# EDGAR Filing Document

**Accession Number:** 0000926243
**File Stem:** 0001752724-25-146789
**Filing Date:** 2025-6
**Character Count:** 52160
**Document Hash:** 50bede8eb2bf037b8c3afbb2ce9a2842
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-146789.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001752724-25-146789

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**PERIOD START**: 20251031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08598
- **FILM NUMBER:** 251052073

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** COMMERCE FUNDS

- **b. Investment Company Act file number:** 811-08598

- **c. CIK number of Registrant:** 0000926243

- **d. LEI of Registrant:** 5493008VDCPHK1O3IK55

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1000 Walnut Street, Suite 1580

  - **City:** KANSAS CITY

  - **State:** MO

  - **Foreign country:** US

  - **Zip / Postal Code:** 64106-1809

  - **Telephone number:** 1-800-995-6365

**Item A.2. Information about the Series.**

- **a. Name of Series:** The Kansas Tax-Free Intermediate Bond Fund

- **b. EDGAR series identifier (if any):** S000010024

- **c. LEI of Series:** 549300XK7EN5JTLI4M43

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $109547515.83

**Total Liabilities:** $537845.20

**Net Assets:** $109009670.63

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -448.64000000 | **1-Year:** -5010.12000000 | **5-Year:** -19277.52000000 | **10-Year:** -28949.71000000 | **30-Year:** -3646.46000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -1.07000000 | **1-Year:** -46.06000000 | **5-Year:** -196.22000000 | **10-Year:** -742.84000000 | **30-Year:** -108.42000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027717 | 0.93%                | -1.48%               | -0.28%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3994.39                | $805610.93                                 |
| Month 2  | $-99062.96               | $-1802977.94                               |
| Month 3  | $-70824.40               | $-491632.72                                |

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Wyandotte County Unified School District No 500 Kansas City                  | WYANDOTTE CNTY KS UNIF SCH DIST #500                        | CUSIP: 982696SV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552149.90   | 1.42%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Unified School District No 348 Baldwin City                   | DOUGLAS CNTY KS UNIF SCH DIST#348                           | CUSIP: 259133JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1335803.39   | 1.23%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                 | KANSAS ST DEPT OF TRANSPRTN HIGHWAY REVENUE                 | CUSIP: 485424QP3<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |    525000 | PA      | $527633.98    | 0.48%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Counties Unified School District No 230 Spring Hills         | JOHNSON & MIAMI CNTYS KS UNIF SCH DIST #230                 | CUSIP: 478164JT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008065.00   | 0.92%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washburn University/Topeka KS                                                | WASHBURN UNIV KS                                            | CUSIP: 937220GN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $564747.58    | 0.52%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blue Valley Recreation Commission                                            | BLUE VLY KS RECREATION COMMISSION COPS                      | CUSIP: 096079HC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $756294.67    | 0.69%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry                        | JEFFERSON CNTY KS UNIF SCH DIST #343                        | CUSIP: 472898ES0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $640285.07    | 0.59%             | 2033-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Johnson County Unified School District No 231 Gardner - Edgerton             | JOHNSON CNTY KS UNIF SCH DIST#231                           | CUSIP: 478710XX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $810174.38    | 0.74%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Whitestown Redevelopment Authority                                           | WHITESTOWN IN REDEV AUTH LEASE RENTAL REVENUE               | CUSIP: 966100EC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1471101.27   | 1.35%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                              | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                 | CUSIP: 45528U7G0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1862825.83   | 1.71%             | 2043-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Johnson County Unified School District No 231 Gardner - Edgerton             | JOHNSON CNTY KS UNIF SCH DIST#231                           | CUSIP: 478710XD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1401478.35   | 1.29%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northwestern School Building Corp                                            | N WSTRN IN SCH BLDG CORP                                    | CUSIP: 668265EL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $670672.68    | 0.62%             | 2037-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE               | CUSIP: 97712JGL1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525393.65    | 0.48%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shawnee County Unified School District No 437 Auburn - Washburn              | SHAWNEE CNTY KS UNIF SCH DIST#437 AUBURN                    | CUSIP: 820642UA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1492945.72   | 1.37%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry                        | JEFFERSON CNTY KS UNIF SCH DIST #343                        | CUSIP: 472898ET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $675897.53    | 0.62%             | 2034-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                         | KANSAS ST DEV FIN AUTH REVENUE                              | CUSIP: 4854292N3<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1942693.80   | 1.78%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS Combined Utility Revenue                                   | TOPEKA KS UTILITY REVENUE                                   | CUSIP: 890680SG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $594804.67    | 0.55%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS                                                         | SHAWNEE CNTY KS COPS                                        | CUSIP: 820552JC2<br>LEI: 5493007F3P7G61QTP515 | Long             | DBT              | MUN               | US        |    485000 | PA      | $485228.48    | 0.45%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sabine-Neches Navigation District                                            | SABINE-NECHES NAV DIST TX                                   | CUSIP: 78532EAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528033.75    | 0.48%             | 2039-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                 | KANSAS ST DEPT OF TRANSPRTN HIGHWAY REVENUE                 | CUSIP: 485424QQ1<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1115494.83   | 1.02%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                           | MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REVENUE         | CUSIP: 60636SKK9<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    335000 | PA      | $327918.94    | 0.30%             | 2027-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                         | KANSAS ST DEV FIN AUTH REVENUE                              | CUSIP: 48542REG5<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1774887.51   | 1.63%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Atchison County Unified School District No 409                               | ATCHISON CNTY KS UNIF SCH DIST #409                         | CUSIP: 046627GF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $987662.50    | 0.91%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marion County Unified School District No 410 Durham Etc                      | MARION CNTY KS UNIF SCH DIST #410 DURHAM ETC                | CUSIP: 569065EC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $451632.04    | 0.41%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blue Valley Recreation Commission                                            | BLUE VLY KS RECREATION COMMISSION COPS                      | CUSIP: 096079HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $793785.88    | 0.73%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harvey County Unified School District 440 Halstead-Bentley                   | HARVEY CNTY KS UNIF SCH DIST #440 HALSTEAD                  | CUSIP: 417632DL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $982824.80    | 0.90%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lawrence KS                                                          | LAWRENCE KS HOSP REVENUE                                    | CUSIP: 520134FS1<br>LEI: 5493004LLF0HG6XS2E46 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1262310.32   | 1.16%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas City Public Building Commission                                     | ARKANSAS CITY KS PUBLIC BLDG COMMISSION REVENUE             | CUSIP: 040821AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $616820.49    | 0.57%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No 203 Piper                        | WYANDOTTE CNTY KS SCH DIST #203                             | CUSIP: 982685JV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $550096.10    | 0.50%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority                                      | UNIV OF KANSAS KS HOSP AUTH HLTH FACS REVENUE               | CUSIP: 914367FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1948477.24   | 1.79%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blue Valley Recreation Commission                                            | BLUE VLY KS RECREATION COMMISSION COPS                      | CUSIP: 096079HE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $827554.42    | 0.76%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chisholm Creek Utility Authority                                             | CHISHOLM CREEK KS UTILITY AUTH WTR & WSTWTR FACS REVENUE    | CUSIP: 170123DJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1344524.12   | 1.23%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bourbon County Unified School District No 234-Fort Scott                     | BOURBON CNTY KS UNIF SCH DIST #234 LEASE PURAGREEMENT COPS  | CUSIP: 10182PAN3<br>LEI: 549300D8KR7613JGTD47 | Long             | DBT              | MUN               | US        |    830000 | PA      | $794147.90    | 0.73%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carmel Local Public Improvement Bond Bank                                    | CARMEL IN LOCAL PUBLIC IMPT BOND BANK                       | CUSIP: 143287GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $435786.78    | 0.40%             | 2035-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Westchester IL                                                    | WESTCHESTER IL                                              | CUSIP: 957399EV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1670031.97   | 1.53%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No 73 Hawthorn            | LAKE CNTY IL CMNTY CONSOL SCH DIST #73 HAWTHORN             | CUSIP: 508759KS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000378.40   | 0.92%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harvey County Unified School District 440 Halstead-Bentley                   | HARVEY CNTY KS UNIF SCH DIST #440 HALSTEAD                  | CUSIP: 417632DM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $539742.64    | 0.50%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Special Care Facilities Financing Authority of the City of Pell City Alabama | PELL CITY AL SPL CARE FACS FING AUTH REVENUE                | CUSIP: 705888CB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050453.70   | 0.96%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Osage KS                                                           | OSAGE CNTY KS                                               | CUSIP: 687635DL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $479032.67    | 0.44%             | 2041-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No 385 Andover                         | BUTLER CNTY KS UNIF SCH DIST #385 ANDOVER                   | CUSIP: 12343ECR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010287.80   | 0.93%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Marion County Unified School District No 410 Durham Etc                      | MARION CNTY KS UNIF SCH DIST #410 DURHAM ETC                | CUSIP: 569065DZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $761758.41    | 0.70%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harvey County Unified School District 440 Halstead-Bentley                   | HARVEY CNTY KS UNIF SCH DIST #440 HALSTEAD                  | CUSIP: 417632DS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1550387.51   | 1.42%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority                                      | UNIV OF KANSAS KS HOSP AUTH HLTH FACS REVENUE               | CUSIP: 914367GG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571344.05   | 1.44%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami County Unified School District No 416 Louisburg                        | MIAMI CNTY KS UNIF SCH DIST #416                            | CUSIP: 593312HV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $312036.73    | 0.29%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arkansas City Public Building Commission                                     | ARKANSAS CITY KS PUBLIC BLDG COMMISSION REVENUE             | CUSIP: 040821AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $582127.78    | 0.53%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sabine-Neches Navigation District                                            | SABINE-NECHES NAV DIST TX                                   | CUSIP: 78532EAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531131.65    | 0.49%             | 2038-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS                                                         | SHAWNEE CNTY KS PUBLIC BLDG COMMISSION REVENUE              | CUSIP: 820561AM0<br>LEI: 5493007F3P7G61QTP515 | Long             | DBT              | MUN               | US        |    650000 | PA      | $656977.88    | 0.60%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Osage KS                                                           | OSAGE CNTY KS                                               | CUSIP: 687635DK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $310780.44    | 0.29%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Dickinson County Unified School District No 435 Abilene                      | DICKINSON CNTY KS UNIF SCH DIST #435                        | CUSIP: 253170EZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $341664.23    | 0.31%             | 2032-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Crawford County Unified School District No 250 Pittsburg                     | CRAWFORD CNTY KS UNIF SCH DIST #250                         | CUSIP: 224856FT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $738016.73    | 0.68%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chisholm Creek Utility Authority                                             | CHISHOLM CREEK KS UTILITY AUTH WTR & WSTWTR FACS REVENUE    | CUSIP: 170123DY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094728.80   | 1.00%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE               | CUSIP: 97712JGM9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523044.65    | 0.48%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick County Unified School District No 261 Haysville                     | SEDGWICK CNTY KS UNIF SCH DIST #261                         | CUSIP: 815645PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $923388.84    | 0.85%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Blue Valley Recreation Commission                                            | BLUE VLY KS RECREATION COMMISSION COPS                      | CUSIP: 096079FL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $801971.04    | 0.74%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harvey County Unified School District No 373 Newton                          | HARVEY CNTY KS UNIF SCH DIST #373 NEWTON                    | CUSIP: 417622JB4<br>LEI: 549300EVPSOR8ERAEL53 | Long             | DBT              | MUN               | US        |    450000 | PA      | $458401.05    | 0.42%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS                                                         | SHAWNEE CNTY KS PUBLIC BLDG COMMISSION REVENUE              | CUSIP: 820561AL2<br>LEI: 5493007F3P7G61QTP515 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303530.37    | 0.28%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS Water & Sewer Utility Revenue                             | WICHITA KS WTR & SWR UTILITY REVENUE                        | CUSIP: 967338XB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $415334.86    | 0.38%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Osage KS                                                           | OSAGE CNTY KS                                               | CUSIP: 687635DJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $518922.13    | 0.48%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                 | KANSAS ST DEPT OF TRANSPRTN HIGHWAY REVENUE                 | CUSIP: 485424QN8<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010167.80   | 1.84%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority                                      | UNIV OF KANSAS KS HOSP AUTH HLTH FACS REVENUE               | CUSIP: 914367DJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000189.80   | 1.83%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government Utility System Revenue       | WYANDOTTE CNTY/KANSAS CITY KS UNIF GOVT UTILITY SYS REVENUE | CUSIP: 982674KA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935868.80    | 0.86%             | 2039-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Miami County Unified School District No 416 Louisburg                        | MIAMI CNTY KS UNIF SCH DIST #416                            | CUSIP: 593312HW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $258246.27    | 0.24%             | 2041-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Leavenworth County Unified School District No 453                            | LEAVENWORTH CNTY KS UNIF SCH DIST #453                      | CUSIP: 522210KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1171206.77   | 1.07%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Abilene Public Building Commission                                           | ABILENE KS PUBLIC BLDG COMMISSION REVENUE                   | CUSIP: 003430BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607716.96    | 0.56%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS                                                         | SHAWNEE CNTY KS COPS                                        | CUSIP: 820552JE8<br>LEI: 5493007F3P7G61QTP515 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1070983.70   | 0.98%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                      | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                   | CUSIP: 041807EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $671659.63    | 0.62%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washburn University/Topeka KS                                                | WASHBURN UNIV KS                                            | CUSIP: 937220GL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $521786.88    | 0.48%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bel Aire KS                                                          | BEL AIRE KS                                                 | CUSIP: 0773243U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1991609.80   | 1.83%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Finney County Unified School District No 457 Garden City                     | FINNEY CNTY KS UNIF SCH DIST #457                           | CUSIP: 318045NF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1544240.93   | 1.42%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry                        | JEFFERSON CNTY KS UNIF SCH DIST #343                        | CUSIP: 472898EU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $711477.05    | 0.65%             | 2035-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Frankfort Redevelopment Authority                                            | FRANKFORT IN REDEV AUTH LEASE RENT REVENUE                  | CUSIP: 352207AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1585818.75   | 1.45%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Andover KS                                                           | ANDOVER KS                                                  | CUSIP: 0342805N3<br>LEI: 5493003IFR1G5MTKQ255 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1293582.37   | 1.19%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Independence KS                                                      | INDEPENDENCE KS                                             | CUSIP: 453488VH8<br>LEI: 549300HMXF8NWY6JBE12 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000529.60   | 1.84%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Elyria OH                                                            | ELYRIA OH LIBRARY IMPT REVENUE                              | CUSIP: 290674AT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $888819.50    | 0.82%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry                        | JEFFERSON CNTY KS UNIF SCH DIST #343                        | CUSIP: 472898EX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537461.10    | 0.49%             | 2038-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dickson County Public Building Commission                                    | DICKINSON CNTY KS PUBLIC BLDG COMMISSION REVENUE            | CUSIP: 253166BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014862.10   | 0.93%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS                                                         | SHAWNEE CNTY KS COPS                                        | CUSIP: 820552JD0<br>LEI: 5493007F3P7G61QTP515 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000362.20   | 0.92%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Counties Unified School District No 230 Spring Hills         | JOHNSON & MIAMI CNTYS KS UNIF SCH DIST #230                 | CUSIP: 478164HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000183.70   | 0.92%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                           | WICHITA KS SALES TAX SPL OBLIG REVENUE                      | CUSIP: 967323AU0<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032196.90   | 0.95%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shawnee County Unified School District No 437 Auburn - Washburn              | SHAWNEE CNTY KS UNIF SCH DIST#437 AUBURN                    | CUSIP: 820642UM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $828864.38    | 0.76%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marion County Unified School District No 410 Durham Etc                      | MARION CNTY KS UNIF SCH DIST #410 DURHAM ETC                | CUSIP: 569065EB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $950342.36    | 0.87%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Unified School District No 491 Eudora                         | DOUGLAS CNTY KS UNIF SCH DIST#491 EUDORA                    | CUSIP: 259137LH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1857763.38   | 1.70%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry                        | JEFFERSON CNTY KS UNIF SCH DIST #343                        | CUSIP: 472898EY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054541.70   | 0.97%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                         | KANSAS ST DEV FIN AUTH REVENUE                              | CUSIP: 48542RXP4<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1488877.45   | 1.37%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shawnee County Unified School District No 437 Auburn - Washburn              | SHAWNEE CNTY KS UNIF SCH DIST#437 AUBURN                    | CUSIP: 820642UL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108727.50   | 1.02%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson County Unified School District No 512 Shawnee Mission                | JOHNSON CNTY KS UNIF SCH DIST#512 SHAWNEE MISSION           | CUSIP: 478740WZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1608421.05   | 1.48%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas City Public Building Commission                                     | ARKANSAS CITY KS PUBLIC BLDG COMMISSION REVENUE             | CUSIP: 040821AX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $440644.63    | 0.40%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneola Unified School District No 219                                      | CLARK CNTY KS UNIF SCH DIST #219 MINNEOLA                   | CUSIP: 180747BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1415580.27   | 1.30%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abilene Public Building Commission                                           | ABILENE KS PUBLIC BLDG COMMISSION REVENUE                   | CUSIP: 003430BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $656561.36    | 0.60%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                           | WICHITA KS                                                  | CUSIP: 967245DF5<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2381023.11   | 2.18%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Unified School District No 348 Baldwin City                   | DOUGLAS CNTY KS UNIF SCH DIST#348                           | CUSIP: 259133HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1280772.96   | 1.17%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dickson County Public Building Commission                                    | DICKINSON CNTY KS PUBLIC BLDG COMMISSION REVENUE            | CUSIP: 253166AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1463970.97   | 1.34%             | 2033-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Geary County Public Building Commission                                      | GEARY CNTY KS PUBLIC BLDG COMMISSION                        | CUSIP: 368338GL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002657.20   | 0.92%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harvey County Unified School District No 373 Newton                          | HARVEY CNTY KS UNIF SCH DIST #373 NEWTON                    | CUSIP: 417622JA6<br>LEI: 549300EVPSOR8ERAEL53 | Long             | DBT              | MUN               | US        |    430000 | PA      | $440133.64    | 0.40%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City Of Martinsville Indiana Government Facility Building Corp               | MARTINSVILLE IN GOVT FAC BLDG CORP LEASE RENTAL REVENUE     | CUSIP: 57369RDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519068.55    | 0.48%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Johnson KS                                                         | JOHNSON CNTY KS                                             | CUSIP: 47844PKV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006050.20   | 1.84%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                 | KANSAS ST DEPT OF TRANSPRTN HIGHWAY REVENUE                 | CUSIP: 485424RK3<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1292042.63   | 1.19%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami County Unified School District No 416 Louisburg                        | MIAMI CNTY KS UNIF SCH DIST #416                            | CUSIP: 593312HU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $166954.12    | 0.15%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government Utility System Revenue       | WYANDOTTE CNTY/KANSAS CITY KS UNIF GOVT UTILITY SYS REVENUE | CUSIP: 982674JM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000662.60   | 0.92%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lawrence KS                                                          | LAWRENCE KS HOSP REVENUE                                    | CUSIP: 520134FW2<br>LEI: 5493004LLF0HG6XS2E46 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1775068.56   | 1.63%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Milledgeville & Baldwin County Development Authority                         | MILLEDGEVILLE & BALDWIN CNTY GA DEV AUTH REVENUE            | CUSIP: 60039GBB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $797296.09    | 0.73%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wabaunsee County Unified School District No 330 Mission Valley               | WABAUNSEE CNTY KS UNIF SCH DIST #330                        | CUSIP: 92972MCD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064701.30   | 0.98%             | 2042-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State Street Institutional US Government Money Market Fund                   | State Street Institutional US Government Money Market Fund  | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | EC               | RF                | US        |    303578 | NS      | $303577.67    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Nemaha County Unified School District No 115                                 | NEMAHA CNTY KS UNIF SCH DIST #115                           | CUSIP: 64043RBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773425.35    | 0.71%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson County Unified School District No 512 Shawnee Mission                | JOHNSON CNTY KS UNIF SCH DIST#512 SHAWNEE MISSION           | CUSIP: 478740XA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $836910.56    | 0.77%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Counties Unified School District No 230 Spring Hills         | JOHNSON & MIAMI CNTYS KS UNIF SCH DIST #230                 | CUSIP: 478164GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025220.70   | 0.94%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwestern School Building Corp                                            | N WSTRN IN SCH BLDG CORP                                    | CUSIP: 668265EK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $617752.19    | 0.57%             | 2036-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No 385 Andover                         | BUTLER CNTY KS UNIF SCH DIST #385 ANDOVER                   | CUSIP: 12343ECS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502960.70    | 0.46%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chisholm Creek Utility Authority                                             | CHISHOLM CREEK KS UTILITY AUTH WTR & WSTWTR FACS REVENUE    | CUSIP: 170123DZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088537.20   | 1.00%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lyon County Unified School District No 253 Emporia                           | LYON CNTY KS UNIF SCH DIST #253 EMPORIA                     | CUSIP: 551845GQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1057975.91   | 0.97%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City Of Martinsville Indiana Government Facility Building Corp               | MARTINSVILLE IN GOVT FAC BLDG CORP LEASE RENTAL REVENUE     | CUSIP: 57369RDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531569.30    | 0.49%             | 2037-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-16

**Name of Applicant:** COMMERCE FUNDS

**Signature:** Bill Schuetter

**Name of Signer:** Bill Schuetter

**Title:** President