our website as www.commercefunds.com to obtain the most recent month-end returns.

# Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | A |
| Total Net Assets | $249848038 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 52% |
| Total Advisory Fees Paid | $766647 |

---

# What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the sector allocation table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

# Sector Allocation (% of Total Net Assets)
![Group By Sector Chart](g89954i2da81e396db8739246d4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 10.8% |
| Utilities | 4.2% |
| Energy | 5.8% |
| Consumer Staples | 6.0% |
| Consumer Discretionary | 6.8% |
| Communication Services | 10.4% |
| Information Technology | 10.8% |
| Health Care | 11.2% |
| Industrials | 12.8% |
| Financials | 21.2% |

---

#### Annual Shareholder Report

#### October 31, 2025
Commerce Value Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Top Ten Issuers (% of Total Net Assets)

---

| | |
|:---|:---|
| iShares Russell 1000 Value ETF | 4.0% |
| Alphabet, Inc., Class A | 3.0% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| JPMorgan Chase & Co. | 2.6% |
| RTX Corp. | 2.2% |
| KLA Corp. | 2.1% |
| Broadcom, Inc. | 2.0% |
| Wells Fargo & Co. | 2.0% |
| Cisco Systems, Inc. | 2.0% |
| Bank of America Corp. | 2.0% |

---

# Additional Information
Scan the QR code or visit www.commercefunds.com to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 1-800-995-6365.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/CommerceFunds?site=Funds](g89954i66ddc64502a8d1286316.jpg)

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.commercefunds.com/literature-and-resources/prospectus-and-guide or upon request at 1-800-995-6365 or email commercefunds@commercebank.com.

Effective February 21, 2025, Donald McArthur IV, CFA was added as a portfolio manager of the Fund. Also, effective June 11, 2025, Matthew J. Schmitt, CFA no longer serves as a portfolio manager of the Fund.

#### Annual Shareholder Report

#### October 31, 2025
Commerce Value Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

200626828_TSR_AR

![Image](g89954i86a532e8631ef21f3e7b.jpg)

Annual Shareholder Report

October 31, 2025

Commerce Bond Fund

CFBNX

# Fund Overview
This Annual shareholder report contains important information about Commerce Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.commercefunds.com. You can also request this information by contacting us at 1-800-995-6365.

# What were the Fund costs for last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Commerce Bond Fund | $66 | 0.64% |

---

# How did the Fund perform last year and what affected its performance?
Over the one-year period that ended October 31, 2025, the Commerce Bond Fund generated an annualized total return of 6.20%, outperforming the Bloomberg U.S. Aggregate Bond Index which returned 6.16% for the same period.

Top Contributors to Performance

* Maintaining an overweight position in the corporate bond sector allowed the Fund to capture some excess return relative to Treasuries.

* Raising exposure to mortgage-backed securities (MBS) while lowering exposure to asset-backed securities (ABS) was additive to performance.

* The Fund's overweight position in the Finance sector relative to the Fund's benchmark was additive to performance.

Top Detractors from Performance

* Raising exposure to the Treasury sector detracted from performance.

* An underweight position in bonds with 2 - 5 years remaining to maturity relative to bonds with the same maturity bucket in the benchmark diminished returns.

* Reducing exposure to BBB-rated holdings.

#### Annual Shareholder Report

#### October 31, 2025
Commerce Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### Growth of $10,000
![Growth of 10K Chart](g89954i5123c617f82819c1cfc7.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **Bloomberg US Aggregate Bond Index** |
| **10/15** | $10000 | $10000 |
| **11/15** | $9983 | $9974 |
| **12/15** | $9919 | $9941 |
| **01/16** | $9986 | $10078 |
| **02/16** | $10028 | $10150 |
| **03/16** | $10157 | $10243 |
| **04/16** | $10240 | $10282 |
| **05/16** | $10253 | $10285 |
| **06/16** | $10430 | $10469 |
| **07/16** | $10514 | $10536 |
| **08/16** | $10526 | $10524 |
| **09/16** | $10524 | $10517 |
| **10/16** | $10479 | $10437 |
| **11/16** | $10275 | $10190 |
| **12/16** | $10313 | $10205 |
| **01/17** | $10351 | $10225 |
| **02/17** | $10427 | $10293 |
| **03/17** | $10413 | $10288 |
| **04/17** | $10499 | $10367 |
| **05/17** | $10602 | $10447 |
| **06/17** | $10595 | $10437 |
| **07/17** | $10654 | $10481 |
| **08/17** | $10744 | $10575 |
| **09/17** | $10702 | $10525 |
| **10/17** | $10735 | $10531 |
| **11/17** | $10725 | $10518 |
| **12/17** | $10780 | $10566 |
| **01/18** | $10685 | $10444 |
| **02/18** | $10593 | $10345 |
| **03/18** | $10642 | $10412 |
| **04/18** | $10567 | $10334 |
| **05/18** | $10634 | $10408 |
| **06/18** | $10600 | $10395 |
| **07/18** | $10617 | $10398 |
| **08/18** | $10679 | $10464 |
| **09/18** | $10630 | $10397 |
| **10/18** | $10542 | $10315 |
| **11/18** | $10575 | $10377 |
| **12/18** | $10717 | $10567 |
| **01/19** | $10828 | $10679 |
| **02/19** | $10851 | $10673 |
| **03/19** | $11059 | $10878 |
| **04/19** | $11095 | $10881 |
| **05/19** | $11271 | $11074 |
| **06/19** | $11421 | $11213 |
| **07/19** | $11459 | $11238 |
| **08/19** | $11723 | $11529 |
| **09/19** | $11656 | $11468 |
| **10/19** | $11690 | $11502 |
| **11/19** | $11691 | $11496 |
| **12/19** | $11676 | $11488 |
| **01/20** | $11923 | $11709 |
| **02/20** | $12100 | $11920 |
| **03/20** | $11501 | $11850 |
| **04/20** | $11814 | $12061 |
| **05/20** | $11963 | $12117 |
| **06/20** | $12140 | $12193 |
| **07/20** | $12371 | $12375 |
| **08/20** | $12305 | $12275 |
| **09/20** | $12310 | $12269 |
| **10/20** | $12254 | $12214 |
| **11/20** | $12445 | $12334 |
| **12/20** | $12508 | $12351 |
| **01/21** | $12452 | $12262 |
| **02/21** | $12300 | $12085 |
| **03/21** | $12184 | $11934 |
| **04/21** | $12300 | $12028 |
| **05/21** | $12362 | $12068 |
| **06/21** | $12454 | $12152 |
| **07/21** | $12576 | $12288 |
| **08/21** | $12555 | $12265 |
| **09/21** | $12455 | $12159 |
| **10/21** | $12450 | $12155 |
| **11/21** | $12469 | $12191 |
| **12/21** | $12439 | $12160 |
| **01/22** | $12184 | $11898 |
| **02/22** | $12021 | $11765 |
| **03/22** | $11706 | $11439 |
| **04/22** | $11328 | $11005 |
| **05/22** | $11332 | $11075 |
| **06/22** | $11163 | $10902 |
| **07/22** | $11401 | $11168 |
| **08/22** | $11150 | $10853 |
| **09/22** | $10681 | $10384 |
| **10/22** | $10535 | $10249 |
| **11/22** | $10855 | $10626 |
| **12/22** | $10858 | $10578 |
| **01/23** | $11206 | $10904 |
| **02/23** | $10964 | $10622 |
| **03/23** | $11190 | $10891 |
| **04/23** | $11284 | $10957 |
| **05/23** | $11162 | $10838 |
| **06/23** | $11130 | $10799 |
| **07/23** | $11141 | $10792 |
| **08/23** | $11095 | $10723 |
| **09/23** | $10845 | $10451 |
| **10/23** | $10691 | $10286 |
| **11/23** | $11141 | $10751 |
| **12/23** | $11572 | $11163 |
| **01/24** | $11571 | $11132 |
| **02/24** | $11440 | $10975 |
| **03/24** | $11551 | $11076 |
| **04/24** | $11277 | $10797 |
| **05/24** | $11455 | $10980 |
| **06/24** | $11587 | $11084 |
| **07/24** | $11798 | $11342 |
| **08/24** | $11984 | $11505 |
| **09/24** | $12157 | $11660 |
| **10/24** | $11873 | $11370 |
| **11/24** | $12015 | $11491 |
| **12/24** | $11809 | $11303 |
| **01/25** | $11878 | $11362 |
| **02/25** | $12135 | $11612 |
| **03/25** | $12125 | $11617 |
| **04/25** | $12142 | $11663 |
| **05/25** | $12083 | $11579 |
| **06/25** | $12276 | $11757 |
| **07/25** | $12259 | $11726 |
| **08/25** | $12398 | $11866 |
| **09/25** | $12531 | $11996 |
| **10/25** | $12609 | $12071 |

---

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Commerce Bond Fund | 6.20% | 0.57% | 2.35% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24%) | 1.90% |

---

**Past Performance: Performance data quoted above represents past performance. Past performance is not a guarantee or a reliable indicator of future results.** The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit our website as www.commercefunds.com to obtain the most recent month-end returns.

# Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | A |
| Total Net Assets | $1252364459 |
| # of Portfolio Holdings | 468 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $4328622 |

---

# What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the types of security allocation table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

# Types of Security Allocation (% of Total Net Assets)
![Group By Sector Chart](g89954i68b15f6c975c0e3b2494.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange Traded Fund | 0.2% |
| U.S. Government Agency Obligations | 0.4% |
| Investment Company | 0.6% |
| Municipal Bond Obligations | 6.8% |
| Asset-Backed Securities | 10.3% |
| U.S. Treasury Obligations | 19.0% |
| Mortgage-Backed Obligations | 26.1% |
| Corporate Obligations | 36.1% |

---

#### Annual Shareholder Report

#### October 31, 2025
Commerce Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

#### Credit Rating (% of Total Net Assets)<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| AAA | 8.4% |
| AA | 11.8% |
| A | 20.5% |
| BBB | 14.4% |
| BB | 0.4% |
| B | 0.0% |
| CCC | 0.2% |
| U.S. Govt. | 36.9% |
| Non-Rated | 7.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated Non-Rated or N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

---

# Additional Information
Scan the QR code or visit www.commercefunds.com to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 1-800-995-6365.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/CommerceFunds?site=Funds](g89954i66ddc64502a8d1286316.jpg)

#### Annual Shareholder Report

#### October 31, 2025
Commerce Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

200626208_TSR_AR

![Image](g89954i86a532e8631ef21f3e7b.jpg)

Annual Shareholder Report

October 31, 2025

Commerce Kansas Tax-Free Intermediate Bond Fund

KTXIX

# Fund Overview
This Annual shareholder report contains important information about Commerce Kansas Tax-Free Intermediate Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.commercefunds.com. You can also request this information by contacting us at 1-800-995-6365.

# What were the Fund costs for last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Commerce Kansas Tax-Free Intermediate Bond Fund | $71 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Reflects fee waiver and/or expense reimbursements, without which expenses would have been higher. |

---

# How did the Fund perform last year and what affected its performance?
Over the one-year period ended October 31, 2025, the Kansas Tax-Free Intermediate Bond Fund generated an annualized total return of 4.10%, underperforming the Bloomberg 3-15 Year Blend Municipal Bond Index which returned 4.95% for the same period.

Top Contributors to Performance

* Longer duration positioning supported returns on a relative basis.

* Intermediate curve exposures were the most additive to Fund performance.

* Relative overweight to general obligations versus revenue sectors.

* Overweight to the Lease and Limited Tax sectors.

Top Detractors from Performance

* Overweight to the Hospital sector.

* Underweight to the Transportation and Industrial Development Revenue/Pollution Control Revenue sectors.

* Security selection in the Higher Education and Water/Sewer sectors.

#### Annual Shareholder Report

#### October 31, 2025
Commerce Kansas Tax-Free Intermediate Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### Growth of $10,000
![Growth of 10K Chart](g89954i62c2fb198320884e38e4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg Municipal Bond Index** | **Bloomberg 3-15 Year Blend Municipal Bond Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10014 | $10040 | $10024 |
| **12/15** | $10058 | $10110 | $10083 |
| **01/16** | $10158 | $10231 | $10211 |
| **02/16** | $10167 | $10247 | $10230 |
| **03/16** | $10184 | $10279 | $10242 |
| **04/16** | $10244 | $10355 | $10309 |
| **05/16** | $10253 | $10383 | $10314 |
| **06/16** | $10391 | $10548 | $10453 |
| **07/16** | $10387 | $10555 | $10467 |
| **08/16** | $10395 | $10569 | $10473 |
| **09/16** | $10350 | $10516 | $10433 |
| **10/16** | $10274 | $10406 | $10338 |
| **11/16** | $9967 | $10018 | $9971 |
| **12/16** | $10037 | $10135 | $10077 |
| **01/17** | $10071 | $10202 | $10153 |
| **02/17** | $10123 | $10273 | $10225 |
| **03/17** | $10141 | $10295 | $10244 |
| **04/17** | $10203 | $10370 | $10324 |
| **05/17** | $10333 | $10535 | $10474 |
| **06/17** | $10295 | $10497 | $10429 |
| **07/17** | $10351 | $10582 | $10512 |
| **08/17** | $10408 | $10662 | $10588 |
| **09/17** | $10357 | $10608 | $10534 |
| **10/17** | $10386 | $10634 | $10550 |
| **11/17** | $10335 | $10577 | $10460 |
| **12/17** | $10433 | $10688 | $10557 |
| **01/18** | $10327 | $10562 | $10450 |
| **02/18** | $10293 | $10530 | $10418 |
| **03/18** | $10321 | $10569 | $10444 |
| **04/18** | $10281 | $10531 | $10414 |
| **05/18** | $10370 | $10652 | $10519 |
| **06/18** | $10374 | $10661 | $10536 |
| **07/18** | $10393 | $10687 | $10571 |
| **08/18** | $10397 | $10714 | $10592 |
| **09/18** | $10345 | $10645 | $10529 |
| **10/18** | $10288 | $10579 | $10480 |
| **11/18** | $10407 | $10697 | $10594 |
| **12/18** | $10531 | $10825 | $10719 |
| **01/19** | $10607 | $10906 | $10816 |
| **02/19** | $10661 | $10965 | $10871 |
| **03/19** | $10775 | $11138 | $11006 |
| **04/19** | $10795 | $11180 | $11030 |
| **05/19** | $10915 | $11334 | $11173 |
| **06/19** | $10957 | $11376 | $11220 |
| **07/19** | $11027 | $11468 | $11314 |
| **08/19** | $11158 | $11649 | $11456 |
| **09/19** | $11082 | $11555 | $11356 |
| **10/19** | $11090 | $11576 | $11386 |
| **11/19** | $11098 | $11605 | $11413 |
| **12/19** | $11122 | $11640 | $11451 |
| **01/20** | $11286 | $11849 | $11640 |
| **02/20** | $11400 | $12002 | $11758 |
| **03/20** | $11209 | $11567 | $11388 |
| **04/20** | $11142 | $11422 | $11295 |
| **05/20** | $11453 | $11785 | $11637 |
| **06/20** | $11448 | $11882 | $11711 |
| **07/20** | $11560 | $12082 | $11889 |
| **08/20** | $11518 | $12025 | $11845 |
| **09/20** | $11515 | $12028 | $11855 |
| **10/20** | $11483 | $11992 | $11823 |
| **11/20** | $11577 | $12173 | $11966 |
| **12/20** | $11602 | $12247 | $12028 |
| **01/21** | $11609 | $12325 | $12089 |
| **02/21** | $11475 | $12129 | $11921 |
| **03/21** | $11529 | $12204 | $11983 |
| **04/21** | $11584 | $12306 | $12065 |
| **05/21** | $11598 | $12343 | $12084 |
| **06/21** | $11612 | $12377 | $12101 |
| **07/21** | $11679 | $12480 | $12197 |
| **08/21** | $11659 | $12434 | $12170 |
| **09/21** | $11576 | $12344 | $12089 |
| **10/21** | $11556 | $12308 | $12051 |
| **11/21** | $11618 | $12413 | $12121 |
| **12/21** | $11627 | $12433 | $12140 |
| **01/22** | $11352 | $12092 | $11821 |
| **02/22** | $11316 | $12049 | $11783 |
| **03/22** | $11034 | $11659 | $11447 |
| **04/22** | $10718 | $11336 | $11187 |
| **05/22** | $10885 | $11505 | $11352 |
| **06/22** | $10720 | $11316 | $11246 |
| **07/22** | $10981 | $11615 | $11517 |
| **08/22** | $10738 | $11361 | $11307 |
| **09/22** | $10367 | $10924 | $10939 |
| **10/22** | $10306 | $10834 | $10891 |
| **11/22** | $10741 | $11340 | $11301 |
| **12/22** | $10782 | $11373 | $11361 |
| **01/23** | $11040 | $11700 | $11633 |
| **02/23** | $10780 | $11435 | $11401 |
| **03/23** | $10999 | $11689 | $11633 |
| **04/23** | $10952 | $11662 | $11601 |
| **05/23** | $10827 | $11561 | $11490 |
| **06/23** | $10905 | $11677 | $11580 |
| **07/23** | $10918 | $11723 | $11628 |
| **08/23** | $10787 | $11554 | $11497 |
| **09/23** | $10483 | $11216 | $11217 |
| **10/23** | $10371 | $11120 | $11163 |
| **11/23** | $10969 | $11826 | $11741 |
| **12/23** | $11218 | $12101 | $11979 |
| **01/24** | $11178 | $12039 | $11928 |
| **02/24** | $11187 | $12055 | $11939 |
| **03/24** | $11166 | $12054 | $11939 |
| **04/24** | $11060 | $11905 | $11805 |
| **05/24** | $10990 | $11870 | $11726 |
| **06/24** | $11134 | $12052 | $11885 |
| **07/24** | $11217 | $12162 | $11993 |
| **08/24** | $11300 | $12258 | $12102 |
| **09/24** | $11390 | $12379 | $12206 |
| **10/24** | $11240 | $12198 | $12040 |
| **11/24** | $11386 | $12409 | $12197 |
| **12/24** | $11279 | $12228 | $12064 |
| **01/25** | $11327 | $12290 | $12148 |
| **02/25** | $11431 | $12411 | $12273 |
| **03/25** | $11263 | $12201 | $12104 |
| **04/25** | $11231 | $12103 | $12025 |
| **05/25** | $11255 | $12111 | $12094 |
| **06/25** | $11336 | $12186 | $12188 |
| **07/25** | $11329 | $12161 | $12216 |
| **08/25** | $11410 | $12267 | $12323 |
| **09/25** | $11587 | $12551 | $12519 |
| **10/25** | $11701 | $12707 | $12636 |

---

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Commerce Kansas Tax-Free Intermediate Bond Fund | 4.10% | 0.38% | 1.58% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Bloomberg 3-15 Year Blend Municipal Bond Index | 4.95% | 1.34% | 2.37% |

---

**Past Performance: Performance data quoted above represents past performance. Past performance is not a guarantee or a reliable indicator of future results.** The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit our website as www.commercefunds.com to obtain the most recent month-end returns.

# Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | A |
| Total Net Assets | $110721567 |
| # of Portfolio Holdings | 119 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $393617 |

---

# What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the sector allocation table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

# Sector Allocation (% of Total Net Assets)
![Group By Sector Chart](g89954i5fa6b1c3d8cf21c1f880.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investment Company | 0.3% |
| Transportation | 1.2% |
| Power | 1.8% |
| Higher Education | 2.8% |
| Water/Sewer | 7.5% |
| Limited Tax | 10.1% |
| Hospital | 10.1% |
| Lease | 15.3% |
| General Obligations | 52.0% |

---

#### Annual Shareholder Report

#### October 31, 2025
Commerce Kansas Tax-Free Intermediate Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

#### Credit Rating (% of Total Net Assets)<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| AAA | 9.4% |
| AA | 65.0% |
| A | 20.8% |
| BBB | 2.8% |
| Non-Rated | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated Non-Rated or N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

---

# Additional Information
Scan the QR code or visit www.commercefunds.com to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 1-800-995-6365.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/CommerceFunds?site=Funds](g89954i66ddc64502a8d1286316.jpg)

#### Annual Shareholder Report

#### October 31, 2025
Commerce Kansas Tax-Free Intermediate Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

200626786_TSR_AR

![Image](g89954i86a532e8631ef21f3e7b.jpg)

Annual Shareholder Report

October 31, 2025

Commerce Missouri Tax-Free Intermediate Bond Fund

CFMOX

# Fund Overview
This Annual shareholder report contains important information about Commerce Missouri Tax-Free Intermediate Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.commercefunds.com. You can also request this information by contacting us at 1-800-995-6365.

# What were the Fund costs for last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Commerce Missouri Tax-Free Intermediate Bond Fund | $70 | 0.69% |

---

# How did the Fund perform last year and what affected its performance?
Over the one-year period ended October 31, 2025, the Missouri Tax-Free Intermediate Bond Fund generated an annualized total return of 4.23%, underperforming the Bloomberg 3-15 Year Blend Municipal Bond Index which returned 4.95% for the same period.

Top Contributors to Performance

* Longer duration positioning supported returns on a relative basis.

* Intermediate curve exposures were the most additive to Fund performance.

* Overweight to the Housing sector.

* Security selection in the Power, Limited Tax and Transportation sectors.

Top Detractors from Performance

* Relative overweight to the revenue sectors versus general obligation bonds.

* Overweight to the Hospital and Lease sectors.

* Underweight to the Higher Education and Industrial Development Revenue/Pollution Control Revenue sectors.

#### Annual Shareholder Report

#### October 31, 2025
Commerce Missouri Tax-Free Intermediate Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### Growth of $10,000
![Growth of 10K Chart](g89954id82932f6a37788a7c637.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg Municipal Bond Index** | **Bloomberg 3-15 Year Blend Municipal Bond Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10027 | $10040 | $10024 |
| **12/15** | $10073 | $10110 | $10083 |
| **01/16** | $10186 | $10231 | $10211 |
| **02/16** | $10197 | $10247 | $10230 |
| **03/16** | $10212 | $10279 | $10242 |
| **04/16** | $10273 | $10355 | $10309 |
| **05/16** | $10283 | $10383 | $10314 |
| **06/16** | $10412 | $10548 | $10453 |
| **07/16** | $10417 | $10555 | $10467 |
| **08/16** | $10421 | $10569 | $10473 |
| **09/16** | $10395 | $10516 | $10433 |
| **10/16** | $10321 | $10406 | $10338 |
| **11/16** | $9996 | $10018 | $9971 |
| **12/16** | $10080 | $10135 | $10077 |
| **01/17** | $10117 | $10202 | $10153 |
| **02/17** | $10187 | $10273 | $10225 |
| **03/17** | $10213 | $10295 | $10244 |
| **04/17** | $10278 | $10370 | $10324 |
| **05/17** | $10411 | $10535 | $10474 |
| **06/17** | $10384 | $10497 | $10429 |
| **07/17** | $10443 | $10582 | $10512 |
| **08/17** | $10512 | $10662 | $10588 |
| **09/17** | $10458 | $10608 | $10534 |
| **10/17** | $10496 | $10634 | $10550 |
| **11/17** | $10448 | $10577 | $10460 |
| **12/17** | $10534 | $10688 | $10557 |
| **01/18** | $10410 | $10562 | $10450 |
| **02/18** | $10378 | $10530 | $10418 |
| **03/18** | $10415 | $10569 | $10444 |
| **04/18** | $10371 | $10531 | $10414 |
| **05/18** | $10474 | $10652 | $10519 |
| **06/18** | $10473 | $10661 | $10536 |
| **07/18** | $10483 | $10687 | $10571 |
| **08/18** | $10498 | $10714 | $10592 |
| **09/18** | $10449 | $10645 | $10529 |
| **10/18** | $10382 | $10579 | $10480 |
| **11/18** | $10503 | $10697 | $10594 |
| **12/18** | $10618 | $10825 | $10719 |
| **01/19** | $10689 | $10906 | $10816 |
| **02/19** | $10739 | $10965 | $10871 |
| **03/19** | $10870 | $11138 | $11006 |
| **04/19** | $10897 | $11180 | $11030 |
| **05/19** | $11029 | $11334 | $11173 |
| **06/19** | $11072 | $11376 | $11220 |
| **07/19** | $11147 | $11468 | $11314 |
| **08/19** | $11278 | $11649 | $11456 |
| **09/19** | $11202 | $11555 | $11356 |
| **10/19** | $11210 | $11576 | $11386 |
| **11/19** | $11224 | $11605 | $11413 |
| **12/19** | $11248 | $11640 | $11451 |
| **01/20** | $11396 | $11849 | $11640 |
| **02/20** | $11512 | $12002 | $11758 |
| **03/20** | $11305 | $11567 | $11388 |
| **04/20** | $11227 | $11422 | $11295 |
| **05/20** | $11507 | $11785 | $11637 |
| **06/20** | $11524 | $11882 | $11711 |
| **07/20** | $11627 | $12082 | $11889 |
| **08/20** | $11593 | $12025 | $11845 |
| **09/20** | $11587 | $12028 | $11855 |
| **10/20** | $11557 | $11992 | $11823 |
| **11/20** | $11649 | $12173 | $11966 |
| **12/20** | $11683 | $12247 | $12028 |
| **01/21** | $11700 | $12325 | $12089 |
| **02/21** | $11597 | $12129 | $11921 |
| **03/21** | $11636 | $12204 | $11983 |
| **04/21** | $11700 | $12306 | $12065 |
| **05/21** | $11722 | $12343 | $12084 |
| **06/21** | $11740 | $12377 | $12101 |
| **07/21** | $11815 | $12480 | $12197 |
| **08/21** | $11786 | $12434 | $12170 |
| **09/21** | $11699 | $12344 | $12089 |
| **10/21** | $11682 | $12308 | $12051 |
| **11/21** | $11758 | $12413 | $12121 |
| **12/21** | $11763 | $12433 | $12140 |
| **01/22** | $11492 | $12092 | $11821 |
| **02/22** | $11440 | $12049 | $11783 |
| **03/22** | $11163 | $11659 | $11447 |
| **04/22** | $10879 | $11336 | $11187 |
| **05/22** | $11037 | $11505 | $11352 |
| **06/22** | $10895 | $11316 | $11246 |
| **07/22** | $11148 | $11615 | $11517 |
| **08/22** | $10892 | $11361 | $11307 |
| **09/22** | $10530 | $10924 | $10939 |
| **10/22** | $10470 | $10834 | $10891 |
| **11/22** | $10911 | $11340 | $11301 |
| **12/22** | $10935 | $11373 | $11361 |
| **01/23** | $11222 | $11700 | $11633 |
| **02/23** | $10967 | $11435 | $11401 |
| **03/23** | $11196 | $11689 | $11633 |
| **04/23** | $11168 | $11662 | $11601 |
| **05/23** | $11037 | $11561 | $11490 |
| **06/23** | $11123 | $11677 | $11580 |
| **07/23** | $11136 | $11723 | $11628 |
| **08/23** | $11011 | $11554 | $11497 |
| **09/23** | $10699 | $11216 | $11217 |
| **10/23** | $10544 | $11120 | $11163 |
| **11/23** | $11197 | $11826 | $11741 |
| **12/23** | $11467 | $12101 | $11979 |
| **01/24** | $11426 | $12039 | $11928 |
| **02/24** | $11435 | $12055 | $11939 |
| **03/24** | $11413 | $12054 | $11939 |
| **04/24** | $11306 | $11905 | $11805 |
| **05/24** | $11217 | $11870 | $11726 |
| **06/24** | $11363 | $12052 | $11885 |
| **07/24** | $11459 | $12162 | $11993 |
| **08/24** | $11543 | $12258 | $12102 |
| **09/24** | $11652 | $12379 | $12206 |
| **10/24** | $11482 | $12198 | $12040 |
| **11/24** | $11648 | $12409 | $12197 |
| **12/24** | $11527 | $12228 | $12064 |
| **01/25** | $11582 | $12290 | $12148 |
| **02/25** | $11701 | $12411 | $12273 |
| **03/25** | $11519 | $12201 | $12104 |
| **04/25** | $11469 | $12103 | $12025 |
| **05/25** | $11475 | $12111 | $12094 |
| **06/25** | $11570 | $12186 | $12188 |
| **07/25** | $11539 | $12161 | $12216 |
| **08/25** | $11635 | $12267 | $12323 |
| **09/25** | $11839 | $12551 | $12519 |
| **10/25** | $11967 | $12707 | $12636 |

---

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Commerce Missouri Tax-Free Intermediate Bond Fund | 4.23% | 0.70% | 1.81% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Bloomberg 3-15 Year Blend Municipal Bond Index | 4.95% | 1.34% | 2.37% |

---

**Past Performance: Performance data quoted above represents past performance. Past performance is not a guarantee or a reliable indicator of future results.** The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit our website as www.commercefunds.com to obtain the most recent month-end returns.

# Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | A |
| Total Net Assets | $235556514 |
| # of Portfolio Holdings | 210 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $927706 |

---

# What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the sector allocation table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

# Sector Allocation (% of Total Net Assets)
![Group By Sector Chart](g89954i852d7e40205e91f5c0fb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Power | 2.0% |
| Higher Education | 3.7% |
| Single Family Housing | 3.7% |
| Limited Tax | 4.7% |
| Investment Company | 5.0% |
| Transportation | 5.9% |
| Hospital | 13.8% |
| General Obligations | 22.3% |
| Lease | 37.1% |

---

#### Annual Shareholder Report

#### October 31, 2025
Commerce Missouri Tax-Free Intermediate Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

#### Credit Rating (% of Total Net Assets)<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| AAA | 5.1% |
| AA | 48.2% |
| A | 40.8% |
| BBB | 3.2% |
| Non-Rated | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated Non-Rated or N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

---

# Additional Information
Scan the QR code or visit www.commercefunds.com to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 1-800-995-6365.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/CommerceFunds?site=Funds](g89954i66ddc64502a8d1286316.jpg)

#### Annual Shareholder Report

#### October 31, 2025
Commerce Missouri Tax-Free Intermediate Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

200626802_TSR_AR

![Image](g89954i86a532e8631ef21f3e7b.jpg)

Annual Shareholder Report

October 31, 2025

Commerce National Tax-Free Intermediate Bond Fund

CFNLX

# Fund Overview
This Annual shareholder report contains important information about Commerce National Tax-Free Intermediate Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.commercefunds.com. You can also request this information by contacting us at 1-800-995-6365.

# What were the Fund costs for last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Commerce National Tax-Free Intermediate Bond Fund | $64 | 0.62% |

---

# How did the Fund perform last year and what affected its performance?
Over the one-year period ended October 31, 2025, the National Tax-Free Intermediate Bond Fund generated an annualized total return of 4.85%, underperforming the Bloomberg 3-15 Year Blend Municipal Bond Index which returned 4.95% for the same period.

Top Contributors to Performance

* Longer duration positioning supported returns on a relative basis.

* Intermediate curve exposures were the most additive to Fund performance.

* Overweight to the Housing and underweight to the Higher Education and Power sectors contributed to performance.

* Security selection in the Limited Tax and Transportation sectors.

Top Detractors from Performance

* Relative overweight to the revenue sectors versus general obligation bonds.

* Overweight to the Hospital sector.

* Security selection in the Water/Sewer and Lease sectors.

#### Annual Shareholder Report

#### October 31, 2025
Commerce National Tax-Free Intermediate Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### Growth of $10,000
![Growth of 10K Chart](g89954ie85f5a68148f7d20bf2f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg Municipal Bond Index** | **Bloomberg 3-15 Year Blend Municipal Bond Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10030 | $10040 | $10024 |
| **12/15** | $10091 | $10110 | $10083 |
| **01/16** | $10227 | $10231 | $10211 |
| **02/16** | $10230 | $10247 | $10230 |
| **03/16** | $10258 | $10279 | $10242 |
| **04/16** | $10318 | $10355 | $10309 |
| **05/16** | $10326 | $10383 | $10314 |
| **06/16** | $10479 | $10548 | $10453 |
| **07/16** | $10477 | $10555 | $10467 |
| **08/16** | $10490 | $10569 | $10473 |
| **09/16** | $10462 | $10516 | $10433 |
| **10/16** | $10376 | $10406 | $10338 |
| **11/16** | $10009 | $10018 | $9971 |
| **12/16** | $10095 | $10135 | $10077 |
| **01/17** | $10146 | $10202 | $10153 |
| **02/17** | $10214 | $10273 | $10225 |
| **03/17** | $10243 | $10295 | $10244 |
| **04/17** | $10321 | $10370 | $10324 |
| **05/17** | $10463 | $10535 | $10474 |
| **06/17** | $10434 | $10497 | $10429 |
| **07/17** | $10490 | $10582 | $10512 |
| **08/17** | $10567 | $10662 | $10588 |
| **09/17** | $10505 | $10608 | $10534 |
| **10/17** | $10544 | $10634 | $10550 |
| **11/17** | $10482 | $10577 | $10460 |
| **12/17** | $10581 | $10688 | $10557 |
| **01/18** | $10443 | $10562 | $10450 |
| **02/18** | $10409 | $10530 | $10418 |
| **03/18** | $10443 | $10569 | $10444 |
| **04/18** | $10403 | $10531 | $10414 |
| **05/18** | $10504 | $10652 | $10519 |
| **06/18** | $10507 | $10661 | $10536 |
| **07/18** | $10521 | $10687 | $10571 |
| **08/18** | $10541 | $10714 | $10592 |
| **09/18** | $10474 | $10645 | $10529 |
| **10/18** | $10406 | $10579 | $10480 |
| **11/18** | $10526 | $10697 | $10594 |
| **12/18** | $10664 | $10825 | $10719 |
| **01/19** | $10746 | $10906 | $10816 |
| **02/19** | $10806 | $10965 | $10871 |
| **03/19** | $10943 | $11138 | $11006 |
| **04/19** | $10969 | $11180 | $11030 |
| **05/19** | $11122 | $11334 | $11173 |
| **06/19** | $11165 | $11376 | $11220 |
| **07/19** | $11251 | $11468 | $11314 |
| **08/19** | $11405 | $11649 | $11456 |
| **09/19** | $11318 | $11555 | $11356 |
| **10/19** | $11331 | $11576 | $11386 |
| **11/19** | $11339 | $11605 | $11413 |
| **12/19** | $11370 | $11640 | $11451 |
| **01/20** | $11547 | $11849 | $11640 |
| **02/20** | $11675 | $12002 | $11758 |
| **03/20** | $11431 | $11567 | $11388 |
| **04/20** | $11336 | $11422 | $11295 |
| **05/20** | $11649 | $11785 | $11637 |
| **06/20** | $11683 | $11882 | $11711 |
| **07/20** | $11831 | $12082 | $11889 |
| **08/20** | $11790 | $12025 | $11845 |
| **09/20** | $11795 | $12028 | $11855 |
| **10/20** | $11764 | $11992 | $11823 |
| **11/20** | $11861 | $12173 | $11966 |
| **12/20** | $11901 | $12247 | $12028 |
| **01/21** | $11929 | $12325 | $12089 |
| **02/21** | $11784 | $12129 | $11921 |
| **03/21** | $11822 | $12204 | $11983 |
| **04/21** | $11895 | $12306 | $12065 |
| **05/21** | $11932 | $12343 | $12084 |
| **06/21** | $11941 | $12377 | $12101 |
| **07/21** | $12025 | $12480 | $12197 |
| **08/21** | $11993 | $12434 | $12170 |
| **09/21** | $11909 | $12344 | $12089 |
| **10/21** | $11883 | $12308 | $12051 |
| **11/21** | $11950 | $12413 | $12121 |
| **12/21** | $11949 | $12433 | $12140 |
| **01/22** | $11649 | $12092 | $11821 |
| **02/22** | $11606 | $12049 | $11783 |
| **03/22** | $11299 | $11659 | $11447 |
| **04/22** | $11011 | $11336 | $11187 |
| **05/22** | $11175 | $11505 | $11352 |
| **06/22** | $11041 | $11316 | $11246 |
| **07/22** | $11313 | $11615 | $11517 |
| **08/22** | $11054 | $11361 | $11307 |
| **09/22** | $10682 | $10924 | $10939 |
| **10/22** | $10628 | $10834 | $10891 |
| **11/22** | $11066 | $11340 | $11301 |
| **12/22** | $11097 | $11373 | $11361 |
| **01/23** | $11387 | $11700 | $11633 |
| **02/23** | $11110 | $11435 | $11401 |
| **03/23** | $11347 | $11689 | $11633 |
| **04/23** | $11311 | $11662 | $11601 |
| **05/23** | $11185 | $11561 | $11490 |
| **06/23** | $11265 | $11677 | $11580 |
| **07/23** | $11285 | $11723 | $11628 |
| **08/23** | $11159 | $11554 | $11497 |
| **09/23** | $10849 | $11216 | $11217 |
| **10/23** | $10723 | $11120 | $11163 |
| **11/23** | $11358 | $11826 | $11741 |
| **12/23** | $11631 | $12101 | $11979 |
| **01/24** | $11592 | $12039 | $11928 |
| **02/24** | $11597 | $12055 | $11939 |
| **03/24** | $11590 | $12054 | $11939 |
| **04/24** | $11478 | $11905 | $11805 |
| **05/24** | $11409 | $11870 | $11726 |
| **06/24** | $11564 | $12052 | $11885 |
| **07/24** | $11663 | $12162 | $11993 |
| **08/24** | $11756 | $12258 | $12102 |
| **09/24** | $11863 | $12379 | $12206 |
| **10/24** | $11687 | $12198 | $12040 |
| **11/24** | $11845 | $12409 | $12197 |
| **12/24** | $11732 | $12228 | $12064 |
| **01/25** | $11790 | $12290 | $12148 |
| **02/25** | $11906 | $12411 | $12273 |
| **03/25** | $11750 | $12201 | $12104 |
| **04/25** | $11714 | $12103 | $12025 |
| **05/25** | $11728 | $12111 | $12094 |
| **06/25** | $11827 | $12186 | $12188 |
| **07/25** | $11829 | $12161 | $12216 |
| **08/25** | $11927 | $12267 | $12323 |
| **09/25** | $12123 | $12551 | $12519 |
| **10/25** | $12254 | $12707 | $12636 |

---

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Commerce National Tax-Free Intermediate Bond Fund | 4.85% | 0.82% | 2.05% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Bloomberg 3-15 Year Blend Municipal Bond Index | 4.95% | 1.34% | 2.37% |

---

**Past Performance: Performance data quoted above represents past performance. Past performance is not a guarantee or a reliable indicator of future results.** The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit our website as www.commercefunds.com to obtain the most recent month-end returns.

# Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | A |
| Total Net Assets | $353738898 |
| # of Portfolio Holdings | 365 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid | $1233603 |

---

# What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the sector allocation table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

# Sector Allocation (% of Total Net Assets)
![Group By Sector Chart](g89954i06eb4b890b120c98d277.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 7.3% |
| Investment Company | 4.1% |
| Student | 5.0% |
| Higher Education | 5.4% |
| Single Family Housing | 6.8% |
| Hospital | 10.9% |
| Lease | 11.5% |
| Transportation | 13.3% |
| Limited Tax | 15.6% |
| General Obligations | 23.3% |

---

#### Annual Shareholder Report

#### October 31, 2025
Commerce National Tax-Free Intermediate Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

#### Credit Rating (% of Total Net Assets)<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| AAA | 7.7% |
| AA | 57.8% |
| A | 36.4% |
| BBB | 0.5% |
| Non-Rated | 0.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated Non-Rated or N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

---

# Additional Information
Scan the QR code or visit www.commercefunds.com to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 1-800-995-6365.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/CommerceFunds?site=Funds](g89954i66ddc64502a8d1286316.jpg)

#### Annual Shareholder Report

#### October 31, 2025
Commerce National Tax-Free Intermediate Bond Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

200626703_TSR_AR

![Image](g89954i86a532e8631ef21f3e7b.jpg)

Annual Shareholder Report

October 31, 2025

Commerce Short-Term Government Fund

CFSTX

# Fund Overview
This Annual shareholder report contains important information about Commerce Short-Term Government Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.commercefunds.com. You can also request this information by contacting us at 1-800-995-6365.

# What were the Fund costs for last year?
**Annual Fund Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Commerce Short-Term Government Fund | $70 | 0.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Reflects fee waiver and/or expense reimbursements, without which expenses would have been higher. |

---

# How did the Fund perform last year and what affected its performance?
Over the one-year period that ended October 31, 2025, the Commerce Short-Term Government Fund generated an annualized total return of 4.96%, underperforming the Bloomberg U.S. 1-5 Year Government Bond Index which returned 5.31% for the same period.

Top Contributors to Performance

* Maintaining an overweight position in agency mortgage-backed securities allowed the Fund to capture some excess return relative to Treasuries. 

* The Fund's exposure to commercial mortgage-backed securities contributed to performance as the sector's post pandemic recovery continues.

* The Fund's overweight to agency debentures relative to its benchmark also contributed to performance.

Top Detractors from Performance

* The Fund's shorter duration relative to that of the benchmark detracted from performance as short maturity Treasury rates fell over the period.

* Curve positioning detracted from performance as the Federal Reserve cut the federal funds rate in September and October 2025. Relative to its benchmark, the Fund was under-allocated to Treasury maturities of three years and less which detracted from performance. 

* Non-agency mortgage security selection detracted from performance. As mortgage rates fell over the period, the higher loan rates underlying these bonds generated faster prepayment activity, tempering price performance as overall rates fell.

#### Annual Shareholder Report

#### October 31, 2025
Commerce Short-Term Government Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

# Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### Growth of $10,000
![Growth of 10K Chart](g89954i9cffff4fd5d290fc2bbd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg US Aggregate Bond Index** | **Bloomberg U.S. 1-5 Year Government Bond Index** |
| **10/15** | $10000 | $10000 | $9999 |
| **11/15** | $9977 | $9974 | $9970 |
| **12/15** | $9953 | $9941 | $9955 |
| **01/16** | $10031 | $10078 | $10062 |
| **02/16** | $10025 | $10150 | $10086 |
| **03/16** | $10055 | $10243 | $10109 |
| **04/16** | $10062 | $10282 | $10108 |
| **05/16** | $10049 | $10285 | $10094 |
| **06/16** | $10123 | $10469 | $10190 |
| **07/16** | $10124 | $10536 | $10186 |
| **08/16** | $10104 | $10524 | $10155 |
| **09/16** | $10127 | $10517 | $10172 |
| **10/16** | $10109 | $10437 | $10151 |
| **11/16** | $10029 | $10190 | $10055 |
| **12/16** | $10032 | $10205 | $10057 |
| **01/17** | $10050 | $10225 | $10075 |
| **02/17** | $10067 | $10293 | $10091 |
| **03/17** | $10066 | $10288 | $10096 |
| **04/17** | $10098 | $10367 | $10129 |
| **05/17** | $10127 | $10447 | $10152 |
| **06/17** | $10107 | $10437 | $10137 |
| **07/17** | $10132 | $10481 | $10165 |
| **08/17** | $10167 | $10575 | $10201 |
| **09/17** | $10138 | $10525 | $10167 |
| **10/17** | $10141 | $10531 | $10156 |
| **11/17** | $10115 | $10518 | $10127 |
| **12/17** | $10116 | $10566 | $10126 |
| **01/18** | $10063 | $10444 | $10068 |
| **02/18** | $10052 | $10345 | $10054 |
| **03/18** | $10087 | $10412 | $10087 |
| **04/18** | $10056 | $10334 | $10051 |
| **05/18** | $10095 | $10408 | $10100 |
| **06/18** | $10096 | $10395 | $10099 |
| **07/18** | $10084 | $10398 | $10090 |
| **08/18** | $10124 | $10464 | $10133 |
| **09/18** | $10099 | $10397 | $10105 |
| **10/18** | $10103 | $10315 | $10118 |
| **11/18** | $10139 | $10377 | $10167 |
| **12/18** | $10218 | $10567 | $10280 |
| **01/19** | $10253 | $10679 | $10314 |
| **02/19** | $10263 | $10673 | $10317 |
| **03/19** | $10328 | $10878 | $10406 |
| **04/19** | $10344 | $10881 | $10423 |
| **05/19** | $10434 | $11074 | $10529 |
| **06/19** | $10487 | $11213 | $10598 |
| **07/19** | $10477 | $11238 | $10580 |
| **08/19** | $10570 | $11529 | $10706 |
| **09/19** | $10561 | $11468 | $10679 |
| **10/19** | $10581 | $11502 | $10713 |
| **11/19** | $10569 | $11496 | $10701 |
| **12/19** | $10581 | $11488 | $10716 |
| **01/20** | $10667 | $11709 | $10812 |
| **02/20** | $10771 | $11920 | $10942 |
| **03/20** | $10800 | $11850 | $11119 |
| **04/20** | $10836 | $12061 | $11139 |
| **05/20** | $10851 | $12117 | $11156 |
| **06/20** | $10868 | $12193 | $11164 |
| **07/20** | $10887 | $12375 | $11182 |
| **08/20** | $10896 | $12275 | $11176 |
| **09/20** | $10892 | $12269 | $11179 |
| **10/20** | $10869 | $12214 | $11165 |
| **11/20** | $10884 | $12334 | $11173 |
| **12/20** | $10893 | $12351 | $11181 |
| **01/21** | $10900 | $12262 | $11178 |
| **02/21** | $10861 | $12085 | $11140 |
| **03/21** | $10859 | $11934 | $11117 |
| **04/21** | $10879 | $12028 | $11136 |
| **05/21** | $10895 | $12068 | $11157 |
| **06/21** | $10865 | $12152 | $11128 |
| **07/21** | $10905 | $12288 | $11172 |
| **08/21** | $10887 | $12265 | $11163 |
| **09/21** | $10855 | $12159 | $11131 |
| **10/21** | $10809 | $12155 | $11075 |
| **11/21** | $10800 | $12191 | $11075 |
| **12/21** | $10775 | $12160 | $11049 |
| **01/22** | $10685 | $11898 | $10944 |
| **02/22** | $10626 | $11765 | $10891 |
| **03/22** | $10440 | $11439 | $10677 |
| **04/22** | $10325 | $11005 | $10587 |
| **05/22** | $10378 | $11075 | $10656 |
| **06/22** | $10319 | $10902 | $10586 |
| **07/22** | $10385 | $11168 | $10670 |
| **08/22** | $10270 | $10853 | $10525 |
| **09/22** | $10059 | $10384 | $10349 |
| **10/22** | $9996 | $10249 | $10328 |
| **11/22** | $10075 | $10626 | $10443 |
| **12/22** | $10095 | $10578 | $10445 |
| **01/23** | $10213 | $10904 | $10560 |
| **02/23** | $10140 | $10622 | $10429 |
| **03/23** | $10251 | $10891 | $10640 |
| **04/23** | $10289 | $10957 | $10685 |
| **05/23** | $10267 | $10838 | $10628 |
| **06/23** | $10232 | $10799 | $10546 |
| **07/23** | $10264 | $10792 | $10577 |
| **08/23** | $10296 | $10723 | $10605 |
| **09/23** | $10255 | $10451 | $10566 |
| **10/23** | $10230 | $10286 | $10576 |
| **11/23** | $10390 | $10751 | $10737 |
| **12/23** | $10569 | $11163 | $10903 |
| **01/24** | $10607 | $11132 | $10937 |
| **02/24** | $10576 | $10975 | $10855 |
| **03/24** | $10634 | $11076 | $10899 |
| **04/24** | $10575 | $10797 | $10808 |
| **05/24** | $10637 | $10980 | $10906 |
| **06/24** | $10699 | $11084 | $10983 |
| **07/24** | $10787 | $11342 | $11148 |
| **08/24** | $10875 | $11505 | $11258 |
| **09/24** | $10959 | $11660 | $11358 |
| **10/24** | $10886 | $11370 | $11233 |
| **11/24** | $10945 | $11491 | $11276 |
| **12/24** | $10927 | $11303 | $11265 |
| **01/25** | $10974 | $11362 | $11321 |
| **02/25** | $11074 | $11612 | $11434 |
| **03/25** | $11120 | $11617 | $11495 |
| **04/25** | $11201 | $11663 | $11610 |
| **05/25** | $11185 | $11579 | $11567 |
| **06/25** | $11259 | $11757 | $11654 |
| **07/25** | $11251 | $11726 | $11635 |
| **08/25** | $11349 | $11866 | $11759 |
| **09/25** | $11380 | $11996 | $11786 |
| **10/25** | $11426 | $12071 | $11831 |

---

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Commerce Short-Term Government Fund | 4.96% | 1.01% | 1.34% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24%) | 1.90% |
| Bloomberg U.S. 1-5 Year Government Bond Index | 5.31% | 1.17% | 1.70% |

---

**Past Performance: Performance data quoted above represents past performance. Past performance is not a guarantee or a reliable indicator of future results.** The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit our website as www.commercefunds.com to obtain the most recent month-end returns.

# Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | A |
| Total Net Assets | $30925692 |
| # of Portfolio Holdings | 131 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $0 |

---

# What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the types of security allocation table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

# Types of Security Allocation (% of Total Net Assets)
![Group By Sector Chart](g89954i349a388b9d84454ff27b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.9% |
| Investment Company | 2.3% |
| U.S. Government Agency Obligations | 2.5% |
| U.S. Treasury Obligations | 44.3% |
| Mortgage-Backed Obligations | 50.0% |

---

#### Annual Shareholder Report

#### October 31, 2025
Commerce Short-Term Government Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

#### Credit Rating (% of Total Net Assets)<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| AAA | 9.2% |
| AA | 3.4% |
| BB | 0.5% |
| U.S. Govt. | 82.8% |
| Non-Rated | 4.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated Non-Rated or N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

---

# Additional Information
Scan the QR code or visit www.commercefunds.com to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 1-800-995-6365.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/CommerceFunds?site=Funds](g89954i66ddc64502a8d1286316.jpg)

#### Annual Shareholder Report

#### October 31, 2025
Commerce Short-Term Government Fund

\| NOT FDIC-INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

200626109_TSR_AR

------

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

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

(b) Not Applicable.

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

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

(e) Not Applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the Registrant's principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $264,870 and $242,200 for fiscal years ended October 31, 2025 and 2024 respectively.

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

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $44,980 and $42,840 for the fiscal years ended October 31, 2025 and 2024 respectively. Tax fees for the fiscal years ended October 31, 2025 and 2024 consist of tax compliance services rendered to the Registrant. These services include the preparation of federal and state corporate tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.

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

------

(e)(1) It is the Audit Committee's policy to pre-approve: (1) the appointment, retention and discharge, and terms of engagement (including fees) of the independent auditors for all of the Registrant's audit and non-audit services, subject to Board approval in the case of audit services, and (ii) each non-audit engagement involving the Registrant's independent auditor and the Registrant's investment adviser and any entity controlling, controlled by or under common control with the adviser ("control affiliates") where (x) the investment adviser or control affiliates provide ongoing services to the Fund and (y) the engagement relates directly to the operations and financial reporting of the Registrant.

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

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

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $44,980 and $42,840 for the fiscal years ended October 31, 2025 and 2024 respectively.

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

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) The Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

(b) Not applicable.

Item 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT

COMPANIES.

(a) [Include long-form financial report]

------

![LOGO](g89954g39b67.jpg)

Annual Financial Statements and Additional Information

October 31, 2025

------

THE COMMERCE FUNDS

## **Table of Contents**

---

| | |
|:---|:---|
|  [**Schedules of Investments**](#tx89954_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Growth](#tx89954_2) | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Value](#tx89954_3) | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MidCap Growth](#tx89954_4) | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MidCap Value](#tx89954_5) | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bond](#tx89954_6) | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Short-Term Government](#tx89954_7) | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [National Tax-Free Intermediate Bond](#tx89954_8) | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Missouri Tax-Free Intermediate Bond](#tx89954_9) | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Kansas Tax-Free Intermediate Bond](#tx89954_10) | **39** |
|  [**Financial Statements**](#tx89954_11) | **43** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx89954_12) | **43** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx89954_13) | **46** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx89954_14) | **49** |
|  [**Financial Highlights**](#tx89954_15) | **54** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Growth](#tx89954_16) | **54** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Value](#tx89954_17) | **55** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MidCap Growth](#tx89954_18) | **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MidCap Value](#tx89954_19) | **57** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bond](#tx89954_20) | **58** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Short-Term Government](#tx89954_21) | **59** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [National Tax-Free Intermediate Bond](#tx89954_22) | **60** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Missouri Tax-Free Intermediate Bond](#tx89954_23) | **61** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Kansas Tax-Free Intermediate Bond](#tx89954_24) | **62** |
|  [**Notes to Financial Statements**](#tx89954_25) | **63** |
|  [**Report of Independent Registered Public Accounting Firm**](#tx89954_26) | **78** |
|  [**Other Information**](#tx89954_27) | **80** |

---

------

THE GROWTH FUND

## Schedule of Investments
*October 31, 2025* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.3% | Common Stocks – 98.3% | Common Stocks – 98.3% |
| **Automobiles<sup>\*</sup> – 3.4%** | **Automobiles<sup>\*</sup> – 3.4%** | **Automobiles<sup>\*</sup> – 3.4%** |
| 18345 | Tesla, Inc. | $8375593 |
| Banks – 1.0% |  |  |
| 44700 | Bank of America Corp. | 2389215 |
| Biotechnology – 1.9% |  |  |
| 10415 | AbbVie, Inc. | 2270887 |
| 8080 | Amgen, Inc. | 2411314 |
|  |  | 4682201 |
| **Broadline Retail<sup>\*</sup> – 4.8%** | **Broadline Retail<sup>\*</sup> – 4.8%** | **Broadline Retail<sup>\*</sup> – 4.8%** |
| 47490 | Amazon.com, Inc. | 11598008 |
| **Capital Markets – 1.0%** | **Capital Markets – 1.0%** | **Capital Markets – 1.0%** |
| 3930 | MSCI, Inc. | 2313001 |
| **Chemicals<sup>\*</sup> – 0.1%** | **Chemicals<sup>\*</sup> – 0.1%** | **Chemicals<sup>\*</sup> – 0.1%** |
| 2765 | Solstice Advanced Materials, Inc. | 124618 |
| **Commercial Services & Supplies – 1.8%** | **Commercial Services & Supplies – 1.8%** | **Commercial Services & Supplies – 1.8%** |
| 37635 | Rollins, Inc. | 2168152 |
| 10615 | Waste Management, Inc. | 2120559 |
|  |  | 4288711 |
| **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** |
| 4895 | Motorola Solutions, Inc. | 1990845 |
| **Consumer Staples Distribution & Retail – 2.7%** | **Consumer Staples Distribution & Retail – 2.7%** | **Consumer Staples Distribution & Retail – 2.7%** |
| 3885 | Casey's General Stores, Inc. | 1993743 |
| 2935 | Costco Wholesale Corp. | 2675106 |
| 19905 | Performance Food Group Co.<sup>\*</sup> | 1925610 |
|  |  | 6594459 |
| **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** |
| 5955 | Rockwell Automation, Inc. | 2193584 |
| **Electronic Equipment, Instruments & Components – 1.1%** | **Electronic Equipment, Instruments & Components – 1.1%** | **Electronic Equipment, Instruments & Components – 1.1%** |
| 18630 | Amphenol Corp. Class A | 2595904 |
| **Entertainment – 2.9%** | **Entertainment – 2.9%** | **Entertainment – 2.9%** |
| 2760 | Netflix, Inc.<sup>\*</sup> | 3088054 |
| 3160 | Spotify Technology SA<sup>\*</sup> | 2070811 |
| 10325 | TKO Group Holdings, Inc. | 1945230 |
|  |  | 7104095 |
| **Financial Services – 3.6%** | **Financial Services – 3.6%** | **Financial Services – 3.6%** |
| 6970 | Corpay, Inc.<sup>\*</sup> | 1814640 |
| 5460 | Mastercard, Inc. Class A | 3013865 |
| 11220 | Visa, Inc. Class A | 3823103 |
|  |  | 8651608 |
| **Health Care Equipment & Supplies – 0.9%** | **Health Care Equipment & Supplies – 0.9%** | **Health Care Equipment & Supplies – 0.9%** |
| 6180 | Stryker Corp. | 2201563 |
| **Health Care Providers & Services – 1.0%** | **Health Care Providers & Services – 1.0%** | **Health Care Providers & Services – 1.0%** |
| 3125 | McKesson Corp. | 2535437 |
| **Hotels, Restaurants & Leisure – 2.7%** | **Hotels, Restaurants & Leisure – 2.7%** | **Hotels, Restaurants & Leisure – 2.7%** |
| 425 | Booking Holdings, Inc. | 2158040 |
| 8555 | Hilton Worldwide Holdings, Inc. | 2198293 |
| 7610 | McDonald's Corp. | 2271052 |
|  |  | 6627385 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Industrial Conglomerates – 0.9%** | **Industrial Conglomerates – 0.9%** | **Industrial Conglomerates – 0.9%** |
| 11060 | Honeywell International, Inc. | $2226710 |
| **Interactive Media & Services – 8.4%** | **Interactive Media & Services – 8.4%** | **Interactive Media & Services – 8.4%** |
| 44970 | Alphabet, Inc. Class A | 12645114 |
| 11815 | Meta Platforms, Inc. Class A | 7660255 |
|  |  | 20305369 |
| **IT Services<sup>\*</sup> – 0.8%** | **IT Services<sup>\*</sup> – 0.8%** | **IT Services<sup>\*</sup> – 0.8%** |
| 14505 | GoDaddy, Inc. Class A | 1931051 |
| **Machinery – 0.9%** | **Machinery – 0.9%** | **Machinery – 0.9%** |
| 8655 | Illinois Tool Works, Inc. | 2111128 |
| **Media – 0.8%** | **Media – 0.8%** | **Media – 0.8%** |
| 10290 | Nexstar Media Group, Inc. | 2014062 |
| **Oil, Gas & Consumable Fuels – 0.8%** | **Oil, Gas & Consumable Fuels – 0.8%** | **Oil, Gas & Consumable Fuels – 0.8%** |
| 12215 | Targa Resources Corp. | 1881599 |
| **Pharmaceuticals – 1.9%** | **Pharmaceuticals – 1.9%** | **Pharmaceuticals – 1.9%** |
| 5255 | Eli Lilly & Co. | 4534329 |
| **Professional Services – 0.8%** | **Professional Services – 0.8%** | **Professional Services – 0.8%** |
| 8700 | Broadridge Financial Solutions, Inc. | 1917480 |
| **Real Estate Management & Development<sup>\*</sup> – 0.9%** | **Real Estate Management & Development<sup>\*</sup> – 0.9%** | **Real Estate Management & Development<sup>\*</sup> – 0.9%** |
| 14330 | CBRE Group, Inc. Class A | 2184322 |
| **Semiconductors & Semiconductor Equipment – 17.2%** | **Semiconductors & Semiconductor Equipment – 17.2%** | **Semiconductors & Semiconductor Equipment – 17.2%** |
| 30555 | Broadcom, Inc. | 11294045 |
| 151190 | NVIDIA Corp. | 30614463 |
|  |  | 41908508 |
| **Software – 20.3%** | **Software – 20.3%** | **Software – 20.3%** |
| 40455 | Bentley Systems, Inc. Class B | 2056328 |
| 6350 | Cadence Design Systems, Inc.<sup>\*</sup> | 2150682 |
| 66645 | Dropbox, Inc. Class A<sup>\*</sup> | 1932705 |
| 43685 | Dynatrace, Inc.<sup>\*</sup> | 2209150 |
| 3340 | Intuit, Inc. | 2229617 |
| 49250 | Microsoft Corp. | 25502142 |
| 11270 | Palo Alto Networks, Inc.<sup>\*</sup> | 2482105 |
| 10210 | PTC, Inc.<sup>\*</sup> | 2027093 |
| 9530 | Salesforce, Inc. | 2481707 |
| 2520 | ServiceNow, Inc.<sup>\*</sup> | 2316586 |
| 3930 | Tyler Technologies, Inc.<sup>\*</sup> | 1871702 |
| 8640 | Workday, Inc. Class A<sup>\*</sup> | 2072909 |
|  |  | 49332726 |
| **Specialty Retail – 2.7%** | **Specialty Retail – 2.7%** | **Specialty Retail – 2.7%** |
| 5915 | Home Depot, Inc. | 2245275 |
| 16590 | TJX Cos., Inc. | 2324922 |
| 37610 | Tractor Supply Co. | 2035077 |
|  |  | 6605274 |
| **Technology Hardware, Storage & Peripherals – 11.3%** | **Technology Hardware, Storage & Peripherals – 11.3%** | **Technology Hardware, Storage & Peripherals – 11.3%** |
| 94615 | Apple, Inc. | 25581057 |
| 16850 | NetApp, Inc. | 1984593 |
|  |  | 27565650 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| **(Cost $101,379,072)** | **(Cost $101,379,072)** | $238784435 |

---

---

| | |
|:---|:---|
| 2 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE GROWTH FUND

## Schedule of Investments (continued)
*October 31, 2025* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange Traded Fund – 1.8% | Exchange Traded Fund – 1.8% | Exchange Traded Fund – 1.8% |
| 9170 | iShares Russell 1000 Growth ETF |  |
| **(Cost $4,060,588)** | **(Cost $4,060,588)** | $4452769 |

---

---

| | |
|:---|:---|
| TOTAL INVESTMENTS – 100.1% | TOTAL INVESTMENTS – 100.1% |
|  **(Cost $105,439,660)** | $243237204 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%** | (306189) |
| NET ASSETS – 100.0% | $242931015 |

---

---

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

---

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

THE VALUE FUND

## Schedule of Investments
*October 31, 2025* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 95.8% | Common Stocks – 95.8% | Common Stocks – 95.8% |
| **Aerospace & Defense – 6.1%** | **Aerospace & Defense – 6.1%** | **Aerospace & Defense – 6.1%** |
| 14465 | General Dynamics Corp. | $4988978 |
| 9685 | Lockheed Martin Corp. | 4763858 |
| 30340 | RTX Corp. | 5415690 |
|  |  | 15168526 |
| **Banks – 7.9%** | **Banks – 7.9%** | **Banks – 7.9%** |
| 93405 | Bank of America Corp. | 4992497 |
| 21270 | JPMorgan Chase & Co. | 6617523 |
| 16725 | PNC Financial Services Group, Inc. | 3053149 |
| 57525 | Wells Fargo & Co. | 5002949 |
|  |  | 19666118 |
| **Beverages – 1.8%** | **Beverages – 1.8%** | **Beverages – 1.8%** |
| 31190 | PepsiCo, Inc. | 4556547 |
| **Biotechnology – 3.7%** | **Biotechnology – 3.7%** | **Biotechnology – 3.7%** |
| 20870 | AbbVie, Inc. | 4550495 |
| 16035 | Amgen, Inc. | 4785325 |
|  |  | 9335820 |
| **Broadline Retail<sup>\*</sup> – 2.0%** | **Broadline Retail<sup>\*</sup> – 2.0%** | **Broadline Retail<sup>\*</sup> – 2.0%** |
| 20360 | Amazon.com, Inc. | 4972319 |
| **Building Products – 1.1%** | **Building Products – 1.1%** | **Building Products – 1.1%** |
| 43045 | A.O. Smith Corp. | 2840540 |
| **Capital Markets – 7.5%** | **Capital Markets – 7.5%** | **Capital Markets – 7.5%** |
| 4135 | Blackrock, Inc. | 4477420 |
| 30650 | Blackstone, Inc. | 4494516 |
| 17880 | CME Group, Inc. | 4746961 |
| 30195 | Morgan Stanley | 4951980 |
|  |  | 18670877 |
| **Chemicals – 1.1%** | **Chemicals – 1.1%** | **Chemicals – 1.1%** |
| 11850 | Air Products & Chemicals, Inc. | 2874692 |
| **Communications Equipment – 2.0%** | **Communications Equipment – 2.0%** | **Communications Equipment – 2.0%** |
| 68335 | Cisco Systems, Inc. | 4995972 |
| **Containers & Packaging – 2.3%** | **Containers & Packaging – 2.3%** | **Containers & Packaging – 2.3%** |
| 14755 | Packaging Corp. of America | 2888439 |
| 86945 | Sealed Air Corp. | 2913527 |
|  |  | 5801966 |
| **Diversified Telecommunication Services – 1.9%** | **Diversified Telecommunication Services – 1.9%** | **Diversified Telecommunication Services – 1.9%** |
| 118140 | Verizon Communications, Inc. | 4694884 |
| **Electric Utilities – 3.1%** | **Electric Utilities – 3.1%** | **Electric Utilities – 3.1%** |
| 25530 | American Electric Power Co., Inc. | 3070238 |
| 37275 | Duke Energy Corp. | 4633282 |
|  |  | 7703520 |
| **Electrical Equipment – 3.2%** | **Electrical Equipment – 3.2%** | **Electrical Equipment – 3.2%** |
| 12830 | Eaton Corp. PLC | 4895415 |
| 23210 | Emerson Electric Co. | 3239419 |
|  |  | 8134834 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Entertainment – 1.9%** | **Entertainment – 1.9%** | **Entertainment – 1.9%** |
| 43300 | Walt Disney Co. | $4876446 |
| **Financial Services<sup>\*</sup> – 2.6%** | **Financial Services<sup>\*</sup> – 2.6%** | **Financial Services<sup>\*</sup> – 2.6%** |
| 13875 | Berkshire Hathaway, Inc. Class B | 6625867 |
| **Food Products – 2.3%** | **Food Products – 2.3%** | **Food Products – 2.3%** |
| 48040 | Mondelez International, Inc. Class A | 2760378 |
| 57175 | Tyson Foods, Inc., Class A | 2939367 |
|  |  | 5699745 |
| **Health Care Equipment & Supplies – 3.7%** | **Health Care Equipment & Supplies – 3.7%** | **Health Care Equipment & Supplies – 3.7%** |
| 37270 | Abbott Laboratories | 4607317 |
| 50020 | Medtronic PLC | 4536814 |
|  |  | 9144131 |
| **Hotels, Restaurants & Leisure – 3.0%** | **Hotels, Restaurants & Leisure – 3.0%** | **Hotels, Restaurants & Leisure – 3.0%** |
| 15745 | Darden Restaurants, Inc. | 2836462 |
| 15550 | McDonald's Corp. | 4640586 |
|  |  | 7477048 |
| **Household Products – 1.9%** | **Household Products – 1.9%** | **Household Products – 1.9%** |
| 31640 | Procter & Gamble Co. | 4757707 |
| **Industrial REITs – 1.9%** | **Industrial REITs – 1.9%** | **Industrial REITs – 1.9%** |
| 38610 | Prologis, Inc. | 4791115 |
| **Insurance – 3.2%** | **Insurance – 3.2%** | **Insurance – 3.2%** |
| 17860 | Chubb Ltd. | 4946148 |
| 38240 | MetLife, Inc. | 3052317 |
|  |  | 7998465 |
| **Interactive Media & Services – 3.0%** | **Interactive Media & Services – 3.0%** | **Interactive Media & Services – 3.0%** |
| 26580 | Alphabet, Inc. Class A | 7474030 |
| **IT Services – 1.2%** | **IT Services – 1.2%** | **IT Services – 1.2%** |
| 36175 | Amdocs Ltd. | 3048106 |
| **Machinery – 2.4%** | **Machinery – 2.4%** | **Machinery – 2.4%** |
| 12040 | Illinois Tool Works, Inc. | 2936797 |
| 44225 | Stanley Black & Decker, Inc. | 2994917 |
|  |  | 5931714 |
| **Media – 1.8%** | **Media – 1.8%** | **Media – 1.8%** |
| 162170 | Comcast Corp. Class A | 4514002 |
| **Multi-Utilities – 1.2%** | **Multi-Utilities – 1.2%** | **Multi-Utilities – 1.2%** |
| 49530 | Dominion Energy, Inc. | 2906916 |
| **Oil, Gas & Consumable Fuels – 5.8%** | **Oil, Gas & Consumable Fuels – 5.8%** | **Oil, Gas & Consumable Fuels – 5.8%** |
| 27670 | Chevron Corp. | 4364112 |
| 39760 | Exxon Mobil Corp. | 4546954 |
| 40765 | ONEOK, Inc. | 2731255 |
| 48050 | Williams Cos., Inc. | 2780653 |
|  |  | 14422974 |
| **Pharmaceuticals – 3.8%** | **Pharmaceuticals – 3.8%** | **Pharmaceuticals – 3.8%** |
| 24795 | Johnson & Johnson | 4683032 |
| 56480 | Merck & Co., Inc. | 4856150 |
|  |  | 9539182 |

---

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE VALUE FUND

## Schedule of Investments (continued)
*October 31, 2025* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Semiconductors & Semiconductor Equipment – 5.9%** | **Semiconductors & Semiconductor Equipment – 5.9%** | **Semiconductors & Semiconductor Equipment – 5.9%** |
| 13710 | Broadcom, Inc. | $5067627 |
| 4330 | KLA Corp. | 5233844 |
| 27130 | Texas Instruments, Inc. | 4380410 |
|  |  | 14681881 |
| **Software – 1.7%** | **Software – 1.7%** | **Software – 1.7%** |
| 16445 | Oracle Corp. | 4318621 |
| **Specialized REITs – 1.1%** | **Specialized REITs – 1.1%** | **Specialized REITs – 1.1%** |
| 9755 | Public Storage | 2717353 |
| **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** |
| 12225 | Home Depot, Inc. | 4640488 |
| **Wireless Telecommunication Services – 1.8%** | **Wireless Telecommunication Services – 1.8%** | **Wireless Telecommunication Services – 1.8%** |
| 20890 | T-Mobile U.S., Inc. | 4387944 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| **(Cost $191,774,049)** | **(Cost $191,774,049)** | $239370350 |
| Exchange Traded Fund – 4.0% | Exchange Traded Fund – 4.0% | Exchange Traded Fund – 4.0% |
| 49000 | iShares Russell 1000 Value ETF |  |
| **(Cost $9,869,968)** | **(Cost $9,869,968)** | $10023930 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company – 0.2% | Investment Company – 0.2% | Investment Company – 0.2% |
| State Street Institutional US Government Money Market Fund —<br>Premier Class | State Street Institutional US Government Money Market Fund —<br>Premier Class | State Street Institutional US Government Money Market Fund —<br>Premier Class |
| 467885 | 4.014% | $467885 |
| **(Cost $467,885)** | **(Cost $467,885)** | **(Cost $467,885)** |
| TOTAL INVESTMENTS – 100.0% | TOTAL INVESTMENTS – 100.0% | TOTAL INVESTMENTS – 100.0% |
| **(Cost $202,111,902)** | **(Cost $202,111,902)** | $249862165 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – 0.0%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – 0.0%** | (14127) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $249848038 |

---

---

| |
|:---|
| 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: |
| PLC — Public Limited Company |
| REIT — Real Estate Investment Trust |

---

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

THE MIDCAP GROWTH FUND

## Schedule of Investments
*October 31, 2025* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 95.2% | Common Stocks – 95.2% | Common Stocks – 95.2% |
| **Aerospace & Defense – 5.0%** | **Aerospace & Defense – 5.0%** | **Aerospace & Defense – 5.0%** |
| 4080 | Axon Enterprise, Inc.<sup>\*</sup> | $2987498 |
| 6770 | HEICO Corp. | 2151303 |
| 20500 | Howmet Aerospace, Inc. | 4221975 |
|  |  | 9360776 |
| **Biotechnology<sup>\*</sup> – 4.0%** | **Biotechnology<sup>\*</sup> – 4.0%** | **Biotechnology<sup>\*</sup> – 4.0%** |
| 6650 | Alnylam Pharmaceuticals, Inc. | 3032666 |
| 59044 | Exelixis, Inc. | 2283231 |
| 24445 | Incyte Corp. | 2285119 |
|  |  | 7601016 |
| **Building Products – 1.1%** | **Building Products – 1.1%** | **Building Products – 1.1%** |
| 6365 | Carlisle Cos., Inc. | 2068943 |
| **Capital Markets – 5.6%** | **Capital Markets – 5.6%** | **Capital Markets – 5.6%** |
| 4450 | Ameriprise Financial, Inc. | 2014826 |
| 19900 | Bank of New York Mellon Corp. | 2147807 |
| 125100 | Blue Owl Capital, Inc. | 1972827 |
| 3920 | MSCI, Inc. | 2307116 |
| 19700 | Tradeweb Markets, Inc. Class A | 2076183 |
|  |  | 10518759 |
| **Chemicals – 1.1%** | **Chemicals – 1.1%** | **Chemicals – 1.1%** |
| 18835 | RPM International, Inc. | 2058289 |
| **Commercial Services & Supplies – 1.2%** | **Commercial Services & Supplies – 1.2%** | **Commercial Services & Supplies – 1.2%** |
| 39235 | Rollins, Inc. | 2260328 |
| **Construction & Engineering – 2.6%** | **Construction & Engineering – 2.6%** | **Construction & Engineering – 2.6%** |
| 3105 | EMCOR Group, Inc. | 2098297 |
| 6060 | Quanta Services, Inc. | 2721728 |
|  |  | 4820025 |
| **Consumer Staples Distribution & Retail – 2.1%** | **Consumer Staples Distribution & Retail – 2.1%** | **Consumer Staples Distribution & Retail – 2.1%** |
| 3895 | Casey's General Stores, Inc. | 1998875 |
| 21110 | Performance Food Group Co.<sup>\*</sup> | 2042181 |
|  |  | 4041056 |
| **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** |
| 13045 | NRG Energy, Inc. | 2241914 |
| **Electrical Equipment – 3.3%** | **Electrical Equipment – 3.3%** | **Electrical Equipment – 3.3%** |
| 6025 | Rockwell Automation, Inc. | 2219369 |
| 20230 | Vertiv Holdings Co. Class A | 3901558 |
|  |  | 6120927 |
| **Electronic Equipment, Instruments & Components – 3.0%** | **Electronic Equipment, Instruments & Components – 3.0%** | **Electronic Equipment, Instruments & Components – 3.0%** |
| 23555 | Amphenol Corp. Class A | 3282154 |
| 10500 | Jabil, Inc. | 2319345 |
|  |  | 5601499 |
| **Entertainment – 4.2%** | **Entertainment – 4.2%** | **Entertainment – 4.2%** |
| 31450 | ROBLOX Corp. Class A<sup>\*</sup> | 3576494 |
| 8205 | Take-Two Interactive Software, Inc.<sup>\*</sup> | 2103516 |
| 11460 | TKO Group Holdings, Inc. | 2159064 |
|  |  | 7839074 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Financial Services – 2.1%** | **Financial Services – 2.1%** | **Financial Services – 2.1%** |
| 16930 | &nbsp;&nbsp; Apollo Global Management, Inc. | $2104568 |
| 7420 | &nbsp;&nbsp; Corpay, Inc.<sup>\*</sup> | 1931797 |
|  |  | 4036365 |
| **Health Care Equipment & Supplies – 5.7%** | **Health Care Equipment & Supplies – 5.7%** | **Health Care Equipment & Supplies – 5.7%** |
| 4255 | &nbsp;&nbsp; IDEXX Laboratories, Inc.<sup>\*</sup> | 2678565 |
| 6485 | &nbsp;&nbsp; Insulet Corp.<sup>\*</sup> | 2029870 |
| 14380 | &nbsp;&nbsp; Masimo Corp.<sup>\*</sup> | 2022547 |
| 8825 | &nbsp;&nbsp; Penumbra, Inc.<sup>\*</sup> | 2006540 |
| 7955 | &nbsp;&nbsp; ResMed, Inc. | 1963931 |
|  |  | 10701453 |
| **Health Care Providers & Services – 3.1%** | **Health Care Providers & Services – 3.1%** | **Health Care Providers & Services – 3.1%** |
| 13740 | &nbsp;&nbsp; Cardinal Health, Inc. | 2621180 |
| 9730 | &nbsp;&nbsp; Cencora, Inc. | 3286891 |
|  |  | 5908071 |
| **Health Care Technology<sup>\*</sup> – 1.1%** | **Health Care Technology<sup>\*</sup> – 1.1%** | **Health Care Technology<sup>\*</sup> – 1.1%** |
| 7360 | &nbsp;&nbsp; Veeva Systems, Inc. Class A | 2143232 |
| **Hotels, Restaurants & Leisure – 11.1%** | **Hotels, Restaurants & Leisure – 11.1%** | **Hotels, Restaurants & Leisure – 11.1%** |
| 4905 | &nbsp;&nbsp; Domino's Pizza, Inc. | 1954446 |
| 8495 | &nbsp;&nbsp; Flutter Entertainment PLC<sup>\*</sup> | 1975852 |
| 12355 | &nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 3174741 |
| 14280 | &nbsp;&nbsp; Hyatt Hotels Corp. Class A | 1962215 |
| 21900 | &nbsp;&nbsp; Planet Fitness, Inc. Class A<sup>\*</sup> | 1986111 |
| 31650 | &nbsp;&nbsp; Restaurant Brands International, Inc. | 2079088 |
| 13355 | &nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 3830615 |
| 26295 | &nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 1930842 |
| 14365 | &nbsp;&nbsp; Yum! Brands, Inc. | 1985387 |
|  |  | 20879297 |
| **Household Durables<sup>\*</sup> – 1.0%** | **Household Durables<sup>\*</sup> – 1.0%** | **Household Durables<sup>\*</sup> – 1.0%** |
| 22830 | &nbsp;&nbsp; SharkNinja, Inc. | 1951965 |
| **Household Products – 1.1%** | **Household Products – 1.1%** | **Household Products – 1.1%** |
| 23505 | &nbsp;&nbsp; Church & Dwight Co., Inc. | 2061153 |
| **Independent Power Producers & Energy Traders – 2.0%** | **Independent Power Producers & Energy Traders – 2.0%** | **Independent Power Producers & Energy Traders – 2.0%** |
| 19685 | &nbsp;&nbsp; Vistra Corp. | 3706686 |
| **Interactive Media & Services<sup>\*</sup> – 1.1%** | **Interactive Media & Services<sup>\*</sup> – 1.1%** | **Interactive Media & Services<sup>\*</sup> – 1.1%** |
| 63200 | &nbsp;&nbsp; Pinterest, Inc. Class A | 2091920 |
| **IT Services<sup>\*</sup> – 3.4%** | **IT Services<sup>\*</sup> – 3.4%** | **IT Services<sup>\*</sup> – 3.4%** |
| 17030 | &nbsp;&nbsp; Cloudflare, Inc. Class A | 4313699 |
| 16073 | &nbsp;&nbsp; GoDaddy, Inc. Class A | 2139798 |
|  |  | 6453497 |
| **Leisure Products – 1.2%** | **Leisure Products – 1.2%** | **Leisure Products – 1.2%** |
| 28515 | &nbsp;&nbsp; Hasbro, Inc. | 2175980 |
| **Life Sciences Tools & Services\* – 1.1%** | **Life Sciences Tools & Services\* – 1.1%** | **Life Sciences Tools & Services\* – 1.1%** |
| 6110 | &nbsp;&nbsp; Waters Corp. | 2136056 |
| **Machinery – 2.2%** | **Machinery – 2.2%** | **Machinery – 2.2%** |
| 25480 | &nbsp;&nbsp; Donaldson Co., Inc. | 2146690 |
| 8780 | &nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 2058471 |
|  |  | 4205161 |

---

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE MIDCAP GROWTH FUND

## Schedule of Investments (continued)
*October 31, 2025* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Media – 1.1%** | **Media – 1.1%** | **Media – 1.1%** |
| 10820 | Nexstar Media Group, Inc. | $2117799 |
| **Oil, Gas & Consumable Fuels – 2.2%** | **Oil, Gas & Consumable Fuels – 2.2%** | **Oil, Gas & Consumable Fuels – 2.2%** |
| 9405 | Cheniere Energy, Inc. | 1993860 |
| 14090 | Targa Resources Corp. | 2170424 |
|  |  | 4164284 |
| **Professional Services – 3.2%** | **Professional Services – 3.2%** | **Professional Services – 3.2%** |
| 9330 | Broadridge Financial Solutions, Inc. | 2056332 |
| 16720 | Paychex, Inc. | 1956741 |
| 13755 | Paylocity Holding Corp.<sup>\*</sup> | 1943169 |
|  |  | 5956242 |
| **Software – 10.4%** | **Software – 10.4%** | **Software – 10.4%** |
| 40845 | Bentley Systems, Inc. Class B | 2076151 |
| 17250 | Datadog, Inc., Class A<sup>\*</sup> | 2808472 |
| 71555 | Dropbox, Inc. Class A<sup>\*</sup> | 2075095 |
| 40475 | Dynatrace, Inc.<sup>\*</sup> | 2046821 |
| 8395 | Guidewire Software, Inc.<sup>\*</sup> | 1961408 |
| 30875 | Nutanix, Inc. Class A<sup>\*</sup> | 2199535 |
| 10430 | PTC, Inc.<sup>\*</sup> | 2070772 |
| 4110 | Tyler Technologies, Inc.<sup>\*</sup> | 1957429 |
| 6870 | Zscaler, Inc.<sup>\*</sup> | 2274932 |
|  |  | 19470615 |
| **Specialized REITs – 1.1%** | **Specialized REITs – 1.1%** | **Specialized REITs – 1.1%** |
| 17615 | Lamar Advertising Co. Class A | 2088963 |
| **Specialty Retail – 2.3%** | **Specialty Retail – 2.3%** | **Specialty Retail – 2.3%** |
| 13685 | Ross Stores, Inc. | 2174820 |
| 38975 | Tractor Supply Co. | 2108937 |
|  |  | 4283757 |
| **Technology Hardware, Storage & Peripherals – 1.1%** | **Technology Hardware, Storage & Peripherals – 1.1%** | **Technology Hardware, Storage & Peripherals – 1.1%** |
| 17915 | NetApp, Inc. | 2110029 |
| **Textiles, Apparel & Luxury Goods – 2.1%** | **Textiles, Apparel & Luxury Goods – 2.1%** | **Textiles, Apparel & Luxury Goods – 2.1%** |
| 49720 | On Holding AG Class A<sup>\*</sup> | 1847098 |
| 6370 | Ralph Lauren Corp. | 2036234 |
|  |  | 3883332 |
| **Trading Companies & Distributors – 1.1%** | **Trading Companies & Distributors – 1.1%** | **Trading Companies & Distributors – 1.1%** |
| 49245 | Fastenal Co. | 2026432 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| **(Cost $143,194,491)** | **(Cost $143,194,491)** | $179084895 |
| Exchange Traded Fund – 4.3% | Exchange Traded Fund – 4.3% | Exchange Traded Fund – 4.3% |
| 57485 | iShares Russell Mid-Cap Growth ETF |  |
| **(Cost $8,151,604)** | **(Cost $8,151,604)** | $8164019 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company – 0.6% | Investment Company – 0.6% | Investment Company – 0.6% |
| State Street Institutional US Government Money Market Fund<br>— Premier Class | State Street Institutional US Government Money Market Fund<br>— Premier Class | State Street Institutional US Government Money Market Fund<br>— Premier Class |
| 1077647 | 4.014% | $1077647 |
| **(Cost $1,077,647)** | **(Cost $1,077,647)** | **(Cost $1,077,647)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company – (continued) | Investment Company – (continued) | Investment Company – (continued) |
| TOTAL INVESTMENTS – 100.1% | TOTAL INVESTMENTS – 100.1% | TOTAL INVESTMENTS – 100.1% |
| (Cost $152,423,742) | (Cost $152,423,742) | $188326561 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%** | (215442) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $188111119 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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.<br>|

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | —PublicLimited Company |
| REIT | —RealEstate Investment Trust |

---

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

THE MIDCAP VALUE FUND

## Schedule of Investments
*October 31, 2025* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 97.8% | Common Stocks – 97.8% | Common Stocks – 97.8% |
| **Aerospace & Defense – 1.2%** | **Aerospace & Defense – 1.2%** | **Aerospace & Defense – 1.2%** |
| 1590 | L3Harris Technologies, Inc. | $459669 |
| Banks – 7.4% |  |  |
| 10335 | Bank OZK | 464972 |
| 29370 | Huntington Bancshares, Inc. | 453473 |
| 26590 | KeyCorp | 467718 |
| 19330 | Regions Financial Corp. | 467786 |
| 10675 | Truist Financial Corp. | 476425 |
| 9745 | U.S. Bancorp | 454896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2785270 |
| **Building Products – 2.5%** | **Building Products – 2.5%** | **Building Products – 2.5%** |
| 1375 | Carlisle Cos., Inc. | 446944 |
| 4215 | Johnson Controls International PLC | 482154 |
|  |  | 929098 |
| **Capital Markets – 6.3%** | **Capital Markets – 6.3%** | **Capital Markets – 6.3%** |
| 4370 | Bank of New York Mellon Corp. | 471654 |
| 1730 | CME Group, Inc. | 459297 |
| 865 | MSCI, Inc. | 509096 |
| 4065 | State Street Corp. | 470158 |
| 4545 | T. Rowe Price Group, Inc. | 465999 |
|  |  | 2376204 |
| Chemicals – 3.6% |  |  |
| 1830 | Air Products & Chemicals, Inc. | 443940 |
| 4500 | PPG Industries, Inc. | 439875 |
| 4150 | RPM International, Inc. | 453512 |
|  |  | 1337327 |
| **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** |
| 1050 | Motorola Solutions, Inc. | 427045 |
| **Consumer Staples Distribution & Retail – 1.2%** | **Consumer Staples Distribution & Retail – 1.2%** | **Consumer Staples Distribution & Retail – 1.2%** |
| 5950 | Sysco Corp. | 441966 |
| **Containers & Packaging – 1.2%** | **Containers & Packaging – 1.2%** | **Containers & Packaging – 1.2%** |
| 13370 | Sealed Air Corp. | 448029 |
| **Electric Utilities – 3.6%** | **Electric Utilities – 3.6%** | **Electric Utilities – 3.6%** |
| 6795 | Alliant Energy Corp. | 454042 |
| 5035 | Pinnacle West Capital Corp. | 445698 |
| 4845 | Southern Co. | 455624 |
|  |  | 1355364 |
| **Electrical Equipment – 3.9%** | **Electrical Equipment – 3.9%** | **Electrical Equipment – 3.9%** |
| 1250 | Eaton Corp. PLC | 476950 |
| 3500 | Emerson Electric Co. | 488495 |
| 1305 | Rockwell Automation, Inc. | 480710 |
|  |  | 1446155 |
| **Electronic Equipment, Instruments & Components – 2.4%** | **Electronic Equipment, Instruments & Components – 2.4%** | **Electronic Equipment, Instruments & Components – 2.4%** |
| 5430 | Corning, Inc. | 483705 |
| 1730 | Littelfuse, Inc. | 420926 |
|  |  | 904631 |
| Entertainment – 1.3% |  |  |
| 2500 | TKO Group Holdings, Inc. | 471000 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Food Products – 3.7%** | **Food Products – 3.7%** | **Food Products – 3.7%** |
| 7450 | Archer-Daniels-Midland Co. | $450948 |
| 3905 | Ingredion, Inc. | 450676 |
| 5610 | Kellanova | 465967 |
|  |  | 1367591 |
| **Gas Utilities – 1.3%** | **Gas Utilities – 1.3%** | **Gas Utilities – 1.3%** |
| 13985 | UGI Corp. | 467519 |
| **Health Care Equipment & Supplies – 2.4%** | **Health Care Equipment & Supplies – 2.4%** | **Health Care Equipment & Supplies – 2.4%** |
| 1755 | ResMed, Inc. | 433274 |
| 1925 | STERIS PLC | 453723 |
|  |  | 886997 |
| **Health Care Providers & Services – 3.5%** | **Health Care Providers & Services – 3.5%** | **Health Care Providers & Services – 3.5%** |
| 1600 | Humana, Inc. | 445104 |
| 1640 | Labcorp Holdings, Inc. | 416494 |
| 2545 | Quest Diagnostics, Inc. | 447793 |
|  |  | 1309391 |
| **Hotels, Restaurants & Leisure – 4.8%** | **Hotels, Restaurants & Leisure – 4.8%** | **Hotels, Restaurants & Leisure – 4.8%** |
| 2495 | Darden Restaurants, Inc. | 449474 |
| 6905 | Restaurant Brands International, Inc. | 453590 |
| 7145 | Travel & Leisure Co. | 448563 |
| 3045 | Vail Resorts, Inc. | 451665 |
|  |  | 1803292 |
| **Industrial REITs – 1.2%** | **Industrial REITs – 1.2%** | **Industrial REITs – 1.2%** |
| 3705 | Prologis, Inc. | 459753 |
| Insurance – 5.0% |  |  |
| 10255 | CNA Financial Corp. | 456860 |
| 5960 | MetLife, Inc. | 475727 |
| 5865 | Principal Financial Group, Inc. | 492895 |
| 6095 | Unum Group | 447495 |
|  |  | 1872977 |
| **IT Services – 2.6%** | **IT Services – 2.6%** | **IT Services – 2.6%** |
| 5580 | Amdocs Ltd. | 470171 |
| 6845 | Cognizant Technology Solutions Corp. Class A | 498863 |
|  |  | 969034 |
| **Leisure Products – 1.2%** | **Leisure Products – 1.2%** | **Leisure Products – 1.2%** |
| 5980 | Hasbro, Inc. | 456334 |
| Machinery – 8.5% |  |  |
| 4230 | AGCO Corp. | 436367 |
| 1115 | Cummins, Inc. | 488013 |
| 2570 | Dover Corp. | 466352 |
| 1810 | Illinois Tool Works, Inc. | 441495 |
| 3330 | Oshkosh Corp. | 410556 |
| 4690 | PACCAR, Inc. | 461496 |
| 5995 | Timken Co. | 470667 |
|  |  | 3174946 |
| Media – 1.3% |  |  |
| 2435 | Nexstar Media Group, Inc. | 476603 |

---

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE MIDCAP VALUE FUND

## Schedule of Investments (continued)
*October 31, 2025* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** |
| 1700 | Reliance, Inc. | $480131 |
| **Multi-Utilities – 2.4%** | **Multi-Utilities – 2.4%** | **Multi-Utilities – 2.4%** |
| 4620 | Consolidated Edison, Inc. | 450034 |
| 4015 | WEC Energy Group, Inc. | 448596 |
|  |  | 898630 |
| **Oil, Gas & Consumable Fuels – 6.0%** | **Oil, Gas & Consumable Fuels – 6.0%** | **Oil, Gas & Consumable Fuels – 6.0%** |
| 8495 | HF Sinclair Corp. | 438342 |
| 2375 | Marathon Petroleum Corp. | 462911 |
| 6680 | ONEOK, Inc. | 447560 |
| 2690 | Valero Energy Corp. | 456117 |
| 7905 | Williams Cos., Inc. | 457462 |
|  |  | 2262392 |
| **Pharmaceuticals – 1.2%** | **Pharmaceuticals – 1.2%** | **Pharmaceuticals – 1.2%** |
| 3185 | Zoetis, Inc. | 458927 |
| **Professional Services – 1.3%** | **Professional Services – 1.3%** | **Professional Services – 1.3%** |
| 5750 | SS&C Technologies Holdings, Inc. | 488290 |
| **Residential REITs – 2.3%** | **Residential REITs – 2.3%** | **Residential REITs – 2.3%** |
| 2465 | AvalonBay Communities, Inc. | 428713 |
| 1765 | Essex Property Trust, Inc. | 444374 |
|  |  | 873087 |
| **Retail REITs – 1.2%** | **Retail REITs – 1.2%** | **Retail REITs – 1.2%** |
| 6430 | Regency Centers Corp. | 443348 |
| **Semiconductors & Semiconductor Equipment – 2.5%** | **Semiconductors & Semiconductor Equipment – 2.5%** | **Semiconductors & Semiconductor Equipment – 2.5%** |
| 1910 | Analog Devices, Inc. | 447188 |
| 6150 | Skyworks Solutions, Inc. | 477978 |
|  |  | 925166 |
| **Software – 1.2%** | **Software – 1.2%** | **Software – 1.2%** |
| 17130 | Gen Digital, Inc. | 451547 |
| **Specialized REITs – 3.5%** | **Specialized REITs – 3.5%** | **Specialized REITs – 3.5%** |
| 2655 | Digital Realty Trust, Inc. | 452438 |
| 3090 | Extra Space Storage, Inc. | 412639 |
| 3880 | Lamar Advertising Co. Class A | 460129 |
|  |  | 1325206 |
| **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** |
| 5655 | Best Buy Co., Inc. | 464502 |
| 1910 | Lowe's Cos., Inc. | 454828 |
|  |  | 919330 |
| **Technology Hardware, Storage & Peripherals – 1.2%** | **Technology Hardware, Storage & Peripherals – 1.2%** | **Technology Hardware, Storage & Peripherals – 1.2%** |
| 16740 | HP, Inc. | 463196 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| **(Cost $32,625,344)** | **(Cost $32,625,344)** | $36615445 |
| Exchange Traded Fund – 2.0% | Exchange Traded Fund – 2.0% | Exchange Traded Fund – 2.0% |
| 5500 | iShares Russell Mid-Cap Value ETF |  |
| **(Cost $774,561)** | **(Cost $774,561)** | $760375 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company – 0.3% | Investment Company – 0.3% | Investment Company – 0.3% |
| State Street Institutional US Government Money Market<br>Fund — Premier Class | State Street Institutional US Government Money Market<br>Fund — Premier Class | State Street Institutional US Government Money Market<br>Fund — Premier Class |
| 106015 | 4.014% | $106015 |
| **(Cost $106,015)** | **(Cost $106,015)** | **(Cost $106,015)** |
| TOTAL INVESTMENTS – 100.1% | TOTAL INVESTMENTS – 100.1% | TOTAL INVESTMENTS – 100.1% |
| **(Cost $33,505,920)** | **(Cost $33,505,920)** | $37481835 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.1)%** | (42913) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $37438922 |

---

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

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | —PublicLimited Company |
| REIT | —RealEstate Investment Trust |

---

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

THE BOND FUND

## Schedule of Investments
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – 36.1% | Corporate Obligations – 36.1% | Corporate Obligations – 36.1% | Corporate Obligations – 36.1% |
|  **Aerospace/Defense – 0.6%** | **Aerospace/Defense – 0.6%** | **Aerospace/Defense – 0.6%** | **Aerospace/Defense – 0.6%** |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| $6303000 | 6.150% | 08/07/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6939158 |
|  **Auto Manufacturers – 1.5%** | **Auto Manufacturers – 1.5%** | **Auto Manufacturers – 1.5%** | **Auto Manufacturers – 1.5%** |
| BMW U.S. Capital LLC<sup>(a)(b)</sup> | BMW U.S. Capital LLC<sup>(a)(b)</sup> | BMW U.S. Capital LLC<sup>(a)(b)</sup> | BMW U.S. Capital LLC<sup>(a)(b)</sup> |
| 5000000 | 5.150 | 04/02/34 | 5093050 |
| Ford Motor Credit Co. LLC<sup>(b)</sup> | Ford Motor Credit Co. LLC<sup>(b)</sup> | Ford Motor Credit Co. LLC<sup>(b)</sup> | Ford Motor Credit Co. LLC<sup>(b)</sup> |
| 2000000 | 6.050 | 03/05/31 | 2046008 |
| 2300000 | 6.054 | 11/05/31 | 2351432 |
| General Motors Co.<sup>(b)</sup> | General Motors Co.<sup>(b)</sup> | General Motors Co.<sup>(b)</sup> | General Motors Co.<sup>(b)</sup> |
| 3450000 | 6.600 | 04/01/36 | 3749404 |
| General Motors Financial Co., Inc.<sup>(b)</sup> | General Motors Financial Co., Inc.<sup>(b)</sup> | General Motors Financial Co., Inc.<sup>(b)</sup> | General Motors Financial Co., Inc.<sup>(b)</sup> |
| 2000000 | 2.400 | 04/10/28 | 1912254 |
| 1615000 | 3.100 | 01/12/32 | 1463144 |
| Mercedes-Benz Finance North America LLC<sup>(a)</sup> | Mercedes-Benz Finance North America LLC<sup>(a)</sup> | Mercedes-Benz Finance North America LLC<sup>(a)</sup> | Mercedes-Benz Finance North America LLC<sup>(a)</sup> |
| 2000000 | 5.050 | 08/03/33 | 2045769 |
|  |  |  | 18661061 |
|  **Banks – 6.6%** | **Banks – 6.6%** | **Banks – 6.6%** | **Banks – 6.6%** |
| Banco Santander SA<sup>(b)(c)</sup>(1 yr. CMT + 1.450%) | Banco Santander SA<sup>(b)(c)</sup>(1 yr. CMT + 1.450%) | Banco Santander SA<sup>(b)(c)</sup>(1 yr. CMT + 1.450%) | Banco Santander SA<sup>(b)(c)</sup>(1 yr. CMT + 1.450%) |
| 2400000 | 5.538 | 03/14/30 | 2482187 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 1000000 | 4.450 | 03/03/26 | 1000832 |
| (3 mo. USD Term SOFR + 1.302%), | (3 mo. USD Term SOFR + 1.302%), | (3 mo. USD Term SOFR + 1.302%), | (3 mo. USD Term SOFR + 1.302%), |
| 2749000 | 3.419 <sup>(b)(c)</sup> | 12/20/28 | 2706495 |
| (Secured Overnight Financing Rate + 1.310%), | (Secured Overnight Financing Rate + 1.310%), | (Secured Overnight Financing Rate + 1.310%), | (Secured Overnight Financing Rate + 1.310%), |
| 2585000 | 5.511 <sup>(b)(c)</sup> | 01/24/36 | 2706308 |
| CaixaBank SA<sup>(a)(b)(c)</sup>(Secured Overnight Financing Rate + 1.780%) | CaixaBank SA<sup>(a)(b)(c)</sup>(Secured Overnight Financing Rate + 1.780%) | CaixaBank SA<sup>(a)(b)(c)</sup>(Secured Overnight Financing Rate + 1.780%) | CaixaBank SA<sup>(a)(b)(c)</sup>(Secured Overnight Financing Rate + 1.780%) |
| 3000000 | 5.673 | 03/15/30 | 3118523 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| (Secured Overnight Financing Rate + 2.086%), | (Secured Overnight Financing Rate + 2.086%), | (Secured Overnight Financing Rate + 2.086%), | (Secured Overnight Financing Rate + 2.086%), |
| 4400000 | 4.910 <sup>(b)(c)</sup> | 05/24/33 | 4452617 |
| (Secured Overnight Financing Rate + 1.379%), | (Secured Overnight Financing Rate + 1.379%), | (Secured Overnight Financing Rate + 1.379%), | (Secured Overnight Financing Rate + 1.379%), |
| 2000000 | 2.904 <sup>(b)(c)</sup> | 11/03/42 | 1476977 |
| HSBC Holdings PLC<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.650%) | HSBC Holdings PLC<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.650%) | HSBC Holdings PLC<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.650%) | HSBC Holdings PLC<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.650%) |
| 3150000 | 6.332 | 03/09/44 | 3477939 |
| Huntington Bancshares, Inc.<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.050%) | Huntington Bancshares, Inc.<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.050%) | Huntington Bancshares, Inc.<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.050%) | Huntington Bancshares, Inc.<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.050%) |
| 4000000 | 5.023 | 05/17/33 | 4027445 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| (Secured Overnight Financing Rate + 0.885%), | (Secured Overnight Financing Rate + 0.885%), | (Secured Overnight Financing Rate + 0.885%), | (Secured Overnight Financing Rate + 0.885%), |
| 1500000 | 4.968 <sup>(b)(c)</sup> | 04/22/27 | 1503692 |
| (Secured Overnight Financing Rate + 1.560%), | (Secured Overnight Financing Rate + 1.560%), | (Secured Overnight Financing Rate + 1.560%), | (Secured Overnight Financing Rate + 1.560%), |
| 1000000 | 4.323 <sup>(b)(c)</sup> | 04/26/28 | 1003210 |
| (3 mo. USD Term SOFR + 1.592%), | (3 mo. USD Term SOFR + 1.592%), | (3 mo. USD Term SOFR + 1.592%), | (3 mo. USD Term SOFR + 1.592%), |
| 2000000 | 4.452 <sup>(b)(c)</sup> | 12/05/29 | 2016838 |
| (3 mo. USD Term SOFR + 1.422%), | (3 mo. USD Term SOFR + 1.422%), | (3 mo. USD Term SOFR + 1.422%), | (3 mo. USD Term SOFR + 1.422%), |
| 1650000 | 3.702 <sup>(b)(c)</sup> | 05/06/30 | 1622447 |
| 2520000 | 5.600 | 07/15/41 | 2645975 |
| KeyBank NA | KeyBank NA | KeyBank NA | KeyBank NA |
| 3000000 | 3.400 | 05/20/26 | 2984465 |
| Morgan Stanley<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 1.200%) | Morgan Stanley<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 1.200%) | Morgan Stanley<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 1.200%) | Morgan Stanley<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 1.200%) |
| 2900000 | 2.511 | 10/20/32 | 2592758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
|  **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| National Australia Bank Ltd.<sup>(a)</sup> | National Australia Bank Ltd.<sup>(a)</sup> | National Australia Bank Ltd.<sup>(a)</sup> | National Australia Bank Ltd.<sup>(a)</sup> |
| $7500000 | 5.181% | 06/11/34 | &nbsp;&nbsp;&nbsp;&nbsp;7872882 |
| Royal Bank of Canada<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 1.080%) | Royal Bank of Canada<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 1.080%) | Royal Bank of Canada<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 1.080%) | Royal Bank of Canada<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 1.080%) |
| 3000000 | 4.650 | 10/18/30 | 3036631 |
| Santander Holdings USA, Inc.<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.138%) | Santander Holdings USA, Inc.<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.138%) | Santander Holdings USA, Inc.<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.138%) | Santander Holdings USA, Inc.<sup>(b)(c)</sup>(Secured Overnight Financing Rate + 2.138%) |
| 3125000 | 6.342 | 05/31/35 | 3321637 |
| Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
| (Secured Overnight Financing Rate + 1.571%), | (Secured Overnight Financing Rate + 1.571%), | (Secured Overnight Financing Rate + 1.571%), | (Secured Overnight Financing Rate + 1.571%), |
| 3500000 | 5.153 <sup>(b)(c)</sup> | 08/05/32 | 3593619 |
| (Secured Overnight Financing Rate + 2.300%), | (Secured Overnight Financing Rate + 2.300%), | (Secured Overnight Financing Rate + 2.300%), | (Secured Overnight Financing Rate + 2.300%), |
| 1900000 | 6.123 <sup>(b)(c)</sup> | 10/28/33 | 2042240 |
| (Secured Overnight Financing Rate + 1.852%), | (Secured Overnight Financing Rate + 1.852%), | (Secured Overnight Financing Rate + 1.852%), | (Secured Overnight Financing Rate + 1.852%), |
| 1776000 | 5.122 <sup>(b)(c)</sup> | 01/26/34 | 1798973 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| (Secured Overnight Financing Rate + 1.061%), | (Secured Overnight Financing Rate + 1.061%), | (Secured Overnight Financing Rate + 1.061%), | (Secured Overnight Financing Rate + 1.061%), |
| 2020000 | 5.046 <sup>(b)(c)</sup> | 02/12/31 | 2071414 |
| (Secured Overnight Financing Rate + 1.600%), | (Secured Overnight Financing Rate + 1.600%), | (Secured Overnight Financing Rate + 1.600%), | (Secured Overnight Financing Rate + 1.600%), |
| 7000000 | 4.839 <sup>(b)(c)</sup> | 02/01/34 | 7033194 |
| (Secured Overnight Financing Rate + 1.860%), | (Secured Overnight Financing Rate + 1.860%), | (Secured Overnight Financing Rate + 1.860%), | (Secured Overnight Financing Rate + 1.860%), |
| 1350000 | 5.678 <sup>(b)(c)</sup> | 01/23/35 | 1423113 |
| UBS Group AG<sup>(a)(b)(c)</sup>(3 mo. USD SOFR + 1.410%) | UBS Group AG<sup>(a)(b)(c)</sup>(3 mo. USD SOFR + 1.410%) | UBS Group AG<sup>(a)(b)(c)</sup>(3 mo. USD SOFR + 1.410%) | UBS Group AG<sup>(a)(b)(c)</sup>(3 mo. USD SOFR + 1.410%) |
| 2500000 | 3.869 | 01/12/29 | 2482466 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 1500000 | 4.650 | 11/04/44 | 1330836 |
| 5000000 | 4.750 | 12/07/46 | 4440203 |
| Wells Fargo Bank NA<sup>(d)</sup> | Wells Fargo Bank NA<sup>(d)</sup> | Wells Fargo Bank NA<sup>(d)</sup> | Wells Fargo Bank NA<sup>(d)</sup> |
| 2000000 | 6.180 | 02/15/36 | 2107392 |
|  |  |  | 82373308 |
|  **Beverages<sup>(b)</sup> – 0.6%** | **Beverages<sup>(b)</sup> – 0.6%** | **Beverages<sup>(b)</sup> – 0.6%** | **Beverages<sup>(b)</sup> – 0.6%** |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 1000000 | 4.600 | 04/15/48 | 908893 |
| 6000000 | 4.439 | 10/06/48 | 5263711 |
| PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
| 2190000 | 4.450 | 04/14/46 | 1973996 |
|  |  |  | 8146600 |
|  **Biotechnology<sup>(b)</sup> – 0.2%** | **Biotechnology<sup>(b)</sup> – 0.2%** | **Biotechnology<sup>(b)</sup> – 0.2%** | **Biotechnology<sup>(b)</sup> – 0.2%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 1000000 | 5.600 | 03/02/43 | 1015152 |
| 3175000 | 2.770 | 09/01/53 | 1930110 |
|  |  |  | 2945262 |
|  **Chemicals<sup>(b)</sup> – 0.3%** | **Chemicals<sup>(b)</sup> – 0.3%** | **Chemicals<sup>(b)</sup> – 0.3%** | **Chemicals<sup>(b)</sup> – 0.3%** |
| LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| 3759000 | 5.500 | 03/01/34 | 3756709 |
|  **Commercial Services – 1.2%** | **Commercial Services – 1.2%** | **Commercial Services – 1.2%** | **Commercial Services – 1.2%** |
| Corp. of Gonzaga University | Corp. of Gonzaga University | Corp. of Gonzaga University | Corp. of Gonzaga University |
| 3500000 | 4.158 | 04/01/46 | 2758304 |
| Henry J Kaiser Family Foundation | Henry J Kaiser Family Foundation | Henry J Kaiser Family Foundation | Henry J Kaiser Family Foundation |
| 6250000 | 3.356 | 12/01/25 | 6242807 |
| Northwestern University | Northwestern University | Northwestern University | Northwestern University |
| 1000000 | 4.643 | 12/01/44 | 952767 |

---

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE BOND FUND

## Schedule of Investments (continued)
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
|  **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** |
| PayPal Holdings, Inc.<sup>(b)</sup> | PayPal Holdings, Inc.<sup>(b)</sup> | PayPal Holdings, Inc.<sup>(b)</sup> | PayPal Holdings, Inc.<sup>(b)</sup> |
| $3600000 | 5.250% | 06/01/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407946 |
| Thomas Jefferson University | Thomas Jefferson University | Thomas Jefferson University | Thomas Jefferson University |
| 1375000 | 2.368 | 11/01/25 | 1375000 |
|  |  |  | 14736824 |
|  **Computers<sup>(b)</sup> – 0.3%** | **Computers<sup>(b)</sup> – 0.3%** | **Computers<sup>(b)</sup> – 0.3%** | **Computers<sup>(b)</sup> – 0.3%** |
| CGI, Inc. | CGI, Inc. | CGI, Inc. | CGI, Inc. |
| 4000000 | 2.300 | 09/14/31 | 3537271 |
|  **Computers & Peripherals<sup>(b)</sup> – 0.2%** | **Computers & Peripherals<sup>(b)</sup> – 0.2%** | **Computers & Peripherals<sup>(b)</sup> – 0.2%** | **Computers & Peripherals<sup>(b)</sup> – 0.2%** |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 2320000 | 3.850 | 08/15/32 | 2237466 |
|  **Distribution/Wholesale<sup>(b)</sup> – 0.2%** | **Distribution/Wholesale<sup>(b)</sup> – 0.2%** | **Distribution/Wholesale<sup>(b)</sup> – 0.2%** | **Distribution/Wholesale<sup>(b)</sup> – 0.2%** |
| WW Grainger, Inc. | WW Grainger, Inc. | WW Grainger, Inc. | WW Grainger, Inc. |
| 3260000 | 4.600 | 06/15/45 | 2978164 |
|  **Diversified Financial Services<sup>(b)</sup> – 1.3%** | **Diversified Financial Services<sup>(b)</sup> – 1.3%** | **Diversified Financial Services<sup>(b)</sup> – 1.3%** | **Diversified Financial Services<sup>(b)</sup> – 1.3%** |
| Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
| 1000000 | 4.250 | 06/15/26 | 999355 |
| Ally Financial, Inc.<sup>(c)</sup>(Secured Overnight Financing Rate + 2.290%) | Ally Financial, Inc.<sup>(c)</sup>(Secured Overnight Financing Rate + 2.290%) | Ally Financial, Inc.<sup>(c)</sup>(Secured Overnight Financing Rate + 2.290%) | Ally Financial, Inc.<sup>(c)</sup>(Secured Overnight Financing Rate + 2.290%) |
| 2500000 | 6.184 | 07/26/35 | 2587997 |
| Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
| 3100000 | 4.700 | 09/20/47 | 2714516 |
| Capital One Financial Corp.<sup>(c)</sup>(Secured Overnight Financing Rate + 2.370%) | Capital One Financial Corp.<sup>(c)</sup>(Secured Overnight Financing Rate + 2.370%) | Capital One Financial Corp.<sup>(c)</sup>(Secured Overnight Financing Rate + 2.370%) | Capital One Financial Corp.<sup>(c)</sup>(Secured Overnight Financing Rate + 2.370%) |
| 3000000 | 5.268 | 05/10/33 | 3063060 |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| 2500000 | 1.950 | 12/01/31 | 2176861 |
| Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| 5000000 | 4.875 | 05/09/34 | 5115967 |
|  |  |  | 16657756 |
|  **Electrical Equipment – 4.4%** | **Electrical Equipment – 4.4%** | **Electrical Equipment – 4.4%** | **Electrical Equipment – 4.4%** |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 2150000 | 6.875 | 08/01/36 | 2397384 |
| Cleco Securitization II LLC | Cleco Securitization II LLC | Cleco Securitization II LLC | Cleco Securitization II LLC |
| 5000000 | 4.680 | 12/01/36 | 5065917 |
| Commonwealth Edison Co.<sup>(b)</sup> | Commonwealth Edison Co.<sup>(b)</sup> | Commonwealth Edison Co.<sup>(b)</sup> | Commonwealth Edison Co.<sup>(b)</sup> |
| 1050000 | 5.300 | 06/01/34 | 1100863 |
| Consumers Energy Co.<sup>(b)</sup> | Consumers Energy Co.<sup>(b)</sup> | Consumers Energy Co.<sup>(b)</sup> | Consumers Energy Co.<sup>(b)</sup> |
| 3290000 | 3.950 | 07/15/47 | 2686594 |
| Duke Energy Progress LLC<sup>(b)</sup> | Duke Energy Progress LLC<sup>(b)</sup> | Duke Energy Progress LLC<sup>(b)</sup> | Duke Energy Progress LLC<sup>(b)</sup> |
| 2970000 | 5.050 | 03/15/35 | 3028750 |
| Emerson Electric Co. | Emerson Electric Co. | Emerson Electric Co. | Emerson Electric Co. |
| 1900000 | 6.125 | 04/15/39 | 2080356 |
| Evergy Kansas Central, Inc.<sup>(b)</sup> | Evergy Kansas Central, Inc.<sup>(b)</sup> | Evergy Kansas Central, Inc.<sup>(b)</sup> | Evergy Kansas Central, Inc.<sup>(b)</sup> |
| 7435000 | 5.900 | 11/15/33 | 7993915 |
| Florida Power & Light Co.<sup>(b)</sup> | Florida Power & Light Co.<sup>(b)</sup> | Florida Power & Light Co.<sup>(b)</sup> | Florida Power & Light Co.<sup>(b)</sup> |
| 1250000 | 4.550 | 10/01/44 | 1092608 |
| Louisville Gas & Electric Co.<sup>(b)</sup> | Louisville Gas & Electric Co.<sup>(b)</sup> | Louisville Gas & Electric Co.<sup>(b)</sup> | Louisville Gas & Electric Co.<sup>(b)</sup> |
| 1850000 | 4.650 | 11/15/43 | 1642184 |
| National Grid USA | National Grid USA | National Grid USA | National Grid USA |
| 3375000 | 8.000 | 11/15/30 | 3865675 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
|  **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** |
| National Rural Utilities Cooperative Finance Corp.<sup>(b)</sup> | National Rural Utilities Cooperative Finance Corp.<sup>(b)</sup> | National Rural Utilities Cooperative Finance Corp.<sup>(b)</sup> | National Rural Utilities Cooperative Finance Corp.<sup>(b)</sup> |
| $4000000 | 5.800% | 01/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292757 |
| Nevada Power Co.<sup>(b)</sup> | Nevada Power Co.<sup>(b)</sup> | Nevada Power Co.<sup>(b)</sup> | Nevada Power Co.<sup>(b)</sup> |
| 1250000 | 3.125 | 08/01/50 | 829253 |
| Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
| 2870000 | 5.850 | 10/01/35 | 3032109 |
| Pacific Gas & Electric Co.<sup>(b)</sup> | Pacific Gas & Electric Co.<sup>(b)</sup> | Pacific Gas & Electric Co.<sup>(b)</sup> | Pacific Gas & Electric Co.<sup>(b)</sup> |
| 1000000 | 4.950 | 07/01/50 | 860742 |
| PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
| 2200000 | 6.100 | 08/01/36 | 2364213 |
| PG&E Wildfire Recovery Funding LLC | PG&E Wildfire Recovery Funding LLC | PG&E Wildfire Recovery Funding LLC | PG&E Wildfire Recovery Funding LLC |
| 786730 | 3.594 | 06/01/32 | 778531 |
| PPL Electric Utilities Corp.<sup>(b)</sup> | PPL Electric Utilities Corp.<sup>(b)</sup> | PPL Electric Utilities Corp.<sup>(b)</sup> | PPL Electric Utilities Corp.<sup>(b)</sup> |
| 2225000 | 4.750 | 07/15/43 | 2067892 |
| Public Service Enterprise Group, Inc.<sup>(b)</sup> | Public Service Enterprise Group, Inc.<sup>(b)</sup> | Public Service Enterprise Group, Inc.<sup>(b)</sup> | Public Service Enterprise Group, Inc.<sup>(b)</sup> |
| 5500000 | 8.625 | 04/15/31 | 6349620 |
| Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| 1000000 | 5.550 | 01/15/37 | 1007782 |
| Wisconsin Power & Light Co.<sup>(b)</sup> | Wisconsin Power & Light Co.<sup>(b)</sup> | Wisconsin Power & Light Co.<sup>(b)</sup> | Wisconsin Power & Light Co.<sup>(b)</sup> |
| 1000000 | 1.950 | 09/16/31 | 868895 |
| Wisconsin Public Service Corp.<sup>(b)</sup> | Wisconsin Public Service Corp.<sup>(b)</sup> | Wisconsin Public Service Corp.<sup>(b)</sup> | Wisconsin Public Service Corp.<sup>(b)</sup> |
| 3000000 | 3.300 | 09/01/49 | 2131470 |
|  |  |  | 55537510 |
|  **Food<sup>(a)(b)</sup> – 0.5%** | **Food<sup>(a)(b)</sup> – 0.5%** | **Food<sup>(a)(b)</sup> – 0.5%** | **Food<sup>(a)(b)</sup> – 0.5%** |
| Nestle Holdings, Inc. | Nestle Holdings, Inc. | Nestle Holdings, Inc. | Nestle Holdings, Inc. |
| 6700000 | 4.300 | 10/01/32 | 6749357 |
|  **Gas<sup>(b)</sup> – 0.6%** | **Gas<sup>(b)</sup> – 0.6%** | **Gas<sup>(b)</sup> – 0.6%** | **Gas<sup>(b)</sup> – 0.6%** |
| Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
| 1400000 | 4.125 | 03/15/49 | 1148424 |
| Boston Gas Co.<sup>(a)</sup> | Boston Gas Co.<sup>(a)</sup> | Boston Gas Co.<sup>(a)</sup> | Boston Gas Co.<sup>(a)</sup> |
| 2900000 | 3.001 | 08/01/29 | 2767956 |
| Northwest Natural Gas Co. | Northwest Natural Gas Co. | Northwest Natural Gas Co. | Northwest Natural Gas Co. |
| 4650000 | 3.869 | 06/15/49 | 3350748 |
|  |  |  | 7267128 |
|  **Healthcare-Services – 2.0%** | **Healthcare-Services – 2.0%** | **Healthcare-Services – 2.0%** | **Healthcare-Services – 2.0%** |
| Adventist Health System<sup>(b)</sup> | Adventist Health System<sup>(b)</sup> | Adventist Health System<sup>(b)</sup> | Adventist Health System<sup>(b)</sup> |
| 7000000 | 2.952 | 03/01/29 | 6663614 |
| Ascension Health | Ascension Health | Ascension Health | Ascension Health |
| 3000000 | 2.532 <sup>(b)</sup> | 11/15/29 | 2827262 |
| 2600000 | 3.945 | 11/15/46 | 2145059 |
| Baptist Health South Florida, Inc. | Baptist Health South Florida, Inc. | Baptist Health South Florida, Inc. | Baptist Health South Florida, Inc. |
| 3695000 | 4.342 | 11/15/41 | 3269840 |
| Mayo Clinic | Mayo Clinic | Mayo Clinic | Mayo Clinic |
| 2600000 | 3.774 | 11/15/43 | 2158581 |
| SSM Health Care Corp.<sup>(b)</sup> | SSM Health Care Corp.<sup>(b)</sup> | SSM Health Care Corp.<sup>(b)</sup> | SSM Health Care Corp.<sup>(b)</sup> |
| 4990000 | 3.823 | 06/01/27 | 4976750 |
| 3000000 | 4.894 | 06/01/28 | 3039937 |
|  |  |  | 25081043 |
|  **Insurance – 4.7%** | **Insurance – 4.7%** | **Insurance – 4.7%** | **Insurance – 4.7%** |
| Americo Life, Inc.<sup>(a)</sup> | Americo Life, Inc.<sup>(a)</sup> | Americo Life, Inc.<sup>(a)</sup> | Americo Life, Inc.<sup>(a)</sup> |
| 5206000 | 3.450 | 04/15/31 | 4729299 |

---

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

THE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
|  **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| Aon North America, Inc.<sup>(b)</sup> | Aon North America, Inc.<sup>(b)</sup> | Aon North America, Inc.<sup>(b)</sup> | Aon North America, Inc.<sup>(b)</sup> |
| $2175000 | 5.750% | 03/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196559 |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
| 2149000 | 7.350 | 05/01/34 | 2509471 |
| Arthur J Gallagher & Co.<sup>(b)</sup> | Arthur J Gallagher & Co.<sup>(b)</sup> | Arthur J Gallagher & Co.<sup>(b)</sup> | Arthur J Gallagher & Co.<sup>(b)</sup> |
| 1000000 | 5.450 | 07/15/34 | 1037634 |
| Assured Guaranty U.S. Holdings, Inc.<sup>(b)</sup> | Assured Guaranty U.S. Holdings, Inc.<sup>(b)</sup> | Assured Guaranty U.S. Holdings, Inc.<sup>(b)</sup> | Assured Guaranty U.S. Holdings, Inc.<sup>(b)</sup> |
| 4715000 | 3.150 | 06/15/31 | 4413652 |
| Berkshire Hathaway Finance Corp.<sup>(b)</sup> | Berkshire Hathaway Finance Corp.<sup>(b)</sup> | Berkshire Hathaway Finance Corp.<sup>(b)</sup> | Berkshire Hathaway Finance Corp.<sup>(b)</sup> |
| 4220000 | 4.200 | 08/15/48 | 3609854 |
| Equitable Financial Life Global Funding<sup>(a)</sup> | Equitable Financial Life Global Funding<sup>(a)</sup> | Equitable Financial Life Global Funding<sup>(a)</sup> | Equitable Financial Life Global Funding<sup>(a)</sup> |
| 5000000 | 1.750 | 11/15/30 | 4391661 |
| Guardian Life Global Funding<sup>(a)</sup> | Guardian Life Global Funding<sup>(a)</sup> | Guardian Life Global Funding<sup>(a)</sup> | Guardian Life Global Funding<sup>(a)</sup> |
| 5000000 | 4.798 | 04/28/30 | 5109195 |
| Horace Mann Educators Corp.<sup>(b)</sup> | Horace Mann Educators Corp.<sup>(b)</sup> | Horace Mann Educators Corp.<sup>(b)</sup> | Horace Mann Educators Corp.<sup>(b)</sup> |
| 2000000 | 7.250 | 09/15/28 | 2143515 |
| MassMutual Global Funding II<sup>(a)</sup> | MassMutual Global Funding II<sup>(a)</sup> | MassMutual Global Funding II<sup>(a)</sup> | MassMutual Global Funding II<sup>(a)</sup> |
| 2670000 | 1.550 | 10/09/30 | 2347282 |
| MetLife, Inc.<sup>(b)</sup> | MetLife, Inc.<sup>(b)</sup> | MetLife, Inc.<sup>(b)</sup> | MetLife, Inc.<sup>(b)</sup> |
| 2055000 | 10.750 | 08/01/69 | 2745383 |
| New York Life Global Funding<sup>(a)</sup> | New York Life Global Funding<sup>(a)</sup> | New York Life Global Funding<sup>(a)</sup> | New York Life Global Funding<sup>(a)</sup> |
| 9000000 | 4.550 | 01/28/33 | 8994190 |
| Principal Life Global Funding II<sup>(a)</sup> | Principal Life Global Funding II<sup>(a)</sup> | Principal Life Global Funding II<sup>(a)</sup> | Principal Life Global Funding II<sup>(a)</sup> |
| 2600000 | 5.500 | 06/28/28 | 2683669 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
| 2500000 | 3.150 <sup>(b)</sup> | 06/15/30 | 2364528 |
| 1811000 | 6.000 <sup>(b)</sup> | 09/15/33 | 1938605 |
| (3 mo. USD Term SOFR + 2.927%), | (3 mo. USD Term SOFR + 2.927%), | (3 mo. USD Term SOFR + 2.927%), | (3 mo. USD Term SOFR + 2.927%), |
| 2000000 | 6.964 <sup>(b)(c)</sup> | 12/15/65 | 1935148 |
| Reliance Standard Life Global Funding II<sup>(a)</sup> | Reliance Standard Life Global Funding II<sup>(a)</sup> | Reliance Standard Life Global Funding II<sup>(a)</sup> | Reliance Standard Life Global Funding II<sup>(a)</sup> |
| 1750000 | 2.750 | 01/21/27 | 1708581 |
| Teachers Insurance & Annuity Association of America<sup>(a)(b)</sup> | Teachers Insurance & Annuity Association of America<sup>(a)(b)</sup> | Teachers Insurance & Annuity Association of America<sup>(a)(b)</sup> | Teachers Insurance & Annuity Association of America<sup>(a)(b)</sup> |
| 3000000 | 4.270 | 05/15/47 | 2505644 |
| Travelers Cos., Inc.<sup>(b)</sup> | Travelers Cos., Inc.<sup>(b)</sup> | Travelers Cos., Inc.<sup>(b)</sup> | Travelers Cos., Inc.<sup>(b)</sup> |
| 2000000 | 4.100 | 03/04/49 | 1661406 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;59025276 |
|  **Investment Company<sup>(b)</sup> – 0.2%** | **Investment Company<sup>(b)</sup> – 0.2%** | **Investment Company<sup>(b)</sup> – 0.2%** | **Investment Company<sup>(b)</sup> – 0.2%** |
| Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
| 2000000 | 6.000 | 05/19/30 | 2045952 |
|  **Machinery-Diversified – 0.3%** | **Machinery-Diversified – 0.3%** | **Machinery-Diversified – 0.3%** | **Machinery-Diversified – 0.3%** |
| John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
| 4000000 | 4.350 | 09/15/32 | 4012049 |
|  **Media – 0.2%** | **Media – 0.2%** | **Media – 0.2%** | **Media – 0.2%** |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 1250000 | 6.400 | 05/15/38 | 1350130 |
| 1500000 | 2.800 <sup>(b)</sup> | 01/15/51 | 899121 |
|  |  |  | 2249251 |
|  **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| Southern Copper Corp. | Southern Copper Corp. | Southern Copper Corp. | Southern Copper Corp. |
| 2000000 | 5.875 | 04/23/45 | 2098784 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
|  **Oil-Field Services – 1.2%** | **Oil-Field Services – 1.2%** | **Oil-Field Services – 1.2%** | **Oil-Field Services – 1.2%** |
| APA Corp.<sup>(b)</sup> | APA Corp.<sup>(b)</sup> | APA Corp.<sup>(b)</sup> | APA Corp.<sup>(b)</sup> |
| $2835000 | 5.100% | 09/01/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494275 |
| HF Sinclair Corp.<sup>(b)</sup> | HF Sinclair Corp.<sup>(b)</sup> | HF Sinclair Corp.<sup>(b)</sup> | HF Sinclair Corp.<sup>(b)</sup> |
| 2000000 | 6.250 | 01/15/35 | 2090994 |
| Phillips 66 Co.<sup>(b)</sup> | Phillips 66 Co.<sup>(b)</sup> | Phillips 66 Co.<sup>(b)</sup> | Phillips 66 Co.<sup>(b)</sup> |
| 3000000 | 4.950 | 03/15/35 | 2980130 |
| Saudi Arabian Oil Co.<sup>(a)</sup> | Saudi Arabian Oil Co.<sup>(a)</sup> | Saudi Arabian Oil Co.<sup>(a)</sup> | Saudi Arabian Oil Co.<sup>(a)</sup> |
| 5000000 | 3.500 | 04/16/29 | 4900000 |
| Schlumberger Holdings Corp.<sup>(a)(b)</sup> | Schlumberger Holdings Corp.<sup>(a)(b)</sup> | Schlumberger Holdings Corp.<sup>(a)(b)</sup> | Schlumberger Holdings Corp.<sup>(a)(b)</sup> |
| 3000000 | 4.850 | 05/15/33 | 3017371 |
|  |  |  | 15482770 |
|  **Pharmaceuticals – 1.0%** | **Pharmaceuticals – 1.0%** | **Pharmaceuticals – 1.0%** | **Pharmaceuticals – 1.0%** |
| CVS Pass-Through Trust<sup>(a)</sup> | CVS Pass-Through Trust<sup>(a)</sup> | CVS Pass-Through Trust<sup>(a)</sup> | CVS Pass-Through Trust<sup>(a)</sup> |
| 1622761 | 7.507 | 01/10/32 | 1726482 |
| GlaxoSmithKline Capital, Inc.<sup>(b)</sup> | GlaxoSmithKline Capital, Inc.<sup>(b)</sup> | GlaxoSmithKline Capital, Inc.<sup>(b)</sup> | GlaxoSmithKline Capital, Inc.<sup>(b)</sup> |
| 2000000 | 4.500 | 04/15/30 | 2029583 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 4970000 | 5.950 | 08/15/37 | 5599734 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 2900000 | 7.200 | 03/15/39 | 3490179 |
|  |  |  | 12845978 |
|  **Pipelines – 2.0%** | **Pipelines – 2.0%** | **Pipelines – 2.0%** | **Pipelines – 2.0%** |
| DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
| 1000000 | 8.125 | 08/16/30 | 1151082 |
| Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> |
| 3000000 | 4.900 | 03/15/35 | 2922615 |
| Gulfstream Natural Gas System LLC<sup>(a)(b)</sup> | Gulfstream Natural Gas System LLC<sup>(a)(b)</sup> | Gulfstream Natural Gas System LLC<sup>(a)(b)</sup> | Gulfstream Natural Gas System LLC<sup>(a)(b)</sup> |
| 3000000 | 5.600 | 07/23/35 | 3072430 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 4175000 | 5.800 | 03/15/35 | 4387900 |
| ONEOK, Inc.<sup>(b)</sup> | ONEOK, Inc.<sup>(b)</sup> | ONEOK, Inc.<sup>(b)</sup> | ONEOK, Inc.<sup>(b)</sup> |
| 2635000 | 3.950 | 03/01/50 | 1928860 |
| Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
| 628000 | 8.375 | 06/15/32 | 745350 |
| 1450000 | 7.625 | 04/01/37 | 1716206 |
| Texas Eastern Transmission LP<sup>(a)(b)</sup> | Texas Eastern Transmission LP<sup>(a)(b)</sup> | Texas Eastern Transmission LP<sup>(a)(b)</sup> | Texas Eastern Transmission LP<sup>(a)(b)</sup> |
| 3900000 | 4.150 | 01/15/48 | 3138987 |
| TransCanada PipeLines Ltd.<sup>(b)</sup> | TransCanada PipeLines Ltd.<sup>(b)</sup> | TransCanada PipeLines Ltd.<sup>(b)</sup> | TransCanada PipeLines Ltd.<sup>(b)</sup> |
| 1000000 | 4.625 | 03/01/34 | 976622 |
| Transcanada Trust<sup>(b)(c)</sup>(3 mo. USD SOFR + 3.208%) | Transcanada Trust<sup>(b)(c)</sup>(3 mo. USD SOFR + 3.208%) | Transcanada Trust<sup>(b)(c)</sup>(3 mo. USD SOFR + 3.208%) | Transcanada Trust<sup>(b)(c)</sup>(3 mo. USD SOFR + 3.208%) |
| 4660000 | 5.300 | 03/15/77 | 4633408 |
|  |  |  | 24673460 |
|  **Real Estate<sup>(b)</sup> – 3.4%** | **Real Estate<sup>(b)</sup> – 3.4%** | **Real Estate<sup>(b)</sup> – 3.4%** | **Real Estate<sup>(b)</sup> – 3.4%** |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 2500000 | 5.250 | 05/15/36 | 2477807 |
| AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | AvalonBay Communities, Inc. |
| 1350000 | 5.350 | 06/01/34 | 1404846 |
| Camden Property Trust | Camden Property Trust | Camden Property Trust | Camden Property Trust |
| 6000000 | 4.900 | 01/15/34 | 6101547 |
| DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
| 1325000 | 2.625 | 11/01/31 | 1181662 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 1075000 | 2.050 | 03/15/31 | 927656 |

---

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
|  **Real Estate<sup>(b)</sup> – (continued)** | **Real Estate<sup>(b)</sup> – (continued)** | **Real Estate<sup>(b)</sup> – (continued)** | **Real Estate<sup>(b)</sup> – (continued)** |
| Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP |
| $1900000 | 1.100% | 09/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;1850860 |
| Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
| 2875000 | 4.750 | 01/15/28 | 2892611 |
| Prologis Targeted U.S. Logistics Fund LP<sup>(a)</sup> | Prologis Targeted U.S. Logistics Fund LP<sup>(a)</sup> | Prologis Targeted U.S. Logistics Fund LP<sup>(a)</sup> | Prologis Targeted U.S. Logistics Fund LP<sup>(a)</sup> |
| 5428000 | 5.500 | 04/01/34 | 5651959 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 2400000 | 3.950 | 08/15/27 | 2395853 |
| SBA Tower Trust<sup>(a)</sup> | SBA Tower Trust<sup>(a)</sup> | SBA Tower Trust<sup>(a)</sup> | SBA Tower Trust<sup>(a)</sup> |
| 2600000 | 4.831 | 10/15/29 | 2606988 |
| Scentre Group Trust 1/Scentre Group Trust 2<sup>(a)</sup> | Scentre Group Trust 1/Scentre Group Trust 2<sup>(a)</sup> | Scentre Group Trust 1/Scentre Group Trust 2<sup>(a)</sup> | Scentre Group Trust 1/Scentre Group Trust 2<sup>(a)</sup> |
| 4000000 | 3.750 | 03/23/27 | 3974626 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| 1500000 | 6.250 | 01/15/34 | 1646865 |
| Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
| 1000000 | 2.700 | 07/15/31 | 906762 |
| Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
| 2900000 | 5.625 | 07/01/34 | 3030052 |
| Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
| 5900000 | 2.750 | 01/15/32 | 5354821 |
|  |  |  | 42404915 |
|  **Semiconductors<sup>(b)</sup> – 0.9%** | **Semiconductors<sup>(b)</sup> – 0.9%** | **Semiconductors<sup>(b)</sup> – 0.9%** | **Semiconductors<sup>(b)</sup> – 0.9%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 2500000 | 4.150 <sup>(a)</sup> | 04/15/32 | 2447655 |
| 3500000 | 3.469 | 04/15/34 | 3205866 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. |
| 6000000 | 3.650 | 08/16/32 | 5759903 |
|  |  |  | 11413424 |
|  **Software<sup>(b)</sup> – 0.1%** | **Software<sup>(b)</sup> – 0.1%** | **Software<sup>(b)</sup> – 0.1%** | **Software<sup>(b)</sup> – 0.1%** |
| Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| 1000000 | 2.900 | 07/15/51 | 652450 |
|  **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 4000000 | 6.250 | 03/29/41 | 4258268 |
|  **Transportation – 0.9%** | **Transportation – 0.9%** | **Transportation – 0.9%** | **Transportation – 0.9%** |
| Burlington Northern Santa Fe LLC<sup>(b)</sup> | Burlington Northern Santa Fe LLC<sup>(b)</sup> | Burlington Northern Santa Fe LLC<sup>(b)</sup> | Burlington Northern Santa Fe LLC<sup>(b)</sup> |
| 1220000 | 4.950 | 09/15/41 | 1183408 |
| Canadian National Railway Co. | Canadian National Railway Co. | Canadian National Railway Co. | Canadian National Railway Co. |
| 1190000 | 6.200 | 06/01/36 | 1330254 |
| 1310000 | 2.450 <sup>(b)</sup> | 05/01/50 | 784880 |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 1980000 | 5.750 | 01/15/42 | 2000141 |
| 1635000 | 4.950 <sup>(b)</sup> | 08/15/45 | 1541705 |
| 1500000 | 4.700 <sup>(b)</sup> | 05/01/48 | 1343182 |
| 2500000 | 6.125 <sup>(b)(e)</sup> | 09/15/15 | 2566566 |
| Kansas City Southern Railway Co.<sup>(b)</sup> | Kansas City Southern Railway Co.<sup>(b)</sup> | Kansas City Southern Railway Co.<sup>(b)</sup> | Kansas City Southern Railway Co.<sup>(b)</sup> |
| 500000 | 4.950 | 08/15/45 | 415450 |
|  |  |  | 11165586 |
|  **Trucking & Leasing<sup>(b)</sup> – 0.2%** | **Trucking & Leasing<sup>(b)</sup> – 0.2%** | **Trucking & Leasing<sup>(b)</sup> – 0.2%** | **Trucking & Leasing<sup>(b)</sup> – 0.2%** |
| GATX Corp. | GATX Corp. | GATX Corp. | GATX Corp. |
| 3155000 | 3.100 | 06/01/51 | 2048980 |
| TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS |
|  **(Cost $469,518,083)** | **(Cost $469,518,083)** | **(Cost $469,518,083)** | $451981760 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – 26.1% | Mortgage-Backed Obligations – 26.1% | Mortgage-Backed Obligations – 26.1% | Mortgage-Backed Obligations – 26.1% |
|  **Collateralized Mortgage Obligations – 11.6%** | **Collateralized Mortgage Obligations – 11.6%** | **Collateralized Mortgage Obligations – 11.6%** | **Collateralized Mortgage Obligations – 11.6%** |
| Agate Bay Mortgage Trust Series 2016-2, Class A3<sup>(a)(c)(f)</sup> | Agate Bay Mortgage Trust Series 2016-2, Class A3<sup>(a)(c)(f)</sup> | Agate Bay Mortgage Trust Series 2016-2, Class A3<sup>(a)(c)(f)</sup> | Agate Bay Mortgage Trust Series 2016-2, Class A3<sup>(a)(c)(f)</sup> |
| $126886 | 3.500% | 03/25/46 | $&nbsp;&nbsp;&nbsp;&nbsp;116685 |
| Banc of America Alternative Loan Trust Series 2005-10, Class 6A1 | Banc of America Alternative Loan Trust Series 2005-10, Class 6A1 | Banc of America Alternative Loan Trust Series 2005-10, Class 6A1 | Banc of America Alternative Loan Trust Series 2005-10, Class 6A1 |
| 6853 | 5.500 | 11/25/20 | 967 |
| Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2<sup>(a)(c)(f)</sup> | Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2<sup>(a)(c)(f)</sup> | Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2<sup>(a)(c)(f)</sup> | Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2<sup>(a)(c)(f)</sup> |
| 2798544 | 2.500 | 06/25/51 | 2345202 |
| Bayview Opportunity Master Fund VI Trust Series 2021-6, Class A1<sup>(a)(c)(f)</sup> | Bayview Opportunity Master Fund VI Trust Series 2021-6, Class A1<sup>(a)(c)(f)</sup> | Bayview Opportunity Master Fund VI Trust Series 2021-6, Class A1<sup>(a)(c)(f)</sup> | Bayview Opportunity Master Fund VI Trust Series 2021-6, Class A1<sup>(a)(c)(f)</sup> |
| 7631553 | 3.000 | 10/25/51 | 6668070 |
| Bear Stearns Alt-A Trust Series 2005-9, Class 25A1<sup>(c)(f)</sup> | Bear Stearns Alt-A Trust Series 2005-9, Class 25A1<sup>(c)(f)</sup> | Bear Stearns Alt-A Trust Series 2005-9, Class 25A1<sup>(c)(f)</sup> | Bear Stearns Alt-A Trust Series 2005-9, Class 25A1<sup>(c)(f)</sup> |
| 520125 | 4.364 | 11/25/35 | 324750 |
| CFMT LLC Series 2023-HB12, Class A<sup>(a)(c)(f)</sup> | CFMT LLC Series 2023-HB12, Class A<sup>(a)(c)(f)</sup> | CFMT LLC Series 2023-HB12, Class A<sup>(a)(c)(f)</sup> | CFMT LLC Series 2023-HB12, Class A<sup>(a)(c)(f)</sup> |
| 26287 | 4.250 | 04/25/33 | 26268 |
| CHL Mortgage Pass-Through Trust Series 2005-27, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2005-27, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2005-27, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2005-27, Class 2A1 |
| 332985 | 5.500 | 12/25/35 | 125266 |
| CHL Mortgage Pass-Through Trust Series 2005-6, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2005-6, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2005-6, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2005-6, Class 2A1 |
| 37344 | 5.500 | 04/25/35 | 32999 |
| CHL Mortgage Pass-Through Trust Series 2005-7, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.654%) | CHL Mortgage Pass-Through Trust Series 2005-7, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.654%) | CHL Mortgage Pass-Through Trust Series 2005-7, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.654%) | CHL Mortgage Pass-Through Trust Series 2005-7, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.654%) |
| 247433 | 4.646 | 03/25/35 | 233964 |
| Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2 | Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2 | Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2 | Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2 |
| 240885 | 6.750 | 08/25/34 | 246991 |
| CoreVest American Finance Ltd. Series 2022-RTL1, Class A1<sup>(g)</sup> | CoreVest American Finance Ltd. Series 2022-RTL1, Class A1<sup>(g)</sup> | CoreVest American Finance Ltd. Series 2022-RTL1, Class A1<sup>(g)</sup> | CoreVest American Finance Ltd. Series 2022-RTL1, Class A1<sup>(g)</sup> |
| 298658 | 6.250 | 05/28/29 | 298658 |
| Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1 | Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1 | Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1 | Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1 |
| 3118 | 5.250 | 09/25/19 | 3120 |
| Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1 | Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1 | Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1 | Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1 |
| 1995 | 6.500 | 08/25/32 | 2019 |
| Credit Suisse First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4 |
| 85334 | 5.250 | 07/25/33 | 85677 |
| Cross Mortgage Trust Series 2025-H1, Class A1<sup>(a)(c)(f)</sup> | Cross Mortgage Trust Series 2025-H1, Class A1<sup>(a)(c)(f)</sup> | Cross Mortgage Trust Series 2025-H1, Class A1<sup>(a)(c)(f)</sup> | Cross Mortgage Trust Series 2025-H1, Class A1<sup>(a)(c)(f)</sup> |
| 2424240 | 5.735 | 02/25/70 | 2445097 |
| Cross Mortgage Trust Series 2025-H3, Class A1<sup>(a)(c)(f)</sup> | Cross Mortgage Trust Series 2025-H3, Class A1<sup>(a)(c)(f)</sup> | Cross Mortgage Trust Series 2025-H3, Class A1<sup>(a)(c)(f)</sup> | Cross Mortgage Trust Series 2025-H3, Class A1<sup>(a)(c)(f)</sup> |
| 3616965 | 5.883 | 04/25/70 | 3660077 |
| CSMC Trust Series 2013-6, Class 1A1<sup>(a)(c)(f)</sup> | CSMC Trust Series 2013-6, Class 1A1<sup>(a)(c)(f)</sup> | CSMC Trust Series 2013-6, Class 1A1<sup>(a)(c)(f)</sup> | CSMC Trust Series 2013-6, Class 1A1<sup>(a)(c)(f)</sup> |
| 1272602 | 2.500 | 07/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;1236128 |
| CSMC Trust Series 2017-HL2, Class A1<sup>(a)(c)(f)</sup> | CSMC Trust Series 2017-HL2, Class A1<sup>(a)(c)(f)</sup> | CSMC Trust Series 2017-HL2, Class A1<sup>(a)(c)(f)</sup> | CSMC Trust Series 2017-HL2, Class A1<sup>(a)(c)(f)</sup> |
| 291882 | 3.500 | 10/25/47 | 264653 |
| EverBank Mortgage Loan Trust Series 2013-2, Class A<sup>(a)(c)(f)</sup> | EverBank Mortgage Loan Trust Series 2013-2, Class A<sup>(a)(c)(f)</sup> | EverBank Mortgage Loan Trust Series 2013-2, Class A<sup>(a)(c)(f)</sup> | EverBank Mortgage Loan Trust Series 2013-2, Class A<sup>(a)(c)(f)</sup> |
| 325415 | 3.000 | 06/25/43 | 304625 |
| Federal Home Loan Mortgage Corp. REMICS Series 2103, Class TE | Federal Home Loan Mortgage Corp. REMICS Series 2103, Class TE | Federal Home Loan Mortgage Corp. REMICS Series 2103, Class TE | Federal Home Loan Mortgage Corp. REMICS Series 2103, Class TE |
| 6222 | 6.000 | 12/15/28 | 6343 |
| Federal Home Loan Mortgage Corp. REMICS Series 2110, Class PG | Federal Home Loan Mortgage Corp. REMICS Series 2110, Class PG | Federal Home Loan Mortgage Corp. REMICS Series 2110, Class PG | Federal Home Loan Mortgage Corp. REMICS Series 2110, Class PG |
| 29036 | 6.000 | 01/15/29 | 29260 |
| Federal Home Loan Mortgage Corp. REMICS Series 2391, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2391, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2391, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2391, Class Z |
| 132168 | 6.000 | 12/15/31 | 137023 |
| Federal Home Loan Mortgage Corp. REMICS Series 4272, Class DG | Federal Home Loan Mortgage Corp. REMICS Series 4272, Class DG | Federal Home Loan Mortgage Corp. REMICS Series 4272, Class DG | Federal Home Loan Mortgage Corp. REMICS Series 4272, Class DG |
| 85535 | 3.000 | 04/15/43 | 83637 |

---

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

THE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** |
| Federal Home Loan Mortgage Corp. REMICS Series 4370, Class PA | Federal Home Loan Mortgage Corp. REMICS Series 4370, Class PA | Federal Home Loan Mortgage Corp. REMICS Series 4370, Class PA | Federal Home Loan Mortgage Corp. REMICS Series 4370, Class PA |
| $10154 | 3.500% | 09/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10119 |
| Federal Home Loan Mortgage Corp. REMICS Series 4792, Class AC | Federal Home Loan Mortgage Corp. REMICS Series 4792, Class AC | Federal Home Loan Mortgage Corp. REMICS Series 4792, Class AC | Federal Home Loan Mortgage Corp. REMICS Series 4792, Class AC |
| 112047 | 3.500 | 05/15/48 | 102568 |
| Federal Home Loan Mortgage Corp. REMICS Series 5018, Class NA | Federal Home Loan Mortgage Corp. REMICS Series 5018, Class NA | Federal Home Loan Mortgage Corp. REMICS Series 5018, Class NA | Federal Home Loan Mortgage Corp. REMICS Series 5018, Class NA |
| 1383604 | 3.000 | 10/15/50 | 1255871 |
| Federal Home Loan Mortgage Corp. REMICS Series 5020, Class KW | Federal Home Loan Mortgage Corp. REMICS Series 5020, Class KW | Federal Home Loan Mortgage Corp. REMICS Series 5020, Class KW | Federal Home Loan Mortgage Corp. REMICS Series 5020, Class KW |
| 6000000 | 2.000 | 09/25/45 | 5223485 |
| Federal Home Loan Mortgage Corp. REMICS Series 5081, Class QA | Federal Home Loan Mortgage Corp. REMICS Series 5081, Class QA | Federal Home Loan Mortgage Corp. REMICS Series 5081, Class QA | Federal Home Loan Mortgage Corp. REMICS Series 5081, Class QA |
| 532207 | 2.000 | 12/25/50 | 429386 |
| Federal Home Loan Mortgage Corp. REMICS Series 5139, Class EC | Federal Home Loan Mortgage Corp. REMICS Series 5139, Class EC | Federal Home Loan Mortgage Corp. REMICS Series 5139, Class EC | Federal Home Loan Mortgage Corp. REMICS Series 5139, Class EC |
| 4000000 | 2.500 | 09/25/51 | 2932572 |
| Federal Home Loan Mortgage Corp. REMICS Series 5204, Class AB | Federal Home Loan Mortgage Corp. REMICS Series 5204, Class AB | Federal Home Loan Mortgage Corp. REMICS Series 5204, Class AB | Federal Home Loan Mortgage Corp. REMICS Series 5204, Class AB |
| 1374776 | 3.000 | 07/25/48 | 1279485 |
| Federal Home Loan Mortgage Corp. REMICS Series 5428, Class VT | Federal Home Loan Mortgage Corp. REMICS Series 5428, Class VT | Federal Home Loan Mortgage Corp. REMICS Series 5428, Class VT | Federal Home Loan Mortgage Corp. REMICS Series 5428, Class VT |
| 4800000 | 6.000 | 11/25/36 | 4974565 |
| Federal Home Loan Mortgage Corp. REMICS Series 5586, Class V | Federal Home Loan Mortgage Corp. REMICS Series 5586, Class V | Federal Home Loan Mortgage Corp. REMICS Series 5586, Class V | Federal Home Loan Mortgage Corp. REMICS Series 5586, Class V |
| 3482822 | 4.500 | 05/25/38 | 3470545 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust Series 2017-3, Class MA | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust Series 2017-3, Class MA | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust Series 2017-3, Class MA | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust Series 2017-3, Class MA |
| 1444905 | 3.000 | 07/25/56 | 1370398 |
| Federal National Mortgage Association REMICS Series 2001-45, Class WG | Federal National Mortgage Association REMICS Series 2001-45, Class WG | Federal National Mortgage Association REMICS Series 2001-45, Class WG | Federal National Mortgage Association REMICS Series 2001-45, Class WG |
| 11901 | 6.500 | 09/25/31 | 12092 |
| Federal National Mortgage Association REMICS Series 2003-117, Class KB | Federal National Mortgage Association REMICS Series 2003-117, Class KB | Federal National Mortgage Association REMICS Series 2003-117, Class KB | Federal National Mortgage Association REMICS Series 2003-117, Class KB |
| 685678 | 6.000 | 12/25/33 | 712741 |
| Federal National Mortgage Association REMICS Series 2011-127, Class ZU | Federal National Mortgage Association REMICS Series 2011-127, Class ZU | Federal National Mortgage Association REMICS Series 2011-127, Class ZU | Federal National Mortgage Association REMICS Series 2011-127, Class ZU |
| 231073 | 3.500 | 12/25/41 | 219608 |
| Federal National Mortgage Association REMICS Series 2014-80, Class KA | Federal National Mortgage Association REMICS Series 2014-80, Class KA | Federal National Mortgage Association REMICS Series 2014-80, Class KA | Federal National Mortgage Association REMICS Series 2014-80, Class KA |
| 798428 | 2.000 | 03/25/44 | 631218 |
| Federal National Mortgage Association REMICS Series 2015-2, Class PA | Federal National Mortgage Association REMICS Series 2015-2, Class PA | Federal National Mortgage Association REMICS Series 2015-2, Class PA | Federal National Mortgage Association REMICS Series 2015-2, Class PA |
| 591173 | 2.250 | 03/25/44 | 567847 |
| Federal National Mortgage Association REMICS Series 2015-30, Class JA | Federal National Mortgage Association REMICS Series 2015-30, Class JA | Federal National Mortgage Association REMICS Series 2015-30, Class JA | Federal National Mortgage Association REMICS Series 2015-30, Class JA |
| 668698 | 2.000 | 05/25/45 | 595098 |
| Federal National Mortgage Association REMICS Series 2016-16, Class PD | Federal National Mortgage Association REMICS Series 2016-16, Class PD | Federal National Mortgage Association REMICS Series 2016-16, Class PD | Federal National Mortgage Association REMICS Series 2016-16, Class PD |
| 243704 | 3.000 | 12/25/44 | 236832 |
| Federal National Mortgage Association REMICS Series 2022-17, Class JG | Federal National Mortgage Association REMICS Series 2022-17, Class JG | Federal National Mortgage Association REMICS Series 2022-17, Class JG | Federal National Mortgage Association REMICS Series 2022-17, Class JG |
| 6131513 | 3.000 | 12/25/48 | 5771244 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** |
| Federal National Mortgage Association Trust Series 2003-W6, Class 3A | Federal National Mortgage Association Trust Series 2003-W6, Class 3A | Federal National Mortgage Association Trust Series 2003-W6, Class 3A | Federal National Mortgage Association Trust Series 2003-W6, Class 3A |
| $33307 | 6.500% | 09/25/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34184 |
| Finance of America Structured Securities Trust Series 2022-S4, Class A1A<sup>(a)(c)(f)</sup> | Finance of America Structured Securities Trust Series 2022-S4, Class A1A<sup>(a)(c)(f)</sup> | Finance of America Structured Securities Trust Series 2022-S4, Class A1A<sup>(a)(c)(f)</sup> | Finance of America Structured Securities Trust Series 2022-S4, Class A1A<sup>(a)(c)(f)</sup> |
| 1338687 | 2.500 | 01/25/57 | 1345805 |
| Finance of America Structured Securities Trust Series 2024-S3, Class A1<sup>(a)</sup> | Finance of America Structured Securities Trust Series 2024-S3, Class A1<sup>(a)</sup> | Finance of America Structured Securities Trust Series 2024-S3, Class A1<sup>(a)</sup> | Finance of America Structured Securities Trust Series 2024-S3, Class A1<sup>(a)</sup> |
| 1385882 | 3.500 | 04/25/74 | 1347531 |
| First Horizon Alternative Mortgage Securities Trust Series 2006-RE1, Class A1<sup>(c)(f)</sup> | First Horizon Alternative Mortgage Securities Trust Series 2006-RE1, Class A1<sup>(c)(f)</sup> | First Horizon Alternative Mortgage Securities Trust Series 2006-RE1, Class A1<sup>(c)(f)</sup> | First Horizon Alternative Mortgage Securities Trust Series 2006-RE1, Class A1<sup>(c)(f)</sup> |
| 496520 | 5.500 | 05/25/35 | 307985 |
| Flagstar Mortgage Trust Series 2018-2, Class A4<sup>(a)(c)(f)</sup> | Flagstar Mortgage Trust Series 2018-2, Class A4<sup>(a)(c)(f)</sup> | Flagstar Mortgage Trust Series 2018-2, Class A4<sup>(a)(c)(f)</sup> | Flagstar Mortgage Trust Series 2018-2, Class A4<sup>(a)(c)(f)</sup> |
| 40016 | 3.500 | 04/25/48 | 38609 |
| Flagstar Mortgage Trust Series 2019-1INV, Class A3<sup>(a)(c)(f)</sup> | Flagstar Mortgage Trust Series 2019-1INV, Class A3<sup>(a)(c)(f)</sup> | Flagstar Mortgage Trust Series 2019-1INV, Class A3<sup>(a)(c)(f)</sup> | Flagstar Mortgage Trust Series 2019-1INV, Class A3<sup>(a)(c)(f)</sup> |
| 703931 | 3.500 | 10/25/49 | 635002 |
| Flagstar Mortgage Trust Series 2021-8INV, Class A3<sup>(a)(c)(f)</sup> | Flagstar Mortgage Trust Series 2021-8INV, Class A3<sup>(a)(c)(f)</sup> | Flagstar Mortgage Trust Series 2021-8INV, Class A3<sup>(a)(c)(f)</sup> | Flagstar Mortgage Trust Series 2021-8INV, Class A3<sup>(a)(c)(f)</sup> |
| 2835076 | 2.500 | 09/25/51 | 2372273 |
| GCAT Trust Series 2022-HX1, Class A1<sup>(a)(c)(f)</sup> | GCAT Trust Series 2022-HX1, Class A1<sup>(a)(c)(f)</sup> | GCAT Trust Series 2022-HX1, Class A1<sup>(a)(c)(f)</sup> | GCAT Trust Series 2022-HX1, Class A1<sup>(a)(c)(f)</sup> |
| 4224124 | 2.885 | 12/27/66 | 3983658 |
| Government National Mortgage Association REMICS Series 2015-167, Class KM | Government National Mortgage Association REMICS Series 2015-167, Class KM | Government National Mortgage Association REMICS Series 2015-167, Class KM | Government National Mortgage Association REMICS Series 2015-167, Class KM |
| 71540 | 3.000 | 12/20/43 | 66252 |
| Government National Mortgage Association REMICS Series 2015-94, Class AT | Government National Mortgage Association REMICS Series 2015-94, Class AT | Government National Mortgage Association REMICS Series 2015-94, Class AT | Government National Mortgage Association REMICS Series 2015-94, Class AT |
| 335682 | 2.250 | 07/16/45 | 304672 |
| Government National Mortgage Association REMICS Series 2016-129, Class W | Government National Mortgage Association REMICS Series 2016-129, Class W | Government National Mortgage Association REMICS Series 2016-129, Class W | Government National Mortgage Association REMICS Series 2016-129, Class W |
| 133130 | 2.500 | 07/20/46 | 114805 |
| Government National Mortgage Association REMICS Series 2017-H23, Class MA | Government National Mortgage Association REMICS Series 2017-H23, Class MA | Government National Mortgage Association REMICS Series 2017-H23, Class MA | Government National Mortgage Association REMICS Series 2017-H23, Class MA |
| 894383 | 3.000 | 11/20/67 | 872252 |
| Government National Mortgage Association REMICS Series 2018-37, Class KT | Government National Mortgage Association REMICS Series 2018-37, Class KT | Government National Mortgage Association REMICS Series 2018-37, Class KT | Government National Mortgage Association REMICS Series 2018-37, Class KT |
| 422589 | 3.500 | 03/20/48 | 391677 |
| Government National Mortgage Association REMICS Series 2021-116, Class LG | Government National Mortgage Association REMICS Series 2021-116, Class LG | Government National Mortgage Association REMICS Series 2021-116, Class LG | Government National Mortgage Association REMICS Series 2021-116, Class LG |
| 6647849 | 2.000 | 06/20/51 | 5814674 |
| Government National Mortgage Association REMICS Series 2021-27, Class MT | Government National Mortgage Association REMICS Series 2021-27, Class MT | Government National Mortgage Association REMICS Series 2021-27, Class MT | Government National Mortgage Association REMICS Series 2021-27, Class MT |
| 3350059 | 5.000 | 02/20/51 | 3333882 |
| Government National Mortgage Association REMICS Series 2021-32, Class NC | Government National Mortgage Association REMICS Series 2021-32, Class NC | Government National Mortgage Association REMICS Series 2021-32, Class NC | Government National Mortgage Association REMICS Series 2021-32, Class NC |
| 4141192 | 5.000 | 02/20/51 | 4125755 |
| Government National Mortgage Association REMICS Series 2025-132, Class PJ | Government National Mortgage Association REMICS Series 2025-132, Class PJ | Government National Mortgage Association REMICS Series 2025-132, Class PJ | Government National Mortgage Association REMICS Series 2025-132, Class PJ |
| 1984031 | 4.000 | 01/20/55 | 1932801 |
| Government National Mortgage Association REMICS Series 2025-156, Class V | Government National Mortgage Association REMICS Series 2025-156, Class V | Government National Mortgage Association REMICS Series 2025-156, Class V | Government National Mortgage Association REMICS Series 2025-156, Class V |
| 994164 | 4.500 | 10/20/36 | 992340 |
| Government National Mortgage Association REMICS Series 2025-168, Class AM | Government National Mortgage Association REMICS Series 2025-168, Class AM | Government National Mortgage Association REMICS Series 2025-168, Class AM | Government National Mortgage Association REMICS Series 2025-168, Class AM |
| 1400000 | 4.500 | 04/20/40 | 1394750 |

---

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** |
| GS Mortgage-Backed Securities Trust Series 2021-GR3, Class A2<sup>(a)(c)(f)</sup> | GS Mortgage-Backed Securities Trust Series 2021-GR3, Class A2<sup>(a)(c)(f)</sup> | GS Mortgage-Backed Securities Trust Series 2021-GR3, Class A2<sup>(a)(c)(f)</sup> | GS Mortgage-Backed Securities Trust Series 2021-GR3, Class A2<sup>(a)(c)(f)</sup> |
| $5844927 | 2.500% | 04/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;4890790 |
| GS Mortgage-Backed Securities Trust Series 2021-MM1, Class A2<sup>(a)(c)(f)</sup> | GS Mortgage-Backed Securities Trust Series 2021-MM1, Class A2<sup>(a)(c)(f)</sup> | GS Mortgage-Backed Securities Trust Series 2021-MM1, Class A2<sup>(a)(c)(f)</sup> | GS Mortgage-Backed Securities Trust Series 2021-MM1, Class A2<sup>(a)(c)(f)</sup> |
| 8776890 | 2.500 | 04/25/52 | 7360809 |
| GSR Mortgage Loan Trust Series 2004-12, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.454%) | GSR Mortgage Loan Trust Series 2004-12, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.454%) | GSR Mortgage Loan Trust Series 2004-12, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.454%) | GSR Mortgage Loan Trust Series 2004-12, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.454%) |
| 158498 | 4.446 | 12/25/34 | 154382 |
| GSR Mortgage Loan Trust Series 2004-7, Class 1A1<sup>(c)(f)</sup> | GSR Mortgage Loan Trust Series 2004-7, Class 1A1<sup>(c)(f)</sup> | GSR Mortgage Loan Trust Series 2004-7, Class 1A1<sup>(c)(f)</sup> | GSR Mortgage Loan Trust Series 2004-7, Class 1A1<sup>(c)(f)</sup> |
| 31289 | 4.840 | 06/25/34 | 30199 |
| Impac CMB Trust Series 2003-2F, Class A<sup>(g)</sup> | Impac CMB Trust Series 2003-2F, Class A<sup>(g)</sup> | Impac CMB Trust Series 2003-2F, Class A<sup>(g)</sup> | Impac CMB Trust Series 2003-2F, Class A<sup>(g)</sup> |
| 31144 | 5.730 | 01/25/33 | 31377 |
| Impac CMB Trust Series 2004-4, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.754%) | Impac CMB Trust Series 2004-4, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.754%) | Impac CMB Trust Series 2004-4, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.754%) | Impac CMB Trust Series 2004-4, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.754%) |
| 13023 | 4.746 | 09/25/34 | 13011 |
| Impac CMB Trust Series 2004-4, Class 2A2<sup>(g)</sup> | Impac CMB Trust Series 2004-4, Class 2A2<sup>(g)</sup> | Impac CMB Trust Series 2004-4, Class 2A2<sup>(g)</sup> | Impac CMB Trust Series 2004-4, Class 2A2<sup>(g)</sup> |
| 720654 | 5.244 | 09/25/34 | 817846 |
| Imperial Fund Mortgage Trust Series 2022-NQM1, Class A1<sup>(a)(c)(f)</sup> | Imperial Fund Mortgage Trust Series 2022-NQM1, Class A1<sup>(a)(c)(f)</sup> | Imperial Fund Mortgage Trust Series 2022-NQM1, Class A1<sup>(a)(c)(f)</sup> | Imperial Fund Mortgage Trust Series 2022-NQM1, Class A1<sup>(a)(c)(f)</sup> |
| 2245684 | 2.493 | 02/25/67 | 2062806 |
| JP Morgan Mortgage Trust Series 2021-14, Class A3<sup>(a)(c)(f)</sup> | JP Morgan Mortgage Trust Series 2021-14, Class A3<sup>(a)(c)(f)</sup> | JP Morgan Mortgage Trust Series 2021-14, Class A3<sup>(a)(c)(f)</sup> | JP Morgan Mortgage Trust Series 2021-14, Class A3<sup>(a)(c)(f)</sup> |
| 8833482 | 2.500 | 05/25/52 | 7413571 |
| JP Morgan Mortgage Trust Series 2023-6, Class A2<sup>(a)(c)(f)</sup> | JP Morgan Mortgage Trust Series 2023-6, Class A2<sup>(a)(c)(f)</sup> | JP Morgan Mortgage Trust Series 2023-6, Class A2<sup>(a)(c)(f)</sup> | JP Morgan Mortgage Trust Series 2023-6, Class A2<sup>(a)(c)(f)</sup> |
| 3362710 | 6.000 | 12/26/53 | 3410918 |
| JPMorgan Mortgage Trust Series 2007-A2, Class 4A2<sup>(c)(f)</sup> | JPMorgan Mortgage Trust Series 2007-A2, Class 4A2<sup>(c)(f)</sup> | JPMorgan Mortgage Trust Series 2007-A2, Class 4A2<sup>(c)(f)</sup> | JPMorgan Mortgage Trust Series 2007-A2, Class 4A2<sup>(c)(f)</sup> |
| 88414 | 4.745 | 04/25/37 | 72627 |
| JPMorgan Mortgage Trust Series 2013-3, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2013-3, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2013-3, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2013-3, Class A3<sup>(a)(c)(f)</sup> |
| 315076 | 3.388 | 07/25/43 | 296416 |
| JPMorgan Mortgage Trust Series 2014-2, Class 1A1<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2014-2, Class 1A1<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2014-2, Class 1A1<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2014-2, Class 1A1<sup>(a)(c)(f)</sup> |
| 136594 | 3.000 | 06/25/29 | 134712 |
| JPMorgan Mortgage Trust Series 2017-3, Class 1A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2017-3, Class 1A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2017-3, Class 1A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2017-3, Class 1A3<sup>(a)(c)(f)</sup> |
| 760914 | 3.500 | 08/25/47 | 692647 |
| JPMorgan Mortgage Trust Series 2017-4, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2017-4, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2017-4, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2017-4, Class A3<sup>(a)(c)(f)</sup> |
| 67212 | 3.500 | 11/25/48 | 61200 |
| JPMorgan Mortgage Trust Series 2017-6, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2017-6, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2017-6, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2017-6, Class A3<sup>(a)(c)(f)</sup> |
| 338452 | 3.500 | 12/25/48 | 307601 |
| JPMorgan Mortgage Trust Series 2021-10, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2021-10, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2021-10, Class A3<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2021-10, Class A3<sup>(a)(c)(f)</sup> |
| 2248990 | 2.500 | 12/25/51 | 1884672 |
| JPMorgan Mortgage Trust Series 2021-7, Class A4<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2021-7, Class A4<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2021-7, Class A4<sup>(a)(c)(f)</sup> | JPMorgan Mortgage Trust Series 2021-7, Class A4<sup>(a)(c)(f)</sup> |
| 3080929 | 2.500 | 11/25/51 | 2781749 |
| LHOME Mortgage Trust Series 2023-RTL4, Class A1<sup>(a)(g)</sup> | LHOME Mortgage Trust Series 2023-RTL4, Class A1<sup>(a)(g)</sup> | LHOME Mortgage Trust Series 2023-RTL4, Class A1<sup>(a)(g)</sup> | LHOME Mortgage Trust Series 2023-RTL4, Class A1<sup>(a)(g)</sup> |
| 2000000 | 7.628 | 11/25/28 | 2008146 |
| MASTR Adjustable Rate Mortgages Trust Series 2003-2, Class 6A1<sup>(c)(f)</sup> | MASTR Adjustable Rate Mortgages Trust Series 2003-2, Class 6A1<sup>(c)(f)</sup> | MASTR Adjustable Rate Mortgages Trust Series 2003-2, Class 6A1<sup>(c)(f)</sup> | MASTR Adjustable Rate Mortgages Trust Series 2003-2, Class 6A1<sup>(c)(f)</sup> |
| 5620 | 5.982 | 07/25/33 | 5518 |
| MASTR Alternative Loan Trust Series 2004-4, Class 1A1 | MASTR Alternative Loan Trust Series 2004-4, Class 1A1 | MASTR Alternative Loan Trust Series 2004-4, Class 1A1 | MASTR Alternative Loan Trust Series 2004-4, Class 1A1 |
| 27843 | 5.500 | 05/25/34 | 27382 |
| MASTR Alternative Loan Trust Series 2004-4, Class 8A1 | MASTR Alternative Loan Trust Series 2004-4, Class 8A1 | MASTR Alternative Loan Trust Series 2004-4, Class 8A1 | MASTR Alternative Loan Trust Series 2004-4, Class 8A1 |
| 239928 | 6.500 | 05/25/34 | 245377 |
| Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1, Class A3<sup>(c)(f)</sup> | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1, Class A3<sup>(c)(f)</sup> | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1, Class A3<sup>(c)(f)</sup> | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1, Class A3<sup>(c)(f)</sup> |
| 32721 | 5.199 | 03/25/33 | 29360 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** |
| Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1<sup>(c)(f)</sup> | Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1<sup>(c)(f)</sup> | Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1<sup>(c)(f)</sup> | Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1<sup>(c)(f)</sup> |
| $260969 | 4.686% | 11/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;121579 |
| Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22 | Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22 | Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22 | Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22 |
| 479764 | 6.000 | 08/25/37 | 152045 |
| New Residential Mortgage Loan Trust Series 2017-6A, Class A1<sup>(a)(c)(f)</sup> | New Residential Mortgage Loan Trust Series 2017-6A, Class A1<sup>(a)(c)(f)</sup> | New Residential Mortgage Loan Trust Series 2017-6A, Class A1<sup>(a)(c)(f)</sup> | New Residential Mortgage Loan Trust Series 2017-6A, Class A1<sup>(a)(c)(f)</sup> |
| 1411531 | 4.000 | 08/27/57 | 1376010 |
| New Residential Mortgage Loan Trust Series 2021-INV1, Class A2<sup>(a)(c)(f)</sup> | New Residential Mortgage Loan Trust Series 2021-INV1, Class A2<sup>(a)(c)(f)</sup> | New Residential Mortgage Loan Trust Series 2021-INV1, Class A2<sup>(a)(c)(f)</sup> | New Residential Mortgage Loan Trust Series 2021-INV1, Class A2<sup>(a)(c)(f)</sup> |
| 3704199 | 2.500 | 06/25/51 | 3102991 |
| OBX Trust Series 2019-INV2, Class A5<sup>(a)(c)(f)</sup> | OBX Trust Series 2019-INV2, Class A5<sup>(a)(c)(f)</sup> | OBX Trust Series 2019-INV2, Class A5<sup>(a)(c)(f)</sup> | OBX Trust Series 2019-INV2, Class A5<sup>(a)(c)(f)</sup> |
| 100698 | 4.000 | 05/27/49 | 94472 |
| OBX Trust Series 2024-NQM10, Class A1<sup>(a)(g)</sup> | OBX Trust Series 2024-NQM10, Class A1<sup>(a)(g)</sup> | OBX Trust Series 2024-NQM10, Class A1<sup>(a)(g)</sup> | OBX Trust Series 2024-NQM10, Class A1<sup>(a)(g)</sup> |
| 1365562 | 6.180 | 05/25/64 | 1382658 |
| Oceanview Mortgage Trust Series 2021-3, Class A4<sup>(a)(c)(f)</sup> | Oceanview Mortgage Trust Series 2021-3, Class A4<sup>(a)(c)(f)</sup> | Oceanview Mortgage Trust Series 2021-3, Class A4<sup>(a)(c)(f)</sup> | Oceanview Mortgage Trust Series 2021-3, Class A4<sup>(a)(c)(f)</sup> |
| 3356564 | 2.500 | 06/25/51 | 3006162 |
| Provident Funding Mortgage Trust Series 2025-1, Class A3<sup>(a)(c)(f)</sup> | Provident Funding Mortgage Trust Series 2025-1, Class A3<sup>(a)(c)(f)</sup> | Provident Funding Mortgage Trust Series 2025-1, Class A3<sup>(a)(c)(f)</sup> | Provident Funding Mortgage Trust Series 2025-1, Class A3<sup>(a)(c)(f)</sup> |
| 2524264 | 5.500 | 02/25/55 | 2535403 |
| RALI Trust Series 2005-QS11, Class A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.614%) | RALI Trust Series 2005-QS11, Class A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.614%) | RALI Trust Series 2005-QS11, Class A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.614%) | RALI Trust Series 2005-QS11, Class A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.614%) |
| 78880 | 4.606 | 07/25/35 | 57400 |
| Rate Mortgage Trust Series 2021-J1, Class A7<sup>(a)(c)(f)</sup> | Rate Mortgage Trust Series 2021-J1, Class A7<sup>(a)(c)(f)</sup> | Rate Mortgage Trust Series 2021-J1, Class A7<sup>(a)(c)(f)</sup> | Rate Mortgage Trust Series 2021-J1, Class A7<sup>(a)(c)(f)</sup> |
| 3468976 | 2.500 | 07/25/51 | 3099588 |
| RBSGC Mortgage Loan Trust Series 2007-B, Class 2A1<sup>(c)(f)</sup> | RBSGC Mortgage Loan Trust Series 2007-B, Class 2A1<sup>(c)(f)</sup> | RBSGC Mortgage Loan Trust Series 2007-B, Class 2A1<sup>(c)(f)</sup> | RBSGC Mortgage Loan Trust Series 2007-B, Class 2A1<sup>(c)(f)</sup> |
| 165861 | 4.047 | 01/25/37 | 102874 |
| RBSGC Mortgage Loan Trust Series 2007-B, Class 3A1<sup>(c)(f)</sup> | RBSGC Mortgage Loan Trust Series 2007-B, Class 3A1<sup>(c)(f)</sup> | RBSGC Mortgage Loan Trust Series 2007-B, Class 3A1<sup>(c)(f)</sup> | RBSGC Mortgage Loan Trust Series 2007-B, Class 3A1<sup>(c)(f)</sup> |
| 2635 | 5.623 | 01/25/37 | 2647 |
| RFMSI Trust Series 2005-S7, Class A5 | RFMSI Trust Series 2005-S7, Class A5 | RFMSI Trust Series 2005-S7, Class A5 | RFMSI Trust Series 2005-S7, Class A5 |
| 34037 | 5.500 | 11/25/35 | 26655 |
| Seasoned Loans Structured Transaction Series 2018-1, Class A2 | Seasoned Loans Structured Transaction Series 2018-1, Class A2 | Seasoned Loans Structured Transaction Series 2018-1, Class A2 | Seasoned Loans Structured Transaction Series 2018-1, Class A2 |
| 1245000 | 3.500 | 06/25/28 | 1219791 |
| Sequoia Mortgage Trust Series 2004-10, Class A1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.734%) | Sequoia Mortgage Trust Series 2004-10, Class A1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.734%) | Sequoia Mortgage Trust Series 2004-10, Class A1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.734%) | Sequoia Mortgage Trust Series 2004-10, Class A1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.734%) |
| 98162 | 4.766 | 11/20/34 | 93699 |
| Sequoia Mortgage Trust Series 2013-2, Class A<sup>(c)(f)</sup> | Sequoia Mortgage Trust Series 2013-2, Class A<sup>(c)(f)</sup> | Sequoia Mortgage Trust Series 2013-2, Class A<sup>(c)(f)</sup> | Sequoia Mortgage Trust Series 2013-2, Class A<sup>(c)(f)</sup> |
| 352724 | 1.874 | 02/25/43 | 304439 |
| Sequoia Mortgage Trust Series 2013-6, Class A1<sup>(c)(f)</sup> | Sequoia Mortgage Trust Series 2013-6, Class A1<sup>(c)(f)</sup> | Sequoia Mortgage Trust Series 2013-6, Class A1<sup>(c)(f)</sup> | Sequoia Mortgage Trust Series 2013-6, Class A1<sup>(c)(f)</sup> |
| 791396 | 2.500 | 05/25/43 | 698689 |
| Sequoia Mortgage Trust Series 2015-4, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2015-4, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2015-4, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2015-4, Class A1<sup>(a)(c)(f)</sup> |
| 189977 | 3.000 | 11/25/30 | 185859 |
| Sequoia Mortgage Trust Series 2016-3, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2016-3, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2016-3, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2016-3, Class A1<sup>(a)(c)(f)</sup> |
| 394602 | 3.500 | 11/25/46 | 362321 |
| Sequoia Mortgage Trust Series 2017-5, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2017-5, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2017-5, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2017-5, Class A1<sup>(a)(c)(f)</sup> |
| 374909 | 3.500 | 08/25/47 | 340520 |
| Sequoia Mortgage Trust Series 2017-6, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2017-6, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2017-6, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2017-6, Class A1<sup>(a)(c)(f)</sup> |
| 868162 | 3.500 | 09/25/47 | 792486 |
| Sequoia Mortgage Trust Series 2018-2, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2018-2, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2018-2, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2018-2, Class A1<sup>(a)(c)(f)</sup> |
| 313062 | 3.500 | 02/25/48 | 283225 |
| Sequoia Mortgage Trust Series 2025-3, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2025-3, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2025-3, Class A1<sup>(a)(c)(f)</sup> | Sequoia Mortgage Trust Series 2025-3, Class A1<sup>(a)(c)(f)</sup> |
| 4007126 | 6.000 | 04/25/55 | 4059763 |
| Shellpoint Co-Originator Trust Series 2017-2, Class A1<sup>(a)(c)(f)</sup> | Shellpoint Co-Originator Trust Series 2017-2, Class A1<sup>(a)(c)(f)</sup> | Shellpoint Co-Originator Trust Series 2017-2, Class A1<sup>(a)(c)(f)</sup> | Shellpoint Co-Originator Trust Series 2017-2, Class A1<sup>(a)(c)(f)</sup> |
| 439108 | 3.500 | 10/25/47 | 404128 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

THE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** |
| Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A<sup>(c)(f)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A<sup>(c)(f)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A<sup>(c)(f)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A<sup>(c)(f)</sup> |
| $48697 | 5.243% | 10/25/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46522 |
| Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4<sup>(c)(f)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4<sup>(c)(f)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4<sup>(c)(f)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4<sup>(c)(f)</sup> |
| 2209 | 6.096 | 04/25/34 | 2189 |
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 3A3<sup>(c)(f)</sup> | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 3A3<sup>(c)(f)</sup> | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 3A3<sup>(c)(f)</sup> | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 3A3<sup>(c)(f)</sup> |
| 48558 | 5.616 | 11/25/33 | 48229 |
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 6A<sup>(c)(f)</sup> | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 6A<sup>(c)(f)</sup> | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 6A<sup>(c)(f)</sup> | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A, Class 6A<sup>(c)(f)</sup> |
| 39836 | 6.591 | 11/25/33 | 40305 |
| UWM Mortgage Trust Series 2021-INV4, Class A3<sup>(a)(c)(f)</sup> | UWM Mortgage Trust Series 2021-INV4, Class A3<sup>(a)(c)(f)</sup> | UWM Mortgage Trust Series 2021-INV4, Class A3<sup>(a)(c)(f)</sup> | UWM Mortgage Trust Series 2021-INV4, Class A3<sup>(a)(c)(f)</sup> |
| 9236880 | 2.500 | 12/25/51 | 7734806 |
| Wells Fargo Mortgage Backed Securities Trust Series 2021-2, Class A1<sup>(a)(c)(f)</sup> | Wells Fargo Mortgage Backed Securities Trust Series 2021-2, Class A1<sup>(a)(c)(f)</sup> | Wells Fargo Mortgage Backed Securities Trust Series 2021-2, Class A1<sup>(a)(c)(f)</sup> | Wells Fargo Mortgage Backed Securities Trust Series 2021-2, Class A1<sup>(a)(c)(f)</sup> |
| 263795 | 2.500 | 06/25/51 | 221062 |
| WinWater Mortgage Loan Trust Series 2015-5, Class A3<sup>(a)(c)(f)</sup> | WinWater Mortgage Loan Trust Series 2015-5, Class A3<sup>(a)(c)(f)</sup> | WinWater Mortgage Loan Trust Series 2015-5, Class A3<sup>(a)(c)(f)</sup> | WinWater Mortgage Loan Trust Series 2015-5, Class A3<sup>(a)(c)(f)</sup> |
| 844460 | 3.500 | 08/20/45 | 779799 |
| WinWater Mortgage Loan Trust Series 2016-1, Class 1A5<sup>(a)(c)(f)</sup> | WinWater Mortgage Loan Trust Series 2016-1, Class 1A5<sup>(a)(c)(f)</sup> | WinWater Mortgage Loan Trust Series 2016-1, Class 1A5<sup>(a)(c)(f)</sup> | WinWater Mortgage Loan Trust Series 2016-1, Class 1A5<sup>(a)(c)(f)</sup> |
| 574784 | 3.500 | 01/20/46 | 528257 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS |
|  **(Cost $160,361,940)** | **(Cost $160,361,940)** | **(Cost $160,361,940)** | $145821749 |
|  **Commercial Mortgage Obligations – 0.4%** | **Commercial Mortgage Obligations – 0.4%** | **Commercial Mortgage Obligations – 0.4%** | **Commercial Mortgage Obligations – 0.4%** |
| Government National Mortgage Association REMICS Series 2013-68, Class B<sup>(c)(f)</sup> | Government National Mortgage Association REMICS Series 2013-68, Class B<sup>(c)(f)</sup> | Government National Mortgage Association REMICS Series 2013-68, Class B<sup>(c)(f)</sup> | Government National Mortgage Association REMICS Series 2013-68, Class B<sup>(c)(f)</sup> |
| $360441 | 2.500% | 08/16/43 | $348983 |
| Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust Series 2024-LGND, Class A<sup>(a)(g)</sup> | Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust Series 2024-LGND, Class A<sup>(a)(g)</sup> | Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust Series 2024-LGND, Class A<sup>(a)(g)</sup> | Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust Series 2024-LGND, Class A<sup>(a)(g)</sup> |
| 2000000 | 6.247 | 11/05/39 | 2008264 |
| Reunion Resort Orlando FL Mortgage Secured Pass-Through Trust Series 2024-RSRT, Class A<sup>(a)</sup> | Reunion Resort Orlando FL Mortgage Secured Pass-Through Trust Series 2024-RSRT, Class A<sup>(a)</sup> | Reunion Resort Orlando FL Mortgage Secured Pass-Through Trust Series 2024-RSRT, Class A<sup>(a)</sup> | Reunion Resort Orlando FL Mortgage Secured Pass-Through Trust Series 2024-RSRT, Class A<sup>(a)</sup> |
| 3000000 | 6.972 | 03/15/29 | 3065929 |
| TOTAL COMMERCIAL MORTGAGE OBLIGATIONS | TOTAL COMMERCIAL MORTGAGE OBLIGATIONS | TOTAL COMMERCIAL MORTGAGE OBLIGATIONS | TOTAL COMMERCIAL MORTGAGE OBLIGATIONS |
|  **(Cost $5,326,784)** | **(Cost $5,326,784)** | **(Cost $5,326,784)** | $5423176 |
|  **Federal Agencies – 13.9%** | **Federal Agencies – 13.9%** | **Federal Agencies – 13.9%** | **Federal Agencies – 13.9%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| $2869 | 7.000% | 05/01/26 | $3000 |
| 4047 | 7.500 | 12/01/30 | 4209 |
| 7394 | 7.500 | 01/01/31 | 7657 |
| 18928 | 7.000 | 08/01/31 | 19792 |
| 220520 | 5.000 | 05/01/33 | 223581 |
| (1 yr. CMT + 2.229%), | (1 yr. CMT + 2.229%), | (1 yr. CMT + 2.229%), | (1 yr. CMT + 2.229%), |
| 23356 | 6.466 <sup>(c)</sup> | 05/01/34 | 24082 |
| (RFUCC 1 yr. Treasury + 1.783%), | (RFUCC 1 yr. Treasury + 1.783%), | (RFUCC 1 yr. Treasury + 1.783%), | (RFUCC 1 yr. Treasury + 1.783%), |
| 32717 | 6.748 <sup>(c)</sup> | 01/01/36 | 33409 |
| 338688 | 4.000 | 06/01/42 | 331897 |
| 325650 | 3.000 | 06/01/45 | 292300 |
| (RFUCC 1 yr. Treasury + 1.600%), | (RFUCC 1 yr. Treasury + 1.600%), | (RFUCC 1 yr. Treasury + 1.600%), | (RFUCC 1 yr. Treasury + 1.600%), |
| 464509 | 6.278 <sup>(c)</sup> | 07/01/45 | 478154 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Federal Agencies – (continued)** | **Federal Agencies – (continued)** | **Federal Agencies – (continued)** | **Federal Agencies – (continued)** |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| $118122 | 2.500% | 05/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116007 |
| (RFUCC 6 mo. Treasury + 1.413%), | (RFUCC 6 mo. Treasury + 1.413%), | (RFUCC 6 mo. Treasury + 1.413%), | (RFUCC 6 mo. Treasury + 1.413%), |
| 9592 | 6.163 <sup>(c)</sup> | 02/01/33 | 9601 |
| (RFUCC 1 yr. Treasury + 1.760%), | (RFUCC 1 yr. Treasury + 1.760%), | (RFUCC 1 yr. Treasury + 1.760%), | (RFUCC 1 yr. Treasury + 1.760%), |
| 5722 | 6.760 <sup>(c)</sup> | 02/01/35 | 5842 |
| (RFUCC 1 yr. Treasury + 1.599%), | (RFUCC 1 yr. Treasury + 1.599%), | (RFUCC 1 yr. Treasury + 1.599%), | (RFUCC 1 yr. Treasury + 1.599%), |
| 36317 | 6.273 <sup>(c)</sup> | 12/01/45 | 37300 |
| 118449 | 4.500 | 01/01/48 | 113572 |
| 738809 | 2.500 | 06/01/51 | 612897 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 1222 | 7.500 | 07/20/26 | 1223 |
| 4189 | 6.500 | 04/15/31 | 4296 |
| 31606 | 6.500 | 05/15/31 | 32902 |
| 383374 | 2.500 | 06/20/31 | 372565 |
| 2212341 | 5.000 | 08/20/40 | 2228820 |
| 4316183 | 5.000 | 07/20/52 | 4300037 |
| (1 yr. CMT + 1.500%), | (1 yr. CMT + 1.500%), | (1 yr. CMT + 1.500%), | (1 yr. CMT + 1.500%), |
| 5000000 | 5.000 <sup>(c)</sup> | 10/20/55 | 5034263 |
| Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
| 2583 | 6.500 | 10/01/28 | 2670 |
| 5239 | 7.500 | 09/01/29 | 5245 |
| 14507 | 7.000 | 03/01/31 | 15155 |
| 4651 | 7.000 | 11/01/31 | 4859 |
| 10105 | 7.000 | 01/01/32 | 10556 |
| 18367 | 6.000 | 12/01/32 | 19002 |
| 628316 | 3.500 | 08/01/35 | 612229 |
| 8644584 | 2.000 | 08/01/42 | 7525053 |
| 6556042 | 5.000 | 04/01/43 | 6653668 |
| 1531505 | 5.000 | 05/01/43 | 1554311 |
| 7024223 | 5.000 | 06/01/43 | 7143998 |
| 345145 | 5.000 | 08/01/48 | 355169 |
| 9313676 | 3.000 | 01/01/52 | 8261690 |
| 9209838 | 3.000 | 06/01/52 | 8281050 |
| 4600172 | 3.000 | 07/01/52 | 4078574 |
| 5194974 | 4.500 | 07/01/52 | 5087486 |
| 3545519 | 3.500 | 08/01/52 | 3299121 |
| 399113 | 4.000 | 08/01/52 | 380510 |
| 4934961 | 5.000 | 08/01/52 | 4922518 |
| 13142008 | 5.000 | 03/01/53 | 13153228 |
| 4165784 | 6.000 | 04/01/53 | 4259601 |
| 12731687 | 4.500 | 07/01/53 | 12462989 |
| 8033980 | 5.500 | 08/01/53 | 8118096 |
| 1895373 | 6.000 | 08/01/53 | 1942486 |
| 3710436 | 5.000 | 10/01/53 | 3702665 |
| 3632036 | 6.000 | 10/01/53 | 3721811 |
| 4149681 | 5.500 | 02/01/54 | 4205644 |
| 832172 | 5.000 | 03/01/54 | 834600 |
| 4615311 | 5.500 | 03/01/54 | 4669195 |
| 4796089 | 5.500 | 05/01/54 | 4855894 |
| 3943759 | 6.000 | 06/01/54 | 4037805 |
| 5701369 | 5.500 | 07/01/54 | 5784133 |
| 5920828 | 5.500 | 03/01/55 | 5982686 |
| 12020993 | 4.500 | 05/01/55 | 11797782 |
| 11187821 | 4.000 | 07/01/55 | 10617409 |
| 1145000 | 5.000 | 11/01/55 | 1139412 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES |
|  **(Cost $171,609,752)** | **(Cost $171,609,752)** | **(Cost $171,609,752)** | $173785706 |

---

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Home Equity<sup>(a)(g)</sup> – 0.2%** | **Home Equity<sup>(a)(g)</sup> – 0.2%** | **Home Equity<sup>(a)(g)</sup> – 0.2%** | **Home Equity<sup>(a)(g)</sup> – 0.2%** |
| RCKT Mortgage Trust Series 2025-CES2, Class A1A | RCKT Mortgage Trust Series 2025-CES2, Class A1A | RCKT Mortgage Trust Series 2025-CES2, Class A1A | RCKT Mortgage Trust Series 2025-CES2, Class A1A |
| $1938279 | 5.503% | 02/25/55 | $1954137 |
|  **(Cost $1,938,272)** | **(Cost $1,938,272)** | **(Cost $1,938,272)** | **(Cost $1,938,272)** |
| TOTAL MORTGAGE-BACKED OBLIGATIONS | TOTAL MORTGAGE-BACKED OBLIGATIONS | TOTAL MORTGAGE-BACKED OBLIGATIONS | TOTAL MORTGAGE-BACKED OBLIGATIONS |
|  **(Cost $339,236,748)** | **(Cost $339,236,748)** | **(Cost $339,236,748)** | $326984768 |
| U.S. Treasury Obligations – 19.0% | U.S. Treasury Obligations – 19.0% | U.S. Treasury Obligations – 19.0% | U.S. Treasury Obligations – 19.0% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| $12000000 | 1.750% | 08/15/41 | $8216250 |
| 10000000 | 2.750 | 08/15/42 | 7845312 |
| 3000000 | 3.125 | 08/15/44 | 2426367 |
| 12750000 | 3.000 | 11/15/44 | 10077978 |
| 2125000 | 2.500 | 02/15/45 | 1538882 |
| 5000000 | 2.500 | 02/15/46 | 3566602 |
| 38000000 | 2.750 | 11/15/47 | 27777109 |
| 6000000 | 3.000 | 02/15/48 | 4579453 |
| 22800000 | 3.125 | 05/15/48 | 17765297 |
| 7000000 | 2.250 | 08/15/49 | 4520469 |
| 10000000 | 1.375 | 08/15/50 | 5096484 |
| 4000000 | 1.875 | 11/15/51 | 2289531 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 10035480 | 0.750 | 02/15/42 | 8010053 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 4900000 | 1.500 | 08/15/26 | 4814697 |
| 2000000 | 2.250 | 02/15/27 | 1964453 |
| 6000000 | 4.500 | 05/15/27 | 6075469 |
| 5000000 | 3.875 | 10/15/27 | 5024805 |
| 6380000 | 0.625 | 05/15/30 | 5570537 |
| 1000000 | 3.750 | 06/30/30 | 1002031 |
| 7350000 | 3.750 | 08/31/31 | 7331625 |
| 5000000 | 1.375 | 11/15/31 | 4347266 |
| 7000000 | 1.875 | 02/15/32 | 6238477 |
| 15500000 | 2.875 | 05/15/32 | 14623281 |
| 14000000 | 2.750 | 08/15/32 | 13062656 |
| 10000000 | 4.125 | 11/15/32 | 10144922 |
| 14500000 | 3.500 | 02/15/33 | 14124473 |
| 23000000 | 3.375 | 05/15/33 | 22174336 |
| 8000000 | 4.500 | 11/15/33 | 8293750 |
| 9110000 | 4.250 | 05/15/35 | 9232416 |
| TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS |
|  **(Cost $254,987,976)** | **(Cost $254,987,976)** | **(Cost $254,987,976)** | $237734981 |
| Asset-Backed Securities – 10.3% | Asset-Backed Securities – 10.3% | Asset-Backed Securities – 10.3% | Asset-Backed Securities – 10.3% |
|  **Automotive<sup>(a)</sup> – 0.6%** | **Automotive<sup>(a)</sup> – 0.6%** | **Automotive<sup>(a)</sup> – 0.6%** | **Automotive<sup>(a)</sup> – 0.6%** |
| Avis Budget Rental Car Funding AESOP LLC Series 2020-2A, Class A | Avis Budget Rental Car Funding AESOP LLC Series 2020-2A, Class A | Avis Budget Rental Car Funding AESOP LLC Series 2020-2A, Class A | Avis Budget Rental Car Funding AESOP LLC Series 2020-2A, Class A |
| $1386667 | 2.020% | 02/20/27 | $1380961 |
| Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class A | Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class A | Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class A | Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class A |
| 4150000 | 1.380 | 08/20/27 | 4078739 |
| Hertz Vehicle Financing III LP Series 2021-2A, Class A | Hertz Vehicle Financing III LP Series 2021-2A, Class A | Hertz Vehicle Financing III LP Series 2021-2A, Class A | Hertz Vehicle Financing III LP Series 2021-2A, Class A |
| 2800000 | 1.680 | 12/27/27 | 2730949 |
|  |  |  | 8190649 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
|  **Home Equity – 0.5%** | **Home Equity – 0.5%** | **Home Equity – 0.5%** | **Home Equity – 0.5%** |
| Accredited Mortgage Loan Trust Series 2004-4, Class A1B<sup>(c)</sup>(1 mo. USD Term SOFR + 0.894%) | Accredited Mortgage Loan Trust Series 2004-4, Class A1B<sup>(c)</sup>(1 mo. USD Term SOFR + 0.894%) | Accredited Mortgage Loan Trust Series 2004-4, Class A1B<sup>(c)</sup>(1 mo. USD Term SOFR + 0.894%) | Accredited Mortgage Loan Trust Series 2004-4, Class A1B<sup>(c)</sup>(1 mo. USD Term SOFR + 0.894%) |
| $59883 | 4.630% | 01/25/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59921 |
| EquiFirst Mortgage Loan Trust Series 2003-2, Class 2A2<sup>(g)</sup> | EquiFirst Mortgage Loan Trust Series 2003-2, Class 2A2<sup>(g)</sup> | EquiFirst Mortgage Loan Trust Series 2003-2, Class 2A2<sup>(g)</sup> | EquiFirst Mortgage Loan Trust Series 2003-2, Class 2A2<sup>(g)</sup> |
| 82309 | 4.250 | 09/25/33 | 80678 |
| FIGRE Trust Series 2023-HE1, Class A<sup>(a)</sup> | FIGRE Trust Series 2023-HE1, Class A<sup>(a)</sup> | FIGRE Trust Series 2023-HE1, Class A<sup>(a)</sup> | FIGRE Trust Series 2023-HE1, Class A<sup>(a)</sup> |
| 1578690 | 5.850 | 03/25/53 | 1600030 |
| FIGRE Trust Series 2025-HE3, Class A<sup>(a)(c)(f)</sup> | FIGRE Trust Series 2025-HE3, Class A<sup>(a)(c)(f)</sup> | FIGRE Trust Series 2025-HE3, Class A<sup>(a)(c)(f)</sup> | FIGRE Trust Series 2025-HE3, Class A<sup>(a)(c)(f)</sup> |
| 2078863 | 5.560 | 05/25/55 | 2096665 |
| Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.789%) | Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.789%) | Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.789%) | Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE1, Class M1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.789%) |
| 519432 | 4.781 | 12/25/34 | 511315 |
| Renaissance Home Equity Loan Trust Series 2005-3, Class AF4<sup>(g)</sup> | Renaissance Home Equity Loan Trust Series 2005-3, Class AF4<sup>(g)</sup> | Renaissance Home Equity Loan Trust Series 2005-3, Class AF4<sup>(g)</sup> | Renaissance Home Equity Loan Trust Series 2005-3, Class AF4<sup>(g)</sup> |
| 117902 | 5.640 | 11/25/35 | 117848 |
| Southern Pacific Secured Assets Corp. Series 1998-2, Class A7<sup>(g)</sup> | Southern Pacific Secured Assets Corp. Series 1998-2, Class A7<sup>(g)</sup> | Southern Pacific Secured Assets Corp. Series 1998-2, Class A7<sup>(g)</sup> | Southern Pacific Secured Assets Corp. Series 1998-2, Class A7<sup>(g)</sup> |
| 293756 | 7.490 | 07/25/29 | 289692 |
| Towd Point Mortgage Trust Series 2024-CES4, Class A1<sup>(a)(g)</sup> | Towd Point Mortgage Trust Series 2024-CES4, Class A1<sup>(a)(g)</sup> | Towd Point Mortgage Trust Series 2024-CES4, Class A1<sup>(a)(g)</sup> | Towd Point Mortgage Trust Series 2024-CES4, Class A1<sup>(a)(g)</sup> |
| 1106026 | 5.122 | 09/25/64 | 1106135 |
|  |  |  | 5862284 |
|  **Manufactured Housing – 0.0%** | **Manufactured Housing – 0.0%** | **Manufactured Housing – 0.0%** | **Manufactured Housing – 0.0%** |
| Mid-State Trust XI Series 2011, Class A1 | Mid-State Trust XI Series 2011, Class A1 | Mid-State Trust XI Series 2011, Class A1 | Mid-State Trust XI Series 2011, Class A1 |
| 25653 | 4.864 | 07/15/38 | 25611 |
|  **Other – 9.1%** | **Other – 9.1%** | **Other – 9.1%** | **Other – 9.1%** |
| AFN ABSPROP001 LLC Series 2019-1A, Class A1<sup>(a)</sup> | AFN ABSPROP001 LLC Series 2019-1A, Class A1<sup>(a)</sup> | AFN ABSPROP001 LLC Series 2019-1A, Class A1<sup>(a)</sup> | AFN ABSPROP001 LLC Series 2019-1A, Class A1<sup>(a)</sup> |
| 3896015 | 3.780 | 05/20/49 | 3832020 |
| Aligned Data Centers Issuer LLC Series 2021-1A, Class A2<sup>(a)</sup> | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2<sup>(a)</sup> | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2<sup>(a)</sup> | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2<sup>(a)</sup> |
| 4700000 | 1.937 | 08/15/46 | 4589489 |
| Beacon Container Finance II LLC Series 2021-1A, Class A<sup>(a)</sup> | Beacon Container Finance II LLC Series 2021-1A, Class A<sup>(a)</sup> | Beacon Container Finance II LLC Series 2021-1A, Class A<sup>(a)</sup> | Beacon Container Finance II LLC Series 2021-1A, Class A<sup>(a)</sup> |
| 1800000 | 2.250 | 10/22/46 | 1677734 |
| BHG Securitization Trust Series 2021-B, Class B<sup>(a)</sup> | BHG Securitization Trust Series 2021-B, Class B<sup>(a)</sup> | BHG Securitization Trust Series 2021-B, Class B<sup>(a)</sup> | BHG Securitization Trust Series 2021-B, Class B<sup>(a)</sup> |
| 534803 | 1.670 | 10/17/34 | 527473 |
| CAL Funding IV Ltd. Series 2020-1A, Class A<sup>(a)</sup> | CAL Funding IV Ltd. Series 2020-1A, Class A<sup>(a)</sup> | CAL Funding IV Ltd. Series 2020-1A, Class A<sup>(a)</sup> | CAL Funding IV Ltd. Series 2020-1A, Class A<sup>(a)</sup> |
| 3391250 | 2.220 | 09/25/45 | 3238330 |
| Chase Funding Trust Series 2002-3, Class 1A5<sup>(g)</sup> | Chase Funding Trust Series 2002-3, Class 1A5<sup>(g)</sup> | Chase Funding Trust Series 2002-3, Class 1A5<sup>(g)</sup> | Chase Funding Trust Series 2002-3, Class 1A5<sup>(g)</sup> |
| 288581 | 5.907 | 06/25/32 | 285244 |
| Chase Funding Trust Series 2004-1, Class 2A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.574%) | Chase Funding Trust Series 2004-1, Class 2A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.574%) | Chase Funding Trust Series 2004-1, Class 2A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.574%) | Chase Funding Trust Series 2004-1, Class 2A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.574%) |
| 2039126 | 4.566 | 12/25/33 | 2043193 |
| CLI Funding VIII LLC Series 2022-1A, Class A<sup>(a)</sup> | CLI Funding VIII LLC Series 2022-1A, Class A<sup>(a)</sup> | CLI Funding VIII LLC Series 2022-1A, Class A<sup>(a)</sup> | CLI Funding VIII LLC Series 2022-1A, Class A<sup>(a)</sup> |
| 2420133 | 2.720 | 01/18/47 | 2243008 |
| CMFT Net Lease Master Issuer LLC Series 2021-1, Class A1<sup>(a)</sup> | CMFT Net Lease Master Issuer LLC Series 2021-1, Class A1<sup>(a)</sup> | CMFT Net Lease Master Issuer LLC Series 2021-1, Class A1<sup>(a)</sup> | CMFT Net Lease Master Issuer LLC Series 2021-1, Class A1<sup>(a)</sup> |
| 3112541 | 2.090 | 07/20/51 | 2881480 |
| Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1<sup>(a)(c)</sup>(1 mo. USD Term SOFR + 0.514%) | Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1<sup>(a)(c)</sup>(1 mo. USD Term SOFR + 0.514%) | Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1<sup>(a)(c)</sup>(1 mo. USD Term SOFR + 0.514%) | Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1<sup>(a)(c)</sup>(1 mo. USD Term SOFR + 0.514%) |
| 270298 | 4.506 | 02/25/37 | 258057 |
| DB Master Finance LLC Series 2021-1A, Class A2II<sup>(a)</sup> | DB Master Finance LLC Series 2021-1A, Class A2II<sup>(a)</sup> | DB Master Finance LLC Series 2021-1A, Class A2II<sup>(a)</sup> | DB Master Finance LLC Series 2021-1A, Class A2II<sup>(a)</sup> |
| 3850000 | 2.493 | 11/20/51 | 3623580 |
| Diamond Infrastructure Funding LLC Series 2021-1A, Class A<sup>(a)</sup> | Diamond Infrastructure Funding LLC Series 2021-1A, Class A<sup>(a)</sup> | Diamond Infrastructure Funding LLC Series 2021-1A, Class A<sup>(a)</sup> | Diamond Infrastructure Funding LLC Series 2021-1A, Class A<sup>(a)</sup> |
| 4000000 | 1.760 | 04/15/49 | 3852652 |
| Domino's Pizza Master Issuer LLC Series 2017-1A, Class A23<sup>(a)</sup> | Domino's Pizza Master Issuer LLC Series 2017-1A, Class A23<sup>(a)</sup> | Domino's Pizza Master Issuer LLC Series 2017-1A, Class A23<sup>(a)</sup> | Domino's Pizza Master Issuer LLC Series 2017-1A, Class A23<sup>(a)</sup> |
| 6110000 | 4.118 | 07/25/47 | 6059486 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

THE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
|  **Other – (continued)** | **Other – (continued)** | **Other – (continued)** | **Other – (continued)** |
| Driven Brands Funding LLC Series 2021-1A, Class A2<sup>(a)</sup> | Driven Brands Funding LLC Series 2021-1A, Class A2<sup>(a)</sup> | Driven Brands Funding LLC Series 2021-1A, Class A2<sup>(a)</sup> | Driven Brands Funding LLC Series 2021-1A, Class A2<sup>(a)</sup> |
| $2575628 | 2.791% | 10/20/51 | 2427324 |
| GBX Leasing LLC Series 2022-1, Class A<sup>(a)</sup> | GBX Leasing LLC Series 2022-1, Class A<sup>(a)</sup> | GBX Leasing LLC Series 2022-1, Class A<sup>(a)</sup> | GBX Leasing LLC Series 2022-1, Class A<sup>(a)</sup> |
| 1446795 | 2.870 | 02/20/52 | 1366920 |
| Global SC Finance VII SRL Series 2020-2A, Class A<sup>(a)</sup> | Global SC Finance VII SRL Series 2020-2A, Class A<sup>(a)</sup> | Global SC Finance VII SRL Series 2020-2A, Class A<sup>(a)</sup> | Global SC Finance VII SRL Series 2020-2A, Class A<sup>(a)</sup> |
| 2392525 | 2.260 | 11/19/40 | 2285197 |
| Home Partners of America Trust Series 2019-1, Class A<sup>(a)</sup> | Home Partners of America Trust Series 2019-1, Class A<sup>(a)</sup> | Home Partners of America Trust Series 2019-1, Class A<sup>(a)</sup> | Home Partners of America Trust Series 2019-1, Class A<sup>(a)</sup> |
| 5336992 | 2.908 | 09/17/39 | 5194382 |
| Jack in the Box Funding LLC Series 2022-1A, Class A2I<sup>(a)</sup> | Jack in the Box Funding LLC Series 2022-1A, Class A2I<sup>(a)</sup> | Jack in the Box Funding LLC Series 2022-1A, Class A2I<sup>(a)</sup> | Jack in the Box Funding LLC Series 2022-1A, Class A2I<sup>(a)</sup> |
| 3720000 | 3.445 | 02/26/52 | 3613947 |
| Lendmark Funding Trust Series 2021-2A, Class A<sup>(a)</sup> | Lendmark Funding Trust Series 2021-2A, Class A<sup>(a)</sup> | Lendmark Funding Trust Series 2021-2A, Class A<sup>(a)</sup> | Lendmark Funding Trust Series 2021-2A, Class A<sup>(a)</sup> |
| 2000000 | 2.000 | 04/20/32 | 1924428 |
| Long Beach Mortgage Loan Trust Series 2003-4, Class AV1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.734%) | Long Beach Mortgage Loan Trust Series 2003-4, Class AV1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.734%) | Long Beach Mortgage Loan Trust Series 2003-4, Class AV1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.734%) | Long Beach Mortgage Loan Trust Series 2003-4, Class AV1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.734%) |
| 77696 | 4.726 | 08/25/33 | 77562 |
| Lyra Music Assets Delaware LP Series 2024-2A, Class A2<sup>(a)</sup> | Lyra Music Assets Delaware LP Series 2024-2A, Class A2<sup>(a)</sup> | Lyra Music Assets Delaware LP Series 2024-2A, Class A2<sup>(a)</sup> | Lyra Music Assets Delaware LP Series 2024-2A, Class A2<sup>(a)</sup> |
| 2995700 | 5.760 | 12/22/64 | 3037176 |
| NP SPE II LLC Series 2016-1A, Class A1<sup>(a)</sup> | NP SPE II LLC Series 2016-1A, Class A1<sup>(a)</sup> | NP SPE II LLC Series 2016-1A, Class A1<sup>(a)</sup> | NP SPE II LLC Series 2016-1A, Class A1<sup>(a)</sup> |
| 443839 | 4.164 | 04/20/46 | 442951 |
| OnDeck Asset Securitization Trust IV LLC Series 2024-1A, Class A<sup>(a)</sup> | OnDeck Asset Securitization Trust IV LLC Series 2024-1A, Class A<sup>(a)</sup> | OnDeck Asset Securitization Trust IV LLC Series 2024-1A, Class A<sup>(a)</sup> | OnDeck Asset Securitization Trust IV LLC Series 2024-1A, Class A<sup>(a)</sup> |
| 1500000 | 6.270 | 06/17/31 | 1507782 |
| PACEWell 5 Trust Series 2021-1, Class A<sup>(a)</sup> | PACEWell 5 Trust Series 2021-1, Class A<sup>(a)</sup> | PACEWell 5 Trust Series 2021-1, Class A<sup>(a)</sup> | PACEWell 5 Trust Series 2021-1, Class A<sup>(a)</sup> |
| 1938542 | 2.628 | 10/10/59 | 1584963 |
| Pear LLC Series 2023-1, Class A<sup>(a)</sup> | Pear LLC Series 2023-1, Class A<sup>(a)</sup> | Pear LLC Series 2023-1, Class A<sup>(a)</sup> | Pear LLC Series 2023-1, Class A<sup>(a)</sup> |
| 2923092 | 7.420 | 07/15/35 | 2990477 |
| Retained Vantage Data Centers Issuer LLC Series 2023-1A, Class A2A<sup>(a)</sup> | Retained Vantage Data Centers Issuer LLC Series 2023-1A, Class A2A<sup>(a)</sup> | Retained Vantage Data Centers Issuer LLC Series 2023-1A, Class A2A<sup>(a)</sup> | Retained Vantage Data Centers Issuer LLC Series 2023-1A, Class A2A<sup>(a)</sup> |
| 5000000 | 5.000 | 09/15/48 | 5001713 |
| Sabey Data Center Issuer LLC Series 2021-1, Class A2<sup>(a)</sup> | Sabey Data Center Issuer LLC Series 2021-1, Class A2<sup>(a)</sup> | Sabey Data Center Issuer LLC Series 2021-1, Class A2<sup>(a)</sup> | Sabey Data Center Issuer LLC Series 2021-1, Class A2<sup>(a)</sup> |
| 3000000 | 1.881 | 06/20/46 | 2944450 |
| ServiceMaster Funding LLC Series 2020-1, Class A2I<sup>(a)</sup> | ServiceMaster Funding LLC Series 2020-1, Class A2I<sup>(a)</sup> | ServiceMaster Funding LLC Series 2020-1, Class A2I<sup>(a)</sup> | ServiceMaster Funding LLC Series 2020-1, Class A2I<sup>(a)</sup> |
| 3751840 | 2.841 | 01/30/51 | 3541685 |
| Servpro Master Issuer LLC Series 2021-1A, Class A2<sup>(a)</sup> | Servpro Master Issuer LLC Series 2021-1A, Class A2<sup>(a)</sup> | Servpro Master Issuer LLC Series 2021-1A, Class A2<sup>(a)</sup> | Servpro Master Issuer LLC Series 2021-1A, Class A2<sup>(a)</sup> |
| 1910000 | 2.394 | 04/25/51 | 1802704 |
| Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class A<sup>(a)</sup> | Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class A<sup>(a)</sup> | Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class A<sup>(a)</sup> | Sierra Timeshare Receivables Funding LLC Series 2021-1A, Class A<sup>(a)</sup> |
| 95983 | 0.990 | 11/20/37 | 95489 |
| Taco Bell Funding LLC Series 2021-1A, Class A2I<sup>(a)</sup> | Taco Bell Funding LLC Series 2021-1A, Class A2I<sup>(a)</sup> | Taco Bell Funding LLC Series 2021-1A, Class A2I<sup>(a)</sup> | Taco Bell Funding LLC Series 2021-1A, Class A2I<sup>(a)</sup> |
| 1891313 | 1.946 | 08/25/51 | 1826869 |
| Thrust Engine Leasing DAC Series 2021-1A, Class A<sup>(a)</sup> | Thrust Engine Leasing DAC Series 2021-1A, Class A<sup>(a)</sup> | Thrust Engine Leasing DAC Series 2021-1A, Class A<sup>(a)</sup> | Thrust Engine Leasing DAC Series 2021-1A, Class A<sup>(a)</sup> |
| 4192288 | 4.163 | 07/15/40 | 4121227 |
| TIF Funding II LLC Series 2020-1A, Class A<sup>(a)</sup> | TIF Funding II LLC Series 2020-1A, Class A<sup>(a)</sup> | TIF Funding II LLC Series 2020-1A, Class A<sup>(a)</sup> | TIF Funding II LLC Series 2020-1A, Class A<sup>(a)</sup> |
| 1360833 | 2.090 | 08/20/45 | 1297361 |
| Towd Point Mortgage Trust Series 2017-3, Class A2<sup>(a)(c)(f)</sup> | Towd Point Mortgage Trust Series 2017-3, Class A2<sup>(a)(c)(f)</sup> | Towd Point Mortgage Trust Series 2017-3, Class A2<sup>(a)(c)(f)</sup> | Towd Point Mortgage Trust Series 2017-3, Class A2<sup>(a)(c)(f)</sup> |
| 1333078 | 3.000 | 07/25/57 | 1314805 |
| Towd Point Mortgage Trust Series 2018-2,Class A2<sup>(a)(c)(f)</sup> | Towd Point Mortgage Trust Series 2018-2,Class A2<sup>(a)(c)(f)</sup> | Towd Point Mortgage Trust Series 2018-2,Class A2<sup>(a)(c)(f)</sup> | Towd Point Mortgage Trust Series 2018-2,Class A2<sup>(a)(c)(f)</sup> |
| 5500000 | 3.500 | 03/25/58 | 5364765 |
| Trinity Rail Leasing LLC Series 2019-1A, Class A<sup>(a)</sup> | Trinity Rail Leasing LLC Series 2019-1A, Class A<sup>(a)</sup> | Trinity Rail Leasing LLC Series 2019-1A, Class A<sup>(a)</sup> | Trinity Rail Leasing LLC Series 2019-1A, Class A<sup>(a)</sup> |
| 3660576 | 3.820 | 04/17/49 | 3640070 |
| Trinity Rail Leasing LLC Series 2019-2A, Class A2<sup>(a)</sup> | Trinity Rail Leasing LLC Series 2019-2A, Class A2<sup>(a)</sup> | Trinity Rail Leasing LLC Series 2019-2A, Class A2<sup>(a)</sup> | Trinity Rail Leasing LLC Series 2019-2A, Class A2<sup>(a)</sup> |
| 3000000 | 3.100 | 10/18/49 | 2975433 |
| Trinity Rail Leasing LLC Series 2020-2A, Class A2<sup>(a)</sup> | Trinity Rail Leasing LLC Series 2020-2A, Class A2<sup>(a)</sup> | Trinity Rail Leasing LLC Series 2020-2A, Class A2<sup>(a)</sup> | Trinity Rail Leasing LLC Series 2020-2A, Class A2<sup>(a)</sup> |
| 10315000 | 2.560 | 11/19/50 | 9872832 |
| Triton Container Finance VIII LLC Series 2020-1A, Class A<sup>(a)</sup> | Triton Container Finance VIII LLC Series 2020-1A, Class A<sup>(a)</sup> | Triton Container Finance VIII LLC Series 2020-1A, Class A<sup>(a)</sup> | Triton Container Finance VIII LLC Series 2020-1A, Class A<sup>(a)</sup> |
| 3549479 | 2.110 | 09/20/45 | 3329882 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
|  **Other – (continued)** | **Other – (continued)** | **Other – (continued)** | **Other – (continued)** |
| Triton Container Finance VIII LLC Series 2021-1A, Class A<sup>(a)</sup> | Triton Container Finance VIII LLC Series 2021-1A, Class A<sup>(a)</sup> | Triton Container Finance VIII LLC Series 2021-1A, Class A<sup>(a)</sup> | Triton Container Finance VIII LLC Series 2021-1A, Class A<sup>(a)</sup> |
| $305208 | 1.860% | 03/20/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282318 |
| Wendy's Funding LLC Series 2019-1A, Class A2I<sup>(a)</sup> | Wendy's Funding LLC Series 2019-1A, Class A2I<sup>(a)</sup> | Wendy's Funding LLC Series 2019-1A, Class A2I<sup>(a)</sup> | Wendy's Funding LLC Series 2019-1A, Class A2I<sup>(a)</sup> |
| 2647111 | 3.783 | 06/15/49 | 2629222 |
| Wendy's Funding LLC Series 2021-1A, Class A2I<sup>(a)</sup> | Wendy's Funding LLC Series 2021-1A, Class A2I<sup>(a)</sup> | Wendy's Funding LLC Series 2021-1A, Class A2I<sup>(a)</sup> | Wendy's Funding LLC Series 2021-1A, Class A2I<sup>(a)</sup> |
| 1195963 | 2.370 | 06/15/51 | 1113826 |
| Zayo Issuer LLC Series 2025-1A, Class A2<sup>(a)</sup> | Zayo Issuer LLC Series 2025-1A, Class A2<sup>(a)</sup> | Zayo Issuer LLC Series 2025-1A, Class A2<sup>(a)</sup> | Zayo Issuer LLC Series 2025-1A, Class A2<sup>(a)</sup> |
| 1500000 | 5.648 | 03/20/55 | 1524134 |
|  |  |  | 114243640 |
|  **Student Loan – 0.1%** | **Student Loan – 0.1%** | **Student Loan – 0.1%** | **Student Loan – 0.1%** |
| Massachusetts Educational Financing Authority Series 2018-A, Class A | Massachusetts Educational Financing Authority Series 2018-A, Class A | Massachusetts Educational Financing Authority Series 2018-A, Class A | Massachusetts Educational Financing Authority Series 2018-A, Class A |
| 691749 | 3.850 | 05/25/33 | 686613 |
| SoFi Professional Loan Program LLC Series 2018-C, Class A2FX<sup>(a)</sup> | SoFi Professional Loan Program LLC Series 2018-C, Class A2FX<sup>(a)</sup> | SoFi Professional Loan Program LLC Series 2018-C, Class A2FX<sup>(a)</sup> | SoFi Professional Loan Program LLC Series 2018-C, Class A2FX<sup>(a)</sup> |
| 503250 | 3.590 | 01/25/48 | 499700 |
| South Carolina Student Loan Corp. Series 2015-A, Class A<sup>(c)</sup>(1 mo. USD Term SOFR + 1.614%) | South Carolina Student Loan Corp. Series 2015-A, Class A<sup>(c)</sup>(1 mo. USD Term SOFR + 1.614%) | South Carolina Student Loan Corp. Series 2015-A, Class A<sup>(c)</sup>(1 mo. USD Term SOFR + 1.614%) | South Carolina Student Loan Corp. Series 2015-A, Class A<sup>(c)</sup>(1 mo. USD Term SOFR + 1.614%) |
| 153310 | 5.606 | 01/25/36 | 153341 |
|  |  |  | 1339654 <br>|
| TOTAL ASSET-BACKED SECURITIES | TOTAL ASSET-BACKED SECURITIES | TOTAL ASSET-BACKED SECURITIES | TOTAL ASSET-BACKED SECURITIES |
|  **(Cost $132,431,685)** | **(Cost $132,431,685)** |  | $129661838 <br>|
| Municipal Bond Obligations – 6.8% | Municipal Bond Obligations – 6.8% | Municipal Bond Obligations – 6.8% | Municipal Bond Obligations – 6.8% |
|  **Arizona<sup>(b)</sup> – 0.1%** | **Arizona<sup>(b)</sup> – 0.1%** | **Arizona<sup>(b)</sup> – 0.1%** | **Arizona<sup>(b)</sup> – 0.1%** |
| Arizona Board of Regents Revenue Bonds Series 2023 | Arizona Board of Regents Revenue Bonds Series 2023 | Arizona Board of Regents Revenue Bonds Series 2023 | Arizona Board of Regents Revenue Bonds Series 2023 |
| $1000000 | 4.599% | 07/01/31 | $1031962 |
|  **Arkansas<sup>(b)</sup> – 0.1%** | **Arkansas<sup>(b)</sup> – 0.1%** | **Arkansas<sup>(b)</sup> – 0.1%** | **Arkansas<sup>(b)</sup> – 0.1%** |
| City of Springdale Sales & Use Tax Revenue Revenue Bonds (Taxable-Refunding) Series 2023 (BAM) | City of Springdale Sales & Use Tax Revenue Revenue Bonds (Taxable-Refunding) Series 2023 (BAM) | City of Springdale Sales & Use Tax Revenue Revenue Bonds (Taxable-Refunding) Series 2023 (BAM) | City of Springdale Sales & Use Tax Revenue Revenue Bonds (Taxable-Refunding) Series 2023 (BAM) |
| 1000000 | 5.160 | 08/01/32 | 1025559 |
|  **California – 1.4%** | **California – 1.4%** | **California – 1.4%** | **California – 1.4%** |
| Beverly Hills CA Unified School District GO Bonds (Capital Appreciation) (Refunding) Series 2016<sup>(b)(h)</sup> | Beverly Hills CA Unified School District GO Bonds (Capital Appreciation) (Refunding) Series 2016<sup>(b)(h)</sup> | Beverly Hills CA Unified School District GO Bonds (Capital Appreciation) (Refunding) Series 2016<sup>(b)(h)</sup> | Beverly Hills CA Unified School District GO Bonds (Capital Appreciation) (Refunding) Series 2016<sup>(b)(h)</sup> |
| 5000000 | 0.000 | 08/01/38 | 3023446 |
| California State Municipal Finance Authority Refunding Revenue Bonds (Taxable-Refunding-University Of San Diego) Series B | California State Municipal Finance Authority Refunding Revenue Bonds (Taxable-Refunding-University Of San Diego) Series B | California State Municipal Finance Authority Refunding Revenue Bonds (Taxable-Refunding-University Of San Diego) Series B | California State Municipal Finance Authority Refunding Revenue Bonds (Taxable-Refunding-University Of San Diego) Series B |
| 3130000 | 2.536 | 10/01/29 | 2948177 |
| City of National City CA Pension Obligation Revenue (Taxable) Series 2021 | City of National City CA Pension Obligation Revenue (Taxable) Series 2021 | City of National City CA Pension Obligation Revenue (Taxable) Series 2021 | City of National City CA Pension Obligation Revenue (Taxable) Series 2021 |
| 3820000 | 2.649 | 11/01/31 | 3493929 |
| Foothill-De Anza CA Community College District GO Bonds (Taxable-Election of 2006) Series E | Foothill-De Anza CA Community College District GO Bonds (Taxable-Election of 2006) Series E | Foothill-De Anza CA Community College District GO Bonds (Taxable-Election of 2006) Series E | Foothill-De Anza CA Community College District GO Bonds (Taxable-Election of 2006) Series E |
| 1730000 | 3.223 | 08/01/38 | 1494910 |
| Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B | Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B | Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B | Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B |
| 3000000 | 6.507 | 08/01/43 | 3263563 |
| Poway CA Unified School District GO Bonds (Taxable-Refunding-Improvement Date 2002-1) Series 2019 | Poway CA Unified School District GO Bonds (Taxable-Refunding-Improvement Date 2002-1) Series 2019 | Poway CA Unified School District GO Bonds (Taxable-Refunding-Improvement Date 2002-1) Series 2019 | Poway CA Unified School District GO Bonds (Taxable-Refunding-Improvement Date 2002-1) Series 2019 |
| 3750000 | 2.414 | 08/01/27 | 3658812 |
|  |  |  | 17882837 |

---

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Florida<sup>(b)</sup> – 0.2%** | **Florida<sup>(b)</sup> – 0.2%** | **Florida<sup>(b)</sup> – 0.2%** | **Florida<sup>(b)</sup> – 0.2%** |
| Florida Development Finance Corp. (Taxable-Refunding-Shands Jacksonville Medical Center Obligated Group) Series B (AG) | Florida Development Finance Corp. (Taxable-Refunding-Shands Jacksonville Medical Center Obligated Group) Series B (AG) | Florida Development Finance Corp. (Taxable-Refunding-Shands Jacksonville Medical Center Obligated Group) Series B (AG) | Florida Development Finance Corp. (Taxable-Refunding-Shands Jacksonville Medical Center Obligated Group) Series B (AG) |
| $1800000 | 3.223% | 02/01/32 | $1639228 |
| Miami-Dade County FL Health Facilities Authority (Taxable-Refunding, Variety Children's Hospital Obligated Group) Series 2021 | Miami-Dade County FL Health Facilities Authority (Taxable-Refunding, Variety Children's Hospital Obligated Group) Series 2021 | Miami-Dade County FL Health Facilities Authority (Taxable-Refunding, Variety Children's Hospital Obligated Group) Series 2021 | Miami-Dade County FL Health Facilities Authority (Taxable-Refunding, Variety Children's Hospital Obligated Group) Series 2021 |
| 1500000 | 2.520 | 08/01/31 | 1368612 |
|  |  |  | 3007840 |
|  **Hawaii – 0.3%** | **Hawaii – 0.3%** | **Hawaii – 0.3%** | **Hawaii – 0.3%** |
| State of Hawaii Department of Business Economic Development & Tourism Series 2014-A, Class A2 | State of Hawaii Department of Business Economic Development & Tourism Series 2014-A, Class A2 | State of Hawaii Department of Business Economic Development & Tourism Series 2014-A, Class A2 | State of Hawaii Department of Business Economic Development & Tourism Series 2014-A, Class A2 |
| 3470036 | 3.242 | 01/01/31 | 3418288 |
|  **Illinois – 0.3%** | **Illinois – 0.3%** | **Illinois – 0.3%** | **Illinois – 0.3%** |
| Will County Elementary School District No 122 GO Bonds (Taxable-Refunding) Series A | Will County Elementary School District No 122 GO Bonds (Taxable-Refunding) Series A | Will County Elementary School District No 122 GO Bonds (Taxable-Refunding) Series A | Will County Elementary School District No 122 GO Bonds (Taxable-Refunding) Series A |
| 2750000 | 2.111 | 10/01/27 | $2650865 |
| Winnebago County IL GO Bonds Series 2018 | Winnebago County IL GO Bonds Series 2018 | Winnebago County IL GO Bonds Series 2018 | Winnebago County IL GO Bonds Series 2018 |
| 1035000 | 3.900 | 12/30/25 | 1034753 |
|  |  |  | 3685618 |
|  **Indiana – 0.1%** | **Indiana – 0.1%** | **Indiana – 0.1%** | **Indiana – 0.1%** |
| Indiana University Revenue Bonds (Taxable-Refunding) Series B | Indiana University Revenue Bonds (Taxable-Refunding) Series B | Indiana University Revenue Bonds (Taxable-Refunding) Series B | Indiana University Revenue Bonds (Taxable-Refunding) Series B |
| 1000000 | 2.767 | 06/01/37 | 847087 |
|  **Kentucky – 0.5%** | **Kentucky – 0.5%** | **Kentucky – 0.5%** | **Kentucky – 0.5%** |
| Kentucky Higher Education Student Loan Corp. (Taxable) Series A | Kentucky Higher Education Student Loan Corp. (Taxable) Series A | Kentucky Higher Education Student Loan Corp. (Taxable) Series A | Kentucky Higher Education Student Loan Corp. (Taxable) Series A |
| 4500000 | 2.685 | 06/01/31 | 4007742 |
| River City, Inc. KY Parking Authority Revenue Bonds (Refunding) Series B<sup>(b)</sup> | River City, Inc. KY Parking Authority Revenue Bonds (Refunding) Series B<sup>(b)</sup> | River City, Inc. KY Parking Authority Revenue Bonds (Refunding) Series B<sup>(b)</sup> | River City, Inc. KY Parking Authority Revenue Bonds (Refunding) Series B<sup>(b)</sup> |
| 2890000 | 2.750 | 12/01/33 | 2748272 |
|  |  |  | 6756014 |
|  **Louisiana – 0.2%** | **Louisiana – 0.2%** | **Louisiana – 0.2%** | **Louisiana – 0.2%** |
| City of New Orleans LA GO Bonds (Taxable-Refunding) Series 2021 | City of New Orleans LA GO Bonds (Taxable-Refunding) Series 2021 | City of New Orleans LA GO Bonds (Taxable-Refunding) Series 2021 | City of New Orleans LA GO Bonds (Taxable-Refunding) Series 2021 |
| 2085000 | 2.054 | 09/01/28 | 1979323 |
|  **Michigan – 0.3%** | **Michigan – 0.3%** | **Michigan – 0.3%** | **Michigan – 0.3%** |
| Dearborn MI GO Bonds (Taxable) Series B | Dearborn MI GO Bonds (Taxable) Series B | Dearborn MI GO Bonds (Taxable) Series B | Dearborn MI GO Bonds (Taxable) Series B |
| 1750000 | 3.879 | 05/01/27 | 1758368 |
| Fraser MI Public School District GO Bonds (Taxable-Refunding) Series 2019 (Q-SBLF) | Fraser MI Public School District GO Bonds (Taxable-Refunding) Series 2019 (Q-SBLF) | Fraser MI Public School District GO Bonds (Taxable-Refunding) Series 2019 (Q-SBLF) | Fraser MI Public School District GO Bonds (Taxable-Refunding) Series 2019 (Q-SBLF) |
| 2150000 | 2.380 | 05/01/29 | 2040188 |
|  |  |  | 3798556 |
|  **Mississippi<sup>(b)</sup> – 0.2%** | **Mississippi<sup>(b)</sup> – 0.2%** | **Mississippi<sup>(b)</sup> – 0.2%** | **Mississippi<sup>(b)</sup> – 0.2%** |
| State of Mississippi GO (Taxable-Refunding-Bonds) Series 2020 | State of Mississippi GO (Taxable-Refunding-Bonds) Series 2020 | State of Mississippi GO (Taxable-Refunding-Bonds) Series 2020 | State of Mississippi GO (Taxable-Refunding-Bonds) Series 2020 |
| 3000000 | 1.282 | 11/01/28 | 2801623 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
| **Missouri – 0.2%** | **Missouri – 0.2%** | **Missouri – 0.2%** | **Missouri – 0.2%** |
| Curators University of Missouri System Facilities Revenue<br>Bonds Build America Bonds | Curators University of Missouri System Facilities Revenue<br>Bonds Build America Bonds | Curators University of Missouri System Facilities Revenue<br>Bonds Build America Bonds | Curators University of Missouri System Facilities Revenue<br>Bonds Build America Bonds |
| $2500000 | 5.792% | 11/01/41 | $2614502 |
| **Nebraska – 0.2%** | **Nebraska – 0.2%** | **Nebraska – 0.2%** | **Nebraska – 0.2%** |
| University of Nebraska Facilities Corp. Revenue Bonds<br>(Taxable-Refunding) Series A | University of Nebraska Facilities Corp. Revenue Bonds<br>(Taxable-Refunding) Series A | University of Nebraska Facilities Corp. Revenue Bonds<br>(Taxable-Refunding) Series A | University of Nebraska Facilities Corp. Revenue Bonds<br>(Taxable-Refunding) Series A |
| 2750000 | 2.175 | 10/01/26 | 2712041 |
| **New Jersey<sup>(b)</sup> – 0.3%** | **New Jersey<sup>(b)</sup> – 0.3%** | **New Jersey<sup>(b)</sup> – 0.3%** | **New Jersey<sup>(b)</sup> – 0.3%** |
| Rutgers New Jersey State University Revenue Bonds<br>(Taxable-Refunding) Series R | Rutgers New Jersey State University Revenue Bonds<br>(Taxable-Refunding) Series R | Rutgers New Jersey State University Revenue Bonds<br>(Taxable-Refunding) Series R | Rutgers New Jersey State University Revenue Bonds<br>(Taxable-Refunding) Series R |
| 4000000 | 2.588 | 05/01/27 | 3932623 |
| **New York<sup>(b)</sup> – 0.5%** | **New York<sup>(b)</sup> – 0.5%** | **New York<sup>(b)</sup> – 0.5%** | **New York<sup>(b)</sup> – 0.5%** |
| New York State Dormitory Authority Revenue Bonds<br>(Taxable) Series B | New York State Dormitory Authority Revenue Bonds<br>(Taxable) Series B | New York State Dormitory Authority Revenue Bonds<br>(Taxable) Series B | New York State Dormitory Authority Revenue Bonds<br>(Taxable) Series B |
| 1815000 | 5.228 | 07/01/35 | 1926275 |
| New York State Dormitory Authority Revenue Bonds<br>(Taxable-Refunding) Series B | New York State Dormitory Authority Revenue Bonds<br>(Taxable-Refunding) Series B | New York State Dormitory Authority Revenue Bonds<br>(Taxable-Refunding) Series B | New York State Dormitory Authority Revenue Bonds<br>(Taxable-Refunding) Series B |
| 2700000 | 3.229 | 03/15/30 | 2624569 |
| New York State Urban Development Corp. Revenue Bonds<br>Series 2019 B | New York State Urban Development Corp. Revenue Bonds<br>Series 2019 B | New York State Urban Development Corp. Revenue Bonds<br>Series 2019 B | New York State Urban Development Corp. Revenue Bonds<br>Series 2019 B |
| 1950000 | 3.350 | 03/15/26 | 1945278 |
|  |  |  | 6496122 <br>|
| **Ohio – 0.6%** | **Ohio – 0.6%** | **Ohio – 0.6%** | **Ohio – 0.6%** |
| City of Cincinnati OH GO Bonds (Taxable-Refunding)<br>Series A<sup>(b)</sup> | City of Cincinnati OH GO Bonds (Taxable-Refunding)<br>Series A<sup>(b)</sup> | City of Cincinnati OH GO Bonds (Taxable-Refunding)<br>Series A<sup>(b)</sup> | City of Cincinnati OH GO Bonds (Taxable-Refunding)<br>Series A<sup>(b)</sup> |
| 2865000 | 1.880 | 12/01/31 | 2548889 |
| South-Western City OH School District Franklin & Pickaway<br>Countries GO Bonds (CABS-Taxable-Refunding) Series C<sup>(h)</sup> | South-Western City OH School District Franklin & Pickaway<br>Countries GO Bonds (CABS-Taxable-Refunding) Series C<sup>(h)</sup> | South-Western City OH School District Franklin & Pickaway<br>Countries GO Bonds (CABS-Taxable-Refunding) Series C<sup>(h)</sup> | South-Western City OH School District Franklin & Pickaway<br>Countries GO Bonds (CABS-Taxable-Refunding) Series C<sup>(h)</sup> |
| 2740000 | 0.000 | 12/01/28 | 2419145 |
| University of Cincinnati Revenue Bonds (Taxable-<br>Refunding) Series B | University of Cincinnati Revenue Bonds (Taxable-<br>Refunding) Series B | University of Cincinnati Revenue Bonds (Taxable-<br>Refunding) Series B | University of Cincinnati Revenue Bonds (Taxable-<br>Refunding) Series B |
| 3000000 | 1.775 | 06/01/29 | 2774834 |
|  |  |  | 7742868 <br>|
| **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** |
| Oregon Education Districts Full Faith & Credit Pension<br>Obligations GO Bonds (Taxable) Series 2018<sup>(b)</sup> | Oregon Education Districts Full Faith & Credit Pension<br>Obligations GO Bonds (Taxable) Series 2018<sup>(b)</sup> | Oregon Education Districts Full Faith & Credit Pension<br>Obligations GO Bonds (Taxable) Series 2018<sup>(b)</sup> | Oregon Education Districts Full Faith & Credit Pension<br>Obligations GO Bonds (Taxable) Series 2018<sup>(b)</sup> |
| 495000 | 4.220 | 06/30/30 | 497595 |
| Portland OR Community College District GO Bonds Series<br>2018 | Portland OR Community College District GO Bonds Series<br>2018 | Portland OR Community College District GO Bonds Series<br>2018 | Portland OR Community College District GO Bonds Series<br>2018 |
| 1250000 | 3.970 | 06/01/27 | 1251217 |
|  |  |  | 1748812 <br>|
| **Pennsylvania<sup>(b)</sup> – 0.3%** | **Pennsylvania<sup>(b)</sup> – 0.3%** | **Pennsylvania<sup>(b)</sup> – 0.3%** | **Pennsylvania<sup>(b)</sup> – 0.3%** |
| State Public School Building Authority Revenue Bonds<br>(Qualified School Construction Bonds) | State Public School Building Authority Revenue Bonds<br>(Qualified School Construction Bonds) | State Public School Building Authority Revenue Bonds<br>(Qualified School Construction Bonds) | State Public School Building Authority Revenue Bonds<br>(Qualified School Construction Bonds) |
| 3000000 | 6.495 | 09/15/28 | 3203372 |
| **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** |
| Rhode Island State Student Loan Authority Loan Revenue<br>Bonds (Taxable) Series 1 | Rhode Island State Student Loan Authority Loan Revenue<br>Bonds (Taxable) Series 1 | Rhode Island State Student Loan Authority Loan Revenue<br>Bonds (Taxable) Series 1 | Rhode Island State Student Loan Authority Loan Revenue<br>Bonds (Taxable) Series 1 |
| 2000000 | 2.530 | 12/01/25 | 1997125 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

THE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Texas – 0.5%** | **Texas – 0.5%** | **Texas – 0.5%** | **Texas – 0.5%** |
| City of Houston TX GO Bonds (Taxable-Refunding) Series B<sup>(b)</sup> | City of Houston TX GO Bonds (Taxable-Refunding) Series B<sup>(b)</sup> | City of Houston TX GO Bonds (Taxable-Refunding) Series B<sup>(b)</sup> | City of Houston TX GO Bonds (Taxable-Refunding) Series B<sup>(b)</sup> |
| $5000000 | 2.130% | 03/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;4969862 |
| Texas Water Development Board Revenue Bonds (Taxable-Master Trust) Series B | Texas Water Development Board Revenue Bonds (Taxable-Master Trust) Series B | Texas Water Development Board Revenue Bonds (Taxable-Master Trust) Series B | Texas Water Development Board Revenue Bonds (Taxable-Master Trust) Series B |
| 1200000 | 4.309 | 10/15/34 | 1200083 |
|  |  |  | 6169945 |
|  **Washington – 0.2%** | **Washington – 0.2%** | **Washington – 0.2%** | **Washington – 0.2%** |
| Seattle Municipal Light & Power Revenue Bonds Taxable Clean Renewable Energy Bonds Series C | Seattle Municipal Light & Power Revenue Bonds Taxable Clean Renewable Energy Bonds Series C | Seattle Municipal Light & Power Revenue Bonds Taxable Clean Renewable Energy Bonds Series C | Seattle Municipal Light & Power Revenue Bonds Taxable Clean Renewable Energy Bonds Series C |
| 2000000 | 3.750 | 06/01/33 | 1939631 |
| TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS |
|  **(Cost $87,345,294)** | **(Cost $87,345,294)** | **(Cost $87,345,294)** | $84791748 |
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| U.S. Government Agency Obligations – 0.4% | U.S. Government Agency Obligations – 0.4% | U.S. Government Agency Obligations – 0.4% | U.S. Government Agency Obligations – 0.4% |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| $2500000 | 4.000% | 01/13/31 | $2523494 |
| 3000000 | 1.730 <sup>(b)</sup> | 10/26/35 | 2337100 |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
|  **(Cost $4,774,355)** | **(Cost $4,774,355)** | **(Cost $4,774,355)** | $4860594 |
| **Shares** | **Description** | **Description** | **Value** |
| Exchange Traded Fund – 0.2% | Exchange Traded Fund – 0.2% | Exchange Traded Fund – 0.2% | Exchange Traded Fund – 0.2% |
| 50000 | Janus Henderson<br>AAA CLO ETF | Janus Henderson<br>AAA CLO ETF | $2537000 |
|  **(Cost $2,539,500)** | **(Cost $2,539,500)** | **(Cost $2,539,500)** |  |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 0.6% | Investment Company – 0.6% | Investment Company – 0.6% | Investment Company – 0.6% |
| State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class |
| 6965069 | 4.014% | 4.014% | $6965069 |
|  **(Cost $6,965,069)** | **(Cost $6,965,069)** | **(Cost $6,965,069)** | **(Cost $6,965,069)** |
| TOTAL INVESTMENTS – 99.5% | TOTAL INVESTMENTS – 99.5% | TOTAL INVESTMENTS – 99.5% | TOTAL INVESTMENTS – 99.5% |
|  **(Cost $1,297,798,710)** | **(Cost $1,297,798,710)** | **(Cost $1,297,798,710)** | $1245517758 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%** | 6846701 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1252364459 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | 144A securities. Securities restricted for resale to Qualified Institutional Buyers. |
| (b) | Security with "Call" features with resetting interest rates. |
| (c) | Variable rate security. The interest rate shown reflects the rate as of October 31, 2025. |
| (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) | Rate shown is that which is in effect on October 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (g) | Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of October 31, 2025. Maturity date disclosed is the ultimate maturity. |
| (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: | Investment Abbreviations: |
| GO | —General Obligation |
| LIBOR | —London Interbank Offered Rate |
| PLC | —Public Limited Company |
| Q-SBLF | —Qualified School Bond Loan Fund |
| REMICS | —Real Estate Mortgage Investment Conduit |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 Year |
| SOFR | —Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE SHORT-TERM GOVERNMENT FUND

## Schedule of Investments
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – 50.0% | Mortgage-Backed Obligations – 50.0% | Mortgage-Backed Obligations – 50.0% | Mortgage-Backed Obligations – 50.0% |
|  **Collateralized Mortgage Obligations – 35.5%** | **Collateralized Mortgage Obligations – 35.5%** | **Collateralized Mortgage Obligations – 35.5%** | **Collateralized Mortgage Obligations – 35.5%** |
| Angel Oak Mortgage Trust Series 2025-3, Class A1<sup>(a)(b)</sup> | Angel Oak Mortgage Trust Series 2025-3, Class A1<sup>(a)(b)</sup> | Angel Oak Mortgage Trust Series 2025-3, Class A1<sup>(a)(b)</sup> | Angel Oak Mortgage Trust Series 2025-3, Class A1<sup>(a)(b)</sup> |
| $459825 | 5.420% | 03/25/70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462049 |
| Banc of America Funding Trust Series 2004-A, Class 1A3<sup>(c)(d)</sup> | Banc of America Funding Trust Series 2004-A, Class 1A3<sup>(c)(d)</sup> | Banc of America Funding Trust Series 2004-A, Class 1A3<sup>(c)(d)</sup> | Banc of America Funding Trust Series 2004-A, Class 1A3<sup>(c)(d)</sup> |
| 537 | 6.619 | 09/20/34 | 475 |
| Banc of America Mortgage Trust Series 2003-J, Class 2A1<sup>(c)(d)</sup> | Banc of America Mortgage Trust Series 2003-J, Class 2A1<sup>(c)(d)</sup> | Banc of America Mortgage Trust Series 2003-J, Class 2A1<sup>(c)(d)</sup> | Banc of America Mortgage Trust Series 2003-J, Class 2A1<sup>(c)(d)</sup> |
| 36660 | 5.218 | 11/25/33 | 32369 |
| Barclays Mortgage Loan Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> | Barclays Mortgage Loan Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> | Barclays Mortgage Loan Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> | Barclays Mortgage Loan Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> |
| 251082 | 1.747 | 09/25/51 | 226364 |
| Bear Stearns ARM Trust Series 2004-9, Class 24A1<sup>(c)(d)</sup> | Bear Stearns ARM Trust Series 2004-9, Class 24A1<sup>(c)(d)</sup> | Bear Stearns ARM Trust Series 2004-9, Class 24A1<sup>(c)(d)</sup> | Bear Stearns ARM Trust Series 2004-9, Class 24A1<sup>(c)(d)</sup> |
| 5547 | 4.818 | 11/25/34 | 4913 |
| BRAVO Residential Funding Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> | BRAVO Residential Funding Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> | BRAVO Residential Funding Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> | BRAVO Residential Funding Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> |
| 113877 | 0.941 | 02/25/49 | 106931 |
| BRAVO Residential Funding Trust Series 2021-NQM2, Class A1<sup>(a)(c)(d)</sup> | BRAVO Residential Funding Trust Series 2021-NQM2, Class A1<sup>(a)(c)(d)</sup> | BRAVO Residential Funding Trust Series 2021-NQM2, Class A1<sup>(a)(c)(d)</sup> | BRAVO Residential Funding Trust Series 2021-NQM2, Class A1<sup>(a)(c)(d)</sup> |
| 81704 | 0.970 | 03/25/60 | 79645 |
| BRAVO Residential Funding Trust Series 2025-NQM7, Class A1<sup>(a)(b)</sup> | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1<sup>(a)(b)</sup> | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1<sup>(a)(b)</sup> | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1<sup>(a)(b)</sup> |
| 289948 | 5.459 | 07/25/65 | 292042 |
| Bunker Hill Loan Depositary Trust Series 2020-1, Class A1<sup>(a)(c)(d)</sup> | Bunker Hill Loan Depositary Trust Series 2020-1, Class A1<sup>(a)(c)(d)</sup> | Bunker Hill Loan Depositary Trust Series 2020-1, Class A1<sup>(a)(c)(d)</sup> | Bunker Hill Loan Depositary Trust Series 2020-1, Class A1<sup>(a)(c)(d)</sup> |
| 12665 | 1.724 | 02/25/55 | 12592 |
| Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class 1A<sup>(c)(d)</sup> | Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class 1A<sup>(c)(d)</sup> | Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class 1A<sup>(c)(d)</sup> | Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class 1A<sup>(c)(d)</sup> |
| 8615 | 5.092 | 09/25/34 | 7887 |
| Cross Mortgage Trust Series 2025-H1, Class A1<sup>(a)(c)(d)</sup> | Cross Mortgage Trust Series 2025-H1, Class A1<sup>(a)(c)(d)</sup> | Cross Mortgage Trust Series 2025-H1, Class A1<sup>(a)(c)(d)</sup> | Cross Mortgage Trust Series 2025-H1, Class A1<sup>(a)(c)(d)</sup> |
| 173160 | 5.735 | 02/25/70 | 174650 |
| CSMC Trust Series 2021-NQM5, Class A1<sup>(a)(c)(d)</sup> | CSMC Trust Series 2021-NQM5, Class A1<sup>(a)(c)(d)</sup> | CSMC Trust Series 2021-NQM5, Class A1<sup>(a)(c)(d)</sup> | CSMC Trust Series 2021-NQM5, Class A1<sup>(a)(c)(d)</sup> |
| 259761 | 0.938 | 05/25/66 | 220836 |
| Federal Home Loan Mortgage Corp. REMICS Series 2022, Class PE | Federal Home Loan Mortgage Corp. REMICS Series 2022, Class PE | Federal Home Loan Mortgage Corp. REMICS Series 2022, Class PE | Federal Home Loan Mortgage Corp. REMICS Series 2022, Class PE |
| 1016 | 6.500 | 01/15/28 | 1025 |
| Federal Home Loan Mortgage Corp. REMICS Series 2109, Class PE | Federal Home Loan Mortgage Corp. REMICS Series 2109, Class PE | Federal Home Loan Mortgage Corp. REMICS Series 2109, Class PE | Federal Home Loan Mortgage Corp. REMICS Series 2109, Class PE |
| 4551 | 6.000 | 12/15/28 | 4635 |
| Federal Home Loan Mortgage Corp. REMICS Series 3753, Class AS | Federal Home Loan Mortgage Corp. REMICS Series 3753, Class AS | Federal Home Loan Mortgage Corp. REMICS Series 3753, Class AS | Federal Home Loan Mortgage Corp. REMICS Series 3753, Class AS |
| 1949 | 3.500 | 11/15/25 | 1946 |
| Federal Home Loan Mortgage Corp. REMICS Series 4561, Class BA | Federal Home Loan Mortgage Corp. REMICS Series 4561, Class BA | Federal Home Loan Mortgage Corp. REMICS Series 4561, Class BA | Federal Home Loan Mortgage Corp. REMICS Series 4561, Class BA |
| 43563 | 3.500 | 09/15/42 | 43427 |
| Federal Home Loan Mortgage Corp. REMICS Series 5131, Class MA | Federal Home Loan Mortgage Corp. REMICS Series 5131, Class MA | Federal Home Loan Mortgage Corp. REMICS Series 5131, Class MA | Federal Home Loan Mortgage Corp. REMICS Series 5131, Class MA |
| 481459 | 1.500 | 04/25/49 | 420508 |
| Federal Home Loan Mortgage Corp. REMICS Series 5208, Class MA | Federal Home Loan Mortgage Corp. REMICS Series 5208, Class MA | Federal Home Loan Mortgage Corp. REMICS Series 5208, Class MA | Federal Home Loan Mortgage Corp. REMICS Series 5208, Class MA |
| 474503 | 2.500 | 06/25/43 | 451528 |
| Federal Home Loan Mortgage Corp. REMICS Series 5340, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 5340, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 5340, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 5340, Class HM |
| 573072 | 5.500 | 04/25/48 | 574894 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** |
| Federal National Mortgage Association Grantor Trust Series 2011-T2, Class A1 | Federal National Mortgage Association Grantor Trust Series 2011-T2, Class A1 | Federal National Mortgage Association Grantor Trust Series 2011-T2, Class A1 | Federal National Mortgage Association Grantor Trust Series 2011-T2, Class A1 |
| $314846 | 2.500% | 08/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287764 |
| Federal National Mortgage Association REMICS Series 2003-117, Class KB | Federal National Mortgage Association REMICS Series 2003-117, Class KB | Federal National Mortgage Association REMICS Series 2003-117, Class KB | Federal National Mortgage Association REMICS Series 2003-117, Class KB |
| 127079 | 6.000 | 12/25/33 | 132095 |
| Federal National Mortgage Association REMICS Series 2010-109, Class M | Federal National Mortgage Association REMICS Series 2010-109, Class M | Federal National Mortgage Association REMICS Series 2010-109, Class M | Federal National Mortgage Association REMICS Series 2010-109, Class M |
| 179263 | 3.000 | 09/25/40 | 174968 |
| Federal National Mortgage Association REMICS Series 2012-100, Class WA | Federal National Mortgage Association REMICS Series 2012-100, Class WA | Federal National Mortgage Association REMICS Series 2012-100, Class WA | Federal National Mortgage Association REMICS Series 2012-100, Class WA |
| 53935 | 1.500 | 09/25/27 | 52879 |
| Federal National Mortgage Association REMICS Series 2012-110, Class CA | Federal National Mortgage Association REMICS Series 2012-110, Class CA | Federal National Mortgage Association REMICS Series 2012-110, Class CA | Federal National Mortgage Association REMICS Series 2012-110, Class CA |
| 145832 | 3.000 | 10/25/42 | 135048 |
| Federal National Mortgage Association REMICS Series 2012-118, Class EB | Federal National Mortgage Association REMICS Series 2012-118, Class EB | Federal National Mortgage Association REMICS Series 2012-118, Class EB | Federal National Mortgage Association REMICS Series 2012-118, Class EB |
| 46179 | 1.500 | 11/25/27 | 45277 |
| Federal National Mortgage Association REMICS Series 2013-112, Class G | Federal National Mortgage Association REMICS Series 2013-112, Class G | Federal National Mortgage Association REMICS Series 2013-112, Class G | Federal National Mortgage Association REMICS Series 2013-112, Class G |
| 4471 | 2.125 | 07/25/40 | 4449 |
| Federal National Mortgage Association REMICS Series 2013-135, Class GA | Federal National Mortgage Association REMICS Series 2013-135, Class GA | Federal National Mortgage Association REMICS Series 2013-135, Class GA | Federal National Mortgage Association REMICS Series 2013-135, Class GA |
| 10377 | 3.000 | 07/25/32 | 10343 |
| Federal National Mortgage Association REMICS Series 2013-16, Class FY<sup>(c)</sup>(1 mo. USD Term SOFR + 0.464%) | Federal National Mortgage Association REMICS Series 2013-16, Class FY<sup>(c)</sup>(1 mo. USD Term SOFR + 0.464%) | Federal National Mortgage Association REMICS Series 2013-16, Class FY<sup>(c)</sup>(1 mo. USD Term SOFR + 0.464%) | Federal National Mortgage Association REMICS Series 2013-16, Class FY<sup>(c)</sup>(1 mo. USD Term SOFR + 0.464%) |
| 739783 | 4.647 | 03/25/43 | 727595 |
| Federal National Mortgage Association REMICS Series 2013-6, Class BE | Federal National Mortgage Association REMICS Series 2013-6, Class BE | Federal National Mortgage Association REMICS Series 2013-6, Class BE | Federal National Mortgage Association REMICS Series 2013-6, Class BE |
| 24629 | 2.000 | 12/25/42 | 24388 |
| Federal National Mortgage Association REMICS Series 2013-74, Class YA | Federal National Mortgage Association REMICS Series 2013-74, Class YA | Federal National Mortgage Association REMICS Series 2013-74, Class YA | Federal National Mortgage Association REMICS Series 2013-74, Class YA |
| 123322 | 3.000 | 05/25/42 | 119782 |
| Federal National Mortgage Association REMICS Series 2015-15, Class CA | Federal National Mortgage Association REMICS Series 2015-15, Class CA | Federal National Mortgage Association REMICS Series 2015-15, Class CA | Federal National Mortgage Association REMICS Series 2015-15, Class CA |
| 224192 | 3.500 | 04/25/35 | 219706 |
| Federal National Mortgage Association REMICS Series 2015-19, Class CA | Federal National Mortgage Association REMICS Series 2015-19, Class CA | Federal National Mortgage Association REMICS Series 2015-19, Class CA | Federal National Mortgage Association REMICS Series 2015-19, Class CA |
| 29263 | 3.500 | 01/25/43 | 29098 |
| Federal National Mortgage Association REMICS Series 2015-2, Class PA | Federal National Mortgage Association REMICS Series 2015-2, Class PA | Federal National Mortgage Association REMICS Series 2015-2, Class PA | Federal National Mortgage Association REMICS Series 2015-2, Class PA |
| 91929 | 2.250 | 03/25/44 | 88302 |
| Federal National Mortgage Association REMICS Series 2016-104, Class BA | Federal National Mortgage Association REMICS Series 2016-104, Class BA | Federal National Mortgage Association REMICS Series 2016-104, Class BA | Federal National Mortgage Association REMICS Series 2016-104, Class BA |
| 147940 | 3.000 | 01/25/47 | 142576 |
| Federal National Mortgage Association REMICS Series 2016-53, Class BV | Federal National Mortgage Association REMICS Series 2016-53, Class BV | Federal National Mortgage Association REMICS Series 2016-53, Class BV | Federal National Mortgage Association REMICS Series 2016-53, Class BV |
| 209802 | 3.500 | 11/25/27 | 208380 |
| Federal National Mortgage Association REMICS Series 2016-96, Class A | Federal National Mortgage Association REMICS Series 2016-96, Class A | Federal National Mortgage Association REMICS Series 2016-96, Class A | Federal National Mortgage Association REMICS Series 2016-96, Class A |
| 172718 | 1.750 | 12/25/46 | 160172 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

THE SHORT-TERM GOVERNMENT FUND

## Schedule of Investments (continued)
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** |
| Federal National Mortgage Association REMICS Series 2017-46, Class EA | Federal National Mortgage Association REMICS Series 2017-46, Class EA | Federal National Mortgage Association REMICS Series 2017-46, Class EA | Federal National Mortgage Association REMICS Series 2017-46, Class EA |
| $2166 | 3.500% | 12/25/50 | $&nbsp;&nbsp;&nbsp;&nbsp;2160 |
| Federal National Mortgage Association REMICS Series 2017-7, Class JA | Federal National Mortgage Association REMICS Series 2017-7, Class JA | Federal National Mortgage Association REMICS Series 2017-7, Class JA | Federal National Mortgage Association REMICS Series 2017-7, Class JA |
| 127423 | 2.000 | 02/25/47 | 107268 |
| Federal National Mortgage Association REMICS Series 2019-10, Class PT | Federal National Mortgage Association REMICS Series 2019-10, Class PT | Federal National Mortgage Association REMICS Series 2019-10, Class PT | Federal National Mortgage Association REMICS Series 2019-10, Class PT |
| 168379 | 3.500 | 03/25/49 | 163952 |
| Federal National Mortgage Association REMICS Series 2020-35, Class MA | Federal National Mortgage Association REMICS Series 2020-35, Class MA | Federal National Mortgage Association REMICS Series 2020-35, Class MA | Federal National Mortgage Association REMICS Series 2020-35, Class MA |
| 211288 | 2.000 | 12/25/43 | 200933 |
| Federal National Mortgage Association REMICS Series 2020-45, Class CB | Federal National Mortgage Association REMICS Series 2020-45, Class CB | Federal National Mortgage Association REMICS Series 2020-45, Class CB | Federal National Mortgage Association REMICS Series 2020-45, Class CB |
| 350806 | 2.000 | 02/25/44 | 333009 |
| Federal National Mortgage Association REMICS Series 2020-56, Class AH | Federal National Mortgage Association REMICS Series 2020-56, Class AH | Federal National Mortgage Association REMICS Series 2020-56, Class AH | Federal National Mortgage Association REMICS Series 2020-56, Class AH |
| 355748 | 2.000 | 05/25/45 | 334951 |
| Federal National Mortgage Association REMICS Series 2025-82, Class AE | Federal National Mortgage Association REMICS Series 2025-82, Class AE | Federal National Mortgage Association REMICS Series 2025-82, Class AE | Federal National Mortgage Association REMICS Series 2025-82, Class AE |
| 489389 | 4.750 | 08/25/52 | 488139 |
| GCAT Trust Series 2021-NQM6, Class A1<sup>(a)(c)(d)</sup> | GCAT Trust Series 2021-NQM6, Class A1<sup>(a)(c)(d)</sup> | GCAT Trust Series 2021-NQM6, Class A1<sup>(a)(c)(d)</sup> | GCAT Trust Series 2021-NQM6, Class A1<sup>(a)(c)(d)</sup> |
| 263742 | 1.855 | 08/25/66 | 241520 |
| Government National Mortgage Association REMICS Series 2010-14, Class PA | Government National Mortgage Association REMICS Series 2010-14, Class PA | Government National Mortgage Association REMICS Series 2010-14, Class PA | Government National Mortgage Association REMICS Series 2010-14, Class PA |
| 1982 | 3.000 | 02/20/40 | 1960 |
| Government National Mortgage Association REMICS Series 2013-14, Class AP | Government National Mortgage Association REMICS Series 2013-14, Class AP | Government National Mortgage Association REMICS Series 2013-14, Class AP | Government National Mortgage Association REMICS Series 2013-14, Class AP |
| 574956 | 1.750 | 12/20/42 | 513480 |
| Government National Mortgage Association REMICS Series 2013-188, Class LE | Government National Mortgage Association REMICS Series 2013-188, Class LE | Government National Mortgage Association REMICS Series 2013-188, Class LE | Government National Mortgage Association REMICS Series 2013-188, Class LE |
| 348626 | 2.500 | 11/16/43 | 327980 |
| Government National Mortgage Association REMICS Series 2014-131, Class DM | Government National Mortgage Association REMICS Series 2014-131, Class DM | Government National Mortgage Association REMICS Series 2014-131, Class DM | Government National Mortgage Association REMICS Series 2014-131, Class DM |
| 35385 | 3.000 | 02/20/44 | 34890 |
| Government National Mortgage Association REMICS Series 2015-65, Class BD | Government National Mortgage Association REMICS Series 2015-65, Class BD | Government National Mortgage Association REMICS Series 2015-65, Class BD | Government National Mortgage Association REMICS Series 2015-65, Class BD |
| 175166 | 2.250 | 05/20/45 | 157628 |
| Government National Mortgage Association REMICS Series 2015-94, Class AT | Government National Mortgage Association REMICS Series 2015-94, Class AT | Government National Mortgage Association REMICS Series 2015-94, Class AT | Government National Mortgage Association REMICS Series 2015-94, Class AT |
| 149961 | 2.250 | 07/16/45 | 136108 |
| Government National Mortgage Association REMICS Series 2019-11, Class MA | Government National Mortgage Association REMICS Series 2019-11, Class MA | Government National Mortgage Association REMICS Series 2019-11, Class MA | Government National Mortgage Association REMICS Series 2019-11, Class MA |
| 91713 | 3.000 | 01/20/47 | 88160 |
| Government National Mortgage Association REMICS Series 2019-21, Class MA | Government National Mortgage Association REMICS Series 2019-21, Class MA | Government National Mortgage Association REMICS Series 2019-21, Class MA | Government National Mortgage Association REMICS Series 2019-21, Class MA |
| 192820 | 3.500 | 09/20/47 | 187322 |
| Government National Mortgage Association REMICS Series 2023-49, Class A | Government National Mortgage Association REMICS Series 2023-49, Class A | Government National Mortgage Association REMICS Series 2023-49, Class A | Government National Mortgage Association REMICS Series 2023-49, Class A |
| 303493 | 4.500 | 07/20/48 | 302649 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** |
| GS Mortgage-Backed Securities Trust Series 2020-NQM1, Class A1<sup>(a)(c)(d)</sup> | GS Mortgage-Backed Securities Trust Series 2020-NQM1, Class A1<sup>(a)(c)(d)</sup> | GS Mortgage-Backed Securities Trust Series 2020-NQM1, Class A1<sup>(a)(c)(d)</sup> | GS Mortgage-Backed Securities Trust Series 2020-NQM1, Class A1<sup>(a)(c)(d)</sup> |
| $78128 | 1.382% | 09/27/60 | &nbsp;&nbsp;&nbsp;&nbsp;74048 |
| GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1<sup>(c)</sup> (1 mo. USD Term SOFR + 0.554%) | GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1<sup>(c)</sup> (1 mo. USD Term SOFR + 0.554%) | GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1<sup>(c)</sup> (1 mo. USD Term SOFR + 0.554%) | GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1<sup>(c)</sup> (1 mo. USD Term SOFR + 0.554%) |
| 37088 | 4.546 | 05/25/35 | 30105 |
| GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4<sup>(c)(d)</sup> | GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4<sup>(c)(d)</sup> | GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4<sup>(c)(d)</sup> | GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4<sup>(c)(d)</sup> |
| 114947 | 4.631 | 01/25/36 | 106959 |
| Impac CMB Trust Series 2003-2F, Class A<sup>(b)</sup> | Impac CMB Trust Series 2003-2F, Class A<sup>(b)</sup> | Impac CMB Trust Series 2003-2F, Class A<sup>(b)</sup> | Impac CMB Trust Series 2003-2F, Class A<sup>(b)</sup> |
| 19280 | 5.730 | 01/25/33 | 19424 |
| Impac CMB Trust Series 2005-2, Class 2A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.914%) | Impac CMB Trust Series 2005-2, Class 2A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.914%) | Impac CMB Trust Series 2005-2, Class 2A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.914%) | Impac CMB Trust Series 2005-2, Class 2A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.914%) |
| 9153 | 4.906 | 04/25/35 | 8992 |
| Impac Secured Assets Trust Series 2006-1, Class 2A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.814%) | Impac Secured Assets Trust Series 2006-1, Class 2A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.814%) | Impac Secured Assets Trust Series 2006-1, Class 2A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.814%) | Impac Secured Assets Trust Series 2006-1, Class 2A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.814%) |
| 67905 | 4.806 | 05/25/36 | 64235 |
| IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 6A1<sup>(c)(d)</sup> | IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 6A1<sup>(c)(d)</sup> | IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 6A1<sup>(c)(d)</sup> | IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 6A1<sup>(c)(d)</sup> |
| 24364 | 5.523 | 10/25/34 | 23004 |
| JPMorgan Mortgage Trust Series 2016-4, Class A3<sup>(a)(c)(d)</sup> | JPMorgan Mortgage Trust Series 2016-4, Class A3<sup>(a)(c)(d)</sup> | JPMorgan Mortgage Trust Series 2016-4, Class A3<sup>(a)(c)(d)</sup> | JPMorgan Mortgage Trust Series 2016-4, Class A3<sup>(a)(c)(d)</sup> |
| 82872 | 3.500 | 10/25/46 | 76078 |
| Lehman XS Trust Series 2005-7N, Class 1A1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.654%) | Lehman XS Trust Series 2005-7N, Class 1A1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.654%) | Lehman XS Trust Series 2005-7N, Class 1A1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.654%) | Lehman XS Trust Series 2005-7N, Class 1A1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.654%) |
| 49506 | 4.646 | 12/25/35 | 46851 |
| MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1<sup>(c)(d)</sup> | MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1<sup>(c)(d)</sup> | MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1<sup>(c)(d)</sup> | MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1<sup>(c)(d)</sup> |
| 17468 | 6.432 | 04/21/34 | 17189 |
| MFA Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> | MFA Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> | MFA Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> | MFA Trust Series 2021-NQM1, Class A1<sup>(a)(c)(d)</sup> |
| 116645 | 1.153 | 04/25/65 | 109865 |
| MFA Trust Series 2021-NQM2, Class A1<sup>(a)(c)(d)</sup> | MFA Trust Series 2021-NQM2, Class A1<sup>(a)(c)(d)</sup> | MFA Trust Series 2021-NQM2, Class A1<sup>(a)(c)(d)</sup> | MFA Trust Series 2021-NQM2, Class A1<sup>(a)(c)(d)</sup> |
| 171680 | 1.029 | 11/25/64 | 152168 |
| MortgageIT Trust Series 2005-1, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.754%) | MortgageIT Trust Series 2005-1, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.754%) | MortgageIT Trust Series 2005-1, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.754%) | MortgageIT Trust Series 2005-1, Class 1A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.754%) |
| 67366 | 4.746 | 02/25/35 | 68697 |
| MortgageIT Trust Series 2005-1, Class 1A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.894%) | MortgageIT Trust Series 2005-1, Class 1A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.894%) | MortgageIT Trust Series 2005-1, Class 1A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.894%) | MortgageIT Trust Series 2005-1, Class 1A2<sup>(c)</sup>(1 mo. USD Term SOFR + 0.894%) |
| 57945 | 4.886 | 02/25/35 | 58436 |
| New Residential Mortgage Loan Trust Series 2019-RPL3, Class A1<sup>(a)(c)(d)</sup> | New Residential Mortgage Loan Trust Series 2019-RPL3, Class A1<sup>(a)(c)(d)</sup> | New Residential Mortgage Loan Trust Series 2019-RPL3, Class A1<sup>(a)(c)(d)</sup> | New Residential Mortgage Loan Trust Series 2019-RPL3, Class A1<sup>(a)(c)(d)</sup> |
| 339196 | 2.750 | 07/25/59 | 327192 |
| OBX Trust Series 2025-NQM4, Class A1<sup>(a)(b)</sup> | OBX Trust Series 2025-NQM4, Class A1<sup>(a)(b)</sup> | OBX Trust Series 2025-NQM4, Class A1<sup>(a)(b)</sup> | OBX Trust Series 2025-NQM4, Class A1<sup>(a)(b)</sup> |
| 300008 | 5.400 | 02/25/55 | 301631 |
| RALI Trust Series 2004-QA4, Class NB21<sup>(c)(d)</sup> | RALI Trust Series 2004-QA4, Class NB21<sup>(c)(d)</sup> | RALI Trust Series 2004-QA4, Class NB21<sup>(c)(d)</sup> | RALI Trust Series 2004-QA4, Class NB21<sup>(c)(d)</sup> |
| 5980 | 5.360 | 09/25/34 | 5784 |
| Sequoia Mortgage Trust Series 2003-2, Class A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.774%) | Sequoia Mortgage Trust Series 2003-2, Class A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.774%) | Sequoia Mortgage Trust Series 2003-2, Class A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.774%) | Sequoia Mortgage Trust Series 2003-2, Class A1<sup>(c)</sup>(1 mo. USD Term SOFR + 0.774%) |
| 4260 | 4.806 | 06/20/33 | 4232 |
| Sequoia Mortgage Trust Series 2010, Class 1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.914%) | Sequoia Mortgage Trust Series 2010, Class 1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.914%) | Sequoia Mortgage Trust Series 2010, Class 1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.914%) | Sequoia Mortgage Trust Series 2010, Class 1A<sup>(c)</sup>(1 mo. USD Term SOFR + 0.914%) |
| 1940 | 4.946 | 10/20/27 | 1887 |

---

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE SHORT-TERM GOVERNMENT FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** |
| Vendee Mortgage Trust Series 1996-2, Class 1Z | Vendee Mortgage Trust Series 1996-2, Class 1Z | Vendee Mortgage Trust Series 1996-2, Class 1Z | Vendee Mortgage Trust Series 1996-2, Class 1Z |
| $2771 | 6.750% | 06/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;2783 |
| Verus Securitization Trust Series 2021-2, Class A1<sup>(a)(c)(d)</sup> | Verus Securitization Trust Series 2021-2, Class A1<sup>(a)(c)(d)</sup> | Verus Securitization Trust Series 2021-2, Class A1<sup>(a)(c)(d)</sup> | Verus Securitization Trust Series 2021-2, Class A1<sup>(a)(c)(d)</sup> |
| 207477 | 1.031 | 02/25/66 | 189283 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS |
|  **(Cost $11,409,824)** | **(Cost $11,409,824)** | **(Cost $11,409,824)** | $10992490 |
|  **Commercial Mortgage Obligations – 3.8%** | **Commercial Mortgage Obligations – 3.8%** | **Commercial Mortgage Obligations – 3.8%** | **Commercial Mortgage Obligations – 3.8%** |
| Government National Mortgage Association REMICS Series 2018-170, Class V | Government National Mortgage Association REMICS Series 2018-170, Class V | Government National Mortgage Association REMICS Series 2018-170, Class V | Government National Mortgage Association REMICS Series 2018-170, Class V |
| $214755 | 3.250% | 10/16/35 | $203871 |
| Government National Mortgage Association REMICS Series 2022-196, Class AB | Government National Mortgage Association REMICS Series 2022-196, Class AB | Government National Mortgage Association REMICS Series 2022-196, Class AB | Government National Mortgage Association REMICS Series 2022-196, Class AB |
| 422699 | 3.250 | 04/16/54 | 396848 |
| Government National Mortgage Association REMICS Series 2022-199, Class A | Government National Mortgage Association REMICS Series 2022-199, Class A | Government National Mortgage Association REMICS Series 2022-199, Class A | Government National Mortgage Association REMICS Series 2022-199, Class A |
| 592128 | 3.250 | 02/16/54 | 559006 |
| TOTAL COMMERCIAL MORTGAGE OBLIGATIONS | TOTAL COMMERCIAL MORTGAGE OBLIGATIONS | TOTAL COMMERCIAL MORTGAGE OBLIGATIONS | TOTAL COMMERCIAL MORTGAGE OBLIGATIONS |
|  **(Cost $1,141,953)** | **(Cost $1,141,953)** | **(Cost $1,141,953)** | $1159725 |
|  **Federal Agencies – 10.7%** | **Federal Agencies – 10.7%** | **Federal Agencies – 10.7%** | **Federal Agencies – 10.7%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 1307 | 5.000% | 05/01/27 | $1310 |
| 30655 | 2.500 | 04/01/28 | 30182 |
| (RFUCC 1 yr. Treasury + 1.600%), | (RFUCC 1 yr. Treasury + 1.600%), | (RFUCC 1 yr. Treasury + 1.600%), | (RFUCC 1 yr. Treasury + 1.600%), |
| 93769 | 6.278 <sup>(c)</sup> | 07/01/45 | 96523 |
| (RFUCC 1 yr. Treasury + 1.576%), | (RFUCC 1 yr. Treasury + 1.576%), | (RFUCC 1 yr. Treasury + 1.576%), | (RFUCC 1 yr. Treasury + 1.576%), |
| 40317 | 6.335 <sup>(c)</sup> | 07/01/46 | 41456 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 53259 | 3.500 | 10/01/26 | 52984 |
| 32725 | 3.500 | 12/01/27 | 32481 |
| 54034 | 2.500 | 03/01/28 | 53067 |
| 126231 | 2.500 | 05/01/28 | 123923 |
| 45756 | 3.000 | 05/01/28 | 45251 |
| 84226 | 2.500 | 07/01/28 | 82498 |
| 60322 | 3.000 | 09/01/28 | 59498 |
| 56547 | 2.500 | 01/01/30 | 55288 |
| 97936 | 3.500 | 10/01/32 | 96138 |
| 204149 | 3.000 | 08/01/33 | 194926 |
| (RFUCC 1 yr. Treasury + 1.599%), | (RFUCC 1 yr. Treasury + 1.599%), | (RFUCC 1 yr. Treasury + 1.599%), | (RFUCC 1 yr. Treasury + 1.599%), |
| 18482 | 6.273 <sup>(c)</sup> | 12/01/45 | 18982 |
| Government National Mortgage Association, | Government National Mortgage Association, | Government National Mortgage Association, | Government National Mortgage Association, |
| (1 yr. CMT + 1.500%) | (1 yr. CMT + 1.500%) | (1 yr. CMT + 1.500%) | (1 yr. CMT + 1.500%) |
| 150 | 5.625 <sup>(c)</sup> | 04/20/26 | 150 |
| 145 | 4.625 <sup>(c)</sup> | 08/20/26 | 145 |
| 742 | 5.625 <sup>(c)</sup> | 01/20/28 | 741 |
| 498113 | 4.500 <sup>(c)</sup> | 08/20/55 | 496955 |
| Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
| 26474 | 3.000 | 11/01/26 | 26267 |
| 10682 | 3.000 | 12/01/26 | 10613 |
| 97163 | 2.000 | 01/01/31 | 93782 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
|  **Federal Agencies – (continued)** | **Federal Agencies – (continued)** | **Federal Agencies – (continued)** | **Federal Agencies – (continued)** |
| Uniform Mortgage-Backed Security (continued) | Uniform Mortgage-Backed Security (continued) | Uniform Mortgage-Backed Security (continued) | Uniform Mortgage-Backed Security (continued) |
| $1409 | 7.000% | 11/01/31 | $1472 |
| 80801 | 5.000 | 02/01/32 | 81666 |
| 43553 | 6.000 | 07/01/33 | 44505 |
| 226560 | 3.500 | 07/01/34 | 221284 |
| 144440 | 3.500 | 08/01/35 | 140742 |
| 747948 | 3.500 | 08/01/42 | 716357 |
| (1 mo. USD Term SOFR + 2.196%), | (1 mo. USD Term SOFR + 2.196%), | (1 mo. USD Term SOFR + 2.196%), | (1 mo. USD Term SOFR + 2.196%), |
| 498769 | 4.271 <sup>(c)</sup> | 09/01/55 | 492397 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES |
|  **(Cost $3,362,304)** | **(Cost $3,362,304)** | **(Cost $3,362,304)** | $3311583 |
| TOTAL MORTGAGE-BACKED OBLIGATIONS | TOTAL MORTGAGE-BACKED OBLIGATIONS | TOTAL MORTGAGE-BACKED OBLIGATIONS | TOTAL MORTGAGE-BACKED OBLIGATIONS |
|  **(Cost $15,914,081)** | **(Cost $15,914,081)** | **(Cost $15,914,081)** | $15463798 |
| U.S. Treasury Obligations – 44.3% | U.S. Treasury Obligations – 44.3% | U.S. Treasury Obligations – 44.3% | U.S. Treasury Obligations – 44.3% |
| U.S. Treasury Bills<sup>(e)</sup> | U.S. Treasury Bills<sup>(e)</sup> | U.S. Treasury Bills<sup>(e)</sup> | U.S. Treasury Bills<sup>(e)</sup> |
| $500000 | 0.000% | 11/13/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499463 |
| 700000 | 0.000 | 11/20/25 | 698715 |
| 800000 | 0.000 | 01/22/26 | 788648 |
| 600000 | 0.000 | 01/29/26 | 593918 |
| 500000 | 0.000 | 02/19/26 | 490081 |
| 600000 | 0.000 | 03/19/26 | 590799 |
| 1000000 | 0.000 | 04/16/26 | 981809 |
| 500000 | 0.000 | 07/09/26 | 486393 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 500000 | 3.750 | 08/31/26 | 499225 |
| 300000 | 1.250 | 11/30/26 | 292277 |
| 600000 | 1.500 | 01/31/27 | 584086 |
| 2500000 | 2.625 | 07/31/29 | 2410840 |
| 300000 | 1.625 | 08/15/29 | 279105 |
| 700000 | 3.875 | 09/30/29 | 705469 |
| 350000 | 4.125 | 10/31/29 | 355920 |
| 600000 | 3.875 | 11/30/29 | 604688 |
| 2800000 | 3.875 | 12/31/29 | 2821437 |
| TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS |
|  **(Cost $13,598,698)** | **(Cost $13,598,698)** | **(Cost $13,598,698)** | $13682873 |
| U.S. Government Agency Obligations<sup>(f)</sup> – 2.5% | U.S. Government Agency Obligations<sup>(f)</sup> – 2.5% | U.S. Government Agency Obligations<sup>(f)</sup> – 2.5% | U.S. Government Agency Obligations<sup>(f)</sup> – 2.5% |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| $275000 | 5.120% | 11/24/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274861 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | 4.250 | 03/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503207 |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
|  **(Cost $775,000)** | **(Cost $775,000)** | **(Cost $775,000)** | $778068 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

THE SHORT-TERM GOVERNMENT FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – 0.9% | Asset-Backed Securities<sup>(c)</sup> – 0.9% | Asset-Backed Securities<sup>(c)</sup> – 0.9% | Asset-Backed Securities<sup>(c)</sup> – 0.9% |
|  **Home Equity – 0.5%** | **Home Equity – 0.5%** | **Home Equity – 0.5%** | **Home Equity – 0.5%** |
| Morgan Stanley ABS Capital I, Inc. Trust Series 2002-HE3, Class A2(1 mo. USD Term SOFR + 1.194%) | Morgan Stanley ABS Capital I, Inc. Trust Series 2002-HE3, Class A2(1 mo. USD Term SOFR + 1.194%) | Morgan Stanley ABS Capital I, Inc. Trust Series 2002-HE3, Class A2(1 mo. USD Term SOFR + 1.194%) | Morgan Stanley ABS Capital I, Inc. Trust Series 2002-HE3, Class A2(1 mo. USD Term SOFR + 1.194%) |
| $22138 | 5.186% | 03/25/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22128 |
| Terwin Mortgage Trust Series 2004-7HE, Class A3<sup>(a)</sup>(1 mo. USD Term SOFR + 1.514%) | Terwin Mortgage Trust Series 2004-7HE, Class A3<sup>(a)</sup>(1 mo. USD Term SOFR + 1.514%) | Terwin Mortgage Trust Series 2004-7HE, Class A3<sup>(a)</sup>(1 mo. USD Term SOFR + 1.514%) | Terwin Mortgage Trust Series 2004-7HE, Class A3<sup>(a)</sup>(1 mo. USD Term SOFR + 1.514%) |
| 103606 | 5.506 | 07/25/34 | 101899 |
| Terwin Mortgage Trust Series 2004-9HE, Class A1<sup>(a)</sup><br>(1 mo. USD Term SOFR + 0.914%) | Terwin Mortgage Trust Series 2004-9HE, Class A1<sup>(a)</sup><br>(1 mo. USD Term SOFR + 0.914%) | Terwin Mortgage Trust Series 2004-9HE, Class A1<sup>(a)</sup><br>(1 mo. USD Term SOFR + 0.914%) | Terwin Mortgage Trust Series 2004-9HE, Class A1<sup>(a)</sup><br>(1 mo. USD Term SOFR + 0.914%) |
| 40121 | 4.906 | 09/25/34 | 38401 |
|  |  |  | 162428 |
|  **Other – 0.4%** | **Other – 0.4%** | **Other – 0.4%** | **Other – 0.4%** |
| Countrywide Asset-Backed Certificates Trust Series 2004-6, Class 2A4(1 mo. USD Term SOFR + 1.014%) | Countrywide Asset-Backed Certificates Trust Series 2004-6, Class 2A4(1 mo. USD Term SOFR + 1.014%) | Countrywide Asset-Backed Certificates Trust Series 2004-6, Class 2A4(1 mo. USD Term SOFR + 1.014%) | Countrywide Asset-Backed Certificates Trust Series 2004-6, Class 2A4(1 mo. USD Term SOFR + 1.014%) |
| 111391 | 5.006 | 11/25/34 | 109686 |
| TOTAL ASSET-BACKED SECURITIES | TOTAL ASSET-BACKED SECURITIES | TOTAL ASSET-BACKED SECURITIES | TOTAL ASSET-BACKED SECURITIES |
|  **(Cost $248,531)** | **(Cost $248,531)** |  | $272114 <br>|
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 2.3% | Investment Company – 2.3% | Investment Company – 2.3% | Investment Company – 2.3% |
| State Street Institutional US Government Money Market Fund – Premier Class | State Street Institutional US Government Money Market Fund – Premier Class | State Street Institutional US Government Money Market Fund – Premier Class | State Street Institutional US Government Money Market Fund – Premier Class |
| 723915 | 4.014% | 4.014% | $723915 |
|  **(Cost $723,915)** | **(Cost $723,915)** |  |  |
| TOTAL INVESTMENTS – 100.0% | TOTAL INVESTMENTS – 100.0% | TOTAL INVESTMENTS – 100.0% | TOTAL INVESTMENTS – 100.0% |
|  **(Cost $31,260,225)** | **(Cost $31,260,225)** |  | $30920768 <br>|
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.0%** | 4924 <br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $30925692 <br>|

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | 144A securities. Securities restricted for resale to Qualified Institutional Buyers. |
| (b) | Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of October 31, 2025. Maturity date disclosed is the ultimate maturity. |
| (c) | Variable rate security. The interest rate shown reflects the rate as of October 31, 2025. |
| (d) | Rate shown is that which is in effect on October 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (e) | 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: | Investment Abbreviations: |
| REMICS | —Real Estate Mortgage Investment Conduit |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 Year |
| SOFR | —Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

## Schedule of Investments
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – 99.3% | Municipal Bond Obligations – 99.3% | Municipal Bond Obligations – 99.3% | Municipal Bond Obligations – 99.3% |
|  **Alabama<sup>(a)</sup> – 3.1%** | **Alabama<sup>(a)</sup> – 3.1%** | **Alabama<sup>(a)</sup> – 3.1%** | **Alabama<sup>(a)</sup> – 3.1%** |
| Alabama Housing Finance Authority Revenue Bonds Series C (FHLMC/FNMA/GNMA) (NR/Aa1) | Alabama Housing Finance Authority Revenue Bonds Series C (FHLMC/FNMA/GNMA) (NR/Aa1) | Alabama Housing Finance Authority Revenue Bonds Series C (FHLMC/FNMA/GNMA) (NR/Aa1) | Alabama Housing Finance Authority Revenue Bonds Series C (FHLMC/FNMA/GNMA) (NR/Aa1) |
| $530000 | 3.750% | 04/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533556 |
| 545000 | 3.800 | 10/01/35 | 549171 |
| 560000 | 3.900 | 04/01/36 | 565432 |
| 450000 | 3.950 | 10/01/36 | 454414 |
| 590000 | 4.000 | 04/01/37 | 595547 |
| 505000 | 4.000 | 10/01/37 | 509502 |
| Southeast Energy Authority A Cooperative District Revenue Bonds Series 2025 C (NR/Aa1)<sup>(b)(c)</sup> | Southeast Energy Authority A Cooperative District Revenue Bonds Series 2025 C (NR/Aa1)<sup>(b)(c)</sup> | Southeast Energy Authority A Cooperative District Revenue Bonds Series 2025 C (NR/Aa1)<sup>(b)(c)</sup> | Southeast Energy Authority A Cooperative District Revenue Bonds Series 2025 C (NR/Aa1)<sup>(b)(c)</sup> |
| 5000000 | 5.000 | 05/01/55 | 5384463 |
| Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) | Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) | Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) | Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) |
| 2255000 | 5.000 | 12/01/31 | 2431635 |
|  |  |  | 11023720 |
|  **Alaska<sup>(a)</sup> – 0.3%** | **Alaska<sup>(a)</sup> – 0.3%** | **Alaska<sup>(a)</sup> – 0.3%** | **Alaska<sup>(a)</sup> – 0.3%** |
| Alaska State Municipal Bond Bank Authority Revenue Bonds (Master Resolution) Series A (AA-/NR) | Alaska State Municipal Bond Bank Authority Revenue Bonds (Master Resolution) Series A (AA-/NR) | Alaska State Municipal Bond Bank Authority Revenue Bonds (Master Resolution) Series A (AA-/NR) | Alaska State Municipal Bond Bank Authority Revenue Bonds (Master Resolution) Series A (AA-/NR) |
| 1000000 | 5.000 | 10/01/28 | 1040850 |
| Alaska State Municipal Bond Bank Authority Revenue Bonds Series B (AMT) (AA-/NR) | Alaska State Municipal Bond Bank Authority Revenue Bonds Series B (AMT) (AA-/NR) | Alaska State Municipal Bond Bank Authority Revenue Bonds Series B (AMT) (AA-/NR) | Alaska State Municipal Bond Bank Authority Revenue Bonds Series B (AMT) (AA-/NR) |
| 80000 | 5.000 | 03/01/27 | 80105 |
|  |  |  | 1120955 |
|  **Arizona<sup>(a)</sup> – 0.6%** | **Arizona<sup>(a)</sup> – 0.6%** | **Arizona<sup>(a)</sup> – 0.6%** | **Arizona<sup>(a)</sup> – 0.6%** |
| Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR) | Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR) | Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR) | Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR) |
| 2285000 | 4.000 | 11/01/39 | 2234602 |
|  **Arkansas<sup>(a)</sup> – 0.3%** | **Arkansas<sup>(a)</sup> – 0.3%** | **Arkansas<sup>(a)</sup> – 0.3%** | **Arkansas<sup>(a)</sup> – 0.3%** |
| City of Benton AR Public Utilities Revenue Bonds (Taxable-Refunding) Series 2020 (NR/A1) | City of Benton AR Public Utilities Revenue Bonds (Taxable-Refunding) Series 2020 (NR/A1) | City of Benton AR Public Utilities Revenue Bonds (Taxable-Refunding) Series 2020 (NR/A1) | City of Benton AR Public Utilities Revenue Bonds (Taxable-Refunding) Series 2020 (NR/A1) |
| 250000 | 2.400 | 09/01/27 | 243105 |
| City of Forrest City AR Sales & Use Tax Revenue Bonds Series 2021 (A-/NR) | City of Forrest City AR Sales & Use Tax Revenue Bonds Series 2021 (A-/NR) | City of Forrest City AR Sales & Use Tax Revenue Bonds Series 2021 (A-/NR) | City of Forrest City AR Sales & Use Tax Revenue Bonds Series 2021 (A-/NR) |
| 675000 | 3.000 | 11/01/30 | 672363 |
|  |  |  | 915468 |
|  **Colorado – 4.7%** | **Colorado – 4.7%** | **Colorado – 4.7%** | **Colorado – 4.7%** |
| Adams & Weld Counties CO School District No. 27J Brighton GO Bonds Series 2017 (AA/Aa2)<sup>(a)</sup> | Adams & Weld Counties CO School District No. 27J Brighton GO Bonds Series 2017 (AA/Aa2)<sup>(a)</sup> | Adams & Weld Counties CO School District No. 27J Brighton GO Bonds Series 2017 (AA/Aa2)<sup>(a)</sup> | Adams & Weld Counties CO School District No. 27J Brighton GO Bonds Series 2017 (AA/Aa2)<sup>(a)</sup> |
| 2055000 | 5.000 | 12/01/42 | 2081484 |
| Adams County CO Certificates of Participation Series 2021 (A/NR)<sup>(a)</sup> | Adams County CO Certificates of Participation Series 2021 (A/NR)<sup>(a)</sup> | Adams County CO Certificates of Participation Series 2021 (A/NR)<sup>(a)</sup> | Adams County CO Certificates of Participation Series 2021 (A/NR)<sup>(a)</sup> |
| 550000 | 4.000 | 12/01/36 | 557712 |
| Boulder Valley School CO District No. Re-2 Boulder GO Bonds Series 2015 (AA+/Aa1)<sup>(a)</sup> | Boulder Valley School CO District No. Re-2 Boulder GO Bonds Series 2015 (AA+/Aa1)<sup>(a)</sup> | Boulder Valley School CO District No. Re-2 Boulder GO Bonds Series 2015 (AA+/Aa1)<sup>(a)</sup> | Boulder Valley School CO District No. Re-2 Boulder GO Bonds Series 2015 (AA+/Aa1)<sup>(a)</sup> |
| 3750000 | 5.000 | 12/01/40 | 3751251 |
| City & County of Denver Airport System Revenue Bonds (Refunding) Series D (AA-/Aa3)<sup>(a)</sup> | City & County of Denver Airport System Revenue Bonds (Refunding) Series D (AA-/Aa3)<sup>(a)</sup> | City & County of Denver Airport System Revenue Bonds (Refunding) Series D (AA-/Aa3)<sup>(a)</sup> | City & County of Denver Airport System Revenue Bonds (Refunding) Series D (AA-/Aa3)<sup>(a)</sup> |
| 500000 | 5.750 | 11/15/41 | 553122 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** | **Colorado – (continued)** |
| Colorado State Health Facilities Authority Revenue Bonds Series A (A+/A1)<sup>(a)</sup> | Colorado State Health Facilities Authority Revenue Bonds Series A (A+/A1)<sup>(a)</sup> | Colorado State Health Facilities Authority Revenue Bonds Series A (A+/A1)<sup>(a)</sup> | Colorado State Health Facilities Authority Revenue Bonds Series A (A+/A1)<sup>(a)</sup> |
| $1770000 | 5.000% | 12/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;1775855 |
| Colorado State Housing & Finance Authority Revenue Bonds (Taxable) Series C-1 (GNMA) (AAA/Aaa) | Colorado State Housing & Finance Authority Revenue Bonds (Taxable) Series C-1 (GNMA) (AAA/Aaa) | Colorado State Housing & Finance Authority Revenue Bonds (Taxable) Series C-1 (GNMA) (AAA/Aaa) | Colorado State Housing & Finance Authority Revenue Bonds (Taxable) Series C-1 (GNMA) (AAA/Aaa) |
| 250000 | 2.175 | 11/01/25 | 250000 |
| Grand County CO Certificates of Participation Series 2025 (AA-/NR)<sup>(a)</sup> | Grand County CO Certificates of Participation Series 2025 (AA-/NR)<sup>(a)</sup> | Grand County CO Certificates of Participation Series 2025 (AA-/NR)<sup>(a)</sup> | Grand County CO Certificates of Participation Series 2025 (AA-/NR)<sup>(a)</sup> |
| 500000 | 5.000 | 12/01/39 | 557068 |
| 830000 | 5.000 | 12/01/41 | 905066 |
| 525000 | 5.000 | 12/01/42 | 566918 |
| 640000 | 5.000 | 12/01/44 | 680136 |
| Thornton Development Authority Tax Allocation (Refunding) Series 2025 (East 144th Avenue & I-25 Project) (A+/NR) | Thornton Development Authority Tax Allocation (Refunding) Series 2025 (East 144th Avenue & I-25 Project) (A+/NR) | Thornton Development Authority Tax Allocation (Refunding) Series 2025 (East 144th Avenue & I-25 Project) (A+/NR) | Thornton Development Authority Tax Allocation (Refunding) Series 2025 (East 144th Avenue & I-25 Project) (A+/NR) |
| 1460000 | 5.000 | 12/01/31 | 1615635 |
| 1505000 | 5.000 | 12/01/32 | 1678958 |
| 1605000 | 5.000 | 12/01/33 | 1803128 |
|  |  |  | 16776333 |
|  **Connecticut – 0.8%** | **Connecticut – 0.8%** | **Connecticut – 0.8%** | **Connecticut – 0.8%** |
| Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series B (AMT) (NR/Aa2) | Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series B (AMT) (NR/Aa2) | Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series B (AMT) (NR/Aa2) | Connecticut State Higher Education Supplement Loan Authority Revenue Bonds (Chesla Loan Program) Series B (AMT) (NR/Aa2) |
| 330000 | 5.000 | 11/15/27 | 338629 |
| 450000 | 5.000 | 11/15/28 | 468579 |
| 450000 | 5.000 | 11/15/29 | 474036 |
| 385000 | 5.000 | 11/15/30 | 409508 |
| Connecticut State Housing Finance Authority Housing Finance Mortgage Program Revenue Bonds (Taxable Refunding) Series A-4 (AAA/Aaa) | Connecticut State Housing Finance Authority Housing Finance Mortgage Program Revenue Bonds (Taxable Refunding) Series A-4 (AAA/Aaa) | Connecticut State Housing Finance Authority Housing Finance Mortgage Program Revenue Bonds (Taxable Refunding) Series A-4 (AAA/Aaa) | Connecticut State Housing Finance Authority Housing Finance Mortgage Program Revenue Bonds (Taxable Refunding) Series A-4 (AAA/Aaa) |
| 765000 | 1.950 | 11/15/25 | 764521 |
| 500000 | 2.090 | 05/15/26 | 495793 |
|  |  |  | 2951066 |
|  **Florida – 4.8%** | **Florida – 4.8%** | **Florida – 4.8%** | **Florida – 4.8%** |
| City of Pensacola FL Airport Revenue Bonds Series 2025 (AMT) (A+/NR)<sup>(a)</sup> | City of Pensacola FL Airport Revenue Bonds Series 2025 (AMT) (A+/NR)<sup>(a)</sup> | City of Pensacola FL Airport Revenue Bonds Series 2025 (AMT) (A+/NR)<sup>(a)</sup> | City of Pensacola FL Airport Revenue Bonds Series 2025 (AMT) (A+/NR)<sup>(a)</sup> |
| 750000 | 5.250 | 10/01/36 | 847377 |
| 655000 | 5.250 | 10/01/37 | 734001 |
| 750000 | 5.250 | 10/01/38 | 835431 |
| 750000 | 5.250 | 10/01/39 | 829876 |
| 1125000 | 5.250 | 10/01/40 | 1235581 |
| County of Broward FL Port Facilities Revenue Bond Series A (A/A1) | County of Broward FL Port Facilities Revenue Bond Series A (A/A1) | County of Broward FL Port Facilities Revenue Bond Series A (A/A1) | County of Broward FL Port Facilities Revenue Bond Series A (A/A1) |
| 620000 | 5.000 | 09/01/28 | 658061 |
| Florida State Housing Finance Corp. Revenue Bonds Series 1 (FHLMC/FNMA/GNMA) (NR/Aaa) | Florida State Housing Finance Corp. Revenue Bonds Series 1 (FHLMC/FNMA/GNMA) (NR/Aaa) | Florida State Housing Finance Corp. Revenue Bonds Series 1 (FHLMC/FNMA/GNMA) (NR/Aaa) | Florida State Housing Finance Corp. Revenue Bonds Series 1 (FHLMC/FNMA/GNMA) (NR/Aaa) |
| 535000 | 2.000 | 07/01/27 | 520905 |
| 495000 | 2.050 | 01/01/28 | 479578 |
| 515000 | 2.100 | 07/01/28 | 496796 |
| 520000 | 2.125 <sup>(a)</sup> | 01/01/29 | 499385 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

## Schedule of Investments (continued)
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** | **Florida – (continued)** |
| Greater Orlando FL Aviation Authority Revenue Bonds Series 2015 A (AA/Aa2)<sup>(a)</sup> | Greater Orlando FL Aviation Authority Revenue Bonds Series 2015 A (AA/Aa2)<sup>(a)</sup> | Greater Orlando FL Aviation Authority Revenue Bonds Series 2015 A (AA/Aa2)<sup>(a)</sup> | Greater Orlando FL Aviation Authority Revenue Bonds Series 2015 A (AA/Aa2)<sup>(a)</sup> |
| $2015000 | 5.000% | 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017621 |
| Southeast Overtown Park West Community Redevelopment Agency Tax Allocation Series A (AG) (AA/NR) | Southeast Overtown Park West Community Redevelopment Agency Tax Allocation Series A (AG) (AA/NR) | Southeast Overtown Park West Community Redevelopment Agency Tax Allocation Series A (AG) (AA/NR) | Southeast Overtown Park West Community Redevelopment Agency Tax Allocation Series A (AG) (AA/NR) |
| 850000 | 5.000 | 03/01/34 | 966153 |
| 755000 | 5.000 | 03/01/35 | 857539 |
| 500000 | 5.000 <sup>(a)</sup> | 03/01/36 | 559806 |
| St. Johns County FL School Board Certificates of Participation Series 2024 A (AG) (AA/NR)<sup>(a)</sup> | St. Johns County FL School Board Certificates of Participation Series 2024 A (AG) (AA/NR)<sup>(a)</sup> | St. Johns County FL School Board Certificates of Participation Series 2024 A (AG) (AA/NR)<sup>(a)</sup> | St. Johns County FL School Board Certificates of Participation Series 2024 A (AG) (AA/NR)<sup>(a)</sup> |
| 1200000 | 5.000 | 07/01/40 | 1306736 |
| Village Community Development District No. 10 (Refunding) Series 2023 (AG) (AA/NR)<sup>(a)</sup> | Village Community Development District No. 10 (Refunding) Series 2023 (AG) (AA/NR)<sup>(a)</sup> | Village Community Development District No. 10 (Refunding) Series 2023 (AG) (AA/NR)<sup>(a)</sup> | Village Community Development District No. 10 (Refunding) Series 2023 (AG) (AA/NR)<sup>(a)</sup> |
| 2545000 | 5.000 | 05/01/41 | 2689549 |
| 1210000 | 5.000 | 05/01/42 | 1268149 |
|  |  |  | 16802544 |
|  **Georgia – 3.1%** | **Georgia – 3.1%** | **Georgia – 3.1%** | **Georgia – 3.1%** |
| Cobb County GA Development Authority Revenue Bonds (Refunding) Series 2017 (NR/A1)<sup>(a)</sup> | Cobb County GA Development Authority Revenue Bonds (Refunding) Series 2017 (NR/A1)<sup>(a)</sup> | Cobb County GA Development Authority Revenue Bonds (Refunding) Series 2017 (NR/A1)<sup>(a)</sup> | Cobb County GA Development Authority Revenue Bonds (Refunding) Series 2017 (NR/A1)<sup>(a)</sup> |
| 3000000 | 5.000 | 07/15/40 | 3047381 |
| Fulton County GA Development Authority Revenue Bonds (Refunding-Robert W Woodruff Arts Center, Inc.) Series A (NR/A2) | Fulton County GA Development Authority Revenue Bonds (Refunding-Robert W Woodruff Arts Center, Inc.) Series A (NR/A2) | Fulton County GA Development Authority Revenue Bonds (Refunding-Robert W Woodruff Arts Center, Inc.) Series A (NR/A2) | Fulton County GA Development Authority Revenue Bonds (Refunding-Robert W Woodruff Arts Center, Inc.) Series A (NR/A2) |
| 1000000 | 5.000 | 03/15/26 | 1006775 |
| Gainesville & Hall County Hospital Authority Revenue Bond Series 2020 (A+/NR)<sup>(a)</sup> | Gainesville & Hall County Hospital Authority Revenue Bond Series 2020 (A+/NR)<sup>(a)</sup> | Gainesville & Hall County Hospital Authority Revenue Bond Series 2020 (A+/NR)<sup>(a)</sup> | Gainesville & Hall County Hospital Authority Revenue Bond Series 2020 (A+/NR)<sup>(a)</sup> |
| 1700000 | 4.000 | 02/15/39 | 1705549 |
| Milledgeville & Baldwin County Development Authority Revenue Bonds (Refunding) Series 2021 (AA-/NR) | Milledgeville & Baldwin County Development Authority Revenue Bonds (Refunding) Series 2021 (AA-/NR) | Milledgeville & Baldwin County Development Authority Revenue Bonds (Refunding) Series 2021 (AA-/NR) | Milledgeville & Baldwin County Development Authority Revenue Bonds (Refunding) Series 2021 (AA-/NR) |
| 500000 | 5.000 | 06/15/30 | 547875 |
| 500000 | 5.000 | 06/15/31 | 556398 |
| 600000 | 5.000 <sup>(a)</sup> | 06/15/32 | 663224 |
| 700000 | 5.000 <sup>(a)</sup> | 06/15/33 | 771311 |
| Municipal Electric Authority of Georgia GA Revenue Bonds (Refunding-Project One Subordinated) Series B (BAM) (AA/A2)<sup>(a)</sup> | Municipal Electric Authority of Georgia GA Revenue Bonds (Refunding-Project One Subordinated) Series B (BAM) (AA/A2)<sup>(a)</sup> | Municipal Electric Authority of Georgia GA Revenue Bonds (Refunding-Project One Subordinated) Series B (BAM) (AA/A2)<sup>(a)</sup> | Municipal Electric Authority of Georgia GA Revenue Bonds (Refunding-Project One Subordinated) Series B (BAM) (AA/A2)<sup>(a)</sup> |
| 2375000 | 5.250 | 01/01/38 | 2693749 |
|  |  |  | 10992262 |
|  **Idaho<sup>(a)</sup> – 0.3%** | **Idaho<sup>(a)</sup> – 0.3%** | **Idaho<sup>(a)</sup> – 0.3%** | **Idaho<sup>(a)</sup> – 0.3%** |
| County of Nez Perce ID Certification of Participation Series 2022 (NR/Aa3) | County of Nez Perce ID Certification of Participation Series 2022 (NR/Aa3) | County of Nez Perce ID Certification of Participation Series 2022 (NR/Aa3) | County of Nez Perce ID Certification of Participation Series 2022 (NR/Aa3) |
| 1000000 | 5.500 | 03/01/37 | 1126987 |
|  **Illinois – 7.4%** | **Illinois – 7.4%** | **Illinois – 7.4%** | **Illinois – 7.4%** |
| Chicago IL Midway International Airport Revenue Bonds (Senior Lien) Series 2024 A (A/NR) | Chicago IL Midway International Airport Revenue Bonds (Senior Lien) Series 2024 A (A/NR) | Chicago IL Midway International Airport Revenue Bonds (Senior Lien) Series 2024 A (A/NR) | Chicago IL Midway International Airport Revenue Bonds (Senior Lien) Series 2024 A (A/NR) |
| 1000000 | 5.000 | 01/01/34 | 1109570 |
| 1000000 | 5.000 | 01/01/35 | 1113671 |
| Chicago O'Hare International Airport Revenue Bonds Series A (AMT) (A+/NR)<sup>(a)</sup> | Chicago O'Hare International Airport Revenue Bonds Series A (AMT) (A+/NR)<sup>(a)</sup> | Chicago O'Hare International Airport Revenue Bonds Series A (AMT) (A+/NR)<sup>(a)</sup> | Chicago O'Hare International Airport Revenue Bonds Series A (AMT) (A+/NR)<sup>(a)</sup> |
| 1000000 | 5.250 | 01/01/41 | 1081791 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** | **Illinois – (continued)** |
| Elk Grove Village GO Bonds Series 2017 (AA+/NR)<sup>(a)</sup> | Elk Grove Village GO Bonds Series 2017 (AA+/NR)<sup>(a)</sup> | Elk Grove Village GO Bonds Series 2017 (AA+/NR)<sup>(a)</sup> | Elk Grove Village GO Bonds Series 2017 (AA+/NR)<sup>(a)</sup> |
| $525000 | 5.000% | 01/01/28 | $538929 |
| Governors State University Revenue Bonds (Refunding) Series 2021 (BAM) (AA/NR)<sup>(a)</sup> | Governors State University Revenue Bonds (Refunding) Series 2021 (BAM) (AA/NR)<sup>(a)</sup> | Governors State University Revenue Bonds (Refunding) Series 2021 (BAM) (AA/NR)<sup>(a)</sup> | Governors State University Revenue Bonds (Refunding) Series 2021 (BAM) (AA/NR)<sup>(a)</sup> |
| 805000 | 4.000 | 10/01/34 | 813290 |
| 855000 | 4.000 | 10/01/36 | 856337 |
| Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series 2022 (AA-/NR)<sup>(a)</sup> | Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series 2022 (AA-/NR)<sup>(a)</sup> | Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series 2022 (AA-/NR)<sup>(a)</sup> | Illinois Finance Authority Revenue Bonds (Refunding-The Carle Foundation) Series 2022 (AA-/NR)<sup>(a)</sup> |
| 750000 | 5.000 | 06/01/42 | 800315 |
| Montgomery & Bond Counties Community Unit School District No. 3 Hillsboro GO Bonds Series 2024 (BAM) (AA/NR)<sup>(a)</sup> | Montgomery & Bond Counties Community Unit School District No. 3 Hillsboro GO Bonds Series 2024 (BAM) (AA/NR)<sup>(a)</sup> | Montgomery & Bond Counties Community Unit School District No. 3 Hillsboro GO Bonds Series 2024 (BAM) (AA/NR)<sup>(a)</sup> | Montgomery & Bond Counties Community Unit School District No. 3 Hillsboro GO Bonds Series 2024 (BAM) (AA/NR)<sup>(a)</sup> |
| 2525000 | 5.000 | 12/01/37 | 2713953 |
| Rolling Meadows IL GO Bonds Series 2019 (AA+/NR)<sup>(a)</sup> | Rolling Meadows IL GO Bonds Series 2019 (AA+/NR)<sup>(a)</sup> | Rolling Meadows IL GO Bonds Series 2019 (AA+/NR)<sup>(a)</sup> | Rolling Meadows IL GO Bonds Series 2019 (AA+/NR)<sup>(a)</sup> |
| 495000 | 4.000 | 12/15/34 | 506559 |
| 515000 | 4.000 | 12/15/35 | 524269 |
| 535000 | 4.000 | 12/15/36 | 542653 |
| 555000 | 4.000 | 12/15/37 | 560596 |
| St. Clair County IL School District No. 118 Belleville GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | St. Clair County IL School District No. 118 Belleville GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | St. Clair County IL School District No. 118 Belleville GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | St. Clair County IL School District No. 118 Belleville GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> |
| 1000000 | 5.500 | 12/01/37 | 1131356 |
| Stark Knox Marshall Henry & Peoria Counties Community Unit School Dist No 100 (Refunding) Series 2021 (BAM) (AA/A1)<sup>(a)</sup> | Stark Knox Marshall Henry & Peoria Counties Community Unit School Dist No 100 (Refunding) Series 2021 (BAM) (AA/A1)<sup>(a)</sup> | Stark Knox Marshall Henry & Peoria Counties Community Unit School Dist No 100 (Refunding) Series 2021 (BAM) (AA/A1)<sup>(a)</sup> | Stark Knox Marshall Henry & Peoria Counties Community Unit School Dist No 100 (Refunding) Series 2021 (BAM) (AA/A1)<sup>(a)</sup> |
| 860000 | 4.000 | 12/01/38 | 872473 |
| Taylorville Community Unit School District No. 3 GO Bonds Series 2025 (BAM) (AA/NR) | Taylorville Community Unit School District No. 3 GO Bonds Series 2025 (BAM) (AA/NR) | Taylorville Community Unit School District No. 3 GO Bonds Series 2025 (BAM) (AA/NR) | Taylorville Community Unit School District No. 3 GO Bonds Series 2025 (BAM) (AA/NR) |
| 880000 | 5.000 | 12/01/34 | 1002741 |
| 675000 | 5.000 <sup>(a)</sup> | 12/01/35 | 766841 |
| 600000 | 5.000 <sup>(a)</sup> | 12/01/36 | 673767 |
| 775000 | 5.000 <sup>(a)</sup> | 12/01/37 | 862425 |
| 825000 | 5.000 <sup>(a)</sup> | 12/01/38 | 913492 |
| 875000 | 5.000 <sup>(a)</sup> | 12/01/39 | 960542 |
| Village of Oswego IL GO Bonds Series A (NR/Aa2)<sup>(a)</sup> | Village of Oswego IL GO Bonds Series A (NR/Aa2)<sup>(a)</sup> | Village of Oswego IL GO Bonds Series A (NR/Aa2)<sup>(a)</sup> | Village of Oswego IL GO Bonds Series A (NR/Aa2)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555000 | 5.000 | 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702035 |
| Westchester Village of IL GO Bonds Series 2021 (BAM) (AA/A2)<sup>(a)</sup> | Westchester Village of IL GO Bonds Series 2021 (BAM) (AA/A2)<sup>(a)</sup> | Westchester Village of IL GO Bonds Series 2021 (BAM) (AA/A2)<sup>(a)</sup> | Westchester Village of IL GO Bonds Series 2021 (BAM) (AA/A2)<sup>(a)</sup> |
| 1825000 | 4.000 | 12/01/38 | 1848699 |
| Winnebago County IL GO Bonds (Refunding) Series C (NR/Aa3) | Winnebago County IL GO Bonds (Refunding) Series C (NR/Aa3) | Winnebago County IL GO Bonds (Refunding) Series C (NR/Aa3) | Winnebago County IL GO Bonds (Refunding) Series C (NR/Aa3) |
| 905000 | 5.000 | 12/30/28 | 958041 |
| 960000 | 5.000 | 12/30/29 | 1033879 |
| Woodford Lasalle Livingston Etc. Counties Community Unit School District GO Bonds Series A (BAM) (AA/NR)<sup>(a)</sup> | Woodford Lasalle Livingston Etc. Counties Community Unit School District GO Bonds Series A (BAM) (AA/NR)<sup>(a)</sup> | Woodford Lasalle Livingston Etc. Counties Community Unit School District GO Bonds Series A (BAM) (AA/NR)<sup>(a)</sup> | Woodford Lasalle Livingston Etc. Counties Community Unit School District GO Bonds Series A (BAM) (AA/NR)<sup>(a)</sup> |
| 700000 | 4.000 | 12/01/31 | 731967 |
| 700000 | 4.000 | 12/01/32 | 729196 |
| 725000 | 4.000 | 12/01/33 | 751117 |
|  |  |  | 26100504 |

---

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Indiana – 7.6%** | **Indiana – 7.6%** | **Indiana – 7.6%** | **Indiana – 7.6%** |
| Avon Redevelopment Authority Revenue Bonds Series 2025 (AA/NR)<sup>(a)</sup> | Avon Redevelopment Authority Revenue Bonds Series 2025 (AA/NR)<sup>(a)</sup> | Avon Redevelopment Authority Revenue Bonds Series 2025 (AA/NR)<sup>(a)</sup> | Avon Redevelopment Authority Revenue Bonds Series 2025 (AA/NR)<sup>(a)</sup> |
| $1005000 | 4.000% | 02/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;1030889 |
| 1050000 | 4.000 | 02/01/38 | 1072858 |
| 1050000 | 4.000 | 02/01/39 | 1063602 |
| Brownsburg 1999 School Building Corp. Revenue Bonds Refunding Notes Series 2022 (AA+/NR)<sup>(a)</sup> | Brownsburg 1999 School Building Corp. Revenue Bonds Refunding Notes Series 2022 (AA+/NR)<sup>(a)</sup> | Brownsburg 1999 School Building Corp. Revenue Bonds Refunding Notes Series 2022 (AA+/NR)<sup>(a)</sup> | Brownsburg 1999 School Building Corp. Revenue Bonds Refunding Notes Series 2022 (AA+/NR)<sup>(a)</sup> |
| 1150000 | 5.000 | 01/15/42 | 1221687 |
| Griffith Redevelopment Authority Revenue Bonds(Refunding) Series A (A/NR)<sup>(a)</sup> | Griffith Redevelopment Authority Revenue Bonds(Refunding) Series A (A/NR)<sup>(a)</sup> | Griffith Redevelopment Authority Revenue Bonds(Refunding) Series A (A/NR)<sup>(a)</sup> | Griffith Redevelopment Authority Revenue Bonds(Refunding) Series A (A/NR)<sup>(a)</sup> |
| 585000 | 3.000 | 07/15/33 | 564027 |
| Griffith Redevelopment Authority Revenue Bonds(Refunding) Series B (A/NR)<sup>(a)</sup> | Griffith Redevelopment Authority Revenue Bonds(Refunding) Series B (A/NR)<sup>(a)</sup> | Griffith Redevelopment Authority Revenue Bonds(Refunding) Series B (A/NR)<sup>(a)</sup> | Griffith Redevelopment Authority Revenue Bonds(Refunding) Series B (A/NR)<sup>(a)</sup> |
| 585000 | 3.000 | 07/15/33 | 564027 |
| Hobart Building Corp. Revenue Bonds Series A (AA+/NR)<sup>(a)</sup> | Hobart Building Corp. Revenue Bonds Series A (AA+/NR)<sup>(a)</sup> | Hobart Building Corp. Revenue Bonds Series A (AA+/NR)<sup>(a)</sup> | Hobart Building Corp. Revenue Bonds Series A (AA+/NR)<sup>(a)</sup> |
| 600000 | 5.000 | 07/15/35 | 658360 |
| 450000 | 5.000 | 01/15/37 | 485815 |
| Indiana State Finance Authority Revenue Bond (Refunding-Marion Hospital, Inc. Obligated Group) Series 2021 (A/NR) | Indiana State Finance Authority Revenue Bond (Refunding-Marion Hospital, Inc. Obligated Group) Series 2021 (A/NR) | Indiana State Finance Authority Revenue Bond (Refunding-Marion Hospital, Inc. Obligated Group) Series 2021 (A/NR) | Indiana State Finance Authority Revenue Bond (Refunding-Marion Hospital, Inc. Obligated Group) Series 2021 (A/NR) |
| 830000 | 4.000 | 07/01/31 | 850479 |
| 700000 | 4.000 <sup>(a)</sup> | 07/01/32 | 716051 |
| 700000 | 4.000 <sup>(a)</sup> | 07/01/36 | 700967 |
| Indiana State Finance Authority Revenue Bonds (Refunding-Butler University Project) Series 2024 (A-/NR)<sup>(a)</sup> | Indiana State Finance Authority Revenue Bonds (Refunding-Butler University Project) Series 2024 (A-/NR)<sup>(a)</sup> | Indiana State Finance Authority Revenue Bonds (Refunding-Butler University Project) Series 2024 (A-/NR)<sup>(a)</sup> | Indiana State Finance Authority Revenue Bonds (Refunding-Butler University Project) Series 2024 (A-/NR)<sup>(a)</sup> |
| 1435000 | 5.000 | 02/01/38 | 1570223 |
| 1505000 | 5.000 | 02/01/39 | 1631377 |
| 1200000 | 5.000 | 02/01/40 | 1289678 |
| Indiana State Finance Authority Revenue Bonds (Refunding-Hendricks Regional Health) Series 2024 (A-/A3)<sup>(a)</sup> | Indiana State Finance Authority Revenue Bonds (Refunding-Hendricks Regional Health) Series 2024 (A-/A3)<sup>(a)</sup> | Indiana State Finance Authority Revenue Bonds (Refunding-Hendricks Regional Health) Series 2024 (A-/A3)<sup>(a)</sup> | Indiana State Finance Authority Revenue Bonds (Refunding-Hendricks Regional Health) Series 2024 (A-/A3)<sup>(a)</sup> |
| 1000000 | 5.000 | 03/01/35 | 1116464 |
| 1420000 | 5.000 | 03/01/36 | 1574506 |
| IPS Multi-School Building Corp. Revenue Bonds Series 2022 (Social Bonds) (AA+/NR)<sup>(a)</sup> | IPS Multi-School Building Corp. Revenue Bonds Series 2022 (Social Bonds) (AA+/NR)<sup>(a)</sup> | IPS Multi-School Building Corp. Revenue Bonds Series 2022 (Social Bonds) (AA+/NR)<sup>(a)</sup> | IPS Multi-School Building Corp. Revenue Bonds Series 2022 (Social Bonds) (AA+/NR)<sup>(a)</sup> |
| 1200000 | 5.250 | 07/15/40 | 1302941 |
| 1685000 | 5.500 | 07/15/40 | 1876946 |
| Martinsville Redevelopment Authority Series 2021 (BAM) (AA/NR)<sup>(a)</sup> | Martinsville Redevelopment Authority Series 2021 (BAM) (AA/NR)<sup>(a)</sup> | Martinsville Redevelopment Authority Series 2021 (BAM) (AA/NR)<sup>(a)</sup> | Martinsville Redevelopment Authority Series 2021 (BAM) (AA/NR)<sup>(a)</sup> |
| 565000 | 3.000 | 08/01/33 | 557152 |
| 400000 | 3.000 | 08/01/35 | 382602 |
| Shelbyville IN Redevelopment Authority Series 2021 (AA-/NR)<sup>(a)</sup> | Shelbyville IN Redevelopment Authority Series 2021 (AA-/NR)<sup>(a)</sup> | Shelbyville IN Redevelopment Authority Series 2021 (AA-/NR)<sup>(a)</sup> | Shelbyville IN Redevelopment Authority Series 2021 (AA-/NR)<sup>(a)</sup> |
| 485000 | 4.000 | 08/01/32 | 502061 |
| Sunman-Dearborn High School Building Corp. Revenue Bonds Series 2024 (AA+/NR)<sup>(a)</sup> | Sunman-Dearborn High School Building Corp. Revenue Bonds Series 2024 (AA+/NR)<sup>(a)</sup> | Sunman-Dearborn High School Building Corp. Revenue Bonds Series 2024 (AA+/NR)<sup>(a)</sup> | Sunman-Dearborn High School Building Corp. Revenue Bonds Series 2024 (AA+/NR)<sup>(a)</sup> |
| 1000000 | 5.000 | 07/15/38 | 1103059 |
| Vinton-Tecumseh IN School Building Corporation Revenue Bonds (First Mortgage) Series A (AA+/NR)<sup>(a)</sup> | Vinton-Tecumseh IN School Building Corporation Revenue Bonds (First Mortgage) Series A (AA+/NR)<sup>(a)</sup> | Vinton-Tecumseh IN School Building Corporation Revenue Bonds (First Mortgage) Series A (AA+/NR)<sup>(a)</sup> | Vinton-Tecumseh IN School Building Corporation Revenue Bonds (First Mortgage) Series A (AA+/NR)<sup>(a)</sup> |
| 500000 | 5.000 | 07/15/31 | 519259 |
| 500000 | 5.000 | 07/15/32 | 518678 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Indiana – (continued)** | **Indiana – (continued)** | **Indiana – (continued)** | **Indiana – (continued)** |
| Westfield High School 1995 Building Corp. Revenue Bonds (1st Mortgage) Series B (AA+/NR)<sup>(a)</sup> | Westfield High School 1995 Building Corp. Revenue Bonds (1st Mortgage) Series B (AA+/NR)<sup>(a)</sup> | Westfield High School 1995 Building Corp. Revenue Bonds (1st Mortgage) Series B (AA+/NR)<sup>(a)</sup> | Westfield High School 1995 Building Corp. Revenue Bonds (1st Mortgage) Series B (AA+/NR)<sup>(a)</sup> |
| $750000 | 5.000% | 07/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753318 |
| Whitestown Redevelopment Authority Revenue Bonds (Refunding) Series B (AA+/NR)<sup>(a)</sup> | Whitestown Redevelopment Authority Revenue Bonds (Refunding) Series B (AA+/NR)<sup>(a)</sup> | Whitestown Redevelopment Authority Revenue Bonds (Refunding) Series B (AA+/NR)<sup>(a)</sup> | Whitestown Redevelopment Authority Revenue Bonds (Refunding) Series B (AA+/NR)<sup>(a)</sup> |
| 1625000 | 3.000 | 08/01/33 | 1628314 |
| 1670000 | 3.000 | 08/01/34 | 1668704 |
|  |  |  | 26924044 <br>|
|  **Iowa – 1.4%** | **Iowa – 1.4%** | **Iowa – 1.4%** | **Iowa – 1.4%** |
| City of Bondurant IA GO Bonds Series A (AG) (AA/A1)<sup>(a)</sup> | City of Bondurant IA GO Bonds Series A (AG) (AA/A1)<sup>(a)</sup> | City of Bondurant IA GO Bonds Series A (AG) (AA/A1)<sup>(a)</sup> | City of Bondurant IA GO Bonds Series A (AG) (AA/A1)<sup>(a)</sup> |
| 600000 | 5.000 | 06/01/36 | 659041 |
| 630000 | 5.000 | 06/01/37 | 687569 |
| 665000 | 5.000 | 06/01/38 | 720291 |
| 430000 | 5.000 | 06/01/40 | 458210 |
| Iowa Student Loan Liquidity Corp. Revenue Bonds Series B (AMT) (AA/NR) | Iowa Student Loan Liquidity Corp. Revenue Bonds Series B (AMT) (AA/NR) | Iowa Student Loan Liquidity Corp. Revenue Bonds Series B (AMT) (AA/NR) | Iowa Student Loan Liquidity Corp. Revenue Bonds Series B (AMT) (AA/NR) |
| 825000 | 5.000 | 12/01/33 | 894491 |
| 815000 | 5.000 | 12/01/34 | 881290 |
| 635000 | 5.000 | 12/01/35 | 683011 |
|  |  |  | 4983903 <br>|
|  **Kansas<sup>(a)</sup> – 0.8%** | **Kansas<sup>(a)</sup> – 0.8%** | **Kansas<sup>(a)</sup> – 0.8%** | **Kansas<sup>(a)</sup> – 0.8%** |
| Chisholm Creek Utility Authority Revenue Bonds (Cities of Belaire and Park City, Kansas Project) Series 2025 (AG) (AA/NR) | Chisholm Creek Utility Authority Revenue Bonds (Cities of Belaire and Park City, Kansas Project) Series 2025 (AG) (AA/NR) | Chisholm Creek Utility Authority Revenue Bonds (Cities of Belaire and Park City, Kansas Project) Series 2025 (AG) (AA/NR) | Chisholm Creek Utility Authority Revenue Bonds (Cities of Belaire and Park City, Kansas Project) Series 2025 (AG) (AA/NR) |
| 1000000 | 5.000 | 09/01/40 | 1110963 |
| County of Logan KS GO Bonds (Refunding) Series B (AG) (AA/NR) | County of Logan KS GO Bonds (Refunding) Series B (AG) (AA/NR) | County of Logan KS GO Bonds (Refunding) Series B (AG) (AA/NR) | County of Logan KS GO Bonds (Refunding) Series B (AG) (AA/NR) |
| 1455000 | 5.250 | 12/01/39 | 1653756 |
|  |  |  | 2764719 <br>|
|  **Kentucky – 5.0%** | **Kentucky – 5.0%** | **Kentucky – 5.0%** | **Kentucky – 5.0%** |
| Appalachian Regional Healthcare Obligated Group Revenue Bonds (Refunding) Series 2021 (A/NR) | Appalachian Regional Healthcare Obligated Group Revenue Bonds (Refunding) Series 2021 (A/NR) | Appalachian Regional Healthcare Obligated Group Revenue Bonds (Refunding) Series 2021 (A/NR) | Appalachian Regional Healthcare Obligated Group Revenue Bonds (Refunding) Series 2021 (A/NR) |
| 1695000 | 5.000 | 07/01/30 | 1815809 |
| 855000 | 5.000 | 07/01/31 | 925108 |
| 1275000 | 5.000 <sup>(a)</sup> | 07/01/32 | 1385907 |
| Bullitt County School District Finance Corp. Revenue Bonds Series 2023 (NR/Aa3)<sup>(a)</sup> | Bullitt County School District Finance Corp. Revenue Bonds Series 2023 (NR/Aa3)<sup>(a)</sup> | Bullitt County School District Finance Corp. Revenue Bonds Series 2023 (NR/Aa3)<sup>(a)</sup> | Bullitt County School District Finance Corp. Revenue Bonds Series 2023 (NR/Aa3)<sup>(a)</sup> |
| 1925000 | 4.125 | 03/01/39 | 1967127 |
| Kentucky KY Public Energy Authority Revenue Bonds (Refunding) Series 2025 A (NR/A1)<sup>(a)</sup> | Kentucky KY Public Energy Authority Revenue Bonds (Refunding) Series 2025 A (NR/A1)<sup>(a)</sup> | Kentucky KY Public Energy Authority Revenue Bonds (Refunding) Series 2025 A (NR/A1)<sup>(a)</sup> | Kentucky KY Public Energy Authority Revenue Bonds (Refunding) Series 2025 A (NR/A1)<sup>(a)</sup> |
| 500000 | 5.000 | 06/01/28 | 520877 |
| 1000000 | 5.000 | 12/01/28 | 1049921 |
| 700000 | 5.000 | 06/01/29 | 738204 |
| 1000000 | 5.000 | 12/01/29 | 1059959 |
| Kentucky KY Public Energy Authority Revenue Bonds Series 2024 A (NR/A2)<sup>(a)(b)(c)</sup> | Kentucky KY Public Energy Authority Revenue Bonds Series 2024 A (NR/A2)<sup>(a)(b)(c)</sup> | Kentucky KY Public Energy Authority Revenue Bonds Series 2024 A (NR/A2)<sup>(a)(b)(c)</sup> | Kentucky KY Public Energy Authority Revenue Bonds Series 2024 A (NR/A2)<sup>(a)(b)(c)</sup> |
| 3000000 | 5.000 | 05/01/55 | 3189192 |
| Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series B (NR/Aa3)<sup>(a)</sup> | Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series B (NR/Aa3)<sup>(a)</sup> | Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series B (NR/Aa3)<sup>(a)</sup> | Kentucky State Property & Building Commission Revenue Bonds (Project No. 117) Series B (NR/Aa3)<sup>(a)</sup> |
| 750000 | 5.000 | 05/01/28 | 775838 |
| 915000 | 5.000 | 05/01/29 | 946650 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Kentucky – (continued)** | **Kentucky – (continued)** | **Kentucky – (continued)** | **Kentucky – (continued)** |
| Kentucky State Property & Building Commission Series 2018 (BAM) (AA/Aa3) | Kentucky State Property & Building Commission Series 2018 (BAM) (AA/Aa3) | Kentucky State Property & Building Commission Series 2018 (BAM) (AA/Aa3) | Kentucky State Property & Building Commission Series 2018 (BAM) (AA/Aa3) |
| $885000 | 5.000% | 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933217 |
| Shelby County Public School District GO Bonds Series 2025 (NR/Aa2)<sup>(a)</sup> | Shelby County Public School District GO Bonds Series 2025 (NR/Aa2)<sup>(a)</sup> | Shelby County Public School District GO Bonds Series 2025 (NR/Aa2)<sup>(a)</sup> | Shelby County Public School District GO Bonds Series 2025 (NR/Aa2)<sup>(a)</sup> |
| 2345000 | 4.000 | 11/01/41 | 2351095 |
|  |  |  | 17658904 <br>|
|  **Louisiana<sup>(a)</sup> – 2.2%** | **Louisiana<sup>(a)</sup> – 2.2%** | **Louisiana<sup>(a)</sup> – 2.2%** | **Louisiana<sup>(a)</sup> – 2.2%** |
| City of Shreveport LA GO Bonds Series 2024 (AG) (AA/Baa2) | City of Shreveport LA GO Bonds Series 2024 (AG) (AA/Baa2) | City of Shreveport LA GO Bonds Series 2024 (AG) (AA/Baa2) | City of Shreveport LA GO Bonds Series 2024 (AG) (AA/Baa2) |
| 500000 | 5.000 | 03/01/36 | 563627 |
| 500000 | 5.000 | 03/01/37 | 558726 |
| 825000 | 5.000 | 03/01/38 | 914175 |
| East Ouachita Parish School District GO Bonds Series 2025 (AA-/NR) | East Ouachita Parish School District GO Bonds Series 2025 (AA-/NR) | East Ouachita Parish School District GO Bonds Series 2025 (AA-/NR) | East Ouachita Parish School District GO Bonds Series 2025 (AA-/NR) |
| 595000 | 5.250 | 03/01/36 | 695481 |
| 600000 | 5.250 | 03/01/38 | 689440 |
| 600000 | 5.250 | 03/01/39 | 683290 |
| Louisiana Correctional Facilities Corp. Revenue Bonds (Louisiana Correctional Institute) Series 2023 (AA-/NR) | Louisiana Correctional Facilities Corp. Revenue Bonds (Louisiana Correctional Institute) Series 2023 (AA-/NR) | Louisiana Correctional Facilities Corp. Revenue Bonds (Louisiana Correctional Institute) Series 2023 (AA-/NR) | Louisiana Correctional Facilities Corp. Revenue Bonds (Louisiana Correctional Institute) Series 2023 (AA-/NR) |
| 695000 | 5.000 | 10/01/35 | 780950 |
| 545000 | 5.000 | 10/01/36 | 606832 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Bossier Parishes Port Project) Series 2023 (AG) (AA/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Bossier Parishes Port Project) Series 2023 (AG) (AA/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Bossier Parishes Port Project) Series 2023 (AG) (AA/NR) | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Bossier Parishes Port Project) Series 2023 (AG) (AA/NR) |
| 800000 | 5.000 | 04/01/48 | 830962 |
| Rapides Parish School District No. 52 Pineville GO Bonds Series 2025 (BAM) (AA/NR) | Rapides Parish School District No. 52 Pineville GO Bonds Series 2025 (BAM) (AA/NR) | Rapides Parish School District No. 52 Pineville GO Bonds Series 2025 (BAM) (AA/NR) | Rapides Parish School District No. 52 Pineville GO Bonds Series 2025 (BAM) (AA/NR) |
| 660000 | 5.250 | 03/01/36 | 755946 |
| 500000 | 5.250 | 03/01/37 | 566893 |
|  |  |  | 7646322 <br>|
|  **Maine – 2.0%** | **Maine – 2.0%** | **Maine – 2.0%** | **Maine – 2.0%** |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds Series 2020 A (A+/A1)<sup>(a)</sup> | Maine Health & Higher Educational Facilities Authority Revenue Bonds Series 2020 A (A+/A1)<sup>(a)</sup> | Maine Health & Higher Educational Facilities Authority Revenue Bonds Series 2020 A (A+/A1)<sup>(a)</sup> | Maine Health & Higher Educational Facilities Authority Revenue Bonds Series 2020 A (A+/A1)<sup>(a)</sup> |
| 1150000 | 4.000 | 07/01/37 | 1164275 |
| Maine State Housing Authority Mortgage Purchase Revenue Bonds (Refunding) Series D (AA+/Aa1)<sup>(a)</sup> | Maine State Housing Authority Mortgage Purchase Revenue Bonds (Refunding) Series D (AA+/Aa1)<sup>(a)</sup> | Maine State Housing Authority Mortgage Purchase Revenue Bonds (Refunding) Series D (AA+/Aa1)<sup>(a)</sup> | Maine State Housing Authority Mortgage Purchase Revenue Bonds (Refunding) Series D (AA+/Aa1)<sup>(a)</sup> |
| 1900000 | 4.050 | 11/15/37 | 1921651 |
| Maine State Housing Authority Mortgage Purchase Revenue Bonds Series B (AA+/Aa1) | Maine State Housing Authority Mortgage Purchase Revenue Bonds Series B (AA+/Aa1) | Maine State Housing Authority Mortgage Purchase Revenue Bonds Series B (AA+/Aa1) | Maine State Housing Authority Mortgage Purchase Revenue Bonds Series B (AA+/Aa1) |
| 835000 | 2.050 | 11/15/25 | 834511 |
| Maine State Housing Authority Mortgage Purchase Revenue Bonds Series E (AA+/Aa1)<sup>(a)</sup> | Maine State Housing Authority Mortgage Purchase Revenue Bonds Series E (AA+/Aa1)<sup>(a)</sup> | Maine State Housing Authority Mortgage Purchase Revenue Bonds Series E (AA+/Aa1)<sup>(a)</sup> | Maine State Housing Authority Mortgage Purchase Revenue Bonds Series E (AA+/Aa1)<sup>(a)</sup> |
| 840000 | 2.150 | 11/15/29 | 800702 |
| 870000 | 2.250 | 11/15/30 | 823622 |
| 905000 | 2.350 | 11/15/31 | 844644 |
| Portland ME Airport Revenue Bonds (Refunding-General) Series 2016 (A-/A3)<sup>(a)</sup> | Portland ME Airport Revenue Bonds (Refunding-General) Series 2016 (A-/A3)<sup>(a)</sup> | Portland ME Airport Revenue Bonds (Refunding-General) Series 2016 (A-/A3)<sup>(a)</sup> | Portland ME Airport Revenue Bonds (Refunding-General) Series 2016 (A-/A3)<sup>(a)</sup> |
| 215000 | 5.000 | 01/01/34 | 215318 |
| 330000 | 5.000 | 01/01/35 | 330382 |
|  |  |  | 6935105 <br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Massachusetts – 0.6%** | **Massachusetts – 0.6%** | **Massachusetts – 0.6%** | **Massachusetts – 0.6%** |
| Massachusetts Educational Financing Authority Revenue Bonds (Refunding) Series 2024 B (AMT) (AA/NR) | Massachusetts Educational Financing Authority Revenue Bonds (Refunding) Series 2024 B (AMT) (AA/NR) | Massachusetts Educational Financing Authority Revenue Bonds (Refunding) Series 2024 B (AMT) (AA/NR) | Massachusetts Educational Financing Authority Revenue Bonds (Refunding) Series 2024 B (AMT) (AA/NR) |
| $550000 | 4.250% | 07/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561114 |
| Massachusetts Housing Finance Agency Revenue Bonds Series 2021 (AA+/Aa1)<sup>(a)</sup> | Massachusetts Housing Finance Agency Revenue Bonds Series 2021 (AA+/Aa1)<sup>(a)</sup> | Massachusetts Housing Finance Agency Revenue Bonds Series 2021 (AA+/Aa1)<sup>(a)</sup> | Massachusetts Housing Finance Agency Revenue Bonds Series 2021 (AA+/Aa1)<sup>(a)</sup> |
| 960000 | 1.850 | 06/01/32 | 849975 |
| 710000 | 1.900 | 12/01/32 | 628096 |
|  |  |  | 2039185 <br>|
|  **Michigan – 6.2%** | **Michigan – 6.2%** | **Michigan – 6.2%** | **Michigan – 6.2%** |
| Gerald R Ford International Airport Authority MI Revenue Bonds Series 2024 (AAA/Aaa)<sup>(a)</sup> | Gerald R Ford International Airport Authority MI Revenue Bonds Series 2024 (AAA/Aaa)<sup>(a)</sup> | Gerald R Ford International Airport Authority MI Revenue Bonds Series 2024 (AAA/Aaa)<sup>(a)</sup> | Gerald R Ford International Airport Authority MI Revenue Bonds Series 2024 (AAA/Aaa)<sup>(a)</sup> |
| 500000 | 5.000 | 01/01/38 | 550743 |
| 500000 | 5.000 | 01/01/39 | 546752 |
| 500000 | 5.000 | 01/01/40 | 538979 |
| Grand Blanc Community Schools (Taxable-Refunding) Series 2021 (Q-SBLF) (AA/NR) | Grand Blanc Community Schools (Taxable-Refunding) Series 2021 (Q-SBLF) (AA/NR) | Grand Blanc Community Schools (Taxable-Refunding) Series 2021 (Q-SBLF) (AA/NR) | Grand Blanc Community Schools (Taxable-Refunding) Series 2021 (Q-SBLF) (AA/NR) |
| 500000 | 2.000 | 05/01/26 | 495804 |
| Grand Rapids MI Public Schools GO Bonds Series 2024 (AG) (AA/NR)<sup>(a)</sup> | Grand Rapids MI Public Schools GO Bonds Series 2024 (AG) (AA/NR)<sup>(a)</sup> | Grand Rapids MI Public Schools GO Bonds Series 2024 (AG) (AA/NR)<sup>(a)</sup> | Grand Rapids MI Public Schools GO Bonds Series 2024 (AG) (AA/NR)<sup>(a)</sup> |
| 875000 | 5.000 | 05/01/37 | 994062 |
| 750000 | 5.000 | 05/01/38 | 846386 |
| 775000 | 5.000 | 05/01/40 | 859594 |
| Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series A (NR/A1)<sup>(a)</sup> | Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series A (NR/A1)<sup>(a)</sup> | Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series A (NR/A1)<sup>(a)</sup> | Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series A (NR/A1)<sup>(a)</sup> |
| 445000 | 5.000 | 07/01/30 | 468688 |
| Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series B (NR/A1)<sup>(a)</sup> | Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series B (NR/A1)<sup>(a)</sup> | Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series B (NR/A1)<sup>(a)</sup> | Grand Traverse County MI Hospital Finance Authority Revenue Bonds (Munson Healthcare Obligated Group) Series B (NR/A1)<sup>(a)</sup> |
| 380000 | 5.000 | 07/01/31 | 399900 |
| Ingham County Building Authority Revenue Bonds (Justice Complex Project) Series 2020 (AA/NR)<sup>(a)</sup> | Ingham County Building Authority Revenue Bonds (Justice Complex Project) Series 2020 (AA/NR)<sup>(a)</sup> | Ingham County Building Authority Revenue Bonds (Justice Complex Project) Series 2020 (AA/NR)<sup>(a)</sup> | Ingham County Building Authority Revenue Bonds (Justice Complex Project) Series 2020 (AA/NR)<sup>(a)</sup> |
| 1485000 | 2.000 | 05/01/31 | 1356613 |
| Michigan Finance Authority Revenue Bonds (Refunding) Series 2016 (NR/A2)<sup>(a)</sup> | Michigan Finance Authority Revenue Bonds (Refunding) Series 2016 (NR/A2)<sup>(a)</sup> | Michigan Finance Authority Revenue Bonds (Refunding) Series 2016 (NR/A2)<sup>(a)</sup> | Michigan Finance Authority Revenue Bonds (Refunding) Series 2016 (NR/A2)<sup>(a)</sup> |
| 5000000 | 5.000 | 11/15/41 | 5051203 |
| Michigan State Housing Development Authority Revenue Bonds Series A (AA+/NR)<sup>(a)</sup> | Michigan State Housing Development Authority Revenue Bonds Series A (AA+/NR)<sup>(a)</sup> | Michigan State Housing Development Authority Revenue Bonds Series A (AA+/NR)<sup>(a)</sup> | Michigan State Housing Development Authority Revenue Bonds Series A (AA+/NR)<sup>(a)</sup> |
| 470000 | 2.550 | 04/01/28 | 460272 |
| 410000 | 2.600 | 10/01/28 | 400026 |
| North Muskegon MI Public Schools MI GO Bonds Series 2024 (AA/NR)<sup>(a)</sup> | North Muskegon MI Public Schools MI GO Bonds Series 2024 (AA/NR)<sup>(a)</sup> | North Muskegon MI Public Schools MI GO Bonds Series 2024 (AA/NR)<sup>(a)</sup> | North Muskegon MI Public Schools MI GO Bonds Series 2024 (AA/NR)<sup>(a)</sup> |
| 425000 | 5.000 | 05/01/36 | 488988 |
| 200000 | 5.000 | 05/01/38 | 227053 |
| 315000 | 5.000 | 05/01/40 | 350240 |
| 580000 | 5.000 | 05/01/44 | 626618 |
| Wayne County MI Airport Authority Revenue Bonds (Refunding) Series 2015 G (A+/A1)<sup>(a)</sup> | Wayne County MI Airport Authority Revenue Bonds (Refunding) Series 2015 G (A+/A1)<sup>(a)</sup> | Wayne County MI Airport Authority Revenue Bonds (Refunding) Series 2015 G (A+/A1)<sup>(a)</sup> | Wayne County MI Airport Authority Revenue Bonds (Refunding) Series 2015 G (A+/A1)<sup>(a)</sup> |
| 2625000 | 5.000 | 12/01/34 | 2629834 |
| Wayne County MI Airport Authority Revenue Bonds Series 2015 D (A+/A1)<sup>(a)</sup> | Wayne County MI Airport Authority Revenue Bonds Series 2015 D (A+/A1)<sup>(a)</sup> | Wayne County MI Airport Authority Revenue Bonds Series 2015 D (A+/A1)<sup>(a)</sup> | Wayne County MI Airport Authority Revenue Bonds Series 2015 D (A+/A1)<sup>(a)</sup> |
| 2375000 | 5.000 | 12/01/45 | 2379373 |

---

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** | **Michigan – (continued)** |
| Wayne County MI Airport Authority Revenue Bonds Series 2015 D (A+/A1)<sup>(a)</sup> | Wayne County MI Airport Authority Revenue Bonds Series 2015 D (A+/A1)<sup>(a)</sup> | Wayne County MI Airport Authority Revenue Bonds Series 2015 D (A+/A1)<sup>(a)</sup> | Wayne County MI Airport Authority Revenue Bonds Series 2015 D (A+/A1)<sup>(a)</sup> |
| $2400000 | 5.000% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;2404419 |
|  |  |  | 22075547 <br>|
|  **Minnesota – 0.4%** | **Minnesota – 0.4%** | **Minnesota – 0.4%** | **Minnesota – 0.4%** |
| Minnesota Higher Education Facilities Authority Revenue Bonds (University Of St. Thomas) Series 2016 8-L (NR/A2)<sup>(a)</sup> | Minnesota Higher Education Facilities Authority Revenue Bonds (University Of St. Thomas) Series 2016 8-L (NR/A2)<sup>(a)</sup> | Minnesota Higher Education Facilities Authority Revenue Bonds (University Of St. Thomas) Series 2016 8-L (NR/A2)<sup>(a)</sup> | Minnesota Higher Education Facilities Authority Revenue Bonds (University Of St. Thomas) Series 2016 8-L (NR/A2)<sup>(a)</sup> |
| 1265000 | 5.000 | 04/01/35 | 1275359 |
| Minnesota State Housing & Finance Agency Revenue Bonds Series A (FHLMC/FNMA/GNMA) (AA+/Aa1) | Minnesota State Housing & Finance Agency Revenue Bonds Series A (FHLMC/FNMA/GNMA) (AA+/Aa1) | Minnesota State Housing & Finance Agency Revenue Bonds Series A (FHLMC/FNMA/GNMA) (AA+/Aa1) | Minnesota State Housing & Finance Agency Revenue Bonds Series A (FHLMC/FNMA/GNMA) (AA+/Aa1) |
| 230000 | 1.700 | 07/01/26 | 226210 |
|  |  |  | 1501569 <br>|
|  **Mississippi – 2.2%** | **Mississippi – 2.2%** | **Mississippi – 2.2%** | **Mississippi – 2.2%** |
| City of Gulfport MS Revenue Bonds (Memorial Hospital at Gulfport Project) Series 2025 (NR/Baa2) | City of Gulfport MS Revenue Bonds (Memorial Hospital at Gulfport Project) Series 2025 (NR/Baa2) | City of Gulfport MS Revenue Bonds (Memorial Hospital at Gulfport Project) Series 2025 (NR/Baa2) | City of Gulfport MS Revenue Bonds (Memorial Hospital at Gulfport Project) Series 2025 (NR/Baa2) |
| 300000 | 5.000 | 07/01/35 | 334861 |
| 325000 | 5.250<sup>(a)</sup> | 07/01/36 | 366296 |
| 375000 | 5.250<sup>(a)</sup> | 07/01/37 | 420219 |
| 500000 | 5.250<sup>(a)</sup> | 07/01/38 | 556914 |
| Mississippi State Development Bank Special Obligation Revenue Bonds (Hinds County Project) Series 2017 (NR/WR)<sup>(a)</sup> | Mississippi State Development Bank Special Obligation Revenue Bonds (Hinds County Project) Series 2017 (NR/WR)<sup>(a)</sup> | Mississippi State Development Bank Special Obligation Revenue Bonds (Hinds County Project) Series 2017 (NR/WR)<sup>(a)</sup> | Mississippi State Development Bank Special Obligation Revenue Bonds (Hinds County Project) Series 2017 (NR/WR)<sup>(a)</sup> |
| 300000 | 5.000 | 11/01/29 | 300810 |
| 400000 | 5.000 | 11/01/30 | 401090 |
| 500000 | 5.000 | 11/01/31 | 501786 |
| 400000 | 5.000 | 11/01/32 | 402199 |
| Mississippi State Home Corp. Revenue Bonds Series 2022 (FHLMC/FNMA/GNMA) (NR/Aa1) | Mississippi State Home Corp. Revenue Bonds Series 2022 (FHLMC/FNMA/GNMA) (NR/Aa1) | Mississippi State Home Corp. Revenue Bonds Series 2022 (FHLMC/FNMA/GNMA) (NR/Aa1) | Mississippi State Home Corp. Revenue Bonds Series 2022 (FHLMC/FNMA/GNMA) (NR/Aa1) |
| 720000 | 1.800 | 06/01/30 | 660764 |
| 690000 | 1.850 | 12/01/30 | 628041 |
| 1000000 | 1.950<sup>(a)</sup> | 06/01/31 | 906105 |
| Warren MS Certificates of Participation Series 2023 (BAM) (AA/Aa3)<sup>(a)</sup> | Warren MS Certificates of Participation Series 2023 (BAM) (AA/Aa3)<sup>(a)</sup> | Warren MS Certificates of Participation Series 2023 (BAM) (AA/Aa3)<sup>(a)</sup> | Warren MS Certificates of Participation Series 2023 (BAM) (AA/Aa3)<sup>(a)</sup> |
| 1000000 | 6.000 | 09/01/39 | 1164560 |
| 1000000 | 6.000 | 09/01/40 | 1151655 |
|  |  |  | 7795300 <br>|
|  **Missouri – 2.2%** | **Missouri – 2.2%** | **Missouri – 2.2%** | **Missouri – 2.2%** |
| Health & Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Mercy Health) Series 2014 F (A+/A1)<sup>(a)</sup> | Health & Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Mercy Health) Series 2014 F (A+/A1)<sup>(a)</sup> | Health & Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Mercy Health) Series 2014 F (A+/A1)<sup>(a)</sup> | Health & Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Mercy Health) Series 2014 F (A+/A1)<sup>(a)</sup> |
| 3000000 | 5.000 | 11/15/45 | 3001250 |
| Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR) | Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR) | Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR) | Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR) |
| 850000 | 4.000 | 04/01/28 | 867794 |
| 1825000 | 4.000 | 04/01/29 | 1875851 |
| 810000 | 4.000 | 04/01/30 | 836593 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series F (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series F (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series F (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series F (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> |
| 1170000 | 4.050 | 05/01/36 | 1191434 |
|  |  |  | 7772922 <br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Nebraska<sup>(a)</sup> – 0.0%** | **Nebraska<sup>(a)</sup> – 0.0%** | **Nebraska<sup>(a)</sup> – 0.0%** | **Nebraska<sup>(a)</sup> – 0.0%** |
| Sarpy County NE Hospital Authority No.1 Revenue Bonds (Refunding-Nebraska Medicine) Series 2016 (AA-/NR) | Sarpy County NE Hospital Authority No.1 Revenue Bonds (Refunding-Nebraska Medicine) Series 2016 (AA-/NR) | Sarpy County NE Hospital Authority No.1 Revenue Bonds (Refunding-Nebraska Medicine) Series 2016 (AA-/NR) | Sarpy County NE Hospital Authority No.1 Revenue Bonds (Refunding-Nebraska Medicine) Series 2016 (AA-/NR) |
| $35000 | 3.000% | 05/15/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28292 |
|  **New Jersey – 2.1%** | **New Jersey – 2.1%** | **New Jersey – 2.1%** | **New Jersey – 2.1%** |
| Casino Reinvestment Development Authority, Inc. Revenue Bonds Series B (AG) (AA/A1)<sup>(a)</sup> | Casino Reinvestment Development Authority, Inc. Revenue Bonds Series B (AG) (AA/A1)<sup>(a)</sup> | Casino Reinvestment Development Authority, Inc. Revenue Bonds Series B (AG) (AA/A1)<sup>(a)</sup> | Casino Reinvestment Development Authority, Inc. Revenue Bonds Series B (AG) (AA/A1)<sup>(a)</sup> |
| 500000 | 5.000 | 11/01/35 | 568290 |
| 500000 | 5.000 | 11/01/36 | 563459 |
| 750000 | 5.000 | 11/01/37 | 838128 |
| 715000 | 5.000 | 11/01/38 | 792836 |
| County of Union NJ GO Bonds Series 2016 (AA+/Aaa)<sup>(a)</sup> | County of Union NJ GO Bonds Series 2016 (AA+/Aaa)<sup>(a)</sup> | County of Union NJ GO Bonds Series 2016 (AA+/Aaa)<sup>(a)</sup> | County of Union NJ GO Bonds Series 2016 (AA+/Aaa)<sup>(a)</sup> |
| 600000 | 2.000 | 03/01/27 | 592467 |
| New Jersey Higher Education Student Assistance Authority Revenue Bonds Series 2024 B (AMT) (AA/NR) | New Jersey Higher Education Student Assistance Authority Revenue Bonds Series 2024 B (AMT) (AA/NR) | New Jersey Higher Education Student Assistance Authority Revenue Bonds Series 2024 B (AMT) (AA/NR) | New Jersey Higher Education Student Assistance Authority Revenue Bonds Series 2024 B (AMT) (AA/NR) |
| 2800000 | 5.000 | 12/01/32 | 3038555 |
| 1000000 | 5.000 | 12/01/33 | 1094430 |
|  |  |  | 7488165 <br>|
|  **New Mexico – 0.5%** | **New Mexico – 0.5%** | **New Mexico – 0.5%** | **New Mexico – 0.5%** |
| New Mexico State Mortgage Finance Authority Revenue Bonds Series A (FHLMC/FNMA/GNMA) (NR/Aa1) | New Mexico State Mortgage Finance Authority Revenue Bonds Series A (FHLMC/FNMA/GNMA) (NR/Aa1) | New Mexico State Mortgage Finance Authority Revenue Bonds Series A (FHLMC/FNMA/GNMA) (NR/Aa1) | New Mexico State Mortgage Finance Authority Revenue Bonds Series A (FHLMC/FNMA/GNMA) (NR/Aa1) |
| 775000 | 1.900 | 03/01/31 | 704982 |
| 520000 | 2.050<sup>(a)</sup> | 03/01/32 | 472899 |
| 585000 | 2.100 <sup>(a)</sup> | 09/01/32 | 529996 |
|  |  |  | 1707877 <br>|
|  **New York<sup>(a)</sup> – 0.7%** | **New York<sup>(a)</sup> – 0.7%** | **New York<sup>(a)</sup> – 0.7%** | **New York<sup>(a)</sup> – 0.7%** |
| Upper Mohawk Valley Memorial Auditorium Authority Revenue Bonds (Refunding) Series 2021 (A+/NR) | Upper Mohawk Valley Memorial Auditorium Authority Revenue Bonds (Refunding) Series 2021 (A+/NR) | Upper Mohawk Valley Memorial Auditorium Authority Revenue Bonds (Refunding) Series 2021 (A+/NR) | Upper Mohawk Valley Memorial Auditorium Authority Revenue Bonds (Refunding) Series 2021 (A+/NR) |
| 890000 | 2.700 | 12/01/32 | 802272 |
| 915000 | 2.850 | 12/01/33 | 817777 |
| 940000 | 3.000 | 12/01/34 | 834619 |
|  |  |  | 2454668 <br>|
|  **North Carolina<sup>(a)</sup> – 0.2%** | **North Carolina<sup>(a)</sup> – 0.2%** | **North Carolina<sup>(a)</sup> – 0.2%** | **North Carolina<sup>(a)</sup> – 0.2%** |
| North Carolina State Housing Finance Agency Homeownership Revenue Bonds Series 39-B (FHLMC/FNMA/GNMA) (AA+/Aa1) | North Carolina State Housing Finance Agency Homeownership Revenue Bonds Series 39-B (FHLMC/FNMA/GNMA) (AA+/Aa1) | North Carolina State Housing Finance Agency Homeownership Revenue Bonds Series 39-B (FHLMC/FNMA/GNMA) (AA+/Aa1) | North Carolina State Housing Finance Agency Homeownership Revenue Bonds Series 39-B (FHLMC/FNMA/GNMA) (AA+/Aa1) |
| 585000 | 3.200 | 01/01/29 | 587857 |
|  **Ohio – 3.6%** |  |  |  |
| Akron OH Certificates of Participation (District Energy Project) Series 2018 (A/NR)<sup>(a)</sup> | Akron OH Certificates of Participation (District Energy Project) Series 2018 (A/NR)<sup>(a)</sup> | Akron OH Certificates of Participation (District Energy Project) Series 2018 (A/NR)<sup>(a)</sup> | Akron OH Certificates of Participation (District Energy Project) Series 2018 (A/NR)<sup>(a)</sup> |
| 960000 | 4.000 | 12/01/31 | 969292 |
| Akron OH GO Bonds (Refunding) Series 2015 (A+/NR)<sup>(a)</sup> | Akron OH GO Bonds (Refunding) Series 2015 (A+/NR)<sup>(a)</sup> | Akron OH GO Bonds (Refunding) Series 2015 (A+/NR)<sup>(a)</sup> | Akron OH GO Bonds (Refunding) Series 2015 (A+/NR)<sup>(a)</sup> |
| 545000 | 5.000 | 12/01/26 | 545799 |
| City of Middletown OH GO Bonds (Refunding) Series 2017 (NR/NR)<sup>(d)</sup> | City of Middletown OH GO Bonds (Refunding) Series 2017 (NR/NR)<sup>(d)</sup> | City of Middletown OH GO Bonds (Refunding) Series 2017 (NR/NR)<sup>(d)</sup> | City of Middletown OH GO Bonds (Refunding) Series 2017 (NR/NR)<sup>(d)</sup> |
| 100000 | 4.000 | 12/01/25 | 100076 |
| 110000 | 5.000 | 12/01/27 | 115049 |
| Dayton City School District Certificates of Participation Series 2021 (NR/A3)<sup>(a)</sup> | Dayton City School District Certificates of Participation Series 2021 (NR/A3)<sup>(a)</sup> | Dayton City School District Certificates of Participation Series 2021 (NR/A3)<sup>(a)</sup> | Dayton City School District Certificates of Participation Series 2021 (NR/A3)<sup>(a)</sup> |
| 610000 | 4.000 | 12/01/30 | 635291 |
| 675000 | 3.000 | 12/01/33 | 654658 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Ohio – (continued)** |  |  |  |
| Dayton-Montgomery County Port Authority Revenue Bonds Series 2021 (A-/NR) | Dayton-Montgomery County Port Authority Revenue Bonds Series 2021 (A-/NR) | Dayton-Montgomery County Port Authority Revenue Bonds Series 2021 (A-/NR) | Dayton-Montgomery County Port Authority Revenue Bonds Series 2021 (A-/NR) |
| $345000 | 2.000% | 11/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310703 |
| Mahoning County OH Career & Technical Center Board of Education Certificates of Participation (Refunding) Series 2017 (AA-/NR)<sup>(a)</sup> | Mahoning County OH Career & Technical Center Board of Education Certificates of Participation (Refunding) Series 2017 (AA-/NR)<sup>(a)</sup> | Mahoning County OH Career & Technical Center Board of Education Certificates of Participation (Refunding) Series 2017 (AA-/NR)<sup>(a)</sup> | Mahoning County OH Career & Technical Center Board of Education Certificates of Participation (Refunding) Series 2017 (AA-/NR)<sup>(a)</sup> |
| 630000 | 4.000 | 12/01/26 | 630540 |
| 500000 | 4.000 | 12/01/29 | 500305 |
| Ohio Housing Finance Agency Revenue Bonds Series 2025 A (FHLMC/FNMA/GNMA) (NR/Aa1) | Ohio Housing Finance Agency Revenue Bonds Series 2025 A (FHLMC/FNMA/GNMA) (NR/Aa1) | Ohio Housing Finance Agency Revenue Bonds Series 2025 A (FHLMC/FNMA/GNMA) (NR/Aa1) | Ohio Housing Finance Agency Revenue Bonds Series 2025 A (FHLMC/FNMA/GNMA) (NR/Aa1) |
| 500000 | 6.000 | 09/01/31 | 587008 |
| Polaris Career Center Certificate of Participation (Refunding) Series 2025 (NR/Aa3) | Polaris Career Center Certificate of Participation (Refunding) Series 2025 (NR/Aa3) | Polaris Career Center Certificate of Participation (Refunding) Series 2025 (NR/Aa3) | Polaris Career Center Certificate of Participation (Refunding) Series 2025 (NR/Aa3) |
| 500000 | 5.000 | 11/01/32 | 564740 |
| 500000 | 5.000 <sup>(a)</sup> | 11/01/38 | 549572 |
| 500000 | 5.000 <sup>(a)</sup> | 11/01/39 | 544933 |
| Port of Greater Cincinnati Development Authority Revenue Bonds (Refunding) Series 2024 B (A-/A2)<sup>(a)</sup> | Port of Greater Cincinnati Development Authority Revenue Bonds (Refunding) Series 2024 B (A-/A2)<sup>(a)</sup> | Port of Greater Cincinnati Development Authority Revenue Bonds (Refunding) Series 2024 B (A-/A2)<sup>(a)</sup> | Port of Greater Cincinnati Development Authority Revenue Bonds (Refunding) Series 2024 B (A-/A2)<sup>(a)</sup> |
| 2305000 | 5.000 | 12/01/36 | 2595016 |
| Toledo-Lucas County Port Authority Revenue Bonds Series 2021 (A/NR) | Toledo-Lucas County Port Authority Revenue Bonds Series 2021 (A/NR) | Toledo-Lucas County Port Authority Revenue Bonds Series 2021 (A/NR) | Toledo-Lucas County Port Authority Revenue Bonds Series 2021 (A/NR) |
| 345000 | 2.000 | 11/15/31 | 311925 |
| University of Toledo OH Revenue Bonds (Refunding-General Receipt) Series A (A/A2)<sup>(a)</sup> | University of Toledo OH Revenue Bonds (Refunding-General Receipt) Series A (A/A2)<sup>(a)</sup> | University of Toledo OH Revenue Bonds (Refunding-General Receipt) Series A (A/A2)<sup>(a)</sup> | University of Toledo OH Revenue Bonds (Refunding-General Receipt) Series A (A/A2)<sup>(a)</sup> |
| 700000 | 4.000 | 06/01/36 | 704015 |
| Youngstown State OH University Revenue Bonds Series 2025 (BAM) (AA/A2)<sup>(a)</sup> | Youngstown State OH University Revenue Bonds Series 2025 (BAM) (AA/A2)<sup>(a)</sup> | Youngstown State OH University Revenue Bonds Series 2025 (BAM) (AA/A2)<sup>(a)</sup> | Youngstown State OH University Revenue Bonds Series 2025 (BAM) (AA/A2)<sup>(a)</sup> |
| 505000 | 5.000 | 12/15/36 | 566800 |
| 535000 | 5.000 | 12/15/37 | 592711 |
| 1085000 | 5.000 | 12/15/38 | 1192311 |
|  |  |  | 12670744 |
|  **Oklahoma – 2.2%** |  |  |  |
| Leflore County OK Public Facility Authority Educational Facility Lease Revenue Bonds (Poteau Public School Project) Series 2019 (A-/NR) | Leflore County OK Public Facility Authority Educational Facility Lease Revenue Bonds (Poteau Public School Project) Series 2019 (A-/NR) | Leflore County OK Public Facility Authority Educational Facility Lease Revenue Bonds (Poteau Public School Project) Series 2019 (A-/NR) | Leflore County OK Public Facility Authority Educational Facility Lease Revenue Bonds (Poteau Public School Project) Series 2019 (A-/NR) |
| 1350000 | 4.000 | 12/01/28 | 1384955 |
| McClain County Economic Development Authority Revenue Bonds (Washington Public Schools Project) Series 2022 (A-/NR)<sup>(a)</sup> | McClain County Economic Development Authority Revenue Bonds (Washington Public Schools Project) Series 2022 (A-/NR)<sup>(a)</sup> | McClain County Economic Development Authority Revenue Bonds (Washington Public Schools Project) Series 2022 (A-/NR)<sup>(a)</sup> | McClain County Economic Development Authority Revenue Bonds (Washington Public Schools Project) Series 2022 (A-/NR)<sup>(a)</sup> |
| 2000000 | 4.000 | 09/01/36 | 2052317 |
| Murray County OKLA Educational Facilities Authority Revenue Bonds (Sulphur Public Schools Project) Series 2022 (A-/NR)<sup>(a)</sup> | Murray County OKLA Educational Facilities Authority Revenue Bonds (Sulphur Public Schools Project) Series 2022 (A-/NR)<sup>(a)</sup> | Murray County OKLA Educational Facilities Authority Revenue Bonds (Sulphur Public Schools Project) Series 2022 (A-/NR)<sup>(a)</sup> | Murray County OKLA Educational Facilities Authority Revenue Bonds (Sulphur Public Schools Project) Series 2022 (A-/NR)<sup>(a)</sup> |
| 2580000 | 5.000 | 09/01/42 | 2721454 |
| Oklahoma Capitol Improvement Authority Revenue Bonds Series 2018 (NR/NR)<sup>(a)(d)</sup> | Oklahoma Capitol Improvement Authority Revenue Bonds Series 2018 (NR/NR)<sup>(a)(d)</sup> | Oklahoma Capitol Improvement Authority Revenue Bonds Series 2018 (NR/NR)<sup>(a)(d)</sup> | Oklahoma Capitol Improvement Authority Revenue Bonds Series 2018 (NR/NR)<sup>(a)(d)</sup> |
| 25000 | 4.000 | 07/01/28 | 25865 |
| Tulsa County Home Finance Authority Revenue Bonds Series A (GNMA) (NR/Aa1)<sup>(a)</sup> | Tulsa County Home Finance Authority Revenue Bonds Series A (GNMA) (NR/Aa1)<sup>(a)</sup> | Tulsa County Home Finance Authority Revenue Bonds Series A (GNMA) (NR/Aa1)<sup>(a)</sup> | Tulsa County Home Finance Authority Revenue Bonds Series A (GNMA) (NR/Aa1)<sup>(a)</sup> |
| 1390000 | 5.000 | 07/01/40 | 1463281 |
|  |  |  | 7647872 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Pennsylvania – 9.2%** |  |  |  |
| Berwick Area School District GO Bonds Series 2021 (BAM) (AA/NR)<sup>(a)</sup> | Berwick Area School District GO Bonds Series 2021 (BAM) (AA/NR)<sup>(a)</sup> | Berwick Area School District GO Bonds Series 2021 (BAM) (AA/NR)<sup>(a)</sup> | Berwick Area School District GO Bonds Series 2021 (BAM) (AA/NR)<sup>(a)</sup> |
| $345000 | 3.000% | 11/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338515 |
| Bucks County Technical School Authority Revenue Bonds Series 2022 (BAM) (AA/A1)<sup>(a)</sup> | Bucks County Technical School Authority Revenue Bonds Series 2022 (BAM) (AA/A1)<sup>(a)</sup> | Bucks County Technical School Authority Revenue Bonds Series 2022 (BAM) (AA/A1)<sup>(a)</sup> | Bucks County Technical School Authority Revenue Bonds Series 2022 (BAM) (AA/A1)<sup>(a)</sup> |
| 455000 | 4.000 | 02/15/33 | 474419 |
| Centre County PA Hospital Authority Revenue Bonds (Refunding Hospital Mount Nittany Medical Center Project) Series A (A+/NR) | Centre County PA Hospital Authority Revenue Bonds (Refunding Hospital Mount Nittany Medical Center Project) Series A (A+/NR) | Centre County PA Hospital Authority Revenue Bonds (Refunding Hospital Mount Nittany Medical Center Project) Series A (A+/NR) | Centre County PA Hospital Authority Revenue Bonds (Refunding Hospital Mount Nittany Medical Center Project) Series A (A+/NR) |
| 1000000 | 5.000 | 11/15/26 | 1019665 |
| Chester County PA School Authority Revenue Bonds (Chester County Intermediate Unit Project) Series 2024 (BAM) (AA/Aa3)<sup>(a)</sup> | Chester County PA School Authority Revenue Bonds (Chester County Intermediate Unit Project) Series 2024 (BAM) (AA/Aa3)<sup>(a)</sup> | Chester County PA School Authority Revenue Bonds (Chester County Intermediate Unit Project) Series 2024 (BAM) (AA/Aa3)<sup>(a)</sup> | Chester County PA School Authority Revenue Bonds (Chester County Intermediate Unit Project) Series 2024 (BAM) (AA/Aa3)<sup>(a)</sup> |
| 750000 | 5.000 | 04/01/36 | 823991 |
| 500000 | 5.000 | 04/01/38 | 544581 |
| Clarion County Industrial Development Authority Revenue Bonds (Refunding-Clarion University Foundation, Inc.) Series 2025 (BAM) (AA/A1) | Clarion County Industrial Development Authority Revenue Bonds (Refunding-Clarion University Foundation, Inc.) Series 2025 (BAM) (AA/A1) | Clarion County Industrial Development Authority Revenue Bonds (Refunding-Clarion University Foundation, Inc.) Series 2025 (BAM) (AA/A1) | Clarion County Industrial Development Authority Revenue Bonds (Refunding-Clarion University Foundation, Inc.) Series 2025 (BAM) (AA/A1) |
| 530000 | 5.000 | 07/01/31 | 583202 |
| 555000 | 5.000 | 07/01/32 | 618292 |
| 580000 | 5.000 | 07/01/33 | 652205 |
| 460000 | 5.000 | 07/01/34 | 520534 |
| Coatesville School District GO Bonds Series 2025 (AG) (AA/Aa3)<sup>(a)</sup> | Coatesville School District GO Bonds Series 2025 (AG) (AA/Aa3)<sup>(a)</sup> | Coatesville School District GO Bonds Series 2025 (AG) (AA/Aa3)<sup>(a)</sup> | Coatesville School District GO Bonds Series 2025 (AG) (AA/Aa3)<sup>(a)</sup> |
| 1000000 | 5.250 | 11/15/40 | 1097485 |
| 1000000 | 5.250 | 11/15/41 | 1086731 |
| Monessen School District PA GO Bonds (Refunding) Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | Monessen School District PA GO Bonds (Refunding) Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | Monessen School District PA GO Bonds (Refunding) Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | Monessen School District PA GO Bonds (Refunding) Series 2025 (BAM) (AA/NR)<sup>(a)</sup> |
| 660000 | 5.000 | 06/01/35 | 737440 |
| 805000 | 5.000 | 06/01/39 | 880718 |
| 845000 | 5.000 | 06/01/40 | 917117 |
| Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (A/Aa2) | Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (A/Aa2) | Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (A/Aa2) | Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (A/Aa2) |
| 525000 | 5.000 | 06/01/27 | 534365 |
| 525000 | 5.000 | 06/01/28 | 539587 |
| 535000 | 5.000 | 06/01/29 | 558690 |
| 425000 | 5.000 | 06/01/30 | 447595 |
| Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (AAA/Aa2) | Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (AAA/Aa2) | Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (AAA/Aa2) | Pennsylvania Higher Education Assistance Agency Revenue Bonds Series A (AAA/Aa2) |
| 500000 | 5.000 | 06/01/26 | 503594 |
| Pennsylvania State Higher Educational Facilities Authority Revenue Bonds Series 2022 (AA/Aa3)<sup>(a)</sup> | Pennsylvania State Higher Educational Facilities Authority Revenue Bonds Series 2022 (AA/Aa3)<sup>(a)</sup> | Pennsylvania State Higher Educational Facilities Authority Revenue Bonds Series 2022 (AA/Aa3)<sup>(a)</sup> | Pennsylvania State Higher Educational Facilities Authority Revenue Bonds Series 2022 (AA/Aa3)<sup>(a)</sup> |
| 475000 | 4.000 | 08/15/42 | 463219 |
| Pennsylvania State Housing Finance Agency SF Mortgage Revenue Bonds Series 130A (AA+/Aa1)<sup>(a)</sup> | Pennsylvania State Housing Finance Agency SF Mortgage Revenue Bonds Series 130A (AA+/Aa1)<sup>(a)</sup> | Pennsylvania State Housing Finance Agency SF Mortgage Revenue Bonds Series 130A (AA+/Aa1)<sup>(a)</sup> | Pennsylvania State Housing Finance Agency SF Mortgage Revenue Bonds Series 130A (AA+/Aa1)<sup>(a)</sup> |
| 795000 | 2.100 | 10/01/30 | 753237 |
| Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Taxable-Refunding-1st) Series 2020 (NR/Aa3) | Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Taxable-Refunding-1st) Series 2020 (NR/Aa3) | Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Taxable-Refunding-1st) Series 2020 (NR/Aa3) | Pennsylvania State Turnpike Commission Turnpike Revenue Bonds (Taxable-Refunding-1st) Series 2020 (NR/Aa3) |
| 335000 | 2.355 | 12/01/26 | 330273 |
| 350000 | 2.633 | 12/01/29 | 334401 |
| Pittsburgh School District GO Bonds Series 2025 (BAM) (AA/A1)<sup>(a)</sup> | Pittsburgh School District GO Bonds Series 2025 (BAM) (AA/A1)<sup>(a)</sup> | Pittsburgh School District GO Bonds Series 2025 (BAM) (AA/A1)<sup>(a)</sup> | Pittsburgh School District GO Bonds Series 2025 (BAM) (AA/A1)<sup>(a)</sup> |
| 1845000 | 4.050 | 09/01/40 | 1871070 |

---

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** | **Pennsylvania – (continued)** |
| Pittsburgh Water & Sewer Authority Revenue Bonds Series A (AG) (AA/A1)<sup>(a)</sup> | Pittsburgh Water & Sewer Authority Revenue Bonds Series A (AG) (AA/A1)<sup>(a)</sup> | Pittsburgh Water & Sewer Authority Revenue Bonds Series A (AG) (AA/A1)<sup>(a)</sup> | Pittsburgh Water & Sewer Authority Revenue Bonds Series A (AG) (AA/A1)<sup>(a)</sup> |
| $800000 | 5.000% | 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873672 |
| 1750000 | 5.000 | 09/01/41 | 1895955 |
| Shikellamy School District PA GO Bonds Series 2020 (BAM) (AA/NR)<sup>(a)</sup> | Shikellamy School District PA GO Bonds Series 2020 (BAM) (AA/NR)<sup>(a)</sup> | Shikellamy School District PA GO Bonds Series 2020 (BAM) (AA/NR)<sup>(a)</sup> | Shikellamy School District PA GO Bonds Series 2020 (BAM) (AA/NR)<sup>(a)</sup> |
| 1945000 | 2.000 | 09/01/28 | 1852360 |
| 1610000 | 2.000 | 09/01/29 | 1504330 |
| Southcentral PA General Authority Revenue Bond Series TT2 (A-/NR) | Southcentral PA General Authority Revenue Bond Series TT2 (A-/NR) | Southcentral PA General Authority Revenue Bond Series TT2 (A-/NR) | Southcentral PA General Authority Revenue Bond Series TT2 (A-/NR) |
| 225000 | 5.000 | 05/01/28 | 234643 |
| 225000 | 5.000 | 05/01/29 | 238523 |
| 400000 | 5.000 | 05/01/30 | 430692 |
| 375000 | 5.000 | 05/01/31 | 409507 |
| 325000 | 4.000 <sup>(a)</sup> | 05/01/32 | 329259 |
| 325000 | 4.000 <sup>(a)</sup> | 05/01/33 | 328115 |
| 300000 | 4.000 <sup>(a)</sup> | 05/01/34 | 301709 |
| Steel Valley School District GO Bonds Series 2024 (BAM) (AA/Aa3)<sup>(a)</sup> | Steel Valley School District GO Bonds Series 2024 (BAM) (AA/Aa3)<sup>(a)</sup> | Steel Valley School District GO Bonds Series 2024 (BAM) (AA/Aa3)<sup>(a)</sup> | Steel Valley School District GO Bonds Series 2024 (BAM) (AA/Aa3)<sup>(a)</sup> |
| 850000 | 5.000 | 11/01/37 | 936072 |
| 1695000 | 5.000 | 11/01/38 | 1861735 |
| 650000 | 5.000 | 11/01/39 | 707912 |
| 840000 | 5.000 | 11/01/40 | 904522 |
| 885000 | 5.000 | 11/01/41 | 942243 |
| Wayne County PA Hospital & Health Facilities Authority Revenue Bonds (Memorial Hospital Project) Series A (CNTY-GTD) (A/NR) | Wayne County PA Hospital & Health Facilities Authority Revenue Bonds (Memorial Hospital Project) Series A (CNTY-GTD) (A/NR) | Wayne County PA Hospital & Health Facilities Authority Revenue Bonds (Memorial Hospital Project) Series A (CNTY-GTD) (A/NR) | Wayne County PA Hospital & Health Facilities Authority Revenue Bonds (Memorial Hospital Project) Series A (CNTY-GTD) (A/NR) |
| 520000 | 4.000 | 07/01/27 | 529241 |
| 400000 | 5.000 <sup>(a)</sup> | 07/01/28 | 412173 |
| 500000 | 4.000 <sup>(a)</sup> | 07/01/33 | 504110 |
| York PA GO Bonds (Refunding) Series A (NR/NR) | York PA GO Bonds (Refunding) Series A (NR/NR) | York PA GO Bonds (Refunding) Series A (NR/NR) | York PA GO Bonds (Refunding) Series A (NR/NR) |
| 640000 | 5.000 | 11/15/26 | 645609 |
|  |  |  | 32473308 |
|  **Rhode Island – 2.1%** | **Rhode Island – 2.1%** | **Rhode Island – 2.1%** | **Rhode Island – 2.1%** |
| Rhode Island Health & Educational Building Corp. Revenue Bonds Series G (BAM) (AA/Aa3)<sup>(a)</sup> | Rhode Island Health & Educational Building Corp. Revenue Bonds Series G (BAM) (AA/Aa3)<sup>(a)</sup> | Rhode Island Health & Educational Building Corp. Revenue Bonds Series G (BAM) (AA/Aa3)<sup>(a)</sup> | Rhode Island Health & Educational Building Corp. Revenue Bonds Series G (BAM) (AA/Aa3)<sup>(a)</sup> |
| 1350000 | 5.250 | 05/15/40 | 1496402 |
| Rhode Island Providence Public Building Authority Revenue Bonds (Capital Improvement Program) Series A (AG) (AA/A1)<sup>(a)</sup> | Rhode Island Providence Public Building Authority Revenue Bonds (Capital Improvement Program) Series A (AG) (AA/A1)<sup>(a)</sup> | Rhode Island Providence Public Building Authority Revenue Bonds (Capital Improvement Program) Series A (AG) (AA/A1)<sup>(a)</sup> | Rhode Island Providence Public Building Authority Revenue Bonds (Capital Improvement Program) Series A (AG) (AA/A1)<sup>(a)</sup> |
| 1100000 | 5.250 | 09/15/40 | 1222524 |
| Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B (AA-/Aa3)<sup>(a)</sup> | Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B (AA-/Aa3)<sup>(a)</sup> | Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B (AA-/Aa3)<sup>(a)</sup> | Rhode Island State & Providence Plantations Lease Certificates of Participation (Eleanor Slater Hospital Project) Series B (AA-/Aa3)<sup>(a)</sup> |
| 760000 | 4.000 | 11/01/32 | 783636 |
| Rhode Island State Housing and Mortgage Finance Corp Revenue Bonds Series 2022 (AA+/Aa1)<sup>(a)</sup> | Rhode Island State Housing and Mortgage Finance Corp Revenue Bonds Series 2022 (AA+/Aa1)<sup>(a)</sup> | Rhode Island State Housing and Mortgage Finance Corp Revenue Bonds Series 2022 (AA+/Aa1)<sup>(a)</sup> | Rhode Island State Housing and Mortgage Finance Corp Revenue Bonds Series 2022 (AA+/Aa1)<sup>(a)</sup> |
| 2025000 | 2.100 | 04/01/32 | 1847163 |
| Rhode Island Student Loan Authority Revenue Bonds Series 2024 B (AMT) (AA/NR) | Rhode Island Student Loan Authority Revenue Bonds Series 2024 B (AMT) (AA/NR) | Rhode Island Student Loan Authority Revenue Bonds Series 2024 B (AMT) (AA/NR) | Rhode Island Student Loan Authority Revenue Bonds Series 2024 B (AMT) (AA/NR) |
| 750000 | 5.000 | 12/01/31 | 804558 |
| 500000 | 5.000 | 12/01/32 | 539361 |
| 750000 | 5.000 | 12/01/33 | 810463 |
|  |  |  | 7504107 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **South Carolina – 1.8%** | **South Carolina – 1.8%** | **South Carolina – 1.8%** | **South Carolina – 1.8%** |
| Florence County School District No. 3 Revenue Bonds Series 2025 (NR/A3) | Florence County School District No. 3 Revenue Bonds Series 2025 (NR/A3) | Florence County School District No. 3 Revenue Bonds Series 2025 (NR/A3) | Florence County School District No. 3 Revenue Bonds Series 2025 (NR/A3) |
| $500000 | 5.000% | 12/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564215 |
| 565000 | 5.000 | 12/01/33 | 643352 |
| 590000 | 5.000 | 12/01/34 | 675792 |
| 620000 | 5.000 <sup>(a)</sup> | 12/01/35 | 703791 |
| 1300000 | 5.000 <sup>(a)</sup> | 12/01/36 | 1463071 |
| South Carolina Jobs-Economic Development Authority Revenue Bonds (Wofford College Project) Series 2024 (A-/NR)<sup>(a)</sup> | South Carolina Jobs-Economic Development Authority Revenue Bonds (Wofford College Project) Series 2024 (A-/NR)<sup>(a)</sup> | South Carolina Jobs-Economic Development Authority Revenue Bonds (Wofford College Project) Series 2024 (A-/NR)<sup>(a)</sup> | South Carolina Jobs-Economic Development Authority Revenue Bonds (Wofford College Project) Series 2024 (A-/NR)<sup>(a)</sup> |
| 2000000 | 5.000 | 04/01/34 | 2260966 |
|  |  |  | 6311187 |
|  **South Dakota<sup>(a)</sup> – 0.9%** | **South Dakota<sup>(a)</sup> – 0.9%** | **South Dakota<sup>(a)</sup> – 0.9%** | **South Dakota<sup>(a)</sup> – 0.9%** |
| County of Clay SD G0 Bonds Series 2023 (NR/Aa3) | County of Clay SD G0 Bonds Series 2023 (NR/Aa3) | County of Clay SD G0 Bonds Series 2023 (NR/Aa3) | County of Clay SD G0 Bonds Series 2023 (NR/Aa3) |
| 1000000 | 5.000 | 12/01/38 | 1092689 |
| Mitchell School SD District No. 17-2 GO Bonds Series 2024 (AA+/NR) | Mitchell School SD District No. 17-2 GO Bonds Series 2024 (AA+/NR) | Mitchell School SD District No. 17-2 GO Bonds Series 2024 (AA+/NR) | Mitchell School SD District No. 17-2 GO Bonds Series 2024 (AA+/NR) |
| 1745000 | 5.000 | 08/01/38 | 1941460 |
|  |  |  | 3034149 |
|  **Tennessee – 0.9%** | **Tennessee – 0.9%** | **Tennessee – 0.9%** | **Tennessee – 0.9%** |
| Chattanooga Health Educational & Housing Facility Board Revenue Bonds Series 2024 (A/NR)<sup>(a)</sup> | Chattanooga Health Educational & Housing Facility Board Revenue Bonds Series 2024 (A/NR)<sup>(a)</sup> | Chattanooga Health Educational & Housing Facility Board Revenue Bonds Series 2024 (A/NR)<sup>(a)</sup> | Chattanooga Health Educational & Housing Facility Board Revenue Bonds Series 2024 (A/NR)<sup>(a)</sup> |
| 500000 | 5.250 | 12/01/40 | 558565 |
| 800000 | 5.250 | 12/01/41 | 883551 |
| Greeneville TN Health & Educational Facilities Board Hospital Revenue Bonds (Refunding-Ballad Health Obligated Group) Series A (A-/A3) | Greeneville TN Health & Educational Facilities Board Hospital Revenue Bonds (Refunding-Ballad Health Obligated Group) Series A (A-/A3) | Greeneville TN Health & Educational Facilities Board Hospital Revenue Bonds (Refunding-Ballad Health Obligated Group) Series A (A-/A3) | Greeneville TN Health & Educational Facilities Board Hospital Revenue Bonds (Refunding-Ballad Health Obligated Group) Series A (A-/A3) |
| 500000 | 5.000 | 07/01/28 | 525853 |
| 600000 | 5.000 <sup>(a)</sup> | 07/01/29 | 626820 |
| 500000 | 5.000 <sup>(a)</sup> | 07/01/30 | 522044 |
| Tennessee Housing Development Agency Revenue Bonds Residential Financing Program Series 1C (Non-AMT-Non ACE-Issue) (AA+/Aa1)<sup>(a)</sup> | Tennessee Housing Development Agency Revenue Bonds Residential Financing Program Series 1C (Non-AMT-Non ACE-Issue) (AA+/Aa1)<sup>(a)</sup> | Tennessee Housing Development Agency Revenue Bonds Residential Financing Program Series 1C (Non-AMT-Non ACE-Issue) (AA+/Aa1)<sup>(a)</sup> | Tennessee Housing Development Agency Revenue Bonds Residential Financing Program Series 1C (Non-AMT-Non ACE-Issue) (AA+/Aa1)<sup>(a)</sup> |
| 125000 | 4.050 | 01/01/38 | 125016 |
|  |  |  | 3241849 |
|  **Texas – 11.9%** | **Texas – 11.9%** | **Texas – 11.9%** | **Texas – 11.9%** |
| Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR)<sup>(a)</sup> | Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR)<sup>(a)</sup> | Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR)<sup>(a)</sup> | Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR)<sup>(a)</sup> |
| 1200000 | 5.000 | 08/15/39 | 1320294 |
| 1000000 | 5.000 | 08/15/40 | 1091986 |
| Arlington TX Higher Education Finance Corp. Revenue Bonds (Uplift Education) Series B (PSF-GTD) (AAA/NR)<sup>(a)</sup> | Arlington TX Higher Education Finance Corp. Revenue Bonds (Uplift Education) Series B (PSF-GTD) (AAA/NR)<sup>(a)</sup> | Arlington TX Higher Education Finance Corp. Revenue Bonds (Uplift Education) Series B (PSF-GTD) (AAA/NR)<sup>(a)</sup> | Arlington TX Higher Education Finance Corp. Revenue Bonds (Uplift Education) Series B (PSF-GTD) (AAA/NR)<sup>(a)</sup> |
| 485000 | 4.000 | 12/01/32 | 491836 |
| Arlington TX Higher Education Finance Corp. Revenue Bonds Series A (PSF-GTD) (AAA/NR)<sup>(a)</sup> | Arlington TX Higher Education Finance Corp. Revenue Bonds Series A (PSF-GTD) (AAA/NR)<sup>(a)</sup> | Arlington TX Higher Education Finance Corp. Revenue Bonds Series A (PSF-GTD) (AAA/NR)<sup>(a)</sup> | Arlington TX Higher Education Finance Corp. Revenue Bonds Series A (PSF-GTD) (AAA/NR)<sup>(a)</sup> |
| 1000000 | 4.000 | 08/15/35 | 1038685 |
| Austin TX Airport System Revenue Bonds Series 2014 (A+/A1)<sup>(a)</sup> | Austin TX Airport System Revenue Bonds Series 2014 (A+/A1)<sup>(a)</sup> | Austin TX Airport System Revenue Bonds Series 2014 (A+/A1)<sup>(a)</sup> | Austin TX Airport System Revenue Bonds Series 2014 (A+/A1)<sup>(a)</sup> |
| 1900000 | 5.000 | 11/15/39 | 1900950 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| City of Atlanta Department of Aviation Revenue Bonds Series 2022 (A+/A1) | City of Atlanta Department of Aviation Revenue Bonds Series 2022 (A+/A1) | City of Atlanta Department of Aviation Revenue Bonds Series 2022 (A+/A1) | City of Atlanta Department of Aviation Revenue Bonds Series 2022 (A+/A1) |
| $1250000 | 5.000% | 11/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;1398964 |
| City of Brownsville TX Utilities System Revenue Bonds (Refunding) Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | City of Brownsville TX Utilities System Revenue Bonds (Refunding) Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | City of Brownsville TX Utilities System Revenue Bonds (Refunding) Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | City of Brownsville TX Utilities System Revenue Bonds (Refunding) Series 2022 (BAM) (AA/NR)<sup>(a)</sup> |
| 500000 | 5.000 | 09/01/42 | 525439 |
| City of Houston TX Airport System Revenue Bonds (Refunding) Series A (AMT) (A+/NR)<sup>(a)</sup> | City of Houston TX Airport System Revenue Bonds (Refunding) Series A (AMT) (A+/NR)<sup>(a)</sup> | City of Houston TX Airport System Revenue Bonds (Refunding) Series A (AMT) (A+/NR)<sup>(a)</sup> | City of Houston TX Airport System Revenue Bonds (Refunding) Series A (AMT) (A+/NR)<sup>(a)</sup> |
| 500000 | 5.250 | 07/01/36 | 568763 |
| 500000 | 5.250 | 07/01/37 | 564618 |
| 500000 | 5.250 | 07/01/38 | 559916 |
| City of Houston TX Airport System Revenue Bonds Series 2021 (NR/A1) | City of Houston TX Airport System Revenue Bonds Series 2021 (NR/A1) | City of Houston TX Airport System Revenue Bonds Series 2021 (NR/A1) | City of Houston TX Airport System Revenue Bonds Series 2021 (NR/A1) |
| 1000000 | 5.000 | 07/01/29 | 1070072 |
| 900000 | 5.000 | 07/01/30 | 975876 |
| 1200000 | 5.000 | 07/01/31 | 1320458 |
| City of Houston TX GO Bonds Series 2025 (AA/NR)<sup>(a)</sup> | City of Houston TX GO Bonds Series 2025 (AA/NR)<sup>(a)</sup> | City of Houston TX GO Bonds Series 2025 (AA/NR)<sup>(a)</sup> | City of Houston TX GO Bonds Series 2025 (AA/NR)<sup>(a)</sup> |
| 1025000 | 5.000 | 07/01/35 | 1171043 |
| City of Weslaco TX GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | City of Weslaco TX GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | City of Weslaco TX GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | City of Weslaco TX GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> |
| 675000 | 5.000 | 02/15/37 | 744639 |
| 670000 | 5.000 | 02/15/38 | 731855 |
| 670000 | 5.000 | 02/15/39 | 726455 |
| Clifton TX Higher Education Finance Corp. Revenue Bonds (Refunding International Leadership Of Texas, Inc.) Series 2024 A (NR/Aaa)<sup>(a)</sup> | Clifton TX Higher Education Finance Corp. Revenue Bonds (Refunding International Leadership Of Texas, Inc.) Series 2024 A (NR/Aaa)<sup>(a)</sup> | Clifton TX Higher Education Finance Corp. Revenue Bonds (Refunding International Leadership Of Texas, Inc.) Series 2024 A (NR/Aaa)<sup>(a)</sup> | Clifton TX Higher Education Finance Corp. Revenue Bonds (Refunding International Leadership Of Texas, Inc.) Series 2024 A (NR/Aaa)<sup>(a)</sup> |
| 1175000 | 5.000 | 08/15/34 | 1320529 |
| Clifton TX Higher Education Finance Corp. Revenue Bonds (Refunding International Leadership Of Texas, Inc.) Series 2024 A (NR/Aaa)<sup>(a)</sup> (continued) | Clifton TX Higher Education Finance Corp. Revenue Bonds (Refunding International Leadership Of Texas, Inc.) Series 2024 A (NR/Aaa)<sup>(a)</sup> (continued) | Clifton TX Higher Education Finance Corp. Revenue Bonds (Refunding International Leadership Of Texas, Inc.) Series 2024 A (NR/Aaa)<sup>(a)</sup> (continued) | Clifton TX Higher Education Finance Corp. Revenue Bonds (Refunding International Leadership Of Texas, Inc.) Series 2024 A (NR/Aaa)<sup>(a)</sup> (continued) |
| 860000 | 5.000 | 08/15/35 | 955856 |
| 975000 | 5.000 | 08/15/36 | 1073190 |
| Collin County TX Municipal Utility District No. 2 GO Bonds Series 2024 (BAM) (AA/Baa1)<sup>(a)</sup> | Collin County TX Municipal Utility District No. 2 GO Bonds Series 2024 (BAM) (AA/Baa1)<sup>(a)</sup> | Collin County TX Municipal Utility District No. 2 GO Bonds Series 2024 (BAM) (AA/Baa1)<sup>(a)</sup> | Collin County TX Municipal Utility District No. 2 GO Bonds Series 2024 (BAM) (AA/Baa1)<sup>(a)</sup> |
| 1675000 | 4.000 | 09/01/35 | 1691293 |
| County of Hidalgo TX GO Bonds Series 2025 (AA-/Aa2)<sup>(a)</sup> | County of Hidalgo TX GO Bonds Series 2025 (AA-/Aa2)<sup>(a)</sup> | County of Hidalgo TX GO Bonds Series 2025 (AA-/Aa2)<sup>(a)</sup> | County of Hidalgo TX GO Bonds Series 2025 (AA-/Aa2)<sup>(a)</sup> |
| 1085000 | 5.000 | 08/15/38 | 1213906 |
| Dallas Fort Worth International Airport Revenue Bonds Refunding Series 2023 B (AA-/A1)<sup>(a)</sup> | Dallas Fort Worth International Airport Revenue Bonds Refunding Series 2023 B (AA-/A1)<sup>(a)</sup> | Dallas Fort Worth International Airport Revenue Bonds Refunding Series 2023 B (AA-/A1)<sup>(a)</sup> | Dallas Fort Worth International Airport Revenue Bonds Refunding Series 2023 B (AA-/A1)<sup>(a)</sup> |
| 1000000 | 5.000 | 11/01/39 | 1106741 |
| Dallas Fort Worth International Airport Revenue Bonds Series A-1 (AMT) (AA-/A1)<sup>(a)</sup> | Dallas Fort Worth International Airport Revenue Bonds Series A-1 (AMT) (AA-/A1)<sup>(a)</sup> | Dallas Fort Worth International Airport Revenue Bonds Series A-1 (AMT) (AA-/A1)<sup>(a)</sup> | Dallas Fort Worth International Airport Revenue Bonds Series A-1 (AMT) (AA-/A1)<sup>(a)</sup> |
| 3750000 | 5.250 | 11/01/38 | 4217519 |
| Dallas Metrocare Services Revenue Bonds Series 2025 (NR/Aa3) | Dallas Metrocare Services Revenue Bonds Series 2025 (NR/Aa3) | Dallas Metrocare Services Revenue Bonds Series 2025 (NR/Aa3) | Dallas Metrocare Services Revenue Bonds Series 2025 (NR/Aa3) |
| 500000 | 5.000 | 11/01/34 | 568485 |
| 500000 | 5.000 | 11/01/35 | 569879 |
| 525000 | 5.000 <sup>(a)</sup> | 11/01/36 | 591916 |
| 590000 | 5.000 <sup>(a)</sup> | 11/01/38 | 653141 |
| Greenville TX Electric System Revenue Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Greenville TX Electric System Revenue Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Greenville TX Electric System Revenue Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Greenville TX Electric System Revenue Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> |
| 1000000 | 5.000 | 02/15/47 | 1038416 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** | **Texas – (continued)** |
| Harris County Municipal Utility District No 105 GO Bonds (Refunding) Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Harris County Municipal Utility District No 105 GO Bonds (Refunding) Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Harris County Municipal Utility District No 105 GO Bonds (Refunding) Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Harris County Municipal Utility District No 105 GO Bonds (Refunding) Series 2022 (BAM) (AA/NR)<sup>(a)</sup> |
| $970000 | 4.000% | 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997845 |
| Harrisburg Redevelopment Authority Tax Allocation Series 2025 (AG) (AA/A1)<sup>(a)</sup> | Harrisburg Redevelopment Authority Tax Allocation Series 2025 (AG) (AA/A1)<sup>(a)</sup> | Harrisburg Redevelopment Authority Tax Allocation Series 2025 (AG) (AA/A1)<sup>(a)</sup> | Harrisburg Redevelopment Authority Tax Allocation Series 2025 (AG) (AA/A1)<sup>(a)</sup> |
| 500000 | 5.000 | 09/01/35 | 561536 |
| Laredo TX GO Bonds Series 2022 (AA/Aa2)<sup>(a)</sup> | Laredo TX GO Bonds Series 2022 (AA/Aa2)<sup>(a)</sup> | Laredo TX GO Bonds Series 2022 (AA/Aa2)<sup>(a)</sup> | Laredo TX GO Bonds Series 2022 (AA/Aa2)<sup>(a)</sup> |
| 1740000 | 5.000 | 02/15/40 | 1867288 |
| North Texas Higher Education Authority, Inc. Revenue Bonds Series A (AMT) (AA/NR) | North Texas Higher Education Authority, Inc. Revenue Bonds Series A (AMT) (AA/NR) | North Texas Higher Education Authority, Inc. Revenue Bonds Series A (AMT) (AA/NR) | North Texas Higher Education Authority, Inc. Revenue Bonds Series A (AMT) (AA/NR) |
| 1000000 | 5.000 | 06/01/33 | 1074182 |
| Northampton Municipal Utility District GO Bonds Series 2025 (BAM) (AA/A2)<sup>(a)</sup> | Northampton Municipal Utility District GO Bonds Series 2025 (BAM) (AA/A2)<sup>(a)</sup> | Northampton Municipal Utility District GO Bonds Series 2025 (BAM) (AA/A2)<sup>(a)</sup> | Northampton Municipal Utility District GO Bonds Series 2025 (BAM) (AA/A2)<sup>(a)</sup> |
| 535000 | 5.000 | 03/01/33 | 572658 |
| 565000 | 5.000 | 03/01/34 | 603733 |
| 595000 | 4.000 | 03/01/35 | 608036 |
| 625000 | 4.000 | 03/01/36 | 633501 |
| 655000 | 4.000 | 03/01/37 | 660454 |
| Port Freeport TX Revenue Bonds Series 2024 (AMT) (A/NR) | Port Freeport TX Revenue Bonds Series 2024 (AMT) (A/NR) | Port Freeport TX Revenue Bonds Series 2024 (AMT) (A/NR) | Port Freeport TX Revenue Bonds Series 2024 (AMT) (A/NR) |
| 1550000 | 6.000 | 06/01/34 | 1784519 |
| 1655000 | 4.000 <sup>(a)</sup> | 06/01/35 | 1695241 |
|  |  |  | 42261713 |
|  **Utah<sup>(a)</sup> – 0.1%** | **Utah<sup>(a)</sup> – 0.1%** | **Utah<sup>(a)</sup> – 0.1%** | **Utah<sup>(a)</sup> – 0.1%** |
| Salt Lake City UT Airport Revenue Bonds Series B (A+/A1) | Salt Lake City UT Airport Revenue Bonds Series B (A+/A1) | Salt Lake City UT Airport Revenue Bonds Series B (A+/A1) | Salt Lake City UT Airport Revenue Bonds Series B (A+/A1) |
| 500000 | 5.000 | 07/01/34 | 516442 |
|  **Vermont – 0.7%** | **Vermont – 0.7%** | **Vermont – 0.7%** | **Vermont – 0.7%** |
| Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (A/NR) | Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (A/NR) | Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (A/NR) | Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (A/NR) |
| 780000 | 5.000 | 06/15/27 | 795882 |
| Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (AAA/NR) | Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (AAA/NR) | Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (AAA/NR) | Vermont State Student Assistance Corp. Education Loan Revenue Bonds Series A (AAA/NR) |
| 400000 | 5.000 | 06/15/26 | 403446 |
| Vermont Student Assistance Corp. Revenue Bonds Series 2021 (A/NR) | Vermont Student Assistance Corp. Revenue Bonds Series 2021 (A/NR) | Vermont Student Assistance Corp. Revenue Bonds Series 2021 (A/NR) | Vermont Student Assistance Corp. Revenue Bonds Series 2021 (A/NR) |
| 400000 | 5.000 | 06/15/29 | 417214 |
| 455000 | 5.000 | 06/15/30 | 482545 |
| Vermont Student Assistance Corp. Revenue Bonds Series 2021 (A/NR) (continued) | Vermont Student Assistance Corp. Revenue Bonds Series 2021 (A/NR) (continued) | Vermont Student Assistance Corp. Revenue Bonds Series 2021 (A/NR) (continued) | Vermont Student Assistance Corp. Revenue Bonds Series 2021 (A/NR) (continued) |
| 475000 | 5.000 | 06/15/31 | 509171 |
|  |  |  | 2608258 |
|  **Virginia<sup>(a)</sup> – 1.0%** | **Virginia<sup>(a)</sup> – 1.0%** | **Virginia<sup>(a)</sup> – 1.0%** | **Virginia<sup>(a)</sup> – 1.0%** |
| Isle of Wight County Economic Development Authority Revenue Bonds (Riverside Health System) Series 2023 (AG) (AA/NR) | Isle of Wight County Economic Development Authority Revenue Bonds (Riverside Health System) Series 2023 (AG) (AA/NR) | Isle of Wight County Economic Development Authority Revenue Bonds (Riverside Health System) Series 2023 (AG) (AA/NR) | Isle of Wight County Economic Development Authority Revenue Bonds (Riverside Health System) Series 2023 (AG) (AA/NR) |
| 1000000 | 5.250 | 07/01/43 | 1072643 |
| Virginia Housing Development Authority Revenue Bonds Series 2023 F (AA+/Aa1) | Virginia Housing Development Authority Revenue Bonds Series 2023 F (AA+/Aa1) | Virginia Housing Development Authority Revenue Bonds Series 2023 F (AA+/Aa1) | Virginia Housing Development Authority Revenue Bonds Series 2023 F (AA+/Aa1) |
| 2500000 | 5.150 | 11/01/48 | 2570571 |
|  |  |  | 3643214 |

---

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Washington<sup>(a)</sup> – 0.8%** | **Washington<sup>(a)</sup> – 0.8%** | **Washington<sup>(a)</sup> – 0.8%** | **Washington<sup>(a)</sup> – 0.8%** |
| Port of Seattle WA Special Facilities Revenue Bonds (Refunding) Series 2013 (A+/A1) | Port of Seattle WA Special Facilities Revenue Bonds (Refunding) Series 2013 (A+/A1) | Port of Seattle WA Special Facilities Revenue Bonds (Refunding) Series 2013 (A+/A1) | Port of Seattle WA Special Facilities Revenue Bonds (Refunding) Series 2013 (A+/A1) |
| $900000 | 3.600% | 06/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900099 |
| Port of Seattle WA Special Facilities Revenue Bonds Series 2017 (AA-/Aa3) | Port of Seattle WA Special Facilities Revenue Bonds Series 2017 (AA-/Aa3) | Port of Seattle WA Special Facilities Revenue Bonds Series 2017 (AA-/Aa3) | Port of Seattle WA Special Facilities Revenue Bonds Series 2017 (AA-/Aa3) |
| 1500000 | 5.000 | 05/01/37 | 1522643 |
| Washington State Health Care Facilities Authority Revenue Bonds (Refunding-Providence St. Joseph Health) Series B (A/A3) | Washington State Health Care Facilities Authority Revenue Bonds (Refunding-Providence St. Joseph Health) Series B (A/A3) | Washington State Health Care Facilities Authority Revenue Bonds (Refunding-Providence St. Joseph Health) Series B (A/A3) | Washington State Health Care Facilities Authority Revenue Bonds (Refunding-Providence St. Joseph Health) Series B (A/A3) |
| 150000 | 5.000 | 10/01/30 | 158801 |
| Washington State Housing Finance Commission Revenue Bonds (Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa) | Washington State Housing Finance Commission Revenue Bonds (Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa) | Washington State Housing Finance Commission Revenue Bonds (Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa) | Washington State Housing Finance Commission Revenue Bonds (Refunding-Non-AMT-Single Family Program) Series 1N (NR/Aaa) |
| 290000 | 3.450 | 12/01/30 | 290101 |
|  |  |  | 2871644 |
|  **Wisconsin – 4.6%** | **Wisconsin – 4.6%** | **Wisconsin – 4.6%** | **Wisconsin – 4.6%** |
| City of Milwaukee WI GO Bonds (Refunding) Series 2022 (AG) (AA/NR)<sup>(a)</sup> | City of Milwaukee WI GO Bonds (Refunding) Series 2022 (AG) (AA/NR)<sup>(a)</sup> | City of Milwaukee WI GO Bonds (Refunding) Series 2022 (AG) (AA/NR)<sup>(a)</sup> | City of Milwaukee WI GO Bonds (Refunding) Series 2022 (AG) (AA/NR)<sup>(a)</sup> |
| 2000000 | 5.000 | 04/01/35 | 2215401 |
| City of Milwaukee WI GO Bonds Series 2020 (BAM) (AA/NR)<sup>(a)</sup> | City of Milwaukee WI GO Bonds Series 2020 (BAM) (AA/NR)<sup>(a)</sup> | City of Milwaukee WI GO Bonds Series 2020 (BAM) (AA/NR)<sup>(a)</sup> | City of Milwaukee WI GO Bonds Series 2020 (BAM) (AA/NR)<sup>(a)</sup> |
| 2580000 | 4.000 | 04/01/35 | 2658521 |
| County of Milwaukee WI Airport Revenue Bonds Series A (AMT) (NR/A1) | County of Milwaukee WI Airport Revenue Bonds Series A (AMT) (NR/A1) | County of Milwaukee WI Airport Revenue Bonds Series A (AMT) (NR/A1) | County of Milwaukee WI Airport Revenue Bonds Series A (AMT) (NR/A1) |
| 1010000 | 5.000 | 12/01/31 | 1118256 |
| 935000 | 5.000 | 12/01/32 | 1046848 |
| 1010000 | 5.000 | 12/01/33 | 1140035 |
| 1010000 | 5.000 | 12/01/34 | 1144072 |
| 700000 | 5.000 <sup>(a)</sup> | 12/01/35 | 788159 |
| 500000 | 5.000 <sup>(a)</sup> | 12/01/36 | 558164 |
| Racine Unifield School District GO Bond (Refunding) Series 2025 (AG) (AA/Aa3)<sup>(a)</sup> | Racine Unifield School District GO Bond (Refunding) Series 2025 (AG) (AA/Aa3)<sup>(a)</sup> | Racine Unifield School District GO Bond (Refunding) Series 2025 (AG) (AA/Aa3)<sup>(a)</sup> | Racine Unifield School District GO Bond (Refunding) Series 2025 (AG) (AA/Aa3)<sup>(a)</sup> |
| 1275000 | 5.000 | 04/01/39 | 1403018 |
| 900000 | 5.000 | 04/01/40 | 985064 |
| Tomorrow River School District GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Tomorrow River School District GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Tomorrow River School District GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Tomorrow River School District GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> |
| 1910000 | 4.000 | 03/15/41 | 1939656 |
| Wisconsin Public Finance Authority Revenue Bonds (Taxable Refunding Hawaii Pacific Health Obligated Group) Series A (NR/A1)<sup>(a)</sup> | Wisconsin Public Finance Authority Revenue Bonds (Taxable Refunding Hawaii Pacific Health Obligated Group) Series A (NR/A1)<sup>(a)</sup> | Wisconsin Public Finance Authority Revenue Bonds (Taxable Refunding Hawaii Pacific Health Obligated Group) Series A (NR/A1)<sup>(a)</sup> | Wisconsin Public Finance Authority Revenue Bonds (Taxable Refunding Hawaii Pacific Health Obligated Group) Series A (NR/A1)<sup>(a)</sup> |
| 1170000 | 4.082 | 07/01/29 | 1170364 |
|  |  |  | 16167558 |
| TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS |
|  **(Cost $352,995,001)** | **(Cost $352,995,001)** | **(Cost $352,995,001)** | $351360865 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company – 4.2% | Investment Company – 4.2% | Investment Company – 4.2% |
| State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class |
| 14645302 | 4.014% | $14645302 |
|  **(Cost $14,645,302)** | **(Cost $14,645,302)** |  |
| TOTAL INVESTMENTS – 103.5% | TOTAL INVESTMENTS – 103.5% | TOTAL INVESTMENTS – 103.5% |
|  **(Cost $367,640,303)** | **(Cost $367,640,303)** | $366006167 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (3.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (3.5)%** | (12267269) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $353738898 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. |
| (b) | Variable rate security. The interest rate shown reflects the rate as of October 31, 2025. |
| (c) | Rate shown is that which is in effect on October 31, 2025. 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) | Pre-refunded security. Maturity date disclosed is prerefunding date. |
|  | Security ratings disclosed, if any, are issued by S&P Global Ratings Services/Moody's Investors Service and are unaudited. A description of the ratings is available in the Fund's Statement of Additional Information. |

---

---

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

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

## Schedule of Investments
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – 94.2% | Municipal Bond Obligations – 94.2% | Municipal Bond Obligations – 94.2% | Municipal Bond Obligations – 94.2% |
|  **Alabama<sup>(a)</sup> – 0.9%** | **Alabama<sup>(a)</sup> – 0.9%** | **Alabama<sup>(a)</sup> – 0.9%** | **Alabama<sup>(a)</sup> – 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) | Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) | Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) | Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) |
| $2000000 | 5.000 % <br>| 12/01/31 <br>| $&nbsp;&nbsp;&nbsp;&nbsp;2156661 <br>|
|  **Arizona<sup>(a)</sup> – 1.1%** | **Arizona<sup>(a)</sup> – 1.1%** | **Arizona<sup>(a)</sup> – 1.1%** | **Arizona<sup>(a)</sup> – 1.1%** |
| Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR) | Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR) | Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR) | Arizona Industrial Development Authority Revenue Bonds Series 2022 (A/NR) |
| 2680000 | 4.000 <br>| 11/01/40 <br>| 2587264 <br>|
|  **Illinois<sup>(a)</sup> – 0.4%** | **Illinois<sup>(a)</sup> – 0.4%** | **Illinois<sup>(a)</sup> – 0.4%** | **Illinois<sup>(a)</sup> – 0.4%** |
| Woodford Lasalle Livingston Etc. Counties IL Community Unit School District GO Bonds Series A (BAM) (AA/NR) | Woodford Lasalle Livingston Etc. Counties IL Community Unit School District GO Bonds Series A (BAM) (AA/NR) | Woodford Lasalle Livingston Etc. Counties IL Community Unit School District GO Bonds Series A (BAM) (AA/NR) | Woodford Lasalle Livingston Etc. Counties IL Community Unit School District GO Bonds Series A (BAM) (AA/NR) |
| 500000 | 4.000 | 12/01/34 | 513640 |
| 500000 | 4.000 | 12/01/35 | 511519 |
|  |  |  | 1025159 <br>|
|  **Indiana<sup>(a)</sup> – 0.9%** | **Indiana<sup>(a)</sup> – 0.9%** | **Indiana<sup>(a)</sup> – 0.9%** | **Indiana<sup>(a)</sup> – 0.9%** |
| Shelbyville Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR) | Shelbyville Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR) | Shelbyville Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR) | Shelbyville Redevelopment Authority Revenue Bonds Series 2021 (AA-/NR) |
| 500000 | 3.000 | 08/01/33 | 485396 |
| Whitestown Redevelopment Authority (Lease Rental Multipurpose Refunding Revenue)- Series 2021 (AA+/NR) | Whitestown Redevelopment Authority (Lease Rental Multipurpose Refunding Revenue)- Series 2021 (AA+/NR) | Whitestown Redevelopment Authority (Lease Rental Multipurpose Refunding Revenue)- Series 2021 (AA+/NR) | Whitestown Redevelopment Authority (Lease Rental Multipurpose Refunding Revenue)- Series 2021 (AA+/NR) |
| 1575000 | 3.000 | 08/01/32 | 1586057 |
|  |  |  | 2071453 <br>|
|  **Missouri – 90.3%** | **Missouri – 90.3%** | **Missouri – 90.3%** | **Missouri – 90.3%** |
| Andrew County Reorganized School District No. 3 Certificates of Participation Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Andrew County Reorganized School District No. 3 Certificates of Participation Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Andrew County Reorganized School District No. 3 Certificates of Participation Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Andrew County Reorganized School District No. 3 Certificates of Participation Series 2023 (BAM) (AA/NR)<sup>(a)</sup> |
| 2000000 | 4.000 | 04/15/43 | 1973640 |
| Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)<sup>(a)</sup> | Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)<sup>(a)</sup> | Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)<sup>(a)</sup> | Arnold MO Certificates of Participation (Refunding) Series 2019 (A+/NR)<sup>(a)</sup> |
| 760000 | 4.000 | 08/15/28 | 770622 |
| 825000 | 4.000 | 08/15/30 | 836767 |
| 555000 | 4.000 | 08/15/31 | 562518 |
| Boone County MO R-1 Reorganized School District GO Bonds (Direct Deposit Program) Series R (AA+/NR)<sup>(a)</sup> | Boone County MO R-1 Reorganized School District GO Bonds (Direct Deposit Program) Series R (AA+/NR)<sup>(a)</sup> | Boone County MO R-1 Reorganized School District GO Bonds (Direct Deposit Program) Series R (AA+/NR)<sup>(a)</sup> | Boone County MO R-1 Reorganized School District GO Bonds (Direct Deposit Program) Series R (AA+/NR)<sup>(a)</sup> |
| 750000 | 4.000 | 03/01/41 | 758341 |
| Brentwood MO Certificates of Participation Series 2018 (AA-/NR)<sup>(a)</sup> | Brentwood MO Certificates of Participation Series 2018 (AA-/NR)<sup>(a)</sup> | Brentwood MO Certificates of Participation Series 2018 (AA-/NR)<sup>(a)</sup> | Brentwood MO Certificates of Participation Series 2018 (AA-/NR)<sup>(a)</sup> |
| 1655000 | 4.000 | 10/01/34 | 1663591 |
| Brentwood Public Library Certificates of Participation Series 2024 (A+/NR)<sup>(a)</sup> | Brentwood Public Library Certificates of Participation Series 2024 (A+/NR)<sup>(a)</sup> | Brentwood Public Library Certificates of Participation Series 2024 (A+/NR)<sup>(a)</sup> | Brentwood Public Library Certificates of Participation Series 2024 (A+/NR)<sup>(a)</sup> |
| 1305000 | 5.500 | 04/01/38 | 1451134 |
| Cape Girardeau County MO Reorganized School District No. R-2 GO Bonds (Kearney Direct Deposit Program) Series 2018 (AA+/NR)<sup>(a)</sup> | Cape Girardeau County MO Reorganized School District No. R-2 GO Bonds (Kearney Direct Deposit Program) Series 2018 (AA+/NR)<sup>(a)</sup> | Cape Girardeau County MO Reorganized School District No. R-2 GO Bonds (Kearney Direct Deposit Program) Series 2018 (AA+/NR)<sup>(a)</sup> | Cape Girardeau County MO Reorganized School District No. R-2 GO Bonds (Kearney Direct Deposit Program) Series 2018 (AA+/NR)<sup>(a)</sup> |
| 750000 | 4.000 | 03/01/37 | 760995 |
| City of Blue Springs MO GO Bonds Series 2025 (AA/NR)<sup>(a)</sup> | City of Blue Springs MO GO Bonds Series 2025 (AA/NR)<sup>(a)</sup> | City of Blue Springs MO GO Bonds Series 2025 (AA/NR)<sup>(a)</sup> | City of Blue Springs MO GO Bonds Series 2025 (AA/NR)<sup>(a)</sup> |
| 750000 | 5.000 | 03/01/37 | 859932 |
| 1500000 | 5.000 | 03/01/38 | 1710560 |
| 1000000 | 5.000 | 03/01/39 | 1131824 |
| 1000000 | 5.000 | 03/01/40 | 1114588 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| City of Brentwood MO Certificates of Participation Series 2019 (AA-/NR)<sup>(a)</sup> | City of Brentwood MO Certificates of Participation Series 2019 (AA-/NR)<sup>(a)</sup> | City of Brentwood MO Certificates of Participation Series 2019 (AA-/NR)<sup>(a)</sup> | City of Brentwood MO Certificates of Participation Series 2019 (AA-/NR)<sup>(a)</sup> |
| $1415000 | 4.000 | 10/01/36 | $1420603 |
| City of Carthage MO Certificates of Participation Series 2022 (A+/NR)<sup>(a)</sup> | City of Carthage MO Certificates of Participation Series 2022 (A+/NR)<sup>(a)</sup> | City of Carthage MO Certificates of Participation Series 2022 (A+/NR)<sup>(a)</sup> | City of Carthage MO Certificates of Participation Series 2022 (A+/NR)<sup>(a)</sup> |
| 1145000 | 5.000% | 05/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;1210929 |
| City of Florissant MO Certificates of Participation (Refunding) Series 2021 (NR/WR)<sup>(a)</sup> | City of Florissant MO Certificates of Participation (Refunding) Series 2021 (NR/WR)<sup>(a)</sup> | City of Florissant MO Certificates of Participation (Refunding) Series 2021 (NR/WR)<sup>(a)</sup> | City of Florissant MO Certificates of Participation (Refunding) Series 2021 (NR/WR)<sup>(a)</sup> |
| 505000 | 3.000 | 10/01/30 | 505702 |
| 570000 | 3.000 | 10/01/34 | 553091 |
| City of Jennings MO Certificates of Participation Series 2021 (NR/NR)<sup>(a)</sup> | City of Jennings MO Certificates of Participation Series 2021 (NR/NR)<sup>(a)</sup> | City of Jennings MO Certificates of Participation Series 2021 (NR/NR)<sup>(a)</sup> | City of Jennings MO Certificates of Participation Series 2021 (NR/NR)<sup>(a)</sup> |
| 1095000 | 4.000 | 03/01/31 | 1074008 |
| 1230000 | 4.000 | 03/01/34 | 1181559 |
| 750000 | 4.000 | 03/01/37 | 691286 |
| 530000 | 4.000 | 03/01/40 | 458416 |
| City of Kansas City MO Special Obligation Revenue Bonds Series 2021 (AA-/A1)<sup>(a)</sup> | City of Kansas City MO Special Obligation Revenue Bonds Series 2021 (AA-/A1)<sup>(a)</sup> | City of Kansas City MO Special Obligation Revenue Bonds Series 2021 (AA-/A1)<sup>(a)</sup> | City of Kansas City MO Special Obligation Revenue Bonds Series 2021 (AA-/A1)<sup>(a)</sup> |
| 1000000 | 5.000 | 04/01/35 | 1103050 |
| 760000 | 5.000 | 04/01/36 | 832592 |
| 1435000 | 5.000 | 04/01/37 | 1564932 |
| City of Kansas City MO Special Obligation Revenue Bonds Series 2024 (AA-/A1)<sup>(a)</sup> | City of Kansas City MO Special Obligation Revenue Bonds Series 2024 (AA-/A1)<sup>(a)</sup> | City of Kansas City MO Special Obligation Revenue Bonds Series 2024 (AA-/A1)<sup>(a)</sup> | City of Kansas City MO Special Obligation Revenue Bonds Series 2024 (AA-/A1)<sup>(a)</sup> |
| 1500000 | 5.000 | 04/01/35 | 1733311 |
| City of Republic MO Revenue Bonds Series 2022 (A+/NR)<sup>(a)</sup> | City of Republic MO Revenue Bonds Series 2022 (A+/NR)<sup>(a)</sup> | City of Republic MO Revenue Bonds Series 2022 (A+/NR)<sup>(a)</sup> | City of Republic MO Revenue Bonds Series 2022 (A+/NR)<sup>(a)</sup> |
| 920000 | 4.000 | 05/01/34 | 953555 |
| 640000 | 4.000 | 05/01/35 | 660417 |
| 685000 | 4.000 | 05/01/36 | 704281 |
| Clinton School District MO GO Bonds (Refunding) Series 2024 A (AA+/NR)<sup>(a)</sup> | Clinton School District MO GO Bonds (Refunding) Series 2024 A (AA+/NR)<sup>(a)</sup> | Clinton School District MO GO Bonds (Refunding) Series 2024 A (AA+/NR)<sup>(a)</sup> | Clinton School District MO GO Bonds (Refunding) Series 2024 A (AA+/NR)<sup>(a)</sup> |
| 1860000 | 5.000 | 03/01/41 | 2024689 |
| Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)<sup>(a)</sup> | Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)<sup>(a)</sup> | Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)<sup>(a)</sup> | Columbia MO Water & Electric Revenue Bonds (Refunding & Improvement System) Series 2015 (A+/NR)<sup>(a)</sup> |
| 500000 | 4.000 | 10/01/42 | 499983 |
| County of Barry MO Certificate of Participation Series 2023 (NR/A3) | County of Barry MO Certificate of Participation Series 2023 (NR/A3) | County of Barry MO Certificate of Participation Series 2023 (NR/A3) | County of Barry MO Certificate of Participation Series 2023 (NR/A3) |
| 640000 | 5.000 | 10/01/29 | 673153 |
| 670000 | 5.000 | 10/01/30 | 710469 |
| 705000 | 5.000 | 10/01/31 | 751752 |
| 740000 | 5.000 <sup>(a)</sup> | 10/01/32 | 792949 |
| County of St. Charles MO Special Obligation Revenue Bonds Series 2024 (AA/NR)<sup>(a)</sup> | County of St. Charles MO Special Obligation Revenue Bonds Series 2024 (AA/NR)<sup>(a)</sup> | County of St. Charles MO Special Obligation Revenue Bonds Series 2024 (AA/NR)<sup>(a)</sup> | County of St. Charles MO Special Obligation Revenue Bonds Series 2024 (AA/NR)<sup>(a)</sup> |
| 1945000 | 4.000 | 04/01/38 | 2017971 |
| Fenton MO Fire Protection District GO Bonds Series 2019 (AA+/NR)<sup>(a)</sup> | Fenton MO Fire Protection District GO Bonds Series 2019 (AA+/NR)<sup>(a)</sup> | Fenton MO Fire Protection District GO Bonds Series 2019 (AA+/NR)<sup>(a)</sup> | Fenton MO Fire Protection District GO Bonds Series 2019 (AA+/NR)<sup>(a)</sup> |
| 625000 | 4.000 | 03/01/34 | 631861 |
| Fort Zumwalt School District GO Bonds (Refunding) Series 2024 (AA+/NR)<sup>(a)</sup> | Fort Zumwalt School District GO Bonds (Refunding) Series 2024 (AA+/NR)<sup>(a)</sup> | Fort Zumwalt School District GO Bonds (Refunding) Series 2024 (AA+/NR)<sup>(a)</sup> | Fort Zumwalt School District GO Bonds (Refunding) Series 2024 (AA+/NR)<sup>(a)</sup> |
| 1425000 | 5.250 | 03/01/34 | 1631455 |
| 1115000 | 5.250 | 03/01/35 | 1268003 |
| Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series A (A+/NR)<sup>(a)</sup> | Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series A (A+/NR)<sup>(a)</sup> | Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series A (A+/NR)<sup>(a)</sup> | Great Rivers Greenway Metropolitan Park & Recreation District (Gateway Arch Project) Series A (A+/NR)<sup>(a)</sup> |
| 715000 | 4.000 | 12/30/32 | 756354 |

---

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

## Schedule of Investments (continued)
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| Greene County MO Certificates of Participation Series 2018 (NR/Aa2)<sup>(a)</sup> | Greene County MO Certificates of Participation Series 2018 (NR/Aa2)<sup>(a)</sup> | Greene County MO Certificates of Participation Series 2018 (NR/Aa2)<sup>(a)</sup> | Greene County MO Certificates of Participation Series 2018 (NR/Aa2)<sup>(a)</sup> |
| $1130000 | 5.000% | 09/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;1180962 |
| 1000000 | 5.000 | 09/01/37 | 1042178 |
| Greene County MO Reorganized School District No. R-2 GO Bonds Series 2018 (Liberty School Building Direct Deposit Program) (AA+/NR)<sup>(a)</sup> | Greene County MO Reorganized School District No. R-2 GO Bonds Series 2018 (Liberty School Building Direct Deposit Program) (AA+/NR)<sup>(a)</sup> | Greene County MO Reorganized School District No. R-2 GO Bonds Series 2018 (Liberty School Building Direct Deposit Program) (AA+/NR)<sup>(a)</sup> | Greene County MO Reorganized School District No. R-2 GO Bonds Series 2018 (Liberty School Building Direct Deposit Program) (AA+/NR)<sup>(a)</sup> |
| 875000 | 5.000 | 03/01/38 | 893175 |
| Hannibal MO Industrial Development Authority Revenue Bonds (Hannibal Regional Hospital Healthcare System, Inc.) Series 2017 (BBB-/NR)<sup>(a)</sup> | Hannibal MO Industrial Development Authority Revenue Bonds (Hannibal Regional Hospital Healthcare System, Inc.) Series 2017 (BBB-/NR)<sup>(a)</sup> | Hannibal MO Industrial Development Authority Revenue Bonds (Hannibal Regional Hospital Healthcare System, Inc.) Series 2017 (BBB-/NR)<sup>(a)</sup> | Hannibal MO Industrial Development Authority Revenue Bonds (Hannibal Regional Hospital Healthcare System, Inc.) Series 2017 (BBB-/NR)<sup>(a)</sup> |
| 3225000 | 5.000 | 10/01/37 | 3229012 |
| Hazelwood School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Hazelwood School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Hazelwood School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Hazelwood School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> |
| 750000 | 5.000 | 03/01/42 | 796273 |
| Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (BJC Health System) Series 2025 A (AA/Aa2) | Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (BJC Health System) Series 2025 A (AA/Aa2) | Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (BJC Health System) Series 2025 A (AA/Aa2) | Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (BJC Health System) Series 2025 A (AA/Aa2) |
| 1040000 | 5.000 | 04/01/38 | 1201351 |
| Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (Mercy Health) Series A (A+/A1)<sup>(a)</sup> | Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (Mercy Health) Series A (A+/A1)<sup>(a)</sup> | Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (Mercy Health) Series A (A+/A1)<sup>(a)</sup> | Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (Mercy Health) Series A (A+/A1)<sup>(a)</sup> |
| 500000 | 5.500 | 12/01/41 | 557750 |
| Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (SSM Health) Series A (A+/WR)<sup>(a)</sup> | Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (SSM Health) Series A (A+/WR)<sup>(a)</sup> | Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (SSM Health) Series A (A+/WR)<sup>(a)</sup> | Health & Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (SSM Health) Series A (A+/WR)<sup>(a)</sup> |
| 500000 | 5.000 | 06/01/34 | 553487 |
| Health & Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Mercy Health) Series 2014 F (A+/A1)<sup>(a)</sup> | Health & Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Mercy Health) Series 2014 F (A+/A1)<sup>(a)</sup> | Health & Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Mercy Health) Series 2014 F (A+/A1)<sup>(a)</sup> | Health & Educational Facilities Authority Of The State Of Missouri Revenue Bonds (Mercy Health) Series 2014 F (A+/A1)<sup>(a)</sup> |
| 6000000 | 5.000 | 11/15/45 | 6002500 |
| Health & Educational Facilities Authority of the State of Missouri Revenue Bonds (Refunding) Series 2021<br>(BBB+/NR)<sup>(a)</sup> | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds (Refunding) Series 2021<br>(BBB+/NR)<sup>(a)</sup> | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds (Refunding) Series 2021<br>(BBB+/NR)<sup>(a)</sup> | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds (Refunding) Series 2021<br>(BBB+/NR)<sup>(a)</sup> |
| 350000 | 4.000 | 02/15/34 | 344657 |
| 400000 | 4.000 | 02/15/35 | 391427 |
| 580000 | 4.000 | 02/15/36 | 562741 |
| 700000 | 4.000 | 02/15/37 | 673617 |
| Health & Educational Facilities Authority of the State of Missouri Revenue Bonds (Refunding-COX Health Obligated Group) Series 2025 B (NR/A2) | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds (Refunding-COX Health Obligated Group) Series 2025 B (NR/A2) | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds (Refunding-COX Health Obligated Group) Series 2025 B (NR/A2) | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds (Refunding-COX Health Obligated Group) Series 2025 B (NR/A2) |
| 2850000 | 5.000 | 11/15/32 | 3206886 |
| 2225000 | 5.000 | 11/15/33 | 2525958 |
| Independence MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)<sup>(a)</sup> | Independence MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)<sup>(a)</sup> | Independence MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)<sup>(a)</sup> | Independence MO School District GO Bonds (Direct Deposit Program) Series 2021 (AA+/NR)<sup>(a)</sup> |
| 1470000 | 3.250 | 03/01/38 | 1440635 |
| Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR)<sup>(a)</sup> | Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR)<sup>(a)</sup> | Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR)<sup>(a)</sup> | Independence MO School District Lease Certificates of Participation (Refunding) Series 2016 (A+/NR)<sup>(a)</sup> |
| 960000 | 3.000 | 04/01/26 | 959396 |
| Jackson County MO Reorganized School District No. 7 Certificates of Participation Series 2016 (AA-/NR)<sup>(a)</sup> | Jackson County MO Reorganized School District No. 7 Certificates of Participation Series 2016 (AA-/NR)<sup>(a)</sup> | Jackson County MO Reorganized School District No. 7 Certificates of Participation Series 2016 (AA-/NR)<sup>(a)</sup> | Jackson County MO Reorganized School District No. 7 Certificates of Participation Series 2016 (AA-/NR)<sup>(a)</sup> |
| 700000 | 4.000 | 05/01/27 | 703890 |
| 630000 | 4.000 | 05/01/29 | 633903 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| Jackson County MO Reorganized School District No.4 Blue Springs GO Bonds (Direct Deposit Program) Series A<br>(AA+/NR)<sup>(a)</sup> | Jackson County MO Reorganized School District No.4 Blue Springs GO Bonds (Direct Deposit Program) Series A<br>(AA+/NR)<sup>(a)</sup> | Jackson County MO Reorganized School District No.4 Blue Springs GO Bonds (Direct Deposit Program) Series A<br>(AA+/NR)<sup>(a)</sup> | Jackson County MO Reorganized School District No.4 Blue Springs GO Bonds (Direct Deposit Program) Series A<br>(AA+/NR)<sup>(a)</sup> |
| $1000000 | 5.500% | 03/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;1080672 |
| 1000000 | 5.500 | 03/01/36 | 1078255 |
| Jackson County MO School District Hickman Mills C-1 Certificates of Participation (Energy Conservation Project) Series 2015 (BBB+/NR)<sup>(a)</sup> | Jackson County MO School District Hickman Mills C-1 Certificates of Participation (Energy Conservation Project) Series 2015 (BBB+/NR)<sup>(a)</sup> | Jackson County MO School District Hickman Mills C-1 Certificates of Participation (Energy Conservation Project) Series 2015 (BBB+/NR)<sup>(a)</sup> | Jackson County MO School District Hickman Mills C-1 Certificates of Participation (Energy Conservation Project) Series 2015 (BBB+/NR)<sup>(a)</sup> |
| 475000 | 3.000 | 04/15/28 | 465681 |
| 575000 | 3.250 | 04/15/30 | 566354 |
| 550000 | 3.300 | 04/15/31 | 539343 |
| 700000 | 3.375 | 04/15/32 | 678252 |
| Jackson County MO School District Hickman Mills C-1 GO Bonds (Refunding) Series 2020 (AA+/NR) | Jackson County MO School District Hickman Mills C-1 GO Bonds (Refunding) Series 2020 (AA+/NR) | Jackson County MO School District Hickman Mills C-1 GO Bonds (Refunding) Series 2020 (AA+/NR) | Jackson County MO School District Hickman Mills C-1 GO Bonds (Refunding) Series 2020 (AA+/NR) |
| 100000 | 3.000 | 03/01/27 | 100160 |
| 165000 | 4.000 <sup>(a)</sup> | 03/01/31 | 169967 |
| 180000 | 4.000 <sup>(a)</sup> | 03/01/32 | 185106 |
| 200000 | 4.000 <sup>(a)</sup> | 03/01/33 | 205232 |
| Jefferson City MO School District Certificate of Participation Series 2021 (A+/NR)<sup>(a)</sup> | Jefferson City MO School District Certificate of Participation Series 2021 (A+/NR)<sup>(a)</sup> | Jefferson City MO School District Certificate of Participation Series 2021 (A+/NR)<sup>(a)</sup> | Jefferson City MO School District Certificate of Participation Series 2021 (A+/NR)<sup>(a)</sup> |
| 1220000 | 4.000 | 04/01/35 | 1251712 |
| Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)<sup>(a)</sup> | Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)<sup>(a)</sup> | Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)<sup>(a)</sup> | Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2017 (AA+/NR)<sup>(a)</sup> |
| 15000 | 4.000 | 03/01/30 | 15054 |
| Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2025 (AA+/NR)<sup>(a)</sup> | Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2025 (AA+/NR)<sup>(a)</sup> | Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2025 (AA+/NR)<sup>(a)</sup> | Jefferson City MO School District GO Bonds (Direct Deposit Program) Series 2025 (AA+/NR)<sup>(a)</sup> |
| 1000000 | 5.500 | 03/01/44 | 1090917 |
| Jefferson County MO Industrial Development Authority Revenue Bonds (Riverview Bend Apartments) Series 2024 (FNMA) (NR/Aa1) | Jefferson County MO Industrial Development Authority Revenue Bonds (Riverview Bend Apartments) Series 2024 (FNMA) (NR/Aa1) | Jefferson County MO Industrial Development Authority Revenue Bonds (Riverview Bend Apartments) Series 2024 (FNMA) (NR/Aa1) | Jefferson County MO Industrial Development Authority Revenue Bonds (Riverview Bend Apartments) Series 2024 (FNMA) (NR/Aa1) |
| 2191000 | 4.450 | 02/01/43 | 2225355 |
| Jefferson County School District No R-1 Northwest GO Bonds Series 2025 (AA+/NR)<sup>(a)</sup> | Jefferson County School District No R-1 Northwest GO Bonds Series 2025 (AA+/NR)<sup>(a)</sup> | Jefferson County School District No R-1 Northwest GO Bonds Series 2025 (AA+/NR)<sup>(a)</sup> | Jefferson County School District No R-1 Northwest GO Bonds Series 2025 (AA+/NR)<sup>(a)</sup> |
| 1185000 | 5.250 | 03/01/44 | 1292155 |
| Jefferson County School District No R-VI Festus Certificate of Participation (Refunding)Series 2021 (A/NR)<sup>(a)</sup> | Jefferson County School District No R-VI Festus Certificate of Participation (Refunding)Series 2021 (A/NR)<sup>(a)</sup> | Jefferson County School District No R-VI Festus Certificate of Participation (Refunding)Series 2021 (A/NR)<sup>(a)</sup> | Jefferson County School District No R-VI Festus Certificate of Participation (Refunding)Series 2021 (A/NR)<sup>(a)</sup> |
| 585000 | 3.000 | 04/01/29 | 584236 |
| 605000 | 3.000 | 04/01/30 | 605692 |
| 420000 | 3.000 | 04/01/31 | 421386 |
| 460000 | 3.000 | 04/01/33 | 457405 |
| Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Taxable-Refunding-Freeman Health System Project) Series B (A+/NR) | Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Taxable-Refunding-Freeman Health System Project) Series B (A+/NR) | Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Taxable-Refunding-Freeman Health System Project) Series B (A+/NR) | Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Taxable-Refunding-Freeman Health System Project) Series B (A+/NR) |
| 1020000 | 2.558 | 02/15/26 | 1015754 |
| 815000 | 2.844 | 02/15/28 | 794075 |
| 825000 | 2.894 | 02/15/29 | 794828 |
| Joplin MO Schools GO Bonds Buildings — Series 2020<br>(AA+/NR)<sup>(a)</sup> | Joplin MO Schools GO Bonds Buildings — Series 2020<br>(AA+/NR)<sup>(a)</sup> | Joplin MO Schools GO Bonds Buildings — Series 2020<br>(AA+/NR)<sup>(a)</sup> | Joplin MO Schools GO Bonds Buildings — Series 2020<br>(AA+/NR)<sup>(a)</sup> |
| 1285000 | 3.000 | 03/01/35 | 1266118 |
| Kansas City MO Industrial Development Authority Airport Special Obligation Revenue Bonds (Kansas City International Airport Terminal Modified Project) Series B (A/A2) | Kansas City MO Industrial Development Authority Airport Special Obligation Revenue Bonds (Kansas City International Airport Terminal Modified Project) Series B (A/A2) | Kansas City MO Industrial Development Authority Airport Special Obligation Revenue Bonds (Kansas City International Airport Terminal Modified Project) Series B (A/A2) | Kansas City MO Industrial Development Authority Airport Special Obligation Revenue Bonds (Kansas City International Airport Terminal Modified Project) Series B (A/A2) |
| 2540000 | 5.000 | 03/01/28 | 2650144 |
| 1370000 | 5.000 | 03/01/29 | 1451471 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| Kansas City MO Industrial Development Authority Airport Special Obligation Revenue Bonds (Kansas City International Airport Terminal Modified Project) Series B (A/A2) – (continued) | Kansas City MO Industrial Development Authority Airport Special Obligation Revenue Bonds (Kansas City International Airport Terminal Modified Project) Series B (A/A2) – (continued) | Kansas City MO Industrial Development Authority Airport Special Obligation Revenue Bonds (Kansas City International Airport Terminal Modified Project) Series B (A/A2) – (continued) | Kansas City MO Industrial Development Authority Airport Special Obligation Revenue Bonds (Kansas City International Airport Terminal Modified Project) Series B (A/A2) – (continued) |
| $1000000 | 5.000 <sup>%(a)</sup> | 03/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;1050350 |
| 1275000 | 4.000 <sup>(a)</sup> | 03/01/34 | 1299157 |
| 1000000 | 5.000 <sup>(a)</sup> | 03/01/35 | 1042651 |
| Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Downtown Redevelopment District) Series A (AA-/A2)<sup>(a)</sup> | Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Downtown Redevelopment District) Series A (AA-/A2)<sup>(a)</sup> | Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Downtown Redevelopment District) Series A (AA-/A2)<sup>(a)</sup> | Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Downtown Redevelopment District) Series A (AA-/A2)<sup>(a)</sup> |
| 2130000 | 5.500 | 09/01/29 | 2138354 |
| Lebanon MO Reorganized School District No. R-3 GO Bonds Series 2024 (AA+/NR)<sup>(a)</sup> | Lebanon MO Reorganized School District No. R-3 GO Bonds Series 2024 (AA+/NR)<sup>(a)</sup> | Lebanon MO Reorganized School District No. R-3 GO Bonds Series 2024 (AA+/NR)<sup>(a)</sup> | Lebanon MO Reorganized School District No. R-3 GO Bonds Series 2024 (AA+/NR)<sup>(a)</sup> |
| 2160000 | 5.000 | 03/01/40 | 2389110 |
| Marion & Ralls Counties MO School District No. 60 Hannibal GO Bonds (Refunding — Missouri Direct Deposit Program) Series 2025 (AA+/NR)<sup>(a)</sup> | Marion & Ralls Counties MO School District No. 60 Hannibal GO Bonds (Refunding — Missouri Direct Deposit Program) Series 2025 (AA+/NR)<sup>(a)</sup> | Marion & Ralls Counties MO School District No. 60 Hannibal GO Bonds (Refunding — Missouri Direct Deposit Program) Series 2025 (AA+/NR)<sup>(a)</sup> | Marion & Ralls Counties MO School District No. 60 Hannibal GO Bonds (Refunding — Missouri Direct Deposit Program) Series 2025 (AA+/NR)<sup>(a)</sup> |
| 575000 | 5.875 | 03/01/37 | 701186 |
| 1000000 | 5.875 | 03/01/38 | 1213002 |
| 400000 | 5.750 | 03/01/41 | 465138 |
| 575000 | 5.750 | 03/01/42 | 661624 |
| Mineral Area MO Community College District GO Bonds Series 2024 (AG) (AA/Aa3)<sup>(a)</sup> | Mineral Area MO Community College District GO Bonds Series 2024 (AG) (AA/Aa3)<sup>(a)</sup> | Mineral Area MO Community College District GO Bonds Series 2024 (AG) (AA/Aa3)<sup>(a)</sup> | Mineral Area MO Community College District GO Bonds Series 2024 (AG) (AA/Aa3)<sup>(a)</sup> |
| 1940000 | 5.000 | 03/01/34 | 2158498 |
| 2300000 | 5.000 | 03/01/36 | 2532187 |
| Missouri Development Finance Board Revenue Bonds (Sant Louis Zoo Projects) Series 2022 (AA-/A1)<sup>(a)</sup> | Missouri Development Finance Board Revenue Bonds (Sant Louis Zoo Projects) Series 2022 (AA-/A1)<sup>(a)</sup> | Missouri Development Finance Board Revenue Bonds (Sant Louis Zoo Projects) Series 2022 (AA-/A1)<sup>(a)</sup> | Missouri Development Finance Board Revenue Bonds (Sant Louis Zoo Projects) Series 2022 (AA-/A1)<sup>(a)</sup> |
| 1000000 | 5.250 | 05/01/36 | 1111267 |
| 1100000 | 5.250 | 05/01/37 | 1210904 |
| Missouri Joint Municipal Electric Utility Commission Revenue Bonds (Dogwood Energy Facility Project) Series 2024 B (BAM) (AA/A3)<sup>(a)</sup> | Missouri Joint Municipal Electric Utility Commission Revenue Bonds (Dogwood Energy Facility Project) Series 2024 B (BAM) (AA/A3)<sup>(a)</sup> | Missouri Joint Municipal Electric Utility Commission Revenue Bonds (Dogwood Energy Facility Project) Series 2024 B (BAM) (AA/A3)<sup>(a)</sup> | Missouri Joint Municipal Electric Utility Commission Revenue Bonds (Dogwood Energy Facility Project) Series 2024 B (BAM) (AA/A3)<sup>(a)</sup> |
| 1775000 | 5.000 | 06/01/36 | 2008783 |
| Missouri Joint Municipal Electric Utility Commission Revenue Bonds (Refunding — Prairie State Project) Series 2025<br>(NR/A2)<sup>(a)</sup> | Missouri Joint Municipal Electric Utility Commission Revenue Bonds (Refunding — Prairie State Project) Series 2025<br>(NR/A2)<sup>(a)</sup> | Missouri Joint Municipal Electric Utility Commission Revenue Bonds (Refunding — Prairie State Project) Series 2025<br>(NR/A2)<sup>(a)</sup> | Missouri Joint Municipal Electric Utility Commission Revenue Bonds (Refunding — Prairie State Project) Series 2025<br>(NR/A2)<sup>(a)</sup> |
| 1000000 | 5.000 | 12/01/39 | 1118498 |
| Missouri Joint Municipal Electric Utility Commission Revenue Bonds Series 2022 (NR/A2)<sup>(a)</sup> | Missouri Joint Municipal Electric Utility Commission Revenue Bonds Series 2022 (NR/A2)<sup>(a)</sup> | Missouri Joint Municipal Electric Utility Commission Revenue Bonds Series 2022 (NR/A2)<sup>(a)</sup> | Missouri Joint Municipal Electric Utility Commission Revenue Bonds Series 2022 (NR/A2)<sup>(a)</sup> |
| 500000 | 5.250 | 12/01/41 | 552313 |
| 500000 | 5.250 | 12/01/42 | 547010 |
| Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR) | Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR) | Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR) | Missouri MO Development Finance Board Revenue Bond (City of Independence Missouri Events Center Project) (Refunding) Series 2021 (A-/NR) |
| 895000 | 4.000 | 04/01/31 | 926195 |
| 990000 | 4.000 <sup>(a)</sup> | 04/01/32 | 1030711 |
| 1095000 | 4.000 <sup>(a)</sup> | 04/01/33 | 1135675 |
| Missouri Rolling Hills Consolidated Library District Certificates of Participation (Library Project) Series 2024 (NR/A2)<sup>(a)</sup> | Missouri Rolling Hills Consolidated Library District Certificates of Participation (Library Project) Series 2024 (NR/A2)<sup>(a)</sup> | Missouri Rolling Hills Consolidated Library District Certificates of Participation (Library Project) Series 2024 (NR/A2)<sup>(a)</sup> | Missouri Rolling Hills Consolidated Library District Certificates of Participation (Library Project) Series 2024 (NR/A2)<sup>(a)</sup> |
| 1430000 | 4.250 | 05/01/44 | 1392421 |
| 1275000 | 4.500 | 05/01/49 | 1247886 |
| Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)<sup>(a)</sup> | Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)<sup>(a)</sup> | Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)<sup>(a)</sup> | Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)<sup>(a)</sup> |
| 635000 | 2.000 | 04/01/27 | 623726 |
| Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Kansas City University of Medicine And Biosciences) Series A (NR/A1)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Kansas City University of Medicine And Biosciences) Series A (NR/A1)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Kansas City University of Medicine And Biosciences) Series A (NR/A1)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Kansas City University of Medicine And Biosciences) Series A (NR/A1)<sup>(a)</sup> |
| 1440000 | 4.500 | 06/01/28 | 1441116 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding- Southeast MO State University) Series 2019 (A/NR) | Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding- Southeast MO State University) Series 2019 (A/NR) | Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding- Southeast MO State University) Series 2019 (A/NR) | Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding- Southeast MO State University) Series 2019 (A/NR) |
| $2030000 | 5.000% | 10/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;2105883 |
| Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding-Kansas City Art Institute) Series 2018 (A-/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding-Kansas City Art Institute) Series 2018 (A-/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding-Kansas City Art Institute) Series 2018 (A-/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Refunding-Kansas City Art Institute) Series 2018 (A-/NR)<sup>(a)</sup> |
| 670000 | 5.000 | 09/01/33 | 700888 |
| 800000 | 5.000 | 09/01/38 | 826632 |
| Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-Cox Health) Series A (NR/A2)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-Cox Health) Series A (NR/A2)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-Cox Health) Series A (NR/A2)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-Cox Health) Series A (NR/A2)<sup>(a)</sup> |
| 2500000 | 5.000 | 11/15/35 | 2501807 |
| Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Anthonys Medical Center) Series B (A+/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Anthonys Medical Center) Series B (A+/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Anthonys Medical Center) Series B (A+/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Anthonys Medical Center) Series B (A+/NR)<sup>(a)</sup> |
| 2000000 | 5.000 | 02/01/45 | 2000432 |
| Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Luke's Episcopal-Presbyterian Hospitals) Series B (A/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Luke's Episcopal-Presbyterian Hospitals) Series B (A/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Luke's Episcopal-Presbyterian Hospitals) Series B (A/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Refunding-St. Luke's Episcopal-Presbyterian Hospitals) Series B (A/NR)<sup>(a)</sup> |
| 1375000 | 5.000 | 12/01/31 | 1376267 |
| 1000000 | 5.000 | 12/01/33 | 1000842 |
| Missouri State Health & Educational Facilities Authority Revenue Bonds (Kansas City University of Medicine & Biosciences) Series A (NR/A1)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Revenue Bonds (Kansas City University of Medicine & Biosciences) Series A (NR/A1)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Revenue Bonds (Kansas City University of Medicine & Biosciences) Series A (NR/A1)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Revenue Bonds (Kansas City University of Medicine & Biosciences) Series A (NR/A1)<sup>(a)</sup> |
| 950000 | 5.000 | 06/01/34 | 979218 |
| 1100000 | 5.000 | 06/01/37 | 1128484 |
| Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Children's Mercy Hospital) Series 2016 (AA-/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Children's Mercy Hospital) Series 2016 (AA-/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Children's Mercy Hospital) Series 2016 (AA-/NR)<sup>(a)</sup> | Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Children's Mercy Hospital) Series 2016 (AA-/NR)<sup>(a)</sup> |
| 1250000 | 4.000 | 05/15/33 | 1254148 |
| 250000 | 4.000 | 05/15/39 | 250145 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series B (FHLMC/FNMA/GNMA)<br>(AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series B (FHLMC/FNMA/GNMA)<br>(AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series B (FHLMC/FNMA/GNMA)<br>(AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series B (FHLMC/FNMA/GNMA)<br>(AA+/NR)<sup>(a)</sup> |
| 330000 | 2.400 | 11/01/30 | 312664 |
| 310000 | 2.500 | 05/01/31 | 294375 |
| 320000 | 2.550 | 11/01/31 | 303691 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series C (FHLMC/FNMA/GNMA)<br>(AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series C (FHLMC/FNMA/GNMA)<br>(AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series C (FHLMC/FNMA/GNMA)<br>(AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series C (FHLMC/FNMA/GNMA)<br>(AA+/NR)<sup>(a)</sup> |
| 2990000 | 4.050 | 11/01/39 | 2991875 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA) (AA+/NR) | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA) (AA+/NR) | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA) (AA+/NR) | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA) (AA+/NR) |
| 865000 | 3.600 | 05/01/32 | 880370 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA) (AA+/NR) | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA) (AA+/NR) | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA) (AA+/NR) | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA) (AA+/NR) |
| 495000 | 3.750 <sup>(a)</sup> | 05/01/35 | 498491 |
| 495000 | 3.800 <sup>(a)</sup> | 11/01/35 | 498294 |

---

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA)<br>(AA+/NR) – (continued) | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA)<br>(AA+/NR) – (continued) | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA)<br>(AA+/NR) – (continued) | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) Series G (FHLMC/FNMA/GNMA)<br>(AA+/NR) – (continued) |
| $495000 | 3.850 <sup>%(a)</sup> | 05/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498349 |
| 490000 | 3.900 <sup>(a)</sup> | 11/01/36 | 493369 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series D (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series D (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series D (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series D (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> |
| 245000 | 3.050 | 11/01/28 | 245238 |
| 220000 | 3.150 | 11/01/29 | 220843 |
| 240000 | 3.250 | 11/01/30 | 240574 |
| Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series F (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series F (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series F (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> | Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) Series F (FHMLC/FNMA/GNMA) (AA+/NR)<sup>(a)</sup> |
| 1205000 | 4.100 | 11/01/36 | 1228072 |
| Nixa MO Public Schools Certificates of Participation Series 2021 (A/NR)<sup>(a)</sup> | Nixa MO Public Schools Certificates of Participation Series 2021 (A/NR)<sup>(a)</sup> | Nixa MO Public Schools Certificates of Participation Series 2021 (A/NR)<sup>(a)</sup> | Nixa MO Public Schools Certificates of Participation Series 2021 (A/NR)<sup>(a)</sup> |
| 1465000 | 3.000 | 04/01/39 | 1332572 |
| North Jefferson County MO Ambulance District GO Bonds Series 2022 (AG) (AA/NR)<sup>(a)</sup> | North Jefferson County MO Ambulance District GO Bonds Series 2022 (AG) (AA/NR)<sup>(a)</sup> | North Jefferson County MO Ambulance District GO Bonds Series 2022 (AG) (AA/NR)<sup>(a)</sup> | North Jefferson County MO Ambulance District GO Bonds Series 2022 (AG) (AA/NR)<sup>(a)</sup> |
| 650000 | 5.000 | 03/01/40 | 695719 |
| North Kansas City MO School District No. 74 GO Bonds Series 2022 (AA+/Aa1)<sup>(a)</sup> | North Kansas City MO School District No. 74 GO Bonds Series 2022 (AA+/Aa1)<sup>(a)</sup> | North Kansas City MO School District No. 74 GO Bonds Series 2022 (AA+/Aa1)<sup>(a)</sup> | North Kansas City MO School District No. 74 GO Bonds Series 2022 (AA+/Aa1)<sup>(a)</sup> |
| 2000000 | 5.250 | 03/01/39 | 2221865 |
| O'Fallon Fire Protection District GO Bonds Series 2023<br>(NR/Aa2)<sup>(a)</sup> | O'Fallon Fire Protection District GO Bonds Series 2023<br>(NR/Aa2)<sup>(a)</sup> | O'Fallon Fire Protection District GO Bonds Series 2023<br>(NR/Aa2)<sup>(a)</sup> | O'Fallon Fire Protection District GO Bonds Series 2023<br>(NR/Aa2)<sup>(a)</sup> |
| 510000 | 4.000 | 03/01/38 | 531105 |
| 530000 | 4.000 | 03/01/39 | 548170 |
| 575000 | 4.000 | 03/01/41 | 587297 |
| Orchard Farm MO R-V School District Certificates of Participation Series 2022 A (A/NR)<sup>(a)</sup> | Orchard Farm MO R-V School District Certificates of Participation Series 2022 A (A/NR)<sup>(a)</sup> | Orchard Farm MO R-V School District Certificates of Participation Series 2022 A (A/NR)<sup>(a)</sup> | Orchard Farm MO R-V School District Certificates of Participation Series 2022 A (A/NR)<sup>(a)</sup> |
| 2565000 | 5.250 | 04/01/40 | 2684299 |
| Ozark MO Certificates of Participation Series 2014 (A+/NR)<sup>(a)</sup> | Ozark MO Certificates of Participation Series 2014 (A+/NR)<sup>(a)</sup> | Ozark MO Certificates of Participation Series 2014 (A+/NR)<sup>(a)</sup> | Ozark MO Certificates of Participation Series 2014 (A+/NR)<sup>(a)</sup> |
| 500000 | 5.000 | 09/01/44 | 500666 |
| Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)<sup>(a)</sup> | Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)<sup>(a)</sup> | Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)<sup>(a)</sup> | Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)<sup>(a)</sup> |
| 400000 | 3.000 | 03/01/36 | 390945 |
| Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)<sup>(a)</sup> | Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)<sup>(a)</sup> | Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)<sup>(a)</sup> | Ozark MO Reorganized School District No. R-6 GO Bonds Series B (AA+/NR)<sup>(a)</sup> |
| 750000 | 4.000 | 03/01/39 | 758487 |
| Platte County Reorganized School District No. R-3 GO Bonds (Refunding) Series 2021 (AA/NR)<sup>(a)</sup> | Platte County Reorganized School District No. R-3 GO Bonds (Refunding) Series 2021 (AA/NR)<sup>(a)</sup> | Platte County Reorganized School District No. R-3 GO Bonds (Refunding) Series 2021 (AA/NR)<sup>(a)</sup> | Platte County Reorganized School District No. R-3 GO Bonds (Refunding) Series 2021 (AA/NR)<sup>(a)</sup> |
| 2155000 | 5.250 | 03/01/40 | 2359428 |
| Polk County Mo School District No. R-1 GO Bonds (Bolivar Refunding) Series 2021 (A/NR)<sup>(a)</sup> | Polk County Mo School District No. R-1 GO Bonds (Bolivar Refunding) Series 2021 (A/NR)<sup>(a)</sup> | Polk County Mo School District No. R-1 GO Bonds (Bolivar Refunding) Series 2021 (A/NR)<sup>(a)</sup> | Polk County Mo School District No. R-1 GO Bonds (Bolivar Refunding) Series 2021 (A/NR)<sup>(a)</sup> |
| 625000 | 3.000 | 03/01/33 | 629641 |
| 1600000 | 3.000 | 03/01/35 | 1607741 |
| Public Water Supply District No. 3 of Franklin County MO Certificate Participation Series 2025 (A+/NR)<sup>(a)</sup> | Public Water Supply District No. 3 of Franklin County MO Certificate Participation Series 2025 (A+/NR)<sup>(a)</sup> | Public Water Supply District No. 3 of Franklin County MO Certificate Participation Series 2025 (A+/NR)<sup>(a)</sup> | Public Water Supply District No. 3 of Franklin County MO Certificate Participation Series 2025 (A+/NR)<sup>(a)</sup> |
| 1000000 | 5.250 | 12/01/36 | 1122618 |
| 1055000 | 5.250 | 12/01/37 | 1177052 |
| Rolla MO Certificates of Participation Series B (A+/NR)<sup>(a)</sup> | Rolla MO Certificates of Participation Series B (A+/NR)<sup>(a)</sup> | Rolla MO Certificates of Participation Series B (A+/NR)<sup>(a)</sup> | Rolla MO Certificates of Participation Series B (A+/NR)<sup>(a)</sup> |
| 225000 | 3.150 | 07/01/27 | 225054 |
| 410000 | 3.450 | 07/01/32 | 410045 |
| Rolla School District No. 31 GO Bonds (Missouri Direct Deposit Program) Series 2023 (AA+/NR)<sup>(a)</sup> | Rolla School District No. 31 GO Bonds (Missouri Direct Deposit Program) Series 2023 (AA+/NR)<sup>(a)</sup> | Rolla School District No. 31 GO Bonds (Missouri Direct Deposit Program) Series 2023 (AA+/NR)<sup>(a)</sup> | Rolla School District No. 31 GO Bonds (Missouri Direct Deposit Program) Series 2023 (AA+/NR)<sup>(a)</sup> |
| 925000 | 5.000 | 03/01/41 | 988932 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| Saint Louis MO Airport Revenue Bonds (Refunding - St. Louis Lambert International Airport) Series A (NR/A2) | Saint Louis MO Airport Revenue Bonds (Refunding - St. Louis Lambert International Airport) Series A (NR/A2) | Saint Louis MO Airport Revenue Bonds (Refunding - St. Louis Lambert International Airport) Series A (NR/A2) | Saint Louis MO Airport Revenue Bonds (Refunding - St. Louis Lambert International Airport) Series A (NR/A2) |
| $1500000 | 5.000% | 07/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;1639964 |
| 1355000 | 5.000 | 07/01/32 | 1492377 |
| Saint Louis MO Airport Revenue Bonds (Refunding) Series 2017 C (AG) (AA/A1)<sup>(a)</sup> | Saint Louis MO Airport Revenue Bonds (Refunding) Series 2017 C (AG) (AA/A1)<sup>(a)</sup> | Saint Louis MO Airport Revenue Bonds (Refunding) Series 2017 C (AG) (AA/A1)<sup>(a)</sup> | Saint Louis MO Airport Revenue Bonds (Refunding) Series 2017 C (AG) (AA/A1)<sup>(a)</sup> |
| 3745000 | 5.000 | 07/01/42 | 3805941 |
| Southeast Missouri State University Revenue Bonds (Refunding) Series 2020 (BAM) (AA/NR)<sup>(a)</sup> | Southeast Missouri State University Revenue Bonds (Refunding) Series 2020 (BAM) (AA/NR)<sup>(a)</sup> | Southeast Missouri State University Revenue Bonds (Refunding) Series 2020 (BAM) (AA/NR)<sup>(a)</sup> | Southeast Missouri State University Revenue Bonds (Refunding) Series 2020 (BAM) (AA/NR)<sup>(a)</sup> |
| 1465000 | 4.000 | 04/01/40 | 1473543 |
| Southern Platte MO Fire Protection District Series 2018<br>(NR/Aa2)<sup>(a)</sup> | Southern Platte MO Fire Protection District Series 2018<br>(NR/Aa2)<sup>(a)</sup> | Southern Platte MO Fire Protection District Series 2018<br>(NR/Aa2)<sup>(a)</sup> | Southern Platte MO Fire Protection District Series 2018<br>(NR/Aa2)<sup>(a)</sup> |
| 540000 | 4.000 | 03/01/38 | 540321 |
| Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (AMT) (NR/Aa2) | Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (AMT) (NR/Aa2) | Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (AMT) (NR/Aa2) | Springfield MO Special Obligation Revenue Bonds (Refunding) Series B (AMT) (NR/Aa2) |
| 2275000 | 5.000 | 07/01/27 | 2348303 |
| 1220000 | 5.000 <sup>(a)</sup> | 07/01/28 | 1259334 |
| 1400000 | 5.000 <sup>(a)</sup> | 07/01/30 | 1444866 |
| Springfield MO Special Obligation Revenue Bonds Series 2020 (NR/Aa2)<sup>(a)</sup> | Springfield MO Special Obligation Revenue Bonds Series 2020 (NR/Aa2)<sup>(a)</sup> | Springfield MO Special Obligation Revenue Bonds Series 2020 (NR/Aa2)<sup>(a)</sup> | Springfield MO Special Obligation Revenue Bonds Series 2020 (NR/Aa2)<sup>(a)</sup> |
| 470000 | 4.000 | 11/01/34 | 481929 |
| 475000 | 4.000 | 11/01/35 | 485392 |
| 815000 | 4.000 | 11/01/36 | 830818 |
| 845000 | 4.000 | 11/01/37 | 856957 |
| 920000 | 4.000 | 11/01/38 | 930252 |
| St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)<sup>(a)</sup> | St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)<sup>(a)</sup> | St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)<sup>(a)</sup> | St Louis Land Clearance for Redevelopment Authority Revenue Bonds (Refunding) Series A (A/NR)<sup>(a)</sup> |
| 2300000 | 2.125 | 04/01/39 | 1862823 |
| St. Charles County Public Water Supply District No. 2 Certificates of Participation (Water Utility IMPS) Series 2022 (AA/NR)<sup>(a)</sup> | St. Charles County Public Water Supply District No. 2 Certificates of Participation (Water Utility IMPS) Series 2022 (AA/NR)<sup>(a)</sup> | St. Charles County Public Water Supply District No. 2 Certificates of Participation (Water Utility IMPS) Series 2022 (AA/NR)<sup>(a)</sup> | St. Charles County Public Water Supply District No. 2 Certificates of Participation (Water Utility IMPS) Series 2022 (AA/NR)<sup>(a)</sup> |
| 2000000 | 4.000 | 12/01/44 | 1946083 |
| St. Charles MO Certificates of Participation Series 2024<br>(NR/Aa3)<sup>(a)</sup> | St. Charles MO Certificates of Participation Series 2024<br>(NR/Aa3)<sup>(a)</sup> | St. Charles MO Certificates of Participation Series 2024<br>(NR/Aa3)<sup>(a)</sup> | St. Charles MO Certificates of Participation Series 2024<br>(NR/Aa3)<sup>(a)</sup> |
| 660000 | 5.000 | 02/01/37 | 744324 |
| 695000 | 5.000 | 02/01/38 | 778334 |
| 730000 | 5.000 | 02/01/39 | 808176 |
| 670000 | 5.000 | 02/01/40 | 736406 |
| St. Louis County MO Community College District Certificates of Participation Series 2017 (AA/NR)<sup>(a)</sup> | St. Louis County MO Community College District Certificates of Participation Series 2017 (AA/NR)<sup>(a)</sup> | St. Louis County MO Community College District Certificates of Participation Series 2017 (AA/NR)<sup>(a)</sup> | St. Louis County MO Community College District Certificates of Participation Series 2017 (AA/NR)<sup>(a)</sup> |
| 2000000 | 4.000 | 04/01/36 | 2012271 |
| 2515000 | 4.000 | 04/01/37 | 2527632 |
| St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR) | St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR) | St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR) | St. Louis MO Muni Finance Corp. (Refunding-Carnahan Court House) Series A (A/NR) |
| 2710000 | 5.000 | 02/15/27 | 2770098 |
| St. Louis MO Municipal Finance Corporation Sales Tax Leasehold Revenue Bonds (Refunding) Series 2016 (A/NR)<sup>(a)</sup> | St. Louis MO Municipal Finance Corporation Sales Tax Leasehold Revenue Bonds (Refunding) Series 2016 (A/NR)<sup>(a)</sup> | St. Louis MO Municipal Finance Corporation Sales Tax Leasehold Revenue Bonds (Refunding) Series 2016 (A/NR)<sup>(a)</sup> | St. Louis MO Municipal Finance Corporation Sales Tax Leasehold Revenue Bonds (Refunding) Series 2016 (A/NR)<sup>(a)</sup> |
| 2595000 | 4.000 | 02/15/35 | 2600572 |
| Strafford Fire Protection District GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Strafford Fire Protection District GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Strafford Fire Protection District GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Strafford Fire Protection District GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> |
| 1125000 | 5.000 | 03/01/40 | 1178860 |
| Taney County Public Water Supply District No 3 Certification of Participation Series 2022 (A/NR)<sup>(a)</sup> | Taney County Public Water Supply District No 3 Certification of Participation Series 2022 (A/NR)<sup>(a)</sup> | Taney County Public Water Supply District No 3 Certification of Participation Series 2022 (A/NR)<sup>(a)</sup> | Taney County Public Water Supply District No 3 Certification of Participation Series 2022 (A/NR)<sup>(a)</sup> |
| 720000 | 3.750 | 07/01/36 | 735690 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** | **Missouri – (continued)** |
| University City Municipal Library District Certification of Participation Series 2022 (NR/A1)<sup>(a)</sup> | University City Municipal Library District Certification of Participation Series 2022 (NR/A1)<sup>(a)</sup> | University City Municipal Library District Certification of Participation Series 2022 (NR/A1)<sup>(a)</sup> | University City Municipal Library District Certification of Participation Series 2022 (NR/A1)<sup>(a)</sup> |
| $710000 | 3.000% | 04/15/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646945 |
| Valley Park Fire Protection District MO GO Bonds (Pre-refunded) Series 2019 (NR/NR)<sup>(a)(b)</sup> | Valley Park Fire Protection District MO GO Bonds (Pre-refunded) Series 2019 (NR/NR)<sup>(a)(b)</sup> | Valley Park Fire Protection District MO GO Bonds (Pre-refunded) Series 2019 (NR/NR)<sup>(a)(b)</sup> | Valley Park Fire Protection District MO GO Bonds (Pre-refunded) Series 2019 (NR/NR)<sup>(a)(b)</sup> |
| 180000 | 4.000 | 03/01/27 | 183086 |
| Valley Park Fire Protection District MO GO Bonds (Unrefunded) Series 2019 (AA/NR)<sup>(a)</sup> | Valley Park Fire Protection District MO GO Bonds (Unrefunded) Series 2019 (AA/NR)<sup>(a)</sup> | Valley Park Fire Protection District MO GO Bonds (Unrefunded) Series 2019 (AA/NR)<sup>(a)</sup> | Valley Park Fire Protection District MO GO Bonds (Unrefunded) Series 2019 (AA/NR)<sup>(a)</sup> |
| 575000 | 4.000 | 03/01/39 | 576505 |
| Valley Park MO Fire Protection District GO Bonds Series 2019 (AA/NR)<sup>(a)</sup> | Valley Park MO Fire Protection District GO Bonds Series 2019 (AA/NR)<sup>(a)</sup> | Valley Park MO Fire Protection District GO Bonds Series 2019 (AA/NR)<sup>(a)</sup> | Valley Park MO Fire Protection District GO Bonds Series 2019 (AA/NR)<sup>(a)</sup> |
| 450000 | 4.000 | 03/01/35 | 454454 |
| 500000 | 4.000 | 03/01/37 | 503853 |
| Warrensburg MO School District No R-VI GO Bonds (Direct Deposit Program) Series 2020 (AA+/NR)<sup>(a)</sup> | Warrensburg MO School District No R-VI GO Bonds (Direct Deposit Program) Series 2020 (AA+/NR)<sup>(a)</sup> | Warrensburg MO School District No R-VI GO Bonds (Direct Deposit Program) Series 2020 (AA+/NR)<sup>(a)</sup> | Warrensburg MO School District No R-VI GO Bonds (Direct Deposit Program) Series 2020 (AA+/NR)<sup>(a)</sup> |
| 500000 | 3.000 | 03/01/36 | 478148 |
| 560000 | 3.000 | 03/01/37 | 528432 |
| Warrensburg MO School District No R-VI GO Bonds (Refunding) Series 2025 (AA+/NR)<sup>(a)</sup> | Warrensburg MO School District No R-VI GO Bonds (Refunding) Series 2025 (AA+/NR)<sup>(a)</sup> | Warrensburg MO School District No R-VI GO Bonds (Refunding) Series 2025 (AA+/NR)<sup>(a)</sup> | Warrensburg MO School District No R-VI GO Bonds (Refunding) Series 2025 (AA+/NR)<sup>(a)</sup> |
| 525000 | 5.750 | 03/01/41 | 605560 |
| 600000 | 5.750 | 03/01/42 | 684824 |
| Waynesville R-VI School District MO Certificate Participation Series 2025 (A/NR)<sup>(a)</sup> | Waynesville R-VI School District MO Certificate Participation Series 2025 (A/NR)<sup>(a)</sup> | Waynesville R-VI School District MO Certificate Participation Series 2025 (A/NR)<sup>(a)</sup> | Waynesville R-VI School District MO Certificate Participation Series 2025 (A/NR)<sup>(a)</sup> |
| 625000 | 5.000 | 04/15/35 | 705887 |
| 440000 | 5.000 | 04/15/37 | 489064 |
| 855000 | 5.000 | 04/15/38 | 945031 |
| 500000 | 5.000 | 04/15/39 | 548797 |
| Wentzville MO Certificates of Participation Series 2023<br>(NR/Aa3) | Wentzville MO Certificates of Participation Series 2023<br>(NR/Aa3) | Wentzville MO Certificates of Participation Series 2023<br>(NR/Aa3) | Wentzville MO Certificates of Participation Series 2023<br>(NR/Aa3) |
| 250000 | 5.000 | 03/01/32 | 281900 |
| 260000 | 5.000 | 03/01/33 | 296861 |
| 340000 | 5.000 <sup>(a)</sup> | 03/01/34 | 387060 |
| 360000 | 5.000 <sup>(a)</sup> | 03/01/35 | 407466 |
| 380000 | 5.000 <sup>(a)</sup> | 03/01/36 | 426647 |
| 320000 | 5.000 <sup>(a)</sup> | 03/01/37 | 356200 |
| 600000 | 4.000 <sup>(a)</sup> | 03/01/39 | 603915 |
| Wentzville R-IV School District MO Lease Certificates of Participation (Refunding & Improvement Certificates) Series 2016 (NR/A1)<sup>(a)</sup> | Wentzville R-IV School District MO Lease Certificates of Participation (Refunding & Improvement Certificates) Series 2016 (NR/A1)<sup>(a)</sup> | Wentzville R-IV School District MO Lease Certificates of Participation (Refunding & Improvement Certificates) Series 2016 (NR/A1)<sup>(a)</sup> | Wentzville R-IV School District MO Lease Certificates of Participation (Refunding & Improvement Certificates) Series 2016 (NR/A1)<sup>(a)</sup> |
| 1800000 | 4.000 | 04/01/33 | 1800721 |
| 1800000 | 4.000 | 04/01/34 | 1800653 |
| Wright City MO GO Bonds Series 2024 (A+/NR)<sup>(a)</sup> | Wright City MO GO Bonds Series 2024 (A+/NR)<sup>(a)</sup> | Wright City MO GO Bonds Series 2024 (A+/NR)<sup>(a)</sup> | Wright City MO GO Bonds Series 2024 (A+/NR)<sup>(a)</sup> |
| 415000 | 4.000 | 03/01/38 | 429213 |
| 435000 | 4.000 | 03/01/39 | 447913 |
| 455000 | 4.000 | 03/01/40 | 465230 |
| 495000 | 4.000 | 03/01/42 | 499031 |
| Wright City R-II School District GO Bonds Series 2022 (AG) (AA/NR)<sup>(a)</sup> | Wright City R-II School District GO Bonds Series 2022 (AG) (AA/NR)<sup>(a)</sup> | Wright City R-II School District GO Bonds Series 2022 (AG) (AA/NR)<sup>(a)</sup> | Wright City R-II School District GO Bonds Series 2022 (AG) (AA/NR)<sup>(a)</sup> |
| 1055000 | 6.000 | 03/01/34 | 1257430 |
|  |  |  | 212588446  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **North Dakota<sup>(a)</sup> – 0.1%** | **North Dakota<sup>(a)</sup> – 0.1%** | **North Dakota<sup>(a)</sup> – 0.1%** | **North Dakota<sup>(a)</sup> – 0.1%** |
| North Dakota State Housing Finance Agency Homeownership Revenue Bonds (Home Mortgage Finance Program) Series C (NR/Aa1) | North Dakota State Housing Finance Agency Homeownership Revenue Bonds (Home Mortgage Finance Program) Series C (NR/Aa1) | North Dakota State Housing Finance Agency Homeownership Revenue Bonds (Home Mortgage Finance Program) Series C (NR/Aa1) | North Dakota State Housing Finance Agency Homeownership Revenue Bonds (Home Mortgage Finance Program) Series C (NR/Aa1) |
| $105000 | 3.150% | 01/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102564 |
|  **Ohio<sup>(a)</sup> – 0.5%** | **Ohio<sup>(a)</sup> – 0.5%** | **Ohio<sup>(a)</sup> – 0.5%** | **Ohio<sup>(a)</sup> – 0.5%** |
| Dayton City School District Certificates of Participation (Ohio School Facilities Project) Series 2021 (NR/A3) | Dayton City School District Certificates of Participation (Ohio School Facilities Project) Series 2021 (NR/A3) | Dayton City School District Certificates of Participation (Ohio School Facilities Project) Series 2021 (NR/A3) | Dayton City School District Certificates of Participation (Ohio School Facilities Project) Series 2021 (NR/A3) |
| 695000 | 2.125 | 12/01/34 | 599294 |
| 715000 | 3.000 | 12/01/35 | 676468 |
|  |  |  | 1275762  |
| TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS |
|  **(Cost $224,605,304)** | **(Cost $224,605,304)** |  | $221807309  |
| **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 5.0% | Investment Company – 5.0% | Investment Company – 5.0% | Investment Company – 5.0% |
| State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class |
| 11858088 | 4.014% | 4.014% | $11858088 |
|  **(Cost $11,858,088)** | **(Cost $11,858,088)** |  |  |

---

---

| | |
|:---|:---|
| TOTAL INVESTMENTS – 99.2% | TOTAL INVESTMENTS – 99.2% |
|  **(Cost $236,463,392)** | $233665397 <br>|
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%** | 1891117 <br>|
|  **NET ASSETS – 100.0%** | $235556514 <br>|

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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) | Pre-refunded security. Maturity date disclosed is prerefunding date. |
| Security ratings disclosed, if any, are issued by S&P Global Ratings Services/Moody's Investors Service and are unaudited. A description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are issued by S&P Global Ratings Services/Moody's Investors Service and are unaudited. A description of the ratings is available in the Fund's Statement of Additional Information. |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AMT | —Alternative Minimum Tax |
| FHLMC | —Federal Home Loan Mortgage Corp. |
| FNMA | —Federal National Mortgage Association |
| GNMA | —Government National Mortgage Association |
| GO | —General Obligation |
| NR | —Not Rated |
| WR | —Withdrawn Rating |

---

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

## Schedule of Investments
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – 100.7% | Municipal Bond Obligations – 100.7% | Municipal Bond Obligations – 100.7% | Municipal Bond Obligations – 100.7% |
|  **Alabama<sup>(a)</sup> – 1.0%** | **Alabama<sup>(a)</sup> – 1.0%** | **Alabama<sup>(a)</sup> – 1.0%** | **Alabama<sup>(a)</sup> – 1.0%** |
| Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) | Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) | Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) | Special Care Facilities Financing Authority of the City of Pell City Alabama Revenue Bonds (Refunding — Noland Health Services Inc.) Series 2021 (A/NR) |
| $1000000 | 5.000% | 12/01/31 | $1078331 |
|  **Georgia<sup>(a)</sup> – 0.7%** | **Georgia<sup>(a)</sup> – 0.7%** | **Georgia<sup>(a)</sup> – 0.7%** | **Georgia<sup>(a)</sup> – 0.7%** |
| University Of GA Milledgeville & Baldwin Development Authority Revenue Bonds (Refunding-State of Georgia University Project) (AA-/NR) | University Of GA Milledgeville & Baldwin Development Authority Revenue Bonds (Refunding-State of Georgia University Project) (AA-/NR) | University Of GA Milledgeville & Baldwin Development Authority Revenue Bonds (Refunding-State of Georgia University Project) (AA-/NR) | University Of GA Milledgeville & Baldwin Development Authority Revenue Bonds (Refunding-State of Georgia University Project) (AA-/NR) |
| 745000 | 5.000 | 06/15/34 | 817813 |
|  **Indiana – 7.1%** | **Indiana – 7.1%** | **Indiana – 7.1%** | **Indiana – 7.1%** |
| Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR)<sup>(a)</sup> | Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR)<sup>(a)</sup> | Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR)<sup>(a)</sup> | Carmel IN Local Public Improvement Bond Bank Revenue Bonds Series B-1 (AA/NR)<sup>(a)</sup> |
| 440000 | 4.000 | 01/15/35 | 444967 |
| City of Martinsville Indiana Government Facility Building Corp. Revenue Bonds Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | City of Martinsville Indiana Government Facility Building Corp. Revenue Bonds Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | City of Martinsville Indiana Government Facility Building Corp. Revenue Bonds Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | City of Martinsville Indiana Government Facility Building Corp. Revenue Bonds Series 2023 (BAM) (AA/NR)<sup>(a)</sup> |
| 500000 | 5.250 | 08/01/37 | 548687 |
| 500000 | 5.250 | 08/01/42 | 531150 |
| Frankfort Redevelopment Authority Revenue Bonds Riverfront Phase II Project Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Frankfort Redevelopment Authority Revenue Bonds Riverfront Phase II Project Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Frankfort Redevelopment Authority Revenue Bonds Riverfront Phase II Project Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Frankfort Redevelopment Authority Revenue Bonds Riverfront Phase II Project Series 2022 (BAM) (AA/NR)<sup>(a)</sup> |
| 1500000 | 5.000 | 08/01/38 | 1634285 |
| Indianapolis Local Public Improvement Bond Bank Revenue Bonds (City Moral Obligation—Subordinate) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Indianapolis Local Public Improvement Bond Bank Revenue Bonds (City Moral Obligation—Subordinate) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Indianapolis Local Public Improvement Bond Bank Revenue Bonds (City Moral Obligation—Subordinate) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Indianapolis Local Public Improvement Bond Bank Revenue Bonds (City Moral Obligation—Subordinate) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> |
| 1750000 | 5.250 | 03/01/43 | 1885707 |
| Northwestern School Building Corp. Revenue Bonds Series 2023 (AA+/NR)<sup>(a)</sup> | Northwestern School Building Corp. Revenue Bonds Series 2023 (AA+/NR)<sup>(a)</sup> | Northwestern School Building Corp. Revenue Bonds Series 2023 (AA+/NR)<sup>(a)</sup> | Northwestern School Building Corp. Revenue Bonds Series 2023 (AA+/NR)<sup>(a)</sup> |
| 550000 | 6.000 | 07/15/36 | 631802 |
| 600000 | 6.000 | 07/15/37 | 685708 |
| Whitestown Redevelopment Authority Redevelopment Authority Lease Rental Revenue Bonds(Taxable-Refunding) Series 2021 (AA+/NR) | Whitestown Redevelopment Authority Redevelopment Authority Lease Rental Revenue Bonds(Taxable-Refunding) Series 2021 (AA+/NR) | Whitestown Redevelopment Authority Redevelopment Authority Lease Rental Revenue Bonds(Taxable-Refunding) Series 2021 (AA+/NR) | Whitestown Redevelopment Authority Redevelopment Authority Lease Rental Revenue Bonds(Taxable-Refunding) Series 2021 (AA+/NR) |
| 1530000 | 3.000 | 08/01/31 | 1538319 |
|  |  |  | 7900625 |
|  **Kansas – 88.1%** | **Kansas – 88.1%** | **Kansas – 88.1%** | **Kansas – 88.1%** |
| Arkansas City KS Public Building Commission Revenue Bonds (Refunding) Series 2019 (A/NR) | Arkansas City KS Public Building Commission Revenue Bonds (Refunding) Series 2019 (A/NR) | Arkansas City KS Public Building Commission Revenue Bonds (Refunding) Series 2019 (A/NR) | Arkansas City KS Public Building Commission Revenue Bonds (Refunding) Series 2019 (A/NR) |
| 560000 | 5.000 | 09/01/27 | 581583 |
| 585000 | 5.000 | 09/01/28 | 619928 |
| 415000 | 5.000 <sup>(a)</sup> | 09/01/29 | 444682 |
| Atchison County KS Unified School District No. 409 GO Bonds (Refunding) Series 2024 (BAM) (AA/NR)<sup>(a)</sup> | Atchison County KS Unified School District No. 409 GO Bonds (Refunding) Series 2024 (BAM) (AA/NR)<sup>(a)</sup> | Atchison County KS Unified School District No. 409 GO Bonds (Refunding) Series 2024 (BAM) (AA/NR)<sup>(a)</sup> | Atchison County KS Unified School District No. 409 GO Bonds (Refunding) Series 2024 (BAM) (AA/NR)<sup>(a)</sup> |
| 920000 | 5.000 | 09/01/36 | 1011253 |
| Bel Aire KS GO Bond Series 2022 (SP-1+/NR)<sup>(a)</sup> | Bel Aire KS GO Bond Series 2022 (SP-1+/NR)<sup>(a)</sup> | Bel Aire KS GO Bond Series 2022 (SP-1+/NR)<sup>(a)</sup> | Bel Aire KS GO Bond Series 2022 (SP-1+/NR)<sup>(a)</sup> |
| 2000000 | 3.000 | 12/01/25 | 2000000 |
| Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AG) (AA/Aa2)<sup>(a)</sup> | Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AG) (AA/Aa2)<sup>(a)</sup> | Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AG) (AA/Aa2)<sup>(a)</sup> | Blue Valley KS Recreation Commission Certificates of Participation (Recreation Facilities) (AG) (AA/Aa2)<sup>(a)</sup> |
| 800000 | 4.000 | 10/01/27 | 800683 |
| Blue Valley KS Recreation Commission Certificates of Participation Series 2025 B (AG) (AA/Aa2)<sup>(a)</sup> | Blue Valley KS Recreation Commission Certificates of Participation Series 2025 B (AG) (AA/Aa2)<sup>(a)</sup> | Blue Valley KS Recreation Commission Certificates of Participation Series 2025 B (AG) (AA/Aa2)<sup>(a)</sup> | Blue Valley KS Recreation Commission Certificates of Participation Series 2025 B (AG) (AA/Aa2)<sup>(a)</sup> |
| 705000 | 5.000 | 04/01/37 | 799959 |
| 745000 | 5.000 | 04/01/38 | 838238 |
| 780000 | 5.000 | 04/01/39 | 870292 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Kansas – (continued)** | **Kansas – (continued)** | **Kansas – (continued)** | **Kansas – (continued)** |
| Bourbon County KS Unified School District No. 234-Fort Scott Certificates of Participation Series 2023 (AG) (AA/NR)<sup>(a)</sup> | Bourbon County KS Unified School District No. 234-Fort Scott Certificates of Participation Series 2023 (AG) (AA/NR)<sup>(a)</sup> | Bourbon County KS Unified School District No. 234-Fort Scott Certificates of Participation Series 2023 (AG) (AA/NR)<sup>(a)</sup> | Bourbon County KS Unified School District No. 234-Fort Scott Certificates of Participation Series 2023 (AG) (AA/NR)<sup>(a)</sup> |
| $830000 | 4.000% | 09/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;842286 |
| Butler County KS Unified School District No. 385 GO Bonds (Refunding-School Building) Series 2017 (AA-/Aa3)<sup>(a)</sup> | Butler County KS Unified School District No. 385 GO Bonds (Refunding-School Building) Series 2017 (AA-/Aa3)<sup>(a)</sup> | Butler County KS Unified School District No. 385 GO Bonds (Refunding-School Building) Series 2017 (AA-/Aa3)<sup>(a)</sup> | Butler County KS Unified School District No. 385 GO Bonds (Refunding-School Building) Series 2017 (AA-/Aa3)<sup>(a)</sup> |
| 1000000 | 4.000 | 09/01/30 | 1023182 |
| 500000 | 4.000 | 09/01/31 | 511298 |
| Butler County Unified School District No. 402 Augusta GO Bonds (Refunding) Series 2025 (BAM) (AA/A1)<sup>(a)</sup> | Butler County Unified School District No. 402 Augusta GO Bonds (Refunding) Series 2025 (BAM) (AA/A1)<sup>(a)</sup> | Butler County Unified School District No. 402 Augusta GO Bonds (Refunding) Series 2025 (BAM) (AA/A1)<sup>(a)</sup> | Butler County Unified School District No. 402 Augusta GO Bonds (Refunding) Series 2025 (BAM) (AA/A1)<sup>(a)</sup> |
| 200000 | 5.250 | 09/01/35 | 230355 |
| 200000 | 5.250 | 09/01/36 | 227769 |
| 285000 | 5.250 | 09/01/37 | 321681 |
| 415000 | 5.250 | 09/01/38 | 465492 |
| Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding — Bel Aire & Park City Project) Series 2017 (AG) (AA/NR) | Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding — Bel Aire & Park City Project) Series 2017 (AG) (AA/NR) | Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding — Bel Aire & Park City Project) Series 2017 (AG) (AA/NR) | Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding — Bel Aire & Park City Project) Series 2017 (AG) (AA/NR) |
| 1315000 | 5.000 | 09/01/26 | 1336564 |
| Chisholm Creek Utility Authority Revenue Bonds (Cities of Belaire and Park City, Kansas Project) Series 2025 (AG) (AA/NR)<sup>(a)</sup> | Chisholm Creek Utility Authority Revenue Bonds (Cities of Belaire and Park City, Kansas Project) Series 2025 (AG) (AA/NR)<sup>(a)</sup> | Chisholm Creek Utility Authority Revenue Bonds (Cities of Belaire and Park City, Kansas Project) Series 2025 (AG) (AA/NR)<sup>(a)</sup> | Chisholm Creek Utility Authority Revenue Bonds (Cities of Belaire and Park City, Kansas Project) Series 2025 (AG) (AA/NR)<sup>(a)</sup> |
| 1000000 | 5.000 | 09/01/38 | 1136585 |
| 1000000 | 5.000 | 09/01/39 | 1127258 |
| City of Abilene KS Public Building Commission Revenue Bonds (Refunding-Hospital District No. 1) Series 2017 (AA-/NR)<sup>(a)</sup> | City of Abilene KS Public Building Commission Revenue Bonds (Refunding-Hospital District No. 1) Series 2017 (AA-/NR)<sup>(a)</sup> | City of Abilene KS Public Building Commission Revenue Bonds (Refunding-Hospital District No. 1) Series 2017 (AA-/NR)<sup>(a)</sup> | City of Abilene KS Public Building Commission Revenue Bonds (Refunding-Hospital District No. 1) Series 2017 (AA-/NR)<sup>(a)</sup> |
| 600000 | 4.000 | 12/01/29 | 614564 |
| 650000 | 4.000 | 12/01/30 | 665973 |
| City of Andover KS GO Bonds Series 2025 A (BAM) (AA/NR)<sup>(a)</sup> | City of Andover KS GO Bonds Series 2025 A (BAM) (AA/NR)<sup>(a)</sup> | City of Andover KS GO Bonds Series 2025 A (BAM) (AA/NR)<sup>(a)</sup> | City of Andover KS GO Bonds Series 2025 A (BAM) (AA/NR)<sup>(a)</sup> |
| 635000 | 4.000 | 10/01/38 | 656086 |
| 655000 | 4.000 | 10/01/39 | 671951 |
| City of Bel Aire KS GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | City of Bel Aire KS GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | City of Bel Aire KS GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> | City of Bel Aire KS GO Bonds Series 2025 (BAM) (AA/NR)<sup>(a)</sup> |
| 510000 | 4.000 | 11/01/40 | 521717 |
| 530000 | 4.000 | 11/01/41 | 538652 |
| City of Lawrence KS Water & Sewage System Revenue Bonds Series 2023 (NR/Aa2)<sup>(a)</sup> | City of Lawrence KS Water & Sewage System Revenue Bonds Series 2023 (NR/Aa2)<sup>(a)</sup> | City of Lawrence KS Water & Sewage System Revenue Bonds Series 2023 (NR/Aa2)<sup>(a)</sup> | City of Lawrence KS Water & Sewage System Revenue Bonds Series 2023 (NR/Aa2)<sup>(a)</sup> |
| 1500000 | 4.000 | 11/01/40 | 1507569 |
| City of Olathe KS Water & Sewer System Revenue Bonds Series 2025 (AA+/NR)<sup>(a)</sup> | City of Olathe KS Water & Sewer System Revenue Bonds Series 2025 (AA+/NR)<sup>(a)</sup> | City of Olathe KS Water & Sewer System Revenue Bonds Series 2025 (AA+/NR)<sup>(a)</sup> | City of Olathe KS Water & Sewer System Revenue Bonds Series 2025 (AA+/NR)<sup>(a)</sup> |
| 2035000 | 4.000 | 07/01/38 | 2100200 |
| City of Topeka KS Combined Utility Revenue Bonds (Refunding) Series A (NR/Aa3)<sup>(a)</sup> | City of Topeka KS Combined Utility Revenue Bonds (Refunding) Series A (NR/Aa3)<sup>(a)</sup> | City of Topeka KS Combined Utility Revenue Bonds (Refunding) Series A (NR/Aa3)<sup>(a)</sup> | City of Topeka KS Combined Utility Revenue Bonds (Refunding) Series A (NR/Aa3)<sup>(a)</sup> |
| 650000 | 3.000 | 08/01/32 | 631932 |
| City of Valley Center KS GO Bonds (Refunding) Series 1 (AA/NR)<sup>(a)</sup> | City of Valley Center KS GO Bonds (Refunding) Series 1 (AA/NR)<sup>(a)</sup> | City of Valley Center KS GO Bonds (Refunding) Series 1 (AA/NR)<sup>(a)</sup> | City of Valley Center KS GO Bonds (Refunding) Series 1 (AA/NR)<sup>(a)</sup> |
| 500000 | 5.000 | 12/01/37 | 567710 |
| 530000 | 5.000 | 12/01/38 | 598373 |
| 550000 | 5.000 | 12/01/39 | 615667 |
| County of Logan KS GO Bonds (Refunding) Series B (AG) (AA/NR) | County of Logan KS GO Bonds (Refunding) Series B (AG) (AA/NR) | County of Logan KS GO Bonds (Refunding) Series B (AG) (AA/NR) | County of Logan KS GO Bonds (Refunding) Series B (AG) (AA/NR) |
| 1250000 | 5.000 | 12/01/29 | 1363513 |
| 700000 | 5.250 <sup>(a)</sup> | 12/01/37 | 807316 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

## Schedule of Investments (continued)
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Kansas – (continued)** | **Kansas – (continued)** | **Kansas – (continued)** | **Kansas – (continued)** |
| Crawford County Unified School District No. 250 Pittsburg GO Bonds Series 2022 (BAM) (AA/A2)<sup>(a)</sup> | Crawford County Unified School District No. 250 Pittsburg GO Bonds Series 2022 (BAM) (AA/A2)<sup>(a)</sup> | Crawford County Unified School District No. 250 Pittsburg GO Bonds Series 2022 (BAM) (AA/A2)<sup>(a)</sup> | Crawford County Unified School District No. 250 Pittsburg GO Bonds Series 2022 (BAM) (AA/A2)<sup>(a)</sup> |
| $750000 | 4.000% | 09/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;757969 |
| Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)<sup>(a)</sup> | Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)<sup>(a)</sup> | Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)<sup>(a)</sup> | Dickinson County KS Public Building Commission Revenue Bonds Series 2018 (AA-/NR)<sup>(a)</sup> |
| 1550000 | 3.250 | 08/01/33 | 1549580 |
| 1000000 | 5.000 | 08/01/44 | 1025186 |
| Dickinson County KS Unified School District No. 435 GO Bonds (Taxable-Refunding) Series 2019 (A+/NR)<sup>(a)</sup> | Dickinson County KS Unified School District No. 435 GO Bonds (Taxable-Refunding) Series 2019 (A+/NR)<sup>(a)</sup> | Dickinson County KS Unified School District No. 435 GO Bonds (Taxable-Refunding) Series 2019 (A+/NR)<sup>(a)</sup> | Dickinson County KS Unified School District No. 435 GO Bonds (Taxable-Refunding) Series 2019 (A+/NR)<sup>(a)</sup> |
| 375000 | 2.950 | 09/01/32 | 349415 |
| Douglas County KS Unified School District No. 348 Baldwin GO Bonds (Refunding) Series 2024 (AG) (AA/NR)<sup>(a)</sup> | Douglas County KS Unified School District No. 348 Baldwin GO Bonds (Refunding) Series 2024 (AG) (AA/NR)<sup>(a)</sup> | Douglas County KS Unified School District No. 348 Baldwin GO Bonds (Refunding) Series 2024 (AG) (AA/NR)<sup>(a)</sup> | Douglas County KS Unified School District No. 348 Baldwin GO Bonds (Refunding) Series 2024 (AG) (AA/NR)<sup>(a)</sup> |
| 1220000 | 5.000 | 09/01/38 | 1310581 |
| 1280000 | 5.000 | 09/01/39 | 1365013 |
| Douglas County KS Unified School District No. 491 GO Bonds (Edora-Refunding) Series A-2023 (AG) (AA/A2)<sup>(a)</sup> | Douglas County KS Unified School District No. 491 GO Bonds (Edora-Refunding) Series A-2023 (AG) (AA/A2)<sup>(a)</sup> | Douglas County KS Unified School District No. 491 GO Bonds (Edora-Refunding) Series A-2023 (AG) (AA/A2)<sup>(a)</sup> | Douglas County KS Unified School District No. 491 GO Bonds (Edora-Refunding) Series A-2023 (AG) (AA/A2)<sup>(a)</sup> |
| 1785000 | 5.000 | 09/01/40 | 1916349 |
| Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (A+/NR)<sup>(a)</sup> | Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (A+/NR)<sup>(a)</sup> | Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (A+/NR)<sup>(a)</sup> | Finney County Unified School District No. 457 GO Bonds (Refunding) Series A (A+/NR)<sup>(a)</sup> |
| 1530000 | 4.000 | 09/01/30 | 1546420 |
| Geary County Public Building Commission Revenue Bonds Series 2022 (A+/NR)<sup>(a)</sup> | Geary County Public Building Commission Revenue Bonds Series 2022 (A+/NR)<sup>(a)</sup> | Geary County Public Building Commission Revenue Bonds Series 2022 (A+/NR)<sup>(a)</sup> | Geary County Public Building Commission Revenue Bonds Series 2022 (A+/NR)<sup>(a)</sup> |
| 1000000 | 5.000 | 08/01/47 | 1018099 |
| Harvey County Unified School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Harvey County Unified School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Harvey County Unified School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Harvey County Unified School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> |
| 430000 | 4.000 | 09/01/31 | 456080 |
| 450000 | 4.000 | 09/01/32 | 475362 |
| Harvey County Unified School District No. 440 GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Harvey County Unified School District No. 440 GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Harvey County Unified School District No. 440 GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Harvey County Unified School District No. 440 GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> |
| 925000 | 5.000 | 09/01/36 | 1006975 |
| 510000 | 5.000 | 09/01/37 | 552255 |
| 1495000 | 5.000 | 09/01/42 | 1573172 |
| Independence KS GO Bonds Series 2024 (SP-1+/NR)<sup>(a)</sup> | Independence KS GO Bonds Series 2024 (SP-1+/NR)<sup>(a)</sup> | Independence KS GO Bonds Series 2024 (SP-1+/NR)<sup>(a)</sup> | Independence KS GO Bonds Series 2024 (SP-1+/NR)<sup>(a)</sup> |
| 2000000 | 4.000 | 10/01/27 | 2001091 |
| Jefferson County Unified School District No. 343 Perry GO Bonds (Refunding) Series 2023 (AG) (AA/A1)<sup>(a)</sup> | Jefferson County Unified School District No. 343 Perry GO Bonds (Refunding) Series 2023 (AG) (AA/A1)<sup>(a)</sup> | Jefferson County Unified School District No. 343 Perry GO Bonds (Refunding) Series 2023 (AG) (AA/A1)<sup>(a)</sup> | Jefferson County Unified School District No. 343 Perry GO Bonds (Refunding) Series 2023 (AG) (AA/A1)<sup>(a)</sup> |
| 585000 | 5.500 | 09/01/33 | 652770 |
| 620000 | 5.500 | 09/01/34 | 688861 |
| 655000 | 5.500 | 09/01/35 | 724421 |
| 500000 | 5.500 | 09/01/38 | 546214 |
| 1000000 | 5.500 | 09/01/43 | 1063086 |
| +Johnson & Miami Counties KS Unified School District No. 230 GO Bonds Series A (NR/A1)<sup>(a)</sup> | +Johnson & Miami Counties KS Unified School District No. 230 GO Bonds Series A (NR/A1)<sup>(a)</sup> | +Johnson & Miami Counties KS Unified School District No. 230 GO Bonds Series A (NR/A1)<sup>(a)</sup> | +Johnson & Miami Counties KS Unified School District No. 230 GO Bonds Series A (NR/A1)<sup>(a)</sup> |
| 1000000 | 4.000 | 09/01/32 | 1012579 |
| Johnson & Miami County KS Unified School District No. 230 GO Bonds Series B (NR/A1)<sup>(a)</sup> | Johnson & Miami County KS Unified School District No. 230 GO Bonds Series B (NR/A1)<sup>(a)</sup> | Johnson & Miami County KS Unified School District No. 230 GO Bonds Series B (NR/A1)<sup>(a)</sup> | Johnson & Miami County KS Unified School District No. 230 GO Bonds Series B (NR/A1)<sup>(a)</sup> |
| 1000000 | 4.000 | 09/01/33 | 1004388 |
| Johnson County KS Unified School District No. 231 GO Bonds(Refunding-Gardner-Edgerton) Series 2023 (AA-/NR) | Johnson County KS Unified School District No. 231 GO Bonds(Refunding-Gardner-Edgerton) Series 2023 (AA-/NR) | Johnson County KS Unified School District No. 231 GO Bonds(Refunding-Gardner-Edgerton) Series 2023 (AA-/NR) | Johnson County KS Unified School District No. 231 GO Bonds(Refunding-Gardner-Edgerton) Series 2023 (AA-/NR) |
| 750000 | 5.000 | 10/01/30 | 825747 |
| Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds Series A (NR/Aaa)<sup>(a)</sup> | Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds Series A (NR/Aaa)<sup>(a)</sup> | Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds Series A (NR/Aaa)<sup>(a)</sup> | Johnson County KS Unified School District No. 512 Shawnee Mission GO Bonds Series A (NR/Aaa)<sup>(a)</sup> |
| 1500000 | 5.000 | 10/01/41 | 1645396 |
| &nbsp;&nbsp;&nbsp;&nbsp;785000 | 5.000% | 10/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;853593 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Kansas – (continued)** | **Kansas – (continued)** | **Kansas – (continued)** | **Kansas – (continued)** |
| Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series C (NR/A3)<sup>(a)</sup> | Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series C (NR/A3)<sup>(a)</sup> | Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series C (NR/A3)<sup>(a)</sup> | Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series C (NR/A3)<sup>(a)</sup> |
| $1470000 | 4.000 | 07/01/34 | $1515950 |
| Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series F (A+/Aa3)<sup>(a)</sup> | Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series F (A+/Aa3)<sup>(a)</sup> | Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series F (A+/Aa3)<sup>(a)</sup> | Kansas State Development Finance Authority Revenue Bonds (Refunding-State of Kansas Project) Series F (A+/Aa3)<sup>(a)</sup> |
| 1895000 | 3.000 | 11/01/32 | 1889315 |
| Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (AA-/Aa3)<sup>(a)</sup> | Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (AA-/Aa3)<sup>(a)</sup> | Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (AA-/Aa3)<sup>(a)</sup> | Kansas State Development Finance Authority Revenue Bonds (University Projects) Series A (AA-/Aa3)<sup>(a)</sup> |
| 2000000 | 4.000 | 03/01/31 | 2001121 |
| Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (BBB+/NR)<sup>(a)</sup> | Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (BBB+/NR)<sup>(a)</sup> | Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (BBB+/NR)<sup>(a)</sup> | Lawrence KS Hospital Revenue Bonds (Refunding) (Lawrence Memorial Hospital) Series A (BBB+/NR)<sup>(a)</sup> |
| 1715000 | 5.000 | 07/01/32 | 1794037 |
| 1335000 | 4.000 | 07/01/37 | 1337396 |
| Leavenworth County KS Unified School District No. 453 GO Bonds Series A (NR/Aa3)<sup>(a)</sup> | Leavenworth County KS Unified School District No. 453 GO Bonds Series A (NR/Aa3)<sup>(a)</sup> | Leavenworth County KS Unified School District No. 453 GO Bonds Series A (NR/Aa3)<sup>(a)</sup> | Leavenworth County KS Unified School District No. 453 GO Bonds Series A (NR/Aa3)<sup>(a)</sup> |
| 1165000 | 4.000 | 09/01/31 | 1177385 |
| Lyon County KS Unified School District No. 253 Emporia GO Bonds Series 2019 (NR/A1)<sup>(a)</sup> | Lyon County KS Unified School District No. 253 Emporia GO Bonds Series 2019 (NR/A1)<sup>(a)</sup> | Lyon County KS Unified School District No. 253 Emporia GO Bonds Series 2019 (NR/A1)<sup>(a)</sup> | Lyon County KS Unified School District No. 253 Emporia GO Bonds Series 2019 (NR/A1)<sup>(a)</sup> |
| 1050000 | 4.000 | 09/01/33 | 1066387 |
| Marion County KS Unified School District No. 410 Durham Etc GO Bonds Series 2024 (AG) (AA/NR)<sup>(a)</sup> | Marion County KS Unified School District No. 410 Durham Etc GO Bonds Series 2024 (AG) (AA/NR)<sup>(a)</sup> | Marion County KS Unified School District No. 410 Durham Etc GO Bonds Series 2024 (AG) (AA/NR)<sup>(a)</sup> | Marion County KS Unified School District No. 410 Durham Etc GO Bonds Series 2024 (AG) (AA/NR)<sup>(a)</sup> |
| 700000 | 5.000 | 09/01/36 | 786900 |
| 880000 | 5.000 | 09/01/38 | 979447 |
| 475000 | 4.000 | 09/01/39 | 485861 |
| Miami County Unified School District No. 367 Osawatomie GO Bonds Series 2025 (BAM) (AA/A3)<sup>(a)</sup> | Miami County Unified School District No. 367 Osawatomie GO Bonds Series 2025 (BAM) (AA/A3)<sup>(a)</sup> | Miami County Unified School District No. 367 Osawatomie GO Bonds Series 2025 (BAM) (AA/A3)<sup>(a)</sup> | Miami County Unified School District No. 367 Osawatomie GO Bonds Series 2025 (BAM) (AA/A3)<sup>(a)</sup> |
| 500000 | 5.250 | 09/01/39 | 553093 |
| Miami County Unified School District No. 416 GO Bonds (Refunding) Series 2020 (AA-/NR)<sup>(a)</sup> | Miami County Unified School District No. 416 GO Bonds (Refunding) Series 2020 (AA-/NR)<sup>(a)</sup> | Miami County Unified School District No. 416 GO Bonds (Refunding) Series 2020 (AA-/NR)<sup>(a)</sup> | Miami County Unified School District No. 416 GO Bonds (Refunding) Series 2020 (AA-/NR)<sup>(a)</sup> |
| 200000 | 3.000 | 09/01/39 | 180824 |
| 380000 | 3.000 | 09/01/40 | 338668 |
| 320000 | 3.000 | 09/01/41 | 280284 |
| Minneola Unified School District No. 219 GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Minneola Unified School District No. 219 GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Minneola Unified School District No. 219 GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Minneola Unified School District No. 219 GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> |
| 1315000 | 5.000 | 09/01/34 | 1460796 |
| Nemaha County Unified School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Nemaha County Unified School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Nemaha County Unified School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> | Nemaha County Unified School District GO Bonds (Refunding) Series 2023 (BAM) (AA/NR)<sup>(a)</sup> |
| 750000 | 5.000 | 09/01/43 | 786409 |
| Osage County KS GO Bonds (Refunding) Series A (NR/NR)<sup>(a)</sup> | Osage County KS GO Bonds (Refunding) Series A (NR/NR)<sup>(a)</sup> | Osage County KS GO Bonds (Refunding) Series A (NR/NR)<sup>(a)</sup> | Osage County KS GO Bonds (Refunding) Series A (NR/NR)<sup>(a)</sup> |
| 570000 | 3.000 | 09/01/36 | 530809 |
| 350000 | 3.000 | 09/01/38 | 308261 |
| 575000 | 3.000 | 09/01/41 | 487927 |
| Sedgwick County KS Unified School District No. 261 GO Bonds (Refunding) Series A (AG) (AA/NR)<sup>(a)</sup> | Sedgwick County KS Unified School District No. 261 GO Bonds (Refunding) Series A (AG) (AA/NR)<sup>(a)</sup> | Sedgwick County KS Unified School District No. 261 GO Bonds (Refunding) Series A (AG) (AA/NR)<sup>(a)</sup> | Sedgwick County KS Unified School District No. 261 GO Bonds (Refunding) Series A (AG) (AA/NR)<sup>(a)</sup> |
| 2170000 | 5.000 | 11/01/37 | 2448224 |
| Sedgwick County KS Unified School District No. 261 GO Bonds Series 2016 (NR/A2)<sup>(a)</sup> | Sedgwick County KS Unified School District No. 261 GO Bonds Series 2016 (NR/A2)<sup>(a)</sup> | Sedgwick County KS Unified School District No. 261 GO Bonds Series 2016 (NR/A2)<sup>(a)</sup> | Sedgwick County KS Unified School District No. 261 GO Bonds Series 2016 (NR/A2)<sup>(a)</sup> |
| 985000 | 3.000 | 11/01/32 | 983273 |
| Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)<sup>(a)</sup> | Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)<sup>(a)</sup> | Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)<sup>(a)</sup> | Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)<sup>(a)</sup> |
| 485000 | 4.000 | 09/01/30 | 485378 |
| 1000000 | 4.000 | 09/01/31 | 1000761 |

---

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Kansas – (continued)** | **Kansas – (continued)** | **Kansas – (continued)** | **Kansas – (continued)** |
| Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)(a) – (continued) | Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)(a) – (continued) | Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)(a) – (continued) | Shawnee County KS Certificates of Participation Series 2015 (NR/Aa2)(a) – (continued) |
| $1065000 | 5.000% | 09/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066655 |
| Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)<sup>(a)</sup> | Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)<sup>(a)</sup> | Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)<sup>(a)</sup> | Shawnee County KS Public Building Commission Revenue Bond (Expocentre Project) Series 2018 (NR/Aa1)<sup>(a)</sup> |
| 300000 | 4.000 | 09/01/29 | 306323 |
| 650000 | 4.000 | 09/01/30 | 664484 |
| Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2022 (NR/Aa2)<sup>(a)</sup> | Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2022 (NR/Aa2)<sup>(a)</sup> | Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2022 (NR/Aa2)<sup>(a)</sup> | Shawnee County KS Unified School District No. 437 GO Bonds (Refunding) Series 2022 (NR/Aa2)<sup>(a)</sup> |
| 1400000 | 5.000 | 09/01/39 | 1534436 |
| Shawnee County KS Unified School District No. 437 GO Bonds Series 2024 (AAA/Aa2)<sup>(a)</sup> | Shawnee County KS Unified School District No. 437 GO Bonds Series 2024 (AAA/Aa2)<sup>(a)</sup> | Shawnee County KS Unified School District No. 437 GO Bonds Series 2024 (AAA/Aa2)<sup>(a)</sup> | Shawnee County KS Unified School District No. 437 GO Bonds Series 2024 (AAA/Aa2)<sup>(a)</sup> |
| 1000000 | 5.000 | 09/01/36 | 1149517 |
| 750000 | 5.000 | 09/01/37 | 858101 |
| State of Kansas Department of Transportation High Way Revenue Bonds Series A (AA/Aa2)<sup>(a)</sup> | State of Kansas Department of Transportation High Way Revenue Bonds Series A (AA/Aa2)<sup>(a)</sup> | State of Kansas Department of Transportation High Way Revenue Bonds Series A (AA/Aa2)<sup>(a)</sup> | State of Kansas Department of Transportation High Way Revenue Bonds Series A (AA/Aa2)<sup>(a)</sup> |
| 1250000 | 5.000 | 09/01/32 | 1299987 |
| University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2004 (A+/NR)<sup>(a)(b)(c)</sup> | University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2004 (A+/NR)<sup>(a)(b)(c)</sup> | University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2004 (A+/NR)<sup>(a)(b)(c)</sup> | University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2004 (A+/NR)<sup>(a)(b)(c)</sup> |
| 700000 | 3.900 | 09/01/34 | 700000 |
| University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2015 (AA-/NR)<sup>(a)</sup> | University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2015 (AA-/NR)<sup>(a)</sup> | University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2015 (AA-/NR)<sup>(a)</sup> | University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series 2015 (AA-/NR)<sup>(a)</sup> |
| 2000000 | 5.000 | 09/01/45 | 2000566 |
| University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series A (AA-/NR)<sup>(a)</sup> | University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series A (AA-/NR)<sup>(a)</sup> | University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series A (AA-/NR)<sup>(a)</sup> | University of Kansas Hospital Authority (Health Facilities) Revenue Bonds Series A (AA-/NR)<sup>(a)</sup> |
| 1930000 | 5.000 | 09/01/48 | 1952385 |
| Wabaunsee County Unified School District No. 330 Mission Valley GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Wabaunsee County Unified School District No. 330 Mission Valley GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Wabaunsee County Unified School District No. 330 Mission Valley GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> | Wabaunsee County Unified School District No. 330 Mission Valley GO Bonds Series 2022 (BAM) (AA/NR)<sup>(a)</sup> |
| 1000000 | 5.500 | 09/01/42 | 1083652 |
| Washburn University KS Revenue Bonds Series A (Refunding) (AG) (AA/A1) | Washburn University KS Revenue Bonds Series A (Refunding) (AG) (AA/A1) | Washburn University KS Revenue Bonds Series A (Refunding) (AG) (AA/A1) | Washburn University KS Revenue Bonds Series A (Refunding) (AG) (AA/A1) |
| 515000 | 4.000 | 07/01/27 | 523481 |
| 555000 | 4.000 | 07/01/29 | 573798 |
| Wichita KS GO Bonds (AMT-Airport) Series 2015 (AAA/Aa2)<sup>(a)</sup> | Wichita KS GO Bonds (AMT-Airport) Series 2015 (AAA/Aa2)<sup>(a)</sup> | Wichita KS GO Bonds (AMT-Airport) Series 2015 (AAA/Aa2)<sup>(a)</sup> | Wichita KS GO Bonds (AMT-Airport) Series 2015 (AAA/Aa2)<sup>(a)</sup> |
| 2365000 | 5.000 | 12/01/35 | 2367644 |
| Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/A1)<sup>(a)</sup> | Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/A1)<sup>(a)</sup> | Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/A1)<sup>(a)</sup> | Wichita KS Sales Tax Special Obligation Revenue Bonds (River District Stadium Star Bond Project) Series 2018 (NR/A1)<sup>(a)</sup> |
| 1000000 | 5.000 | 09/01/32 | 1035908 |
| Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B (AA-/NR)<sup>(a)</sup> | Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B (AA-/NR)<sup>(a)</sup> | Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B (AA-/NR)<sup>(a)</sup> | Wichita KS Water & Sewer Utility Revenue Bonds (Refunding) Series B (AA-/NR)<sup>(a)</sup> |
| $415000 | 4.000 | 10/01/26 | $415397 |
| Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds (Refunding & Improvement) Series A (A/A2)<sup>(a)</sup> | Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds (Refunding & Improvement) Series A (A/A2)<sup>(a)</sup> | Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds (Refunding & Improvement) Series A (A/A2)<sup>(a)</sup> | Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds (Refunding & Improvement) Series A (A/A2)<sup>(a)</sup> |
| 1000000 | 5.000 | 09/01/26 | 1001366 |
| 1000000 | 4.250 | 09/01/39 | 999990 |
| Wyandotte County Unified School District No. 203 Piper GO (Refunding) Series A (AG) (AA/NR)<sup>(a)</sup> | Wyandotte County Unified School District No. 203 Piper GO (Refunding) Series A (AG) (AA/NR)<sup>(a)</sup> | Wyandotte County Unified School District No. 203 Piper GO (Refunding) Series A (AG) (AA/NR)<sup>(a)</sup> | Wyandotte County Unified School District No. 203 Piper GO (Refunding) Series A (AG) (AA/NR)<sup>(a)</sup> |
| 525000 | 5.000 | 09/01/40 | 565269 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) | Municipal Bond Obligations – (continued) |
|  **Kansas – (continued)** | **Kansas – (continued)** | **Kansas – (continued)** | **Kansas – (continued)** |
| Wyandotte County Unified School District No. 500 Kansas City GO Bonds Series 2025 (BAM) (AA/A1)<sup>(a)</sup> | Wyandotte County Unified School District No. 500 Kansas City GO Bonds Series 2025 (BAM) (AA/A1)<sup>(a)</sup> | Wyandotte County Unified School District No. 500 Kansas City GO Bonds Series 2025 (BAM) (AA/A1)<sup>(a)</sup> | Wyandotte County Unified School District No. 500 Kansas City GO Bonds Series 2025 (BAM) (AA/A1)<sup>(a)</sup> |
| $1500000 | 5.000% | 09/01/46 | $1586382 |
|  |  |  | 97534760 <br>|
|  **Missouri – 0.3%** | **Missouri – 0.3%** | **Missouri – 0.3%** | **Missouri – 0.3%** |
| City of Independence MO Development Authority Revenue GO Bonds (Refunding) Series 2021 (A-/NR) | City of Independence MO Development Authority Revenue GO Bonds (Refunding) Series 2021 (A-/NR) | City of Independence MO Development Authority Revenue GO Bonds (Refunding) Series 2021 (A-/NR) | City of Independence MO Development Authority Revenue GO Bonds (Refunding) Series 2021 (A-/NR) |
| 335000 | 3.000 | 04/01/27 | 333496 |
|  **Ohio<sup>(a)</sup> – 0.9%** | **Ohio<sup>(a)</sup> – 0.9%** | **Ohio<sup>(a)</sup> – 0.9%** | **Ohio<sup>(a)</sup> – 0.9%** |
| Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR) | Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR) | Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR) | Elyria OH Library Improvement Revenue Bonds Series 2018 (A+/NR) |
| 1000000 | 4.000 | 12/01/42 | 962369 |
|  **Texas<sup>(a)</sup> – 1.6%** | **Texas<sup>(a)</sup> – 1.6%** | **Texas<sup>(a)</sup> – 1.6%** | **Texas<sup>(a)</sup> – 1.6%** |
| Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR) | Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR) | Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR) | Arlington Higher Education Finance Corp. Revenue Bonds (Trinity Basin Preparatory, Inc.) Series 2023 (PSF-GTD) (AAA/NR) |
| 625000 | 5.000 | 08/15/38 | 692321 |
| Sabine-Neches Navigation District GO Bonds Series 2022 (Sabine - Neches Waterway Project) (NR/Aa2) | Sabine-Neches Navigation District GO Bonds Series 2022 (Sabine - Neches Waterway Project) (NR/Aa2) | Sabine-Neches Navigation District GO Bonds Series 2022 (Sabine - Neches Waterway Project) (NR/Aa2) | Sabine-Neches Navigation District GO Bonds Series 2022 (Sabine - Neches Waterway Project) (NR/Aa2) |
| 500000 | 5.250 | 02/15/38 | 544381 |
| 500000 | 5.250 | 02/15/39 | 540637 |
|  |  |  | 1777339 <br>|
|  **Wisconsin<sup>(a)</sup> – 1.0%** | **Wisconsin<sup>(a)</sup> – 1.0%** | **Wisconsin<sup>(a)</sup> – 1.0%** | **Wisconsin<sup>(a)</sup> – 1.0%** |
| Wisconsin Health & Educational Facilities Authority Revenue Bonds Series 2022 (A+/A2) | Wisconsin Health & Educational Facilities Authority Revenue Bonds Series 2022 (A+/A2) | Wisconsin Health & Educational Facilities Authority Revenue Bonds Series 2022 (A+/A2) | Wisconsin Health & Educational Facilities Authority Revenue Bonds Series 2022 (A+/A2) |
| 500000 | 5.000 | 12/01/38 | 545870 |
| 500000 | 5.000 | 12/01/39 | 542382 |
|  |  |  | 1088252 <br>|
| TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS | TOTAL MUNICIPAL BOND OBLIGATIONS |
|  **(Cost $111,956,132)** | **(Cost $111,956,132)** |  | $111492985 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 0.3% | Investment Company – 0.3% | Investment Company – 0.3% | Investment Company – 0.3% |
| State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class | State Street Institutional US Government Money Market Fund — Premier Class |
| 296830 | 4.014% | 4.014% | $296830 |
|  **(Cost $296,830)** | **(Cost $296,830)** |  |  |
| TOTAL INVESTMENTS – 101.0% | TOTAL INVESTMENTS – 101.0% | TOTAL INVESTMENTS – 101.0% | TOTAL INVESTMENTS – 101.0% |
|  **(Cost $112,252,962)** | **(Cost $112,252,962)** |  | $111789815 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)%** | (1068248) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $110721567 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

*October 31, 2025* 

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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) | Rate shown is that which is in effect on October 31, 2025. 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) | Variable rate security. The interest rate shown reflects the rate as of October 31, 2025. |
| Security ratings disclosed, if any, are issued by S&P Global Ratings Services/Moody's Investors Service and are unaudited. A description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are issued by S&P Global Ratings Services/Moody's Investors Service and are unaudited. A description of the ratings is available in the Fund's Statement of Additional Information. |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AMT | —Alternative Minimum Tax |
| GO | —General Obligation |
| NR | —Not Rated |
| PSF-GTD | —Guaranteed by Permanent School Fund |

---

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE COMMERCE FUNDS

## Statements of Assets and Liabilities
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
|  | **The Growth Fund** | **The Value Fund** | **<br>The MidCap<br>Growth Fund** |
| Assets: |  |  |  |
|  Investments at value (identified cost $105,439,660, $202,111,902 and $152,423,742, respectively) | $243237204 | $249862165 | $188326561 |
|  Receivables: | Receivables: | Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 41827 | 365121 | 43262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 14227 | 16961 | 18840 |
|  Other | 7816 | 7925 | 6160 |
|  **Total Assets** | 243301074 | 250252172 | 188394823 |
| Liabilities: |  |  |  |
|  Due to custodian for bank overdraft | 75182 |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 2004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 44460 | 135643 | 68383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 81634 | 64476 | 81401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 13746 | 37575 | 13531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred trustee fees | 38350 | 43196 | 22672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 24431 | 55041 | 19214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 28062 | 29551 | 22385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 19109 | 16449 | 16182 |
|  Accrued expenses | 45085 | 20199 | 39936 |
|  **Total Liabilities** | 370059 | 404134 | 283704 |
| Net Assets: |  |  |  |
|  Paid-in capital | 67151182 | 180306636 | 116278661 |
|  Total distributable earnings | 175779833 | 69541402 | 71832458 |
|  **Net Assets** | $242931015 | $249848038 | $188111119 |
| Shares Outstanding/Net Asset Value |  |  |  |
|  Total shares outstanding, no par value (unlimited number of shares authorized): | 4148268 | 7279378 | 4108656 |
|  Net asset value (net assets/shares outstanding) | $58.56 | $34.32 | $45.78 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

THE COMMERCE FUNDS

## Statements of Assets and Liabilities (continued)
*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
|  | **The MidCap**<br> **Value Fund** | **The Bond Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>The Short-Term**<br> **Government Fund** |
| Assets: |  |  |  |
|  Investments at value (identified cost $33,505,920, $1,297,798,710 and $31,260,225, respectively) | $37481835 | $1245517758 | $30920768 |
|  Receivables: | Receivables: | Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 23419 | 10567519 | 130520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 751691 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from adviser | 15447 |  | 15134 |
|  Other | 20247 | 38263 | 953 |
|  **Total Assets** | 37540948 | 1256875231 | 31067559 |
| Liabilities: |  |  |  |
|  Payables: | Payables: | Payables: | Payables: |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 2488655 | 28290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | 851750 | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47769 | 112938 | 7549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 16209 | 31040 | 20344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 13041 | 376522 | 13225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 77 | 97267 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred trustee fees |  | 245314 | 45181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4483 | 146361 | 3637 |
|  Accrued expenses | 20447 | 160925 | 20367 |
|  **Total Liabilities** | 102026 | 4510772 | 141867 |
| Net Assets: |  |  |  |
|  Paid-in capital | 31927238 | 1328856349 | 38933922 |
|  Total distributable earnings (loss) | 5511684 | (76491890) | (8008230) |
|  **Net Assets** | $37438922 | $1252364459 | $30925692 |
| Shares Outstanding/Net Asset Value |  |  |  |
|  Total shares outstanding, no par value (unlimited number of shares authorized): | 1538113 | 68587788 | 1880046 |
|  Net asset value (net assets/shares outstanding) | $24.34 | $18.26 | $16.45 |

---

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE COMMERCE FUNDS

*October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
|  | **The National Tax-Free<br>Intermediate<br>Bond Fund** | **The Missouri Tax-Free<br>Intermediate<br>Bond Fund** | **<br>The Kansas Tax-Free<br>Intermediate<br>Bond Fund** |
| Assets: |  |  |  |
|  Investments at value (identified cost $367,640,303, $236,463,392 and $112,252,962, respectively) | $366006167 | $233665397 | $111789815 |
|  Receivables: | Receivables: | Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 4550634 | 2273745 | 1097695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 266507 | 371483 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from adviser |  |  | 2220 |
|  Other | 10866 | 7051 | 3391 |
|  **Total Assets** | 370834174 | 236317676 | 112893132 |
| Liabilities: |  |  |  |
|  Payables: | Payables: | Payables: | Payables: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended settlement basis | 15864075 |  | 1783950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 764491 | 461582 | 234724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 132214 | 11546 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 104969 | 79368 | 45568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred trustee fees | 70685 | 87051 | 30805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 41384 | 27303 | 12897 |
|  Accrued expenses | 117458 | 94312 | 61666 |
|  **Total Liabilities** | 17095276 | 761162 | 2171565 |
| Net Assets: |  |  |  |
|  Paid-in capital | 363737927 | 249184234 | 116417960 |
|  Total distributable earnings (loss) | (9999029) | (13627720) | (5696393) |
|  **Net Assets** | $353738898 | $235556514 | $110721567 |
| Shares Outstanding/Net Asset Value |  |  |  |
|  Total shares outstanding, no par value (unlimited number of shares authorized): | 18676738 | 12567182 | 5974660 |
|  Net asset value (net assets/shares outstanding) | $18.94 | $18.74 | $18.53 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

THE COMMERCE FUNDS

## Statements of Operations
*For the Fiscal Year Ended October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
|  | **The Growth Fund** | **The Value Fund** | **<br>The MidCap<br>Growth Fund** |
| Investment Income: |  |  |  |
|  Dividends | $1679268 | $7211054 | $1748606 |
|  **Total Investment Income** | 1679268 | 7211054 | 1748606 |
| Expenses: |  |  |  |
|  Advisory fees | 963880 | 766647 | 998897 |
|  Administration fees | 331334 | 351380 | 276019 |
|  Professional fees | 120324 | 124740 | 99891 |
|  Custody, accounting and administrative services | 94550 | 99004 | 89437 |
|  Shareholder servicing fees | 79312 | 230938 | 80895 |
|  Transfer Agent fees | 63430 | 92720 | 50614 |
|  Printing and mailing fees | 27158 | 27976 | 26001 |
|  Trustee fees | 20460 | 21680 | 17424 |
|  Registration fees | 16809 | 16261 | 15097 |
|  Other | 16320 | 17738 | 14018 |
|  **Total Expenses** | 1733577 | 1749084 | 1668293 |
| Net Investment Income (loss) | $(54309) | $5461970 | $80313 |
| Realized and unrealized gain (loss) |  |  |  |
|  Net realized gain | 38206394 | 21612739 | 35979789 |
|  Net change in unrealized gain (loss) | 12186626 | (8088449) | (23352716) |
|  **Net realized and unrealized gain** | 50393020 | 13524290 | 12627073 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $50338711 | $18986260 | $12707386 |

---

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE COMMERCE FUNDS

## Statements of Operations (continued)
*For the Fiscal Year Ended October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
|  | **The MidCap**<br> **Value Fund** | **The Bond Fund** | **The Short-Term**<br> **Government Fund** |
| Investment Income: |  |  |  |
|  Interest | $— | $50926788 | $1011806 |
|  Dividends | 1101427 | 719381 | 37762 |
|  **Total Investment Income** | 1101427 | 51646169 | 1049568 |
| Expenses: |  |  |  |
|  Advisory fees | 153805 | 4328622 | 151712 |
|  Administration fees | 52870 | 1665742 | 41721 |
|  Professional fees | 31475 | 568061 | 22661 |
|  Custody, accounting and administrative services | 87422 | 249332 | 101610 |
|  Shareholder servicing fees | 374 | 562857 | 8642 |
|  Transfer Agent fees | 30173 | 71297 | 33692 |
|  Printing and mailing fees | 18268 | 82165 | 13329 |
|  Trustee fees | 3311 | 99802 | 2498 |
|  Registration fees | 31198 | 28076 | 13130 |
|  Amortization of offering costs | 3518 |  |  |
|  Other | 9675 | 65836 | 5260 |
|  **Total Expenses** | 422089 | 7721790 | 394255 |
|  Less — expense reductions | (152932) |  | (187927) |
|  **Net Expenses** | 269157 | 7721790 | 206328 |
| Net Investment Income | $832270 | $43924379 | $843240 |
| Realized and unrealized gain (loss) |  |  |  |
|  Net realized gain (loss) | 1569285 | (2500289) | 2126 |
|  Net change in unrealized gain (loss) | (1351655) | 32027301 | 614550 |
|  **Net realized and unrealized gain** | 217630 | 29527012 | 616676 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $1049900 | $73451391 | $1459916 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

THE COMMERCE FUNDS

*For the Fiscal Year Ended October 31, 2025* 

---

| | | | |
|:---|:---|:---|:---|
|  | **The National Tax-Free<br>Intermediate<br>Bond Fund** | **The Missouri Tax-Free<br>Intermediate<br>Bond Fund** | **<br>The Kansas Tax-Free<br>Intermediate<br>Bond Fund** |
| Investment Income: |  |  |  |
|  Interest | $11410258 | $7189439 | $3556190 |
|  Dividends | 564684 | 359586 | 83236 |
|  **Total Investment Income** | 11974942 | 7549025 | 3639426 |
| Expenses: |  |  |  |
|  Advisory fees | 1233603 | 927706 | 542431 |
|  Administration fees | 485982 | 317739 | 154170 |
|  Professional fees | 168955 | 111930 | 58962 |
|  Custody, accounting and administrative services | 131614 | 107486 | 90029 |
|  Shareholder servicing fees | 17499 | 25828 | 11229 |
|  Transfer Agent fees | 41029 | 39451 | 33856 |
|  Printing and mailing fees | 31486 | 24368 | 18079 |
|  Trustee fees | 29594 | 19346 | 9400 |
|  Registration fees | 18010 | 8756 | 6357 |
|  Other | 22177 | 15004 | 9164 |
|  **Total Expenses** | 2179949 | 1597614 | 933677 |
|  Less — expense reductions |  |  | (148814) |
|  **Net Expenses** | 2179949 | 1597614 | 784863 |
| Net Investment Income | $9794993 | $5951411 | $2854563 |
| Realized and unrealized gain (loss) |  |  |  |
|  Net realized loss | (1679134) | (1975353) | (680970) |
|  Net change in unrealized gain | 8527895 | 5536813 | 2256627 |
|  **Net realized and unrealized gain** | 6848761 | 3561460 | 1575657 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $16643754 | $9512871 | $4430220 |

---

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE COMMERCE FUNDS

## Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Growth Fund** | **The Growth Fund** | **The Value Fund** | **The Value Fund** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| From Operations: |  |  |  |  |
|  Net investment income (loss) | $(54309) | $272035 | $5461970 | $6712120 |
|  Net realized gain | 38206394 | 24156459 | 21612739 | 14763919 |
|  Net change in unrealized gain (loss) | 12186626 | 54913637 | (8088449) | 40396183 |
|  **Net increase in net assets resulting from operations** | 50338711 | 79342131 | 18986260 | 61872222 |
| Distributions to Shareholders: |  |  |  |  |
|  From distributable earnings | (24472210) | (10062498) | (20497486) | (14174780) |
| From Share Transactions: |  |  |  |  |
|  Proceeds from sales of shares | 18401817 | 40524142 | 19572666 | 44754515 |
|  Reinvestment of distributions | 7282127 | 2644079 | 7593676 | 6054442 |
|  Cost of shares redeemed | (49229989) | (74538690) | (46882160) | (71874293) |
|  **Net decrease in net assets resulting from share transactions** | (23546045) | (31370469) | (19715818) | (21065336) |
| TOTAL INCREASE (DECREASE) | 2320456 | 37909164 | (21227044) | 26632106 |
| Net Assets: |  |  |  |  |
|  Beginning of year | 240610559 | 202701395 | 271075082 | 244442976 |
|  End of year | $242931015 | $240610559 | $249848038 | $271075082 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

THE COMMERCE FUNDS

## Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The MidCap Growth Fund** | **The MidCap Growth Fund** | **The MidCap Value Fund** | **The MidCap Value Fund** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the**<br> **Period Ended**<br> **October 31, 2024<sup>(a)</sup>** |
| From Operations: |  |  |  |  |
|  Net investment income | $80313 | $194191 | $832270 | $718223 |
|  Net realized gain | 35979789 | 21139996 | 1569285 | 1550833 |
|  Net change in unrealized gain (loss) | (23352716) | 30371691 | (1351655) | 5327570 |
|  **Net increase in net assets resulting from operations** | 12707386 | 51705878 | 1049900 | 7596626 |
| Distributions to Shareholders: |  |  |  |  |
|  From distributable earnings | (21299639) | (14721469) | (2472601) | (713823) |
| From Share Transactions: |  |  |  |  |
|  Proceeds from sales of shares | 16254681 | 22088176 | 2316767 | 33751127 |
|  Reinvestment of distributions | 6212017 | 3683999 | 9188 | 544 |
|  Cost of shares redeemed | (38771772) | (55341404) | (2344370) | (1754436) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (16305074) | (29569229) | (18415) | 31997235 |
| TOTAL INCREASE (DECREASE) | (24897327) | 7415180 | (1441116) | 38880038 |
| Net Assets: |  |  |  |  |
|  Beginning of year | 213008446 | 205593266 | 38880038 |  |
|  End of year | $188111119 | $213008446 | $37438922 | $38880038 |

---

(a) Commenced operations on November 13, 2023.

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE COMMERCE FUNDS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Bond Fund** | **The Bond Fund** | **The Short-Term Government Fund** | **The Short-Term Government Fund** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| From Operations: |  |  |  |  |
|  Net investment income | $43924379 | $38297912 | $843240 | $724580 |
|  Net realized gain (loss) | (2500289) | (8087356) | 2126 | (827936) |
|  Net change in unrealized gain | 32027301 | 85019440 | 614550 | 2044514 |
|  **Net increase in net assets resulting from operations** | 73451391 | 115229996 | 1459916 | 1941158 |
| Distributions to Shareholders: |  |  |  |  |
|  From distributable earnings | (43531560) | (38854228) | (685922) | (687254) |
| From Share Transactions: |  |  |  |  |
|  Proceeds from sales of shares | 207547813 | 240409309 | 3713930 | 3458982 |
|  Reinvestment of distributions | 13792074 | 11765193 | 434392 | 474939 |
|  Cost of shares redeemed | (188212344) | (183047041) | (3807725) | (6559205) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 33127543 | 69127461 | 340597 | (2625284) |
| TOTAL INCREASE (DECREASE) | 63047374 | 145503229 | 1114591 | (1371380) |
| Net Assets: |  |  |  |  |
|  Beginning of year | 1189317085 | 1043813856 | 29811101 | 31182481 |
|  End of year | $1252364459 | $1189317085 | $30925692 | $29811101 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

THE COMMERCE FUNDS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The National Tax-Free Intermediate**<br>**Bond Fund** | **The National Tax-Free Intermediate**<br>**Bond Fund** | **The Missouri Tax-Free Intermediate**<br>**Bond Fund** | **The Missouri Tax-Free Intermediate**<br>**Bond Fund** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| From Operations: |  |  |  |  |
|  Net investment income | $9794993 | $9129948 | $5951411 | $5577926 |
|  Net realized loss | (1679134) | (4384423) | (1975353) | (2833454) |
|  Net change in unrealized gain | 8527895 | 26251783 | 5536813 | 18945752 |
|  **Net increase in net assets resulting from operations** | 16643754 | 30997308 | 9512871 | 21690224 |
| Distributions to Shareholders: |  |  |  |  |
|  From distributable earnings | (9789286) | (9094454) | (5970763) | (5572583) |
| From Share Transactions: |  |  |  |  |
|  Proceeds from sales of shares | 48240386 | 77626801 | 41053424 | 51413847 |
|  Reinvestment of distributions | 578958 | 539220 | 504404 | 558485 |
|  Cost of shares redeemed | (71360428) | (76656776) | (48153781) | (77843776) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (22541084) | 1509245 | (6595953) | (25871444) |
| TOTAL INCREASE (DECREASE) | (15686616) | 23412099 | (3053845) | (9753803) |
| Net Assets: |  |  |  |  |
|  Beginning of year | 369425514 | 346013415 | 238610359 | 248364162 |
|  End of year | $353738898 | $369425514 | $235556514 | $238610359 |

---

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE COMMERCE FUNDS

---

| | | |
|:---|:---|:---|
|  | **The Kansas Tax-Free Intermediate**<br>**Bond Fund** | **The Kansas Tax-Free Intermediate**<br>**Bond Fund** |
|  | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| From Operations: |  |  |
|  Net investment income | $2854563 | $2820409 |
|  Net realized loss | (680970) | (1277009) |
|  Net change in unrealized gain | 2256627 | 8668643 |
|  **Net increase in net assets resulting from operations** | 4430220 | 10212043 |
| Distributions to Shareholders: |  |  |
|  From distributable earnings | (2862613) | (2820482) |
| From Share Transactions: |  |  |
|  Proceeds from sales of shares | 7106261 | 19675485 |
|  Reinvestment of distributions | 122290 | 166191 |
|  Cost of shares redeemed | (16305775) | (33206405) |
|  **Net decrease in net assets resulting from share transactions** | (9077224) | (13364729) |
| TOTAL DECREASE | (7509617) | (5973168) |
| Net Assets: |  |  |
|  Beginning of year | 118231184 | 124204352 |
|  End of year | $110721567 | $118231184 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

THE GROWTH FUND

## Financial Highlights
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Growth Fund** | **The Growth Fund** | **The Growth Fund** | **The Growth Fund** | **The Growth Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $52.75 | $39.19 | $36.54 | $56.39 | $42.32 |
|  Net investment income (loss)<sup>(a)</sup> | (0.01) | 0.06 | 0.11 | 0.09 | 0.07 |
|  Net realized and unrealized gain (loss) | 11.19 | 15.45 | 4.91 | (9.74) | 15.90 |
|  Total from investment operations | 11.18 | 15.51 | 5.02 | (9.65) | 15.97 |
|  Distributions to shareholders from net investment income | (0.06) | (0.12) | (0.08) | (0.08) | (0.15) |
|  Distributions to shareholders from net realized gains | (5.31) | (1.83) | (2.29) | (10.12) | (1.75) |
|  Total distributions | (5.37) | (1.95) | (2.37) | (10.20) | (1.90) |
|  Net asset value, end of year | $58.56 | $52.75 | $39.19 | $36.54 | $56.39 |
|  Total return<sup>(b)</sup> | 22.43% | 40.89% | 14.59% | (20.81)% | 38.86% |
|  Net assets, end of year (in 000s) | $242931 | $240611 | $202701 | $175127 | $235663 |
|  Ratio of net expenses to average net assets<sup>(c)</sup> | 0.72% | 0.73% | 0.71% | 0.74% | 0.68% |
|  Ratio of total expenses to average net assets<sup>(c)</sup> | 0.72% | 0.73% | 0.71% | 0.74% | 0.68% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | (0.02)% | 0.12% | 0.29% | 0.23% | 0.14% |
|  Portfolio turnover rate | 30% | 31% | 41% | 36% | 39% |

---

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

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

(c) The ratios of expenses and income do not reflect the proportionate share of expenses and income of the underlying funds in which the Fund invests.

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE VALUE FUND

## Financial Highlights (continued)
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Value Fund** | **The Value Fund** | **The Value Fund** | **The Value Fund** | **The Value Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $34.42 | $28.73 | $33.64 | $36.21 | $26.84 |
|  Net investment income<sup>(a)</sup> | 0.71 | 0.81 | 0.84 | 0.89 | 0.82 |
|  Net realized and unrealized gain (loss) | 1.82 | 6.58 | (3.03) | (1.52) | 9.34 |
|  Total from investment operations | 2.53 | 7.39 | (2.19) | (0.63) | 10.16 |
|  Distributions to shareholders from net investment income | (0.74) | (0.75) | (0.92) | (0.90) | (0.79) |
|  Distributions to shareholders from net realized gains | (1.89) | (0.95) | (1.80) | (1.04) |  |
|  Total distributions | (2.63) | (1.70) | (2.72) | (1.94) | (0.79) |
|  Net asset value, end of year | $34.32 | $34.42 | $28.73 | $33.64 | $36.21 |
|  Total return<sup>(b)</sup> | 7.69% | 26.48% | (7.21)% | (1.74)% | 38.10% |
|  Net assets, end of year (in 000s) | $249848 | $271075 | $244443 | $305249 | $346369 |
|  Ratio of net expenses to average net assets<sup>(c)</sup> | 0.68% | 0.70% | 0.70% | 0.68% | 0.66% |
|  Ratio of total expenses to average net assets<sup>(c)</sup> | 0.68% | 0.70% | 0.70% | 0.68% | 0.66% |
|  Ratio of net investment income to average net assets<sup>(c)</sup> | 2.14% | 2.49% | 2.64% | 2.56% | 2.44% |
|  Portfolio turnover rate | 52% | 46% | 46% | 34% | 29% |

---

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

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

(c) The ratios of expenses and income do not reflect the proportionate share of expenses and income of the underlying funds in which the Fund invests.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

THE MIDCAP GROWTH FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The MidCap Growth Fund** | **The MidCap Growth Fund** | **The MidCap Growth Fund** | **The MidCap Growth Fund** | **The MidCap Growth Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $47.53 | $39.98 | $40.20 | $59.47 | $46.51 |
|  Net investment income<sup>(a)</sup> | 0.02 | 0.04 | 0.13 | 0.07 | 0.06 |
|  Net realized and unrealized gain (loss) | 3.00 | 10.45 | 0.44 | (9.55) | 15.06 |
|  Total from investment operations | 3.02 | 10.49 | 0.57 | (9.48) | 15.12 |
|  Distributions to shareholders from net investment income | (0.04) | (0.14) | (0.10) | (0.05) | (0.10) |
|  Distributions to shareholders from net realized gains | (4.73) | (2.80) | (0.69) | (9.74) | (2.06) |
|  Total distributions | (4.77) | (2.94) | (0.79) | (9.79) | (2.16) |
|  Net asset value, end of year | $45.78 | $47.53 | $39.98 | $40.20 | $59.47 |
|  Total return<sup>(b)</sup> | 6.11% | 27.32% | 1.40% | (18.58)% | 33.46% |
|  Net assets, end of year (in 000s) | $188111 | $213008 | $205593 | $215768 | $316815 |
|  Ratio of net expenses to average net assets<sup>(c)</sup> | 0.83% | 0.83% | 0.79% | 0.77% | 0.72% |
|  Ratio of total expenses to average net assets<sup>(c)</sup> | 0.83% | 0.83% | 0.79% | 0.77% | 0.72% |
|  Ratio of net investment income to average net assets<sup>(c)</sup> | 0.04% | 0.09% | 0.32% | 0.15% | 0.10% |
|  Portfolio turnover rate | 74% | 60% | 53% | 63% | 36% |

---

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

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

(c) The ratios of expenses and income do not reflect the proportionate share of expenses and income of the underlying funds in which the Fund invests.

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE MIDCAP VALUE FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | |
|:---|:---|:---|
|  | **The MidCap Value Fund** | **The MidCap Value Fund** |
|  | **Year Ended<br>October 31, 2025** | **Period Ended**<br> **October 31, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $25.28 | $20.00 |
|  Net investment income<sup>(b)</sup> | 0.52 | 0.49 |
|  Net realized and unrealized gain | 0.11 | 5.24 |
|  Total from investment operations | 0.63 | 5.73 |
|  Distributions to shareholders from net investment income | (0.58) | (0.45) |
|  Distributions to shareholders from net realized gains | (0.99) |  |
|  Total distributions | (1.57) | (0.45) |
|  Net asset value, end of period | $24.34 | $25.28 |
|  Total return<sup>(c)</sup> | 2.49% | 28.82% |
|  Net assets, end of period (in 000s) | $37439 | $38880 |
|  Ratio of net expenses to average net assets<sup>(e)</sup> | 0.70% | 0.70 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets<sup>(e)</sup> | 1.10% | 1.51 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets<sup>(e)</sup> | 2.16% | 2.09 %<sup>(d)</sup> |
|  Portfolio turnover rate | 55% | 91% |

---

(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.

(e) The ratios of expenses and income do not reflect the proportionate share of expenses and income of the underlying funds in which the Fund invests.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

THE BOND FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Bond Fund** | **The Bond Fund** | **The Bond Fund** | **The Bond Fund** | **The Bond Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $17.82 | $16.60 | $16.91 | $20.65 | $20.85 |
|  Net investment income<sup>(a)</sup> | 0.65 | 0.59 | 0.55 | 0.47 | 0.46 |
|  Net realized and unrealized gain (loss) | 0.43 | 1.23 | (0.29) | (3.59) | (0.13) |
|  Total from investment operations | 1.08 | 1.82 | 0.26 | (3.12) | 0.33 |
|  Distributions to shareholders from net investment income | (0.64) | (0.60) | (0.57) | (0.52) | (0.53) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.10) |  |
|  Total distributions | (0.64) | (0.60) | (0.57) | (0.62) | (0.53) |
|  Net asset value, end of year | $18.26 | $17.82 | $16.60 | $16.91 | $20.65 |
|  Total return<sup>(b)</sup> | 6.20% | 11.05% | 1.48% | (15.39)% | 1.60% |
|  Net assets, end of year (in 000s) | $1252364 | $1189317 | $1043814 | $993905 | $1233445 |
|  Ratio of net expenses to average net assets<sup>(c)</sup> | 0.64% | 0.66% | 0.66% | 0.64% | 0.60% |
|  Ratio of total expenses to average net assets<sup>(c)</sup> | 0.64% | 0.66% | 0.66% | 0.64% | 0.60% |
|  Ratio of net investment income to average net assets<sup>(c)</sup> | 3.63% | 3.35% | 3.14% | 2.50% | 2.20% |
|  Portfolio turnover rate | 13% | 17% | 15% | 19% | 25% |

---

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

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

(c) The ratios of expenses and income do not reflect the proportionate share of expenses and income of the underlying funds in which the Fund invests.

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE SHORT-TERM GOVERNMENT FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Short-Term Government Fund** | **The Short-Term Government Fund** | **The Short-Term Government Fund** | **The Short-Term Government Fund** | **The Short-Term Government Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $16.03 | $15.40 | $15.36 | $16.85 | $17.25 |
|  Net investment income<sup>(a)</sup> | 0.45 | 0.37 | 0.30 | 0.19 | 0.15 |
|  Net realized and unrealized gain (loss) | 0.32 | 0.61 | 0.05 | (1.45) | (0.24) |
|  Total from investment operations | 0.77 | 0.98 | 0.35 | (1.26) | (0.09) |
|  Distributions to shareholders from net investment income | (0.35) | (0.35) | (0.31) | (0.23) | (0.30) |
|  Distributions to shareholders from return of capital |  |  |  |  | (0.01) |
|  Total distributions | (0.35) | (0.35) | (0.31) | (0.23) | (0.31) |
|  Net asset value, end of year | $16.45 | $16.03 | $15.40 | $15.36 | $16.85 |
|  Total return<sup>(b)</sup> | 4.96% | 6.41% | 2.34% | (7.52)% | (0.56)% |
|  Net assets, end of year (in 000s) | $30926 | $29811 | $31182 | $54192 | $61794 |
|  Ratio of net expenses to average net assets<sup>(c)</sup> | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
|  Ratio of total expenses to average net assets<sup>(c)</sup> | 1.30% | 1.22% | 1.10% | 1.00% | 1.03% |
|  Ratio of net investment income to average net assets<sup>(c)</sup> | 2.78% | 2.34% | 1.96% | 1.17% | 0.90% |
|  Portfolio turnover rate | 39% | 18% | 11% | 22% | 38% |

---

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

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

(c) The ratios of expenses and income do not reflect the proportionate share of expenses and income of the underlying funds in which the Fund invests.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

THE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The National Tax-Free Intermediate Bond Fund** | **The National Tax-Free Intermediate Bond Fund** | **The National Tax-Free Intermediate Bond Fund** | **The National Tax-Free Intermediate Bond Fund** | **The National Tax-Free Intermediate Bond Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.57 | $17.46 | $17.70 | $20.30 | $20.45 |
|  Net investment income<sup>(a)</sup> | 0.51 | 0.46 | 0.38 | 0.31 | 0.31 |
|  Net realized and unrealized gain (loss) | 0.37 | 1.11 | (0.21) | (2.42) | (0.10) |
|  Total from investment operations | 0.88 | 1.57 | 0.17 | (2.11) | 0.21 |
|  Distributions to shareholders from net investment income | (0.51) | (0.46) | (0.38) | (0.31) | (0.32) |
|  Distributions to shareholders from net realized gains |  |  | (0.03) | (0.18) | (0.04) |
|  Total distributions | (0.51) | (0.46) | (0.41) | (0.49) | (0.36) |
|  Net asset value, end of year | $18.94 | $18.57 | $17.46 | $17.70 | $20.30 |
|  Total return<sup>(b)</sup> | 4.85% | 8.99% | 0.90% | (10.56)% | 1.01% |
|  Net assets, end of year (in 000s) | $353739 | $369426 | $346013 | $380286 | $461668 |
|  Ratio of net expenses to average net assets<sup>(c)</sup> | 0.62% | 0.63% | 0.62% | 0.59% | 0.57% |
|  Ratio of total expenses to average net assets<sup>(c)</sup> | 0.62% | 0.63% | 0.62% | 0.59% | 0.57% |
|  Ratio of net investment income to average net assets<sup>(c)</sup> | 2.77% | 2.46% | 2.09% | 1.63% | 1.52% |
|  Portfolio turnover rate | 34% | 39% | 16% | 26% | 28% |

---

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

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

(c) The ratios of expenses and income do not reflect the proportionate share of expenses and income of the underlying funds in which the Fund invests.

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Missouri Tax-Free Intermediate Bond Fund** | **The Missouri Tax-Free Intermediate Bond Fund** | **The Missouri Tax-Free Intermediate Bond Fund** | **The Missouri Tax-Free Intermediate Bond Fund** | **The Missouri Tax-Free Intermediate Bond Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.45 | $17.33 | $17.58 | $19.98 | $20.12 |
|  Net investment income<sup>(a)</sup> | 0.47 | 0.42 | 0.39 | 0.35 | 0.36 |
|  Net realized and unrealized gain (loss) | 0.30 | 1.12 | (0.25) | (2.40) | (0.14) |
|  Total from investment operations | 0.77 | 1.54 | 0.14 | (2.05) | 0.22 |
|  Distributions to shareholders from net investment income | (0.48) | (0.42) | (0.39) | (0.35) | (0.36) |
|  Net asset value, end of year | $18.74 | $18.45 | $17.33 | $17.58 | $19.98 |
|  Total return<sup>(b)</sup> | 4.23% | 8.89% | 0.70% | (10.37)% | 1.07% |
|  Net assets, end of year (in 000s) | $235557 | $238610 | $248364 | $312838 | $384681 |
|  Ratio of net expenses to average net assets<sup>(c)</sup> | 0.69% | 0.70% | 0.68% | 0.63% | 0.60% |
|  Ratio of total expenses to average net assets<sup>(c)</sup> | 0.69% | 0.70% | 0.68% | 0.63% | 0.60% |
|  Ratio of net investment income to average net assets<sup>(c)</sup> | 2.58% | 2.26% | 2.13% | 1.84% | 1.77% |
|  Portfolio turnover rate | 13% | 29% | 11% | 19% | 15% |

---

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

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

(c) The ratios of expenses and income do not reflect the proportionate share of expenses and income of the underlying funds in which the Fund invests.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

THE KANSAS TAX-FREE INTERMEDIATE BOND FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Kansas Tax-Free Intermediate Bond Fund** | **The Kansas Tax-Free Intermediate Bond Fund** | **The Kansas Tax-Free Intermediate Bond Fund** | **The Kansas Tax-Free Intermediate Bond Fund** | **The Kansas Tax-Free Intermediate Bond Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.26 | $17.24 | $17.48 | $19.94 | $20.11 |
|  Net investment income<sup>(a)</sup> | 0.46 | 0.42 | 0.36 | 0.32 | 0.30 |
|  Net realized and unrealized gain (loss) | 0.28 | 1.02 | (0.24) | (2.46) | (0.17) |
|  Total from investment operations | 0.74 | 1.44 | 0.12 | (2.14) | 0.13 |
|  Distributions to shareholders from net investment income | (0.47) | (0.42) | (0.36) | (0.32) | (0.30) |
|  Net asset value, end of year | $18.53 | $18.26 | $17.24 | $17.48 | $19.94 |
|  Total return<sup>(b)</sup> | 4.10% | 8.38% | 0.63% | (10.82)% | 0.64% |
|  Net assets, end of year (in 000s) | $110722 | $118231 | $124204 | $148837 | $177918 |
|  Ratio of net expenses to average net assets<sup>(c)</sup> | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of total expenses to average net assets<sup>(c)</sup> | 0.83% | 0.83% | 0.77% | 0.76% | 0.72% |
|  Ratio of net investment income to average net assets<sup>(c)</sup> | 2.55% | 2.30% | 2.00% | 1.71% | 1.49% |
|  Portfolio turnover rate | 20% | 28% | 22% | 12% | 13% |

---

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

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

(c) The ratios of expenses and income do not reflect the proportionate share of expenses and income of the underlying funds in which the Fund invests.

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

THE COMMERCE FUNDS

## Notes to Financial Statements
*October 31, 2025* 

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. The 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, individually, a "Fund" and collectively, the "Funds"). Each of the Funds offers one class of shares (the "Shares"). Each Fund is classified as a diversified open-end management investment company, except the Growth Fund, which is classified as non-diversified under the Act.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — Each Fund's investments are valued based on market value, or where market quotations or pricing service prices are not readily available, based on fair value calculated according to procedures approved by the Board of Trustees. A Fund may also fair value price if the value of a security it holds has been materially affected by significant events occurring before the Fund's pricing time but after the close of the primary markets or exchanges on which the security is traded.

B. Investment Income and Investments — Investment income is comprised of interest income and dividend income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date with realized gains and losses on sales calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Distributions received from the Funds' investments in United States ("U.S.") real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. For treasury inflation indexed securities, adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual when the issuer resumes interest payments or when collect-ability of interest is probable.

For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities and excess or shortfall amounts are recorded as 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 Costs — Offering costs paid in connection with the initial offering of shares of MidCap Value Fund have been amortized on a straight-line basis over 12 months from the date of commencement 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

#### 63

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THE COMMERCE FUNDS

## Notes to Financial Statements (continued)
*October 31, 2025* 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

(mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Income Distribution** | **Income Distribution** | **Income Distribution** | **Income Distribution** | **Capital Gains Distribution** | **Capital Gains Distribution** | **Capital Gains Distribution** | **Capital Gains Distribution** |
| **Fund** | **Declared** | **Declared** | **Paid** | **Paid** | **Declared** | **Declared** | **Paid** | **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.

F. Segment Reporting — The Funds have adopted the Financial Accounting Standards Board Accounting Standards Update 2023-07 — *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*. The update is limited to disclosure requirements and does not impact the Funds' financial position or results of their operations. Each Fund represents a single operating segment. The Adviser's Investment Review Committee acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation with respect to the Funds. The CODM monitors each Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined on the lowest level input that is significant to the fair value measurement in its entirety. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

#### 64

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THE COMMERCE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Commerce is subject to the Trust's Board of Trustees oversight and certain reporting and other requirements, 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 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

#### 65

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THE COMMERCE FUNDS

## Notes to Financial Statements (continued)
*October 31, 2025* 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Treasury Inflation Indexed Securities — These are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government. The value of U.S. Treasury inflation protected public obligations will generally fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Inflation-protected bonds typically have lower yields than conventional fixed-rate bonds because of their inflation adjustment feature. There is no collateral held as of October 31, 2025.

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.

#### 66

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THE COMMERCE FUNDS

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 October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **GROWTH** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments | $238784435 | $— | $— |
|  Exchange Traded Fund | 4452769 |  |  |
|  **Total** | $243237204 | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **VALUE** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments | $239370350 | $— | $— |
|  Exchange Traded Fund | 10023930 |  |  |
|  Investment Company | 467885 |  |  |
|  **Total** | $249862165 | $— | $— |
| **MIDCAP GROWTH** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments | $179084895 | $— | $— |
|  Exchange Traded Fund | 8164019 |  |  |
|  Investment Company | 1077647 |  |  |
|  **Total** | $188326561 | $— | $— |
| **MIDCAP VALUE** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments | $36615445 | $— | $— |
|  Exchange Traded Fund | 760375 |  |  |
|  Investment Company | 106015 |  |  |
|  **Total** | $37481835 | $— | $— |
| **BOND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $129661838 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond Obligations |  | 84791748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 326984768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 451981760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations and/or Other U.S. Government Agencies | 237734981 | 4860594 |  |
|  Exchange Traded Fund | 2537000 |  |  |
|  Investment Company | 6965069 |  |  |
|  **Total** | $247237050 | $998280708 | $— |

---

#### 67

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THE COMMERCE FUNDS

## Notes to Financial Statements (continued)
*October 31, 2025* 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM GOVERNMENT** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $272114 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 15463798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations and/or Other U.S. Government Agencies | 13682873 | 778068 |  |
|  Investment Company | 723915 |  |  |
|  **Total** | $14406788 | $16513980 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **NATIONAL TAX-FREE INTERMEDIATE BOND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond Obligations | $— | $351360865 | $— |
|  Investment Company | 14645302 |  |  |
|  **Total** | $14645302 | $351360865 | $— |
| **MISSOURI TAX-FREE INTERMEDIATE BOND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond Obligations | $— | $221807309 | $— |
|  Investment Company | 11858088 |  |  |
|  **Total** | $11858088 | $221807309 | $— |
| **KANSAS TAX-FREE INTERMEDIATE BOND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond Obligations | $— | $111492985 | $— |
|  Investment Company | 296830 |  |  |
|  **Total** | $296830 | $111492985 | $— |

---

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

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THE COMMERCE FUNDS

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** | **Contractual Advisory Fees** | **Contractual Advisory Fees** |
| **Fund** | **First<br>$100 million** | **Next**<br> **$100 million** | **In excess of**<br> **$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**<br> **$400 million** | **Next**<br> **$300 million** | **In excess of**<br> **$700 million** |
|  Bond | 0.50% | 0.35% | 0.25% |
|  | **First**<br> **$200 million** |  | **In excess of**<br> **$200 million** |
|  MidCap Growth | 0.50% |  | 0.40% |
|  | **First**<br> **$200 million** |  | **In excess of**<br> **$200 million** |
|  MidCap Value | 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 fiscal year ended October 31, 2025, the effective advisory fees were 0.40%, 0.30%, 0.50%, 0.40%, 0.36%, 0.50%, 0.35%, 0.40% and 0.48%, for the Growth, Value, MidCap Growth, MidCap Value, Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds, respectively.

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

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

D. Other Agreements — The Adviser has contractually agreed to waive fees and/or reimburse expenses, excluding any acquired fund fees and expenses as calculated pursuant to Form N-1A, for all Funds (except The MidCap Growth Fund) so that

#### 69

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THE COMMERCE FUNDS

## Notes to Financial Statements (continued)
*October 31, 2025* 

4. AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS (continued)

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 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, 2026. 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 for the fiscal year ended October 31, 2025.

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 fiscal year ended October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases of<br>U.S. Government<br>and Agency<br>Obligations** | **Purchases<br>(Excluding<br>U.S. Government<br>and Agency<br>Obligations)** | **Sales and<br>Maturities of<br>U.S. Government<br>and Agency<br>Obligations** | **Sales<br>and Maturities<br>(Excluding<br>U.S. Government<br>and Agency<br>Obligations)** |
|  Growth | $— | $72017590 | $— | $119227775 |
|  Value |  | 133935932 |  | 167850356 |
|  MidCap Growth |  | 147524004 |  | 183426423 |
|  MidCap Value |  | 21159297 |  | 22693491 |
|  Bond | 129510455 | 32080970 | 76051374 | 123786345 |
|  Short-Term Government | 7964453 | 1334291 | 8684978 | 907167 |
|  National Tax-Free Intermediate Bond |  | 117470024 |  | 132670251 |
|  Missouri Tax-Free Intermediate Bond |  | 29695481 |  | 47307269 |
|  Kansas Tax-Free Intermediate Bond |  | 21850117 |  | 26801028 |

---

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THE COMMERCE FUNDS

6. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth** | **Value** | **MidCap<br>Growth** | **MidCap<br>Value** | **Bond** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary income | $3675339 | $9085462 | $1142068 | $2431384 | $43531560 |
|  Net long-term capital gains | 20796871 | 11412024 | 20157571 | 41217 |  |
|  Total taxable distributions | $24472210 | $20497486 | $21299639 | $2472601 | $43531560 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term<br>Government** | **National Tax-Free<br>Intermediate Bond** | **Missouri Tax-Free<br>Intermediate Bond** | **Kansas Tax-Free<br>Intermediate Bond** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary income | $685922 | $692244 | $302980 | $69804 |
|  Net long-term capital gains |  |  |  |  |
|  Total taxable distributions | 685922 | 692244 | 302980 | 69804 |
|  Total tax-exempt income distributions | $— | $9097042 | $5667783 | $2792809 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth** | **Value** | **MidCap<br>Growth** | **MidCap**<br> **Value<sup>(1)</sup>** | **Bond** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary income | $670140 | $6196161 | $986609 | $713823 | $38854228 |
|  Net long-term capital gains | 9392358 | 7978619 | 13734860 |  |  |
|  Total taxable distributions | $10062498 | $14174780 | $14721469 | $713823 | $38854228 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term<br>Government** | **National Tax-Free<br>Intermediate Bond** | **Missouri Tax-Free<br>Intermediate Bond** | **Kansas Tax-Free<br>Intermediate Bond** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary income | $687254 | $635653 | $82073 | $46278 |
|  Net long-term capital gains |  |  |  |  |
|  Total taxable distributions | $687254 | $635653 | $82073 | $46278 |
|  Total tax-exempt income distributions | $— | $8458801 | $5490510 | $2774204 |

---

(1) For the period November 13, 2023 (commencement of operations) to October 31, 2024.

As of October 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth** | **Value** | **MidCap**<br> **Growth** | **MidCap**<br> **Value** | **Bond** |
|  Undistributed ordinary income — net | $1587788 | $288285 | $345502 | $1546682 | $2686518 |
|  Undistributed long-term capital gains | 36751715 | 21577577 | 35652609 |  |  |
|  Total undistributed earnings | $38339503 | $21865862 | $35998111 | $1546682 | $2686518 |
|  Capital loss carryforward |  |  |  |  | (21811332) |
|  Timing differences (Dividends Payable/Qualified Late Year Loss Deferral/Deferred Trustees' Fees) | (242816) | (74727) | (68465) | (10913) | (2750059) |
|  Unrealized gains (losses) — net | 137683146 | 47750267 | 35902812 | 3975915 | (54617017) |
|  Total accumulated gains (losses) — net | $175779833 | $69541402 | $71832458 | $5511684 | $(76491890) |

---

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## Notes to Financial Statements (continued)
*October 31, 2025* 

6. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term<br>Government** | **National Tax-Free<br>Intermediate Bond** | **Missouri Tax-Free<br>Intermediate Bond** | **Kansas Tax-Free<br>Intermediate Bond** |
|  Undistributed ordinary income — net | $33836 | $— | $— | $— |
|  Undistributed tax-exempt income |  | 1338079 | 644067 | 317142 |
|  Undistributed long-term capital gains |  |  |  |  |
|  Total undistributed earnings | $33836 | $1338079 | $644067 | $317142 |
|  Capital loss carryforward<sup>(1)</sup> | (7757787) | (8968944) | (10972802) | (5292316) |
|  Timing differences (Dividends Payable/Qualified Late Year Loss Deferral/Deferred Trustees' Fees) | (53138) | (824061) | (524013) | (258705) |
|  Unrealized gains (losses) — net | (231141) | (1544103) | (2774972) | (462514) |
|  Total accumulated gains (losses) — net | $(8008230) | $(9999029) | $(13627720) | $(5696393) |

---

(1) The Short-Term Government Fund utilized $115,455 of capital losses in the current fiscal year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond** | **Short-Term<br>Government** | **National Tax-Free<br>Intermediate Bond** | **Missouri Tax-Free<br>Intermediate Bond** | **Kansas Tax-Free<br>Intermediate Bond** |
|  Capital loss carryforwards: |  |  |  |  |  |
|  Perpetual Short-term | $(261955) | $(355494) | $(788711) | $(2052974) | (199907) |
|  Perpetual Long-term | (21549377) | (7402293) | (8180233) | (8919828) | (5092409) |
|  Total capital loss carryforwards: | $(21811332) | $(7757787) | $(8968944) | $(10972802) | $(5292316) |

---

As of October 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth** | **Value** | **MidCap<br>Growth** | **MidCap<br>Value** | **Bond** |
|  Tax Cost | $105554058 | $202111898 | $152423749 | $33505920 | $1300134775 |
|  Gross unrealized gain | 139149175 | 53565211 | 41265539 | 4636931 | 17436443 |
|  Gross unrealized loss | (1466029) | (5814944) | (5362727) | (661016) | (72053460) |
|  Net unrealized security gain (loss) | $137683146 | $47750267 | $35902812 | $3975915 | $(54617017) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term<br>Government** | **National Tax-Free<br>Intermediate Bond** | **Missouri Tax-Free<br>Intermediate Bond** | **Kansas Tax-Free<br>Intermediate Bond** |
|  Tax Cost | $31151909 | $367550270 | $236440369 | $112252329 |
|  Gross unrealized gain | 368208 | 4060661 | 1500425 | 892653 |
|  Gross unrealized loss | (599349) | (5604764) | (4275397) | (1355167) |
|  Net unrealized security loss | $(231141) | $(1544103) | $(2774972) | $(462514) |

---

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

The Midcap Value Fund reclassed $1,931 from paid in capital to distributable earnings for the year ending October 31, 2025. In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from certain non-deductible expenses.

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6. TAX INFORMATION (continued)

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

7. OTHER RISKS

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

Credit Risk — The Bond Fund, The Short-Term Government Fund, The National Tax-Free Intermediate Bond Fund, The Missouri Tax-Free Intermediate Bond Fund and The Kansas Tax-Free Intermediate Bond Fund, (together, the "Fixed Income Funds"), are subject to credit risks because an issuer or guarantor of a fixed income security may be unable or unwilling to make interest and principal payments when due. A bond's value could decline because of concerns about an issuer's ability or willingness to make such payments.

High Yield Risk — The Bond Fund and the National, Missouri and Kansas Tax-Free Intermediate Bond Funds are subject to high yield risk. High yield securities are subject to greater levels of credit and liquidity risk. High yield securities are considered speculative with respect to an issuer's ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.

Interest Rate Risks — The Fixed Income Funds are subject to interest rate risks. Interest rate risk is the risk that the value of the Fund's portfolio will decline when interest rates rise. The magnitude of this decline will often be greater for longer-term, fixed-income securities than shorter-term securities. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Funds to sell assets at inopportune time or at a loss or depressed value and could hurt the Funds' performance. Declines in interest rate levels could cause a Fund's earnings to fall below the Fund's expense ratio, resulting in a negative yield and a decline in the Fund's share price. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by a Fund.

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 periodically experience lower valuations and reduced liquidity, which may adversely affect a Fixed Income Fund's performance. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at a time or price that the Fixed Income Fund would like. A Fixed Income Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these actions could negatively affect a Fixed Income Fund's performance.

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## Notes to Financial Statements (continued)
*October 31, 2025* 

7. OTHER RISKS (continued)

Market Risk — General economic conditions and/or the activities of individual companies may cause the value of the securities in a Fund to increase or decrease, sometimes rapidly or unpredictably. Your shares at redemption may be worth more or less than your initial investment. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities.

Credit ratings downgrades may also negatively affect securities held by a Fund. Even when markets perform well, there is no assurance that the investments held by a Fund will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level. For instance, local or regional events such as financial institution failures, war, terrorism, trade disputes, 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. Additionally, as a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund's investments may be negatively affected by events impacting a country or region. Geopolitical and other risks, including environmental and public health risks, may add instability in the world economy and market generally. 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 conditions, 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.

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7. OTHER RISKS (continued)

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. Because the Missouri Tax-Free Intermediate Bond Fund and Kansas Tax-Free Intermediate Bond Fund invest a large percentage of their assets in obligations of issuers within Missouri and Kansas, respectively, they are subject to possible concentration risks associated with economic, political or legal developments or industrial or regional matters specifically affecting those states. 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 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 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 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.

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## Notes to Financial Statements (continued)
*October 31, 2025* 

9. SUBSEQUENT EVENTS

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

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **The Growth Fund** | **The Growth Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Shares** |
|  Shares sold | 359033 | 888391 |
|  Reinvestment of distributions | 139132 | 63247 |
|  Shares redeemed | (911633) | (1561929) |
| Net Decrease | (413468) | (610291) |
|  | **The Value Fund** | **The Value Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Shares** |
|  Shares sold | 597097 | 1402036 |
|  Reinvestment of distributions | 227249 | 195526 |
|  Shares redeemed | (1421073) | (2228282) |
| Net Decrease | (596727) | (630720) |
|  | **The MidCap Growth Fund** | **The MidCap Growth Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Shares** |
|  Shares sold | 359354 | 491656 |
|  Reinvestment of distributions | 132318 | 88505 |
|  Shares redeemed | (864648) | (1240724) |
| Net Decrease | (372976) | (660563) |
|  | **The MidCap Value Fund** | **The MidCap Value Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Period Ended<br>October 31, 2024<sup>(a)</sup>** |
|  | **Shares** | **Shares** |
|  Shares sold | 95037 | 1610453 |
|  Reinvestment of distributions | 376 | 22 |
|  Shares redeemed | (95459) | (72316) |
| Net Increase (Decrease) | (46) | 1538159 |

---

(a) Commenced operations on November 13, 2023.

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------

THE COMMERCE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | **The Bond Fund** | **The Bond Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Shares** |
|  Shares sold | 11619517 | 13574852 |
|  Reinvestment of distributions | 768763 | 664334 |
|  Shares redeemed | (10531715) | (10382219) |
| Net Increase | 1856565 | 3856967 |
|  | **The Short-Term Government Fund** | **The Short-Term Government Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Shares** |
|  Shares sold | 228480 | 218480 |
|  Reinvestment of distributions | 26732 | 30016 |
|  Shares redeemed | (234462) | (414304) |
| Net Increase (Decrease) | 20750 | (165808) |
|  | **The National Tax-Free Intermediate Bond Fund** | **The National Tax-Free Intermediate Bond Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Shares** |
|  Shares sold | 2609533 | 4170060 |
|  Reinvestment of distributions | 31163 | 28926 |
|  Shares redeemed | (3852372) | (4127198) |
| Net Increase (Decrease) | (1211676) | 71788 |
|  | **The Missouri Tax-Free Intermediate Bond Fund** | **The Missouri Tax-Free Intermediate Bond Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Shares** |
|  Shares sold | 2231248 | 2782371 |
|  Reinvestment of distributions | 27377 | 30140 |
|  Shares redeemed | (2621216) | (4213097) |
| Net Decrease | (362591) | (1400586) |
|  | **The Kansas Tax-Free Intermediate Bond Fund** | **The Kansas Tax-Free Intermediate Bond Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Shares** |
|  Shares sold | 389967 | 1073661 |
|  Reinvestment of distributions | 6706 | 9058 |
|  Shares redeemed | (895822) | (1814462) |
| Net Decrease | (499149) | (731743) |

---

#### 77

------

THE COMMERCE FUNDS

## Report of Independent Registered Public Accounting Firm
To the Shareholders of the Funds and Board of Trustees of

The Commerce Funds:

*Opinion on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities of The Growth Fund, The Value Fund, The MidCap Growth Fund, The MidCap Value Fund, The Bond Fund, The Short-Term Government Fund, The National Tax-Free Intermediate Bond Fund, The Missouri Tax-Free Intermediate Bond Fund, and The Kansas Tax-Free Intermediate Bond Fund (the Funds), each a series of The Commerce Funds, including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, except for The MidCap Value Fund which is for the year then ended and the period from November 13, 2023 (commencement of operations) to October 31, 2024, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended, except for The MidCap Value Fund which is for the year then ended and the period from November 13, 2023 to October 31, 2024. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error of fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error of fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g89954g04w09.jpg)

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

Boston, Massachusetts

December 18, 2025

#### 78

------

THE COMMERCE FUNDS

## The Commerce Funds

#### Commerce Funds Tax Information (Unaudited)
For the year ended October 31, 2025, 49.03%, 100%, 57.18%, and 90.53% of the dividends paid from net investment company taxable income by the Growth, MidCap Growth, MidCap Value and Value Funds respectively, qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2025, 47.43%, 100%, 39.38%, and 79.57% of the dividends paid from net investment company taxable income by the Growth, MidCap Growth, MidCap Value and Value Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended October 31, 2025, 0.66%, 5.33%, and 3.40% of the dividends paid from net investment company taxable income by the Growth, MidCap Value and Value Funds, respectively, qualifies as section 199A dividends.

Pursuant to Section 852 of the Internal Revenue Code, the Growth, MidCap Growth, MidCap Value and Value Funds designate $20,796,871, $20,157,571, $41,217 and $11,412,024 respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended October 31, 2025.

During the fiscal year ended October 31, 2025, the Growth, MidCap Growth, MidCap Value and Value Funds designate $3,409,622, $961,916, $1,532,219, and $3,403,526, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

During the year ended October 31, 2025, 92.93%, 94.93%, and 97.56%, of the distributions from net investment income paid by the National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond, and Kansas Tax-Free Intermediate Bond Funds, respectively, were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

During the year ended October 31, 2025, 100% of the distributions paid from net investment company taxable income by the Bond and Short-Term Government Funds, respectively, are designated as interest-related dividends pursuant to section 871(k) of the Internal Revenue Code.

For the fiscal year ended October 31, 2025, the Bond and Short-Term Government Funds, designate 100% and 99.04%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

#### 79

------

THE COMMERCE FUNDS

## Other Information

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the Financial Statements.

#### Statement Regarding Basis for Approval of Investment Advisory Contracts
Not applicable for the reporting period.

#### 80

------

![LOGO](g89954g56v91.jpg)

More information about The Commerce Funds

is available free upon request. To obtain

literature, please write, visit the Funds website,

or call.

Commerce Funds

P.O. Box 219525

Kansas City, MO 64142-9525

Website: www.commercefunds.com

Telephone: 1-800-995-6365

------

(b) Included as part of the Financial Statements under Item 7(a) of this Form N-CSR.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT

COMPANIES.

Included as part of the Financial Statements under Item 7(a) of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Included as part of the Financial Statements under Item 7(a) of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT

INVESTMENT COMPANIES.

Included as part of the Financial Statements under Item 7(a) of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Included as part of the Financial Statements under Item 7(a) of this Form N-CSR.

------

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT

INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND

AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. 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 Rules 13a-15(b) or 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT

COMPANIES.

(a) Not applicable.

(b) Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS

---

| | | |
|:---|:---|:---|
| (a)(1) | [The Commerce Funds' Code of Conduct for Senior Officers is attached hereto.](d89954dex99codeeth.htm) | [The Commerce Funds' Code of Conduct for Senior Officers is attached hereto.](d89954dex99codeeth.htm) |
| (a)(2) | Not applicable | Not applicable |
| (a)(3) | Exhibit 99.CERT | [Certifications of the Registrant pursuant to Rule 30a-2(a) under the Act are filed herewith.](d89954dex99cert.htm) |
| (a)(4) | Not applicable. | Not applicable. |
| (a)(5) | Not applicable. | Not applicable. |
| (b) | Exhibit 99.906CERT | [Certifications of the Registrant pursuant to Rule 30a-2(b) under the Act are filed herewith.](d89954dex99906cert.htm) |

---

------

#### 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 |
| January 7, 2026 |

---

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 |
| January 7, 2026 |

---

---

| |
|:---|
| /s/ Allison Fracchiolla |
| Allison Fracchiolla |
| Chief Accounting Officer |
| The Commerce Funds |
| January 7, 2026 |

---

## Ex-99.Code

**EX-99.13(a)(1)** 

**THE COMMERCE FUNDS** 

**Code of Conduct for Senior Officers** 

<u>Preamble</u> 

The Board of Trustees ("Board") of The Commerce Funds (the "Fund") has adopted this Code of Conduct pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.

<u>Statement of Policy</u> 

It is the obligation of the senior officers of the Fund to provide full, fair, timely and comprehensible disclosure—financial and otherwise—to Fund shareholders, regulatory authorities and the general public. In fulfilling that obligation, these officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Fund in senior officer positions. No code can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Fund shareholders have a right to expect.

The purpose of this Code of Conduct is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Fund, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code shall be the sole code of conduct adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and applicable SEC rules. Insofar as other policies or procedures of the Fund, the Fund's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's and its

------

investment adviser's and principal underwriter's codes of conduct under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in its compliance manual are separate requirements applying to the officers covered by this Code and others, and are not part of this Code.

<u>Covered Persons</u> 

This Code of Conduct applies to those persons appointed by the Fund's Board of Trustees as Chief Executive Officer and Treasurer (each, a "Covered Person").

<u>Honest and Ethical Conduct</u> 

In serving as an officer of the Fund, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Fund, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Fund, he has a duty to act in the best interests of the Fund and its shareholders. The interests of other Commerce Investment Advisors, Inc. ("CIA") or Goldman, Sachs & Co. ("Goldman") clients or of CIA, or Goldman themselves, or the Covered Person's personal interests, should not be allowed to compromise the fulfillment of a Covered Person's duties as an officer of the Fund. The Board recognizes that the Covered Persons are also officers or employees of CIA or Goldman. Furthermore, the Board recognizes that, subject to the Covered Person's fiduciary duties to the Fund, the Covered Persons will in the normal course of their duties (whether formally for the Fund or for CIA or Goldman, or for both) be involved in establishing policies and implementing decisions that will have different effects on CIA, Goldman and/or the Fund. The Board recognizes that the participation of the Covered Persons in such activities is inherent in the contract relationships between the Fund and CIA, Goldman and/or their affiliates, and is

------

consistent with the expectation of the Board of the performance by the Covered Persons of their duties as officers of the Fund.

If a Covered Person believes that his responsibilities as an officer or employee of CIA and/or Goldman are likely to compromise materially his objectivity or his ability to perform duties as an officer of the Fund, he should consult with the Fund's counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Board.

<u>Full, Fair, Accurate, Timely and Understandable Disclosure</u> 

Each Covered Person should familiarize himself with the disclosure requirements applicable to the Fund. Each Covered Person should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund's service providers, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the United States Securities and Exchange Commission ("SEC") and in other public communications made by the Fund. No Covered Person shall create or further the creation of materially false or misleading information in any SEC filing or report to the Fund's shareholders. No Covered Person shall conceal or knowingly fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not materially misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any materially false or misleading information or omits to disclose material information necessary in order to make the disclosures not misleading, he shall promptly report it to the Fund's counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

------

Each Covered Person shall diligently perform his services to the Fund, so that information can be gathered and assessed to facilitate timely filings and issuance of reports and required certifications.

<u>Compliance with Applicable Government Laws, Rules and Regulations</u> 

It is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Fund and its operations and shall act with competence and due care in serving as an officer of the Fund.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Fund, recognizing that he will devote substantial time to providing services to other CIA and/or Goldman clients and will perform other activities as an employee of CIA and/or Goldman.

Each Covered Person shall cooperate with the Fund's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Fund and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Fund or its operations or seek to circumvent illegally any such law or regulation.

<u>Reporting and Accountability</u> 

Each Covered Person must, upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to the Board that he has received, read and understands the Code. Each Covered Person shall annually thereafter affirm to the Board that he has complied with the requirements of the Code. Each Covered Person shall

------

promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Fund's counsel. Fund counsel will take all appropriate action to investigate any reported potential violations. If, after such investigation, Fund counsel believes no violation has occurred, no further action shall be required. Any matter that Fund counsel believes is a violation will be reported to the Board.

Any requests for a waiver from or an amendment to this Code shall be made to the Fund's Board. The Board will be responsible for granting waivers, as appropriate. All waivers shall be disclosed as required by law.

<u>Sanctions</u> 

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Fund. Sanctions shall be imposed by the Fund's Board.

<u>No Rights Created</u> 

This Code of Conduct is a statement of certain fundamental principles, policies and procedures that govern the Fund's senior officers in the conduct of the Fund's business. It is not intended to and does not create any rights in any Fund employee, investor, supplier, competitor, shareholder or any other person or entity. The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any person, as to any fact, circumstance or legal conclusion.

<u>Recordkeeping</u> 

The Fund will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of

------

the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u> 

Any amendments to this Code must be approved in writing by a majority vote of the Board, including a majority of the disinterested Trustees, of the Fund. Any amendment will, to the extent required, be disclosed as provided by SEC rules.

Dated: August 13, 2003

------

<u>CODE OF CONDUCT FOR SENIOR OFFICERS</u>:

**I HEREBY CERTIFY THAT:** 

(1) I have read and I understand the Code of Conduct for Senior Officers adopted by The Commerce Funds (the
"Code of Conduct");

(2) I recognize that I am subject to the Code of Conduct;

(3) I have complied with the requirements of the Code of Conduct during the calendar year ending December 31,
20_ _; and

(4) I have reported all violations of the Code of Conduct required to be reported pursuant to the requirements of
the Code during the calendar year ending December 31, 20_ _.

Set forth below exceptions to items (3) and (4), if any:

Name: <br> Date:

## Ex-99.Cert

**EX-99.CERT** 

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act** 

I, Bill Schuetter, certify that:

1. I have reviewed this report on Form N-CSR of The Commerce Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent
functions):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ Bill Schuetter |
| Bill Schuetter |
| President |
| January 7, 2026 |

---

------

**EX-99.CERT** 

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act** 

I, Allison Fracchiolla, certify that:

1. I have reviewed this report on Form N-CSR of The Commerce Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent
functions):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ Allison Fracchiolla |
| Allison Fracchiolla |
| Chief Accounting Officer |
| January 7, 2026 |

---

## Exhibit 99.906

**EX-99.906CERT** 

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** 

I, Bill Schuetter, President of The Commerce Funds (the "Registrant"), certify to the best of my knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

---

| |
|:---|
| /s/ Bill Schuetter |
| Bill Schuetter<br> President<br> January 7, 2026 |

---

This certification is being furnished to the Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. §1350, and will not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that Section. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

------

**EX-99.906CERT** 

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** 

I, Allison Fracchiolla, Chief Accounting Officer of The Commerce Funds (the "Registrant"), certify to the best of my knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

---

| |
|:---|
| /s/ Allison Fracchiolla |
| Allison Fracchiolla<br> Chief Accounting Officer<br> January 7, 2026 |

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This certification is being furnished to the Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. §1350, and will not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that Section. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.