# EDGAR Filing Document

**Accession Number:** 0000926243
**File Stem:** 0001752724-25-146786
**Filing Date:** 2025-6
**Character Count:** 55825
**Document Hash:** 94e9b0b3f1e6ca79a173280e86566bcf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-146786.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001752724-25-146786

**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:** 251052070

**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:** 2025-04-30

**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:** $30340648.63

**Total Liabilities:** $160476.34

**Net Assets:** $30180172.29

**Cash Not Reported:** $5322.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -51.68000000 | **1-Year:** -218.37000000 | **5-Year:** -570.62000000 | **10-Year:** -766.10000000 | **30-Year:** -304.68000000

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

- **3-Month:** -2.76000000 | **1-Year:** -39.93000000 | **5-Year:** -222.21000000 | **10-Year:** -38.00000000 | **30-Year:** -0.40000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027731 | 0.91%                | 0.42%                | 0.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $37507.80                | $192738.92                                 |
| Month 2  | $0.00                    | $83522.93                                  |
| Month 3  | $-4416.47                | $173999.02                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MortgageIT Trust                                           | MortgageIT Trust 2005-1                                    | CUSIP: 61913PAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67380 | PA      | $66711.15     | 0.22%             | 2035-02-25      | Floating      | 5.22%                 | 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        |    127483 | PA      | $118951.85    | 0.39%             | 2049-02-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3140J8KU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100526 | PA      | $101943.07    | 0.34%             | 2032-02-01      | Fixed         | 5.00%                 | 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        |    280070 | PA      | $251217.43    | 0.83%             | 2051-09-25      | Variable      | 1.75%                 | 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      | $275906.26    | 0.91%             | 2027-11-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3133TCLJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1521 | PA      | $1537.87      | 0.01%             | 2028-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136A9HT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    152828 | PA      | $140434.58    | 0.47%             | 2042-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AVHA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    135294 | PA      | $113376.94    | 0.38%             | 2047-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418AXT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77910 | PA      | $76624.77     | 0.25%             | 2028-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AT7F5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    192318 | PA      | $177503.00    | 0.59%             | 2046-12-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                 | Verus Securitization Trust 2021-2                          | CUSIP: 92538FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    223938 | PA      | $198310.85    | 0.66%             | 2066-02-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797PX9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $984070.14    | 3.26%             | 2025-09-18      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Gold Pool                                      | CUSIP: 3128CULH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1856 | PA      | $1861.50      | 0.01%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38381BSX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    103063 | PA      | $99068.67     | 0.33%             | 2047-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MFRA TRUST                                                 | MFA 2021-NQM2 Trust                                        | CUSIP: 55283WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187002 | PA      | $163225.56    | 0.54%             | 2064-11-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38379E2L5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     45855 | PA      | $45082.69     | 0.15%             | 2044-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AMS83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    254474 | PA      | $249493.70    | 0.83%             | 2035-04-25      | Fixed         | 3.50%                 | 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      | $37735.97     | 0.13%             | 2034-09-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AMQD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106610 | PA      | $102312.89    | 0.34%             | 2044-03-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                               | CSMC 2021-NQM5 Trust                                       | CUSIP: 22946DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    273174 | PA      | $231064.02    | 0.77%             | 2066-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138EPA46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     73574 | PA      | $71692.09     | 0.24%             | 2030-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136ACRU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    796302 | PA      | $776555.90    | 2.57%             | 2043-03-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797NX1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1190000 | PA      | $1181263.91   | 3.91%             | 2025-07-03      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136A93R7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67060 | PA      | $65288.16     | 0.22%             | 2027-11-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138MDVZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    111221 | PA      | $109270.48    | 0.36%             | 2032-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138AW4W0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45407 | PA      | $44890.49     | 0.15%             | 2026-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CDK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $288832.03    | 0.96%             | 2026-11-30      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38378FVA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    599318 | PA      | $531719.12    | 1.76%             | 2042-12-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                     | Sequoia Mortgage Trust 10                                  | CUSIP: 81743VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3009 | PA      | $2881.83      | 0.01%             | 2027-10-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138AUUJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     90505 | PA      | $89747.02     | 0.30%             | 2026-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38378PLQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    383051 | PA      | $354040.53    | 1.17%             | 2043-11-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136ANJU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50549 | PA      | $50094.25     | 0.17%             | 2043-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $490538.14    | 1.63%             | 2025-10-16      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Lehman XS Trust                                            | Lehman XS Trust Series 2005-7N                             | CUSIP: 525221EM5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52118 | PA      | $47276.05     | 0.16%             | 2035-12-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3133TH2C0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5462 | PA      | $5558.20      | 0.02%             | 2028-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                            | Impac CMB Trust Series 2004-7                              | CUSIP: 45254NKF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9749 | PA      | $9593.09      | 0.03%             | 2034-11-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3140J8GD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    116032 | PA      | $111746.27    | 0.37%             | 2031-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38380MYR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    229961 | PA      | $217681.30    | 0.72%             | 2035-10-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418ARV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68268 | PA      | $66838.33     | 0.22%             | 2028-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MortgageIT Trust                                           | MortgageIT Trust 2005-1                                    | CUSIP: 61913PAP7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78335 | PA      | $78545.30     | 0.26%             | 2035-02-25      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136A8PX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75990 | PA      | $73972.96     | 0.25%             | 2027-09-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797QC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $494829.50    | 1.64%             | 2025-07-29      | None          | 0.00%                 | No            |                  1 | 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        |     37017 | PA      | $36395.71     | 0.12%             | 2055-02-25      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418ATL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64045 | PA      | $62639.53     | 0.21%             | 2028-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797PP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1200000 | PA      | $1184397.94   | 3.92%             | 2025-08-21      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137H1UF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    510029 | PA      | $432369.93    | 1.43%             | 2049-04-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Ginnie Mae II Pool                                         | CUSIP: 36202K5C5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       274 | PA      | $272.92       | 0.00%             | 2026-08-20      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Vendee Mortgage Trust                                      | Vendee Mortgage Trust 1996-2                               | CUSIP: 911760HH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4659 | PA      | $4700.56      | 0.02%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136BBQQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    413967 | PA      | $389550.88    | 1.29%             | 2045-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AUR29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    161404 | PA      | $154948.22    | 0.51%             | 2047-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38376WLL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2380 | PA      | $2348.73      | 0.01%             | 2040-02-20      | Fixed         | 3.00%                 | 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        |     19468 | PA      | $18687.95     | 0.06%             | 2034-04-21      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| GCAT                                                       | GCAT 2021-NQM6 Trust                                       | CUSIP: 36167KAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    296562 | PA      | $270476.51    | 0.90%             | 2066-08-25      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38381HZZ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    427349 | PA      | $400992.03    | 1.33%             | 2054-04-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Ginnie Mae II Pool                                         | CUSIP: 36202KZM0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       383 | PA      | $382.13       | 0.00%             | 2026-04-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38379L4S2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    186071 | PA      | $165490.47    | 0.55%             | 2045-05-20      | Fixed         | 2.25%                 | 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        |     85458 | PA      | $78171.23     | 0.26%             | 2046-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137A3JW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26728 | PA      | $26589.91     | 0.09%             | 2025-11-15      | Fixed         | 3.50%                 | 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        |     10509 | PA      | $9534.02      | 0.03%             | 2034-11-25      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                 | MFA 2021-NQM1 Trust                                        | CUSIP: 55283FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130426 | PA      | $121939.17    | 0.40%             | 2065-04-25      | Variable      | 1.15%                 | 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        |      6262 | PA      | $6011.84      | 0.02%             | 2034-09-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797PQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $493130.54    | 1.63%             | 2025-08-28      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | Ginnie Mae II Pool                                         | CUSIP: 36225CE44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       938 | PA      | $934.18       | 0.00%             | 2028-01-20      | Floating      | 4.62%                 | 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        |      8845 | PA      | $7864.47      | 0.03%             | 2034-09-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                                 | Federal National Mortgage Association                      | CUSIP: 3135G04Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    750000 | PA      | $746335.50    | 2.47%             | 2025-06-17      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136BALK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    236262 | PA      | $223821.78    | 0.74%             | 2043-12-25      | Fixed         | 2.00%                 | 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        |    149300 | PA      | $144012.85    | 0.48%             | 2060-03-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Non Gold Pool                                  | CUSIP: 31347ALS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     44581 | PA      | $45841.70     | 0.15%             | 2046-07-01      | Floating      | 7.12%                 | 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        |     69135 | PA      | $61899.18     | 0.21%             | 2036-05-25      | Floating      | 5.14%                 | 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        |     30821 | PA      | $31087.59     | 0.10%             | 2033-01-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                     | Federal Home Loan Banks                                    | CUSIP: 3130B5Q50<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $499133.77    | 1.65%             | 2030-03-28      | Fixed         | 4.25%                 | 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        |     86371 | PA      | $86006.40     | 0.28%             | 2033-03-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2397265.63   | 7.94%             | 2029-07-31      | Fixed         | 2.62%                 | No            |                  1 | 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        |     25056 | PA      | $23108.28     | 0.08%             | 2034-10-25      | Variable      | 5.68%                 | 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        |     87887 | PA      | $82921.64     | 0.27%             | 2060-09-27      | Variable      | 1.38%                 | 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      | $107171.55    | 0.36%             | 2034-11-25      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136ABX65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45617 | PA      | $44877.50     | 0.15%             | 2042-12-25      | Fixed         | 2.00%                 | 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        |     12149 | PA      | $11637.46     | 0.04%             | 2035-04-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $604312.50    | 2.00%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| GSR Mortgage Loan Trust                                    | GSR Mortgage Loan Trust 2006-AR1                           | CUSIP: 3623414D8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120277 | PA      | $108877.89    | 0.36%             | 2036-01-25      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38381HZN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    598603 | PA      | $564690.30    | 1.87%             | 2054-02-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136BAZ72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    388541 | PA      | $367492.98    | 1.22%             | 2044-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136B3M64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    189303 | PA      | $183406.58    | 0.61%             | 2049-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 912828YB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $276246.09    | 0.92%             | 2029-08-15      | Fixed         | 1.62%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137A6QZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     50675 | PA      | $50458.47     | 0.17%             | 2025-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138ELLC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    104113 | PA      | $101622.56    | 0.34%             | 2028-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138ELGH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66047 | PA      | $65125.25     | 0.22%             | 2028-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AGY55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22056 | PA      | $21829.98     | 0.07%             | 2040-07-25      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $705195.32    | 2.34%             | 2029-09-30      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 31398NRT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    204310 | PA      | $199076.33    | 0.66%             | 2040-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138X3HC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26373 | PA      | $26112.44     | 0.09%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AHYX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57169 | PA      | $56761.11     | 0.19%             | 2032-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AWD20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24588 | PA      | $24471.20     | 0.08%             | 2050-12-25      | Fixed         | 3.50%                 | 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        |    337010 | PA      | $311171.20    | 1.03%             | 2051-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                       | Cross 2025-H1 Mortgage Trust                               | CUSIP: 22758NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    194745 | PA      | $195809.92    | 0.65%             | 2070-02-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418ANP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48115 | PA      | $47652.08     | 0.16%             | 2027-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Terwin Mortgage Trust                                      | Terwin Mortgage Trust 2004-7HE                             | CUSIP: 881561FX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    111875 | PA      | $107362.15    | 0.36%             | 2034-07-25      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                    | GSR Mortgage Loan Trust 2005-AR3                           | CUSIP: 36242D4S9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37522 | PA      | $28362.76     | 0.09%             | 2035-05-25      | Floating      | 4.88%                 | 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        |     40775 | PA      | $35753.63     | 0.12%             | 2033-11-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418BTL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    156817 | PA      | $153093.55    | 0.51%             | 2035-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2820234.37   | 9.34%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137BN7F5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     96014 | PA      | $95411.69     | 0.32%             | 2042-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                                | Federal Home Loan Mortgage Corp                            | CUSIP: 3137EAEU9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $991199.43    | 3.28%             | 2025-07-21      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138X1MZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    217112 | PA      | $207498.79    | 0.69%             | 2033-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138WQCD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     95974 | PA      | $93916.02     | 0.31%             | 2028-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797PJ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $997764.86    | 3.31%             | 2025-05-20      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38379MHL1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    156196 | PA      | $141599.02    | 0.47%             | 2045-07-16      | Fixed         | 2.25%                 | 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        |    388512 | PA      | $373487.06    | 1.24%             | 2059-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $356193.36    | 1.18%             | 2029-10-31      | Fixed         | 4.12%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31403YLU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46182 | PA      | $46890.80     | 0.16%             | 2033-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Gold Pool                                      | CUSIP: 3132G5AP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     41650 | PA      | $40851.91     | 0.14%             | 2028-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31388SLV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1514 | PA      | $1580.59      | 0.01%             | 2031-11-01      | Fixed         | 7.00%                 | 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        |       562 | PA      | $474.22       | 0.00%             | 2034-09-20      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AE6C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    130702 | PA      | $126743.88    | 0.42%             | 2042-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418BE93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    249619 | PA      | $243669.67    | 0.81%             | 2034-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                     | Sequoia Mortgage Trust 2003-2                              | CUSIP: 81743PAP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5770 | PA      | $5675.09      | 0.02%             | 2033-06-20      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $578203.13    | 1.92%             | 2027-01-31      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38381B7K4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    209252 | PA      | $201483.21    | 0.67%             | 2047-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                   | Angel Oak Mortgage Trust 2025-3                            | CUSIP: 03466RAA9<br>LEI: 254900U85BAJNPG0MG65 | Long             | ABS-MBS          | CORP              | US        |    494991 | PA      | $495315.60    | 1.64%             | 2070-03-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AS5Z5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    261383 | PA      | $258886.10    | 0.86%             | 2027-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138EQTW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29248 | PA      | $30125.22     | 0.10%             | 2045-12-01      | Floating      | 6.56%                 | 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        |    605017 | NS      | $605016.89    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 31393UPS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    140635 | PA      | $146782.63    | 0.49%             | 2033-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Non Gold Pool                                  | CUSIP: 31326J2M1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    129502 | PA      | $131864.99    | 0.44%             | 2045-07-01      | Floating      | 2.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 31392JGE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       221 | PA      | $220.08       | 0.00%             | 2033-03-25      | Fixed         | 4.00%                 | 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