# EDGAR Filing Document

**Accession Number:** 0000926243
**File Stem:** 0001410368-25-037765
**Filing Date:** 2025-12
**Character Count:** 58276
**Document Hash:** cc9b79e36d57b63aac8fad1a7005fcc9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-037765.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001410368-25-037765

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251216

**DATE AS OF CHANGE**: 20251216

**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:** 251573992

**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 Short Term Government Fund (Series ID: S000010031)

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

## 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 Short Term Government Fund

- **b. EDGAR series identifier (if any):** S000010031

- **c. LEI of Series:** 5493002PP0IL3W8VM818

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $31215861.65

**Total Liabilities:** $330263.30

**Net Assets:** $30885598.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -13.28000000 | **1-Year:** -171.27000000 | **5-Year:** -314.81000000 | **10-Year:** -855.94000000 | **30-Year:** -420.20000000

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

- **3-Month:** -2.78000000 | **1-Year:** -60.86000000 | **5-Year:** -175.64000000 | **10-Year:** -13.61000000 | **30-Year:** -0.44000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027731 | 0.87%                | 0.28%                | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $40589.95                | $183043.91                                 |
| Month 2  | $23550.36                | $-4136.90                                  |
| Month 3  | $15411.55                | $48217.93                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Angel Oak Mortgage Trust                                   | Angel Oak Mortgage Trust 2025-3                            | CUSIP: 03466RAA9<br>LEI: 254900U85BAJNPG0MG65 | Long             | ABS-MBS          | CORP              | US        |    459825 | PA      | $462048.78    | 1.50%             | 2070-03-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Banc of America Mortgage Securities                        | Banc of America Mortgage 2003-J Trust                      | CUSIP: 05948XYC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     36660 | PA      | $32369.34     | 0.10%             | 2033-11-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corporation                        | Banc of America Funding 2004-A Trust                       | CUSIP: 06051GAX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       537 | PA      | $474.64       | 0.00%             | 2034-09-20      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                               | Barclays Mortgage Loan Trust 2021-NQM1                     | CUSIP: 06744UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    251082 | PA      | $226363.95    | 0.73%             | 2051-09-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust                | Bear Stearns ARM Trust 2004-9                              | CUSIP: 07384M3F7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5547 | PA      | $4913.20      | 0.02%             | 2034-11-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                            | BRAVO Residential Funding Trust 2021-NQM2                  | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81704 | PA      | $79645.33     | 0.26%             | 2060-03-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                            | BRAVO Residential Funding Trust 2021-NQM1                  | CUSIP: 10569TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    113877 | PA      | $106931.47    | 0.35%             | 2049-02-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                            | BRAVO Residential Funding Trust 2025-NQM7                  | CUSIP: 10570TAP0<br>LEI: 254900I1LYOO3G3UAT10 | Long             | ABS-MBS          | CORP              | US        |    289948 | PA      | $292041.62    | 0.95%             | 2065-07-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Trust 2020-1                   | Bunker Hill Loan Depositary Trust 2020-1                   | CUSIP: 12062RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12665 | PA      | $12591.81     | 0.04%             | 2055-02-25      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                      | CWABS Inc Asset-Backed Certificates Trust 2004-6           | CUSIP: 126673BB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    111391 | PA      | $109686.47    | 0.36%             | 2034-11-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                          | Citigroup Mortgage Loan Trust Inc                          | CUSIP: 17307GJX7<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |      8615 | PA      | $7886.91      | 0.03%             | 2034-09-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                       | Cross 2025-H1 Mortgage Trust                               | CUSIP: 22758NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    173160 | PA      | $174649.70    | 0.57%             | 2070-02-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                               | CSMC 2021-NQM5 Trust                                       | CUSIP: 22946DAA0<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    259761 | PA      | $220835.83    | 0.72%             | 2066-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Gold Pool                                      | CUSIP: 3128CULH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1307 | PA      | $1309.86      | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                     | Federal Home Loan Banks                                    | CUSIP: 3130B5Q50<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $503206.88    | 1.63%             | 2030-03-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Non Gold Pool                                  | CUSIP: 31326J2M1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     93769 | PA      | $96523.25     | 0.31%             | 2045-07-01      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Gold Pool                                      | CUSIP: 3132G5AP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     30655 | PA      | $30181.64     | 0.10%             | 2028-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                                   | Federal Farm Credit Banks Funding Corp                     | CUSIP: 3133EPG58<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    275000 | PA      | $274861.13    | 0.89%             | 2027-11-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Pool                                           | CUSIP: 3133KYXB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    747948 | PA      | $716356.82    | 2.32%             | 2042-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3133TCLJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1016 | PA      | $1025.24      | 0.00%             | 2028-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3133TH2C0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4551 | PA      | $4635.01      | 0.02%             | 2028-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Non Gold Pool                                  | CUSIP: 31347ALS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     40317 | PA      | $41455.87     | 0.13%             | 2046-07-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                                    | Fannie Mae Grantor Trust 2011-T2                           | CUSIP: 3136A0S73<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    314846 | PA      | $287764.49    | 0.93%             | 2051-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136A8PX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53935 | PA      | $52878.96     | 0.17%             | 2027-09-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136A93R7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46179 | PA      | $45276.96     | 0.15%             | 2027-11-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136A9HT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145832 | PA      | $135048.43    | 0.44%             | 2042-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136ABX65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24629 | PA      | $24388.31     | 0.08%             | 2042-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136ACRU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    739783 | PA      | $727594.64    | 2.36%             | 2043-03-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AE6C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    123322 | PA      | $119781.51    | 0.39%             | 2042-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AGY55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4471 | PA      | $4449.47      | 0.01%             | 2040-07-25      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AHYX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10377 | PA      | $10342.58     | 0.03%             | 2032-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AMQD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     91929 | PA      | $88301.51     | 0.29%             | 2044-03-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AMS83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    224192 | PA      | $219705.52    | 0.71%             | 2035-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136ANJU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29263 | PA      | $29097.93     | 0.09%             | 2043-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AS5Z5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    209802 | PA      | $208379.58    | 0.67%             | 2027-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AT7F5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    172718 | PA      | $160171.66    | 0.52%             | 2046-12-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AUR29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    147940 | PA      | $142576.22    | 0.46%             | 2047-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AVHA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127423 | PA      | $107268.20    | 0.35%             | 2047-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AWD20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2166 | PA      | $2160.14      | 0.01%             | 2050-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136B3M64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    168379 | PA      | $163952.48    | 0.53%             | 2049-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136BALK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    211288 | PA      | $200932.87    | 0.65%             | 2043-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136BAZ72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    350806 | PA      | $333008.58    | 1.08%             | 2044-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136BBQQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    355748 | PA      | $334951.30    | 1.08%             | 2045-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136BXF41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    489389 | PA      | $488139.43    | 1.58%             | 2052-08-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137A3JW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1949 | PA      | $1945.57      | 0.01%             | 2025-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137BN7F5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     43563 | PA      | $43427.11     | 0.14%             | 2042-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137H1UF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    481459 | PA      | $420508.03    | 1.36%             | 2049-04-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137H6TW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    474503 | PA      | $451527.71    | 1.46%             | 2043-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137HAJF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    573072 | PA      | $574894.41    | 1.86%             | 2048-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31388SLV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1409 | PA      | $1472.33      | 0.00%             | 2031-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138AUUJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53259 | PA      | $52984.09     | 0.17%             | 2026-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138AW4W0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26474 | PA      | $26266.60     | 0.09%             | 2026-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138ELGH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45756 | PA      | $45250.98     | 0.15%             | 2028-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138ELLC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84226 | PA      | $82498.29     | 0.27%             | 2028-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138EPA46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     56547 | PA      | $55288.28     | 0.18%             | 2030-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138EQTW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18482 | PA      | $18982.37     | 0.06%             | 2045-12-01      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138MDVZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     97936 | PA      | $96137.70     | 0.31%             | 2032-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138WQCD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75460 | PA      | $74060.86     | 0.24%             | 2028-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138X1MZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    204149 | PA      | $194926.03    | 0.63%             | 2033-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138X3HC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10682 | PA      | $10612.61     | 0.03%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 31393UPS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127079 | PA      | $132094.69    | 0.43%             | 2033-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 31398NRT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179263 | PA      | $174968.29    | 0.57%             | 2040-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31403YLU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43553 | PA      | $44504.70     | 0.14%             | 2033-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3140J8GD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     97163 | PA      | $93782.18     | 0.30%             | 2031-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3140J8KU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80801 | PA      | $81666.26     | 0.26%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418ANP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32725 | PA      | $32481.27     | 0.11%             | 2027-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418ARV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     54034 | PA      | $53067.40     | 0.17%             | 2028-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418ATL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50771 | PA      | $49862.09     | 0.16%             | 2028-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418AXT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60322 | PA      | $59497.91     | 0.19%             | 2028-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418BE93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    226560 | PA      | $221283.63    | 0.72%             | 2034-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418BTL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    144440 | PA      | $140742.34    | 0.46%             | 2035-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Non Gold Pool                                  | CUSIP: 3142BGWP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    498769 | PA      | $492396.44    | 1.59%             | 2055-09-01      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| GCAT                                                       | GCAT 2021-NQM6 Trust                                       | CUSIP: 36167KAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    263742 | PA      | $241520.24    | 0.78%             | 2066-08-25      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Ginnie Mae II Pool                                         | CUSIP: 3618N5TX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    498113 | PA      | $496954.93    | 1.61%             | 2055-08-20      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Ginnie Mae II Pool                                         | CUSIP: 36202K5C5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       145 | PA      | $144.92       | 0.00%             | 2026-08-20      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Ginnie Mae II Pool                                         | CUSIP: 36202KZM0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       150 | PA      | $150.15       | 0.00%             | 2026-04-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Ginnie Mae II Pool                                         | CUSIP: 36225CE44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       742 | PA      | $740.75       | 0.00%             | 2028-01-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                    | GSR Mortgage Loan Trust 2006-AR1                           | CUSIP: 3623414D8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | ABS-MBS          | CORP              | US        |    114947 | PA      | $106959.28    | 0.35%             | 2036-01-25      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                    | GSR Mortgage Loan Trust 2005-AR3                           | CUSIP: 36242D4S9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | ABS-MBS          | CORP              | US        |     37088 | PA      | $30105.36     | 0.10%             | 2035-05-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                        | GS Mortgage-Backed Securities Trust 2020-NQM1              | CUSIP: 36259WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78128 | PA      | $74047.94     | 0.24%             | 2060-09-27      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38376WLL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1982 | PA      | $1959.69      | 0.01%             | 2040-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38378FVA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    574956 | PA      | $513480.24    | 1.66%             | 2042-12-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38378PLQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    348626 | PA      | $327980.29    | 1.06%             | 2043-11-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38379E2L5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35385 | PA      | $34889.84     | 0.11%             | 2044-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38379L4S2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    175166 | PA      | $157628.06    | 0.51%             | 2045-05-20      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38379MHL1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    149961 | PA      | $136107.59    | 0.44%             | 2045-07-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38380MYR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    214755 | PA      | $203870.81    | 0.66%             | 2035-10-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38381B7K4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    192820 | PA      | $187322.46    | 0.61%             | 2047-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38381BSX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     91713 | PA      | $88159.82     | 0.29%             | 2047-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38381HZN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    592128 | PA      | $559005.72    | 1.81%             | 2054-02-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38381HZZ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    422699 | PA      | $396848.69    | 1.28%             | 2054-04-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38383WYX8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    303493 | PA      | $302648.80    | 0.98%             | 2048-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                            | Impac CMB Trust Series 2003-2F                             | CUSIP: 45254NDQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19280 | PA      | $19423.67     | 0.06%             | 2033-01-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                            | Impac CMB Trust Series 2005-2                              | CUSIP: 45254NNK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9153 | PA      | $8991.81      | 0.03%             | 2035-04-25      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Impac Secured Assets Corp.                                 | Impac Secured Assets Trust 2006-1                          | CUSIP: 45254TTN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67905 | PA      | $64234.69     | 0.21%             | 2036-05-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Trust                           | IndyMac INDX Mortgage Loan Trust 2004-AR6                  | CUSIP: 45660NY25<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24364 | PA      | $23004.03     | 0.07%             | 2034-10-25      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                   | JP Morgan Mortgage Trust 2016-4                            | CUSIP: 46647JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82872 | PA      | $76078.30     | 0.25%             | 2046-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Lehman XS Trust                                            | Lehman XS Trust Series 2005-7N                             | CUSIP: 525221EM5<br>LEI: 549300FDK6ZP3YIHRJ47 | Long             | ABS-MBS          | CORP              | US        |     49506 | PA      | $46850.88     | 0.15%             | 2035-12-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                 | MFA 2021-NQM1 Trust                                        | CUSIP: 55283FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    116645 | PA      | $109864.64    | 0.36%             | 2065-04-25      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                 | MFA 2021-NQM2 Trust                                        | CUSIP: 55283WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    171680 | PA      | $152168.25    | 0.49%             | 2064-11-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| MASTR Adjustable Rate Mortgages Trust                      | MASTR Adjustable Rate Mortgages Trust 2004-13              | CUSIP: 576433UE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17468 | PA      | $17188.59     | 0.06%             | 2034-04-21      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                                 | Morgan Stanley ABS Capital I Inc                           | CUSIP: 61746RAA9<br>LEI: 549300RLSHIMYD3FZB52 | Long             | ABS-MBS          | CORP              | US        |     22138 | PA      | $22127.78     | 0.07%             | 2033-03-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| MortgageIT Trust                                           | MortgageIT Trust 2005-1                                    | CUSIP: 61913PAP7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67366 | PA      | $68697.17     | 0.22%             | 2035-02-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| MortgageIT Trust                                           | MortgageIT Trust 2005-1                                    | CUSIP: 61913PAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57945 | PA      | $58436.49     | 0.19%             | 2035-02-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                        | New Residential Mortgage Loan Trust 2019-RPL3              | CUSIP: 64830NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    339196 | PA      | $327191.78    | 1.06%             | 2059-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                   | OBX 2025-NQM4 Trust                                        | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |    300008 | PA      | $301631.40    | 0.98%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                           | RALI Series 2004-QA4 Trust                                 | CUSIP: 76110HZH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5980 | PA      | $5783.58      | 0.02%             | 2034-09-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                     | Sequoia Mortgage Trust 2003-2                              | CUSIP: 81743PAP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4260 | PA      | $4232.40      | 0.01%             | 2033-06-20      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                     | Sequoia Mortgage Trust 10                                  | CUSIP: 81743VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1940 | PA      | $1886.51      | 0.01%             | 2027-10-20      | Floating      | 4.95%                 | 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        |    723914 | NS      | $723914.38    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Terwin Mortgage Trust                                      | Terwin Mortgage Trust 2004-7HE                             | CUSIP: 881561FX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103606 | PA      | $101898.85    | 0.33%             | 2034-07-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Terwin Mortgage Trust                                      | Terwin Mortgage Trust 2004-9HE                             | CUSIP: 881561JW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40121 | PA      | $38401.18     | 0.12%             | 2034-09-25      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Vendee Mortgage Trust                                      | Vendee Mortgage Trust 1996-2                               | CUSIP: 911760HH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2771 | PA      | $2783.38      | 0.01%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    800000 | PA      | $788647.96    | 2.55%             | 2026-01-22      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $490081.20    | 1.59%             | 2026-02-19      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    600000 | PA      | $590799.08    | 1.91%             | 2026-03-19      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $981809.39    | 3.18%             | 2026-04-16      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $499463.47    | 1.62%             | 2025-11-13      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    700000 | PA      | $698714.97    | 2.26%             | 2025-11-20      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797RF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $486393.23    | 1.57%             | 2026-07-09      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    600000 | PA      | $593918.33    | 1.92%             | 2026-01-29      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 912828YB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $279105.47    | 0.90%             | 2029-08-15      | Fixed         | 1.62%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $584085.94    | 1.89%             | 2027-01-31      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CDK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $292277.09    | 0.95%             | 2026-11-30      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2410839.85   | 7.81%             | 2029-07-31      | Fixed         | 2.62%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $705468.75    | 2.28%             | 2029-09-30      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $604687.50    | 1.96%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2821437.50   | 9.14%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $499224.65    | 1.62%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $355919.92    | 1.15%             | 2029-10-31      | Fixed         | 4.12%                 | No            |                  1 | On Loan: No      |
| Verus Securitization Trust                                 | Verus Securitization Trust 2021-2                          | CUSIP: 92538FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    207477 | PA      | $189283.20    | 0.61%             | 2066-02-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-14

**Name of Applicant:** COMMERCE FUNDS

**Signature:** Bill Schuetter

**Name of Signer:** Bill Schuetter

**Title:** President