# EDGAR Filing Document

**Accession Number:** 0000926243
**File Stem:** 0001410368-26-063612
**Filing Date:** 2026-6
**Character Count:** 50407
**Document Hash:** 4f15a43ab66885d2e8a563ce4a0ab38b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-063612.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001410368-26-063612

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**PERIOD START**: 20261031

**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:** 261106593

**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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $28098587.04

**Total Liabilities:** $161989.01

**Net Assets:** $27936598.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -3.98000000 | **1-Year:** -112.07000000 | **5-Year:** -162.22000000 | **10-Year:** -302.31000000 | **30-Year:** -66.98000000

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

- **3-Month:** -2.38000000 | **1-Year:** -31.34000000 | **5-Year:** -85.97000000 | **10-Year:** -14.10000000 | **30-Year:** -0.39000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027731 | 0.74%                | -0.73%               | 0.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9918.80                 | $155581.34                                 |
| Month 2  | $138.91                  | $-277016.56                                |
| Month 3  | $-23986.31               | $23094.76                                  |

### 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        |     51320 | PA      | $51187.81     | 0.18%             | 2035-02-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3140J8KU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63777 | PA      | $64231.85     | 0.23%             | 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        |    225856 | PA      | $207120.99    | 0.74%             | 2051-09-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797RF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $496244.53    | 1.78%             | 2026-07-09      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3133TCLJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       660 | PA      | $665.48       | 0.00%             | 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        |    139535 | PA      | $128196.46    | 0.46%             | 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        |    125326 | PA      | $104303.91    | 0.37%             | 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        |     43202 | PA      | $42688.24     | 0.15%             | 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        |    154922 | PA      | $143210.38    | 0.51%             | 2046-12-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                 | Verus Securitization Trust 2021-2                          | CUSIP: 92538FAA2<br>LEI: 213800278TKDEXPH6140 | Long             | ABS-MBS          | CORP              | US        |    182276 | PA      | $166899.59    | 0.60%             | 2066-02-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Gold Pool                                      | CUSIP: 3128CULH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       763 | PA      | $763.96       | 0.00%             | 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        |     85972 | PA      | $82416.80     | 0.30%             | 2047-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                 | MFA 2021-NQM2 Trust                                        | CUSIP: 55283WAA9<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |    158559 | PA      | $142836.30    | 0.51%             | 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        |     25711 | PA      | $25445.30     | 0.09%             | 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        |    196105 | PA      | $191018.97    | 0.68%             | 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      | $38348.18     | 0.14%             | 2034-09-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136BXF41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    389841 | PA      | $387933.25    | 1.39%             | 2052-08-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AMQD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78499 | PA      | $75462.32     | 0.27%             | 2044-03-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797SA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    600000 | PA      | $589064.27    | 2.11%             | 2026-10-01      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Credit Suisse Mortgage Trust                               | CSMC 2021-NQM5 Trust                                       | CUSIP: 22946DAA0<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    244050 | PA      | $201600.94    | 0.72%             | 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        |     42052 | PA      | $41184.01     | 0.15%             | 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        |    716616 | PA      | $702867.88    | 2.52%             | 2043-03-25      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CKF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $602437.50    | 2.16%             | 2031-03-31      | Fixed         | 4.12%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136A93R7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28605 | PA      | $28178.82     | 0.10%             | 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        |     89338 | PA      | $87287.48     | 0.31%             | 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        |     11109 | PA      | $11058.60     | 0.04%             | 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      | $295772.46    | 1.06%             | 2026-11-30      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $499687.81    | 1.79%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Bills                                        | CUSIP: 912797SX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $981926.39    | 3.51%             | 2026-06-04      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38378FVA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    540564 | PA      | $480866.97    | 1.72%             | 2042-12-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                     | Sequoia Mortgage Trust 10                                  | CUSIP: 81743VAA1<br>LEI: 549300671OK77JNRLK28 | Long             | ABS-MBS          | CORP              | US        |      1455 | PA      | $1360.89      | 0.00%             | 2027-10-20      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138AUUJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17075 | PA      | $17019.55     | 0.06%             | 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        |    329005 | PA      | $308983.33    | 1.11%             | 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        |     12835 | PA      | $12792.34     | 0.05%             | 2043-01-25      | Fixed         | 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        |     46006 | PA      | $44064.88     | 0.16%             | 2035-12-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3133TH2C0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3633 | PA      | $3694.83      | 0.01%             | 2028-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3140J8GD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79920 | PA      | $77176.95     | 0.28%             | 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        |    199358 | PA      | $186673.28    | 0.67%             | 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        |     40303 | PA      | $39705.71     | 0.14%             | 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        |     59664 | PA      | $59475.11     | 0.21%             | 2035-02-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136A8PX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33281 | PA      | $32791.28     | 0.12%             | 2027-09-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418ATL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36486 | PA      | $35941.97     | 0.13%             | 2028-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137H1UF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    454198 | PA      | $395597.94    | 1.42%             | 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        |        49 | PA      | $49.03        | 0.00%             | 2026-08-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Vendee Mortgage Trust                                      | Vendee Mortgage Trust 1996-2                               | CUSIP: 911760HH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1714 | PA      | $1710.88      | 0.01%             | 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        |    324232 | PA      | $303817.17    | 1.09%             | 2045-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137H6TW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    448172 | PA      | $424946.85    | 1.52%             | 2043-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AUR29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    129715 | PA      | $124379.03    | 0.45%             | 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        |      1571 | PA      | $1559.20      | 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        |     15249 | PA      | $15066.86     | 0.05%             | 2034-04-21      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| GCAT                                                       | GCAT 2021-NQM6 Trust                                       | CUSIP: 36167KAA6<br>LEI: 254900KVL1UYCCX9U836 | Long             | ABS-MBS          | CORP              | US        |    240112 | PA      | $220214.82    | 0.79%             | 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        |    415291 | PA      | $385711.92    | 1.38%             | 2054-04-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38379L4S2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    164747 | PA      | $147155.18    | 0.53%             | 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: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     78407 | PA      | $71763.20     | 0.26%             | 2046-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Pool                                           | CUSIP: 3133KYXB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    701237 | PA      | $663673.17    | 2.38%             | 2042-08-01      | 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        |      5420 | PA      | $4847.45      | 0.02%             | 2034-11-25      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                 | MFA 2021-NQM1 Trust                                        | CUSIP: 55283FAA6<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |    105691 | PA      | $99496.65     | 0.36%             | 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        |      5730 | PA      | $5569.03      | 0.02%             | 2034-09-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac Non Gold Pool                                  | CUSIP: 3142BGWP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    487866 | PA      | $478763.77    | 1.71%             | 2055-09-01      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Ginnie Mae II Pool                                         | CUSIP: 36225CE44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       506 | PA      | $505.47       | 0.00%             | 2028-01-20      | Floating      | 5.62%                 | 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        |      7607 | PA      | $6907.20      | 0.02%             | 2034-09-25      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136BALK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    190495 | PA      | $181453.32    | 0.65%             | 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: 2549000KHGUZMZ31N203 | Long             | ABS-MBS          | CORP              | US        |     39221 | PA      | $38731.98     | 0.14%             | 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        |     39669 | PA      | $40992.11     | 0.15%             | 2046-07-01      | Floating      | 6.22%                 | 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        |     65560 | PA      | $62372.99     | 0.22%             | 2036-05-25      | Floating      | 4.47%                 | 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        |     15295 | PA      | $15423.30     | 0.06%             | 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      | $498548.05    | 1.78%             | 2030-03-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2400878.90   | 8.59%             | 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        |     22874 | PA      | $21654.77     | 0.08%             | 2034-10-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 912828YX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $980781.25    | 3.51%             | 2026-12-31      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                        | GS Mortgage-Backed Securities Trust 2020-NQM1              | CUSIP: 36259WAA9<br>LEI: 25490038RWR4AJZ5B524 | Long             | ABS-MBS          | CORP              | US        |     60917 | PA      | $58183.84     | 0.21%             | 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: 549300H6I2066O1LC673 | Long             | ABS-O            | CORP              | US        |    111391 | PA      | $109818.46    | 0.39%             | 2034-11-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136ABX65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7362 | PA      | $7331.04      | 0.03%             | 2042-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $598359.37    | 2.14%             | 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        |    109165 | PA      | $101959.97    | 0.36%             | 2036-01-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38381HZN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    585218 | PA      | $547162.51    | 1.96%             | 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        |    320541 | PA      | $304614.20    | 1.09%             | 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        |    156519 | PA      | $151312.77    | 0.54%             | 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      | $278929.69    | 1.00%             | 2029-08-15      | Fixed         | 1.62%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138ELLC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     62935 | PA      | $61839.82     | 0.22%             | 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        |     28617 | PA      | $28371.07     | 0.10%             | 2028-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $698359.38    | 2.50%             | 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        |    154569 | PA      | $151076.44    | 0.54%             | 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        |      2748 | PA      | $2735.63      | 0.01%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $766312.50    | 2.74%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418ANP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20979 | PA      | $20858.75     | 0.07%             | 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        |     99211 | PA      | $98034.81     | 0.35%             | 2034-07-25      | Floating      | 5.17%                 | 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        |     36647 | PA      | $29834.93     | 0.11%             | 2035-05-25      | Floating      | 4.21%                 | 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        |     34142 | PA      | $30066.10     | 0.11%             | 2033-11-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31418BTL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132820 | PA      | $128637.11    | 0.46%             | 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      | $2791578.13   | 9.99%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 3138X1MZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    190580 | PA      | $181581.03    | 0.65%             | 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        |     54135 | PA      | $53259.79     | 0.19%             | 2028-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38379MHL1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    139568 | PA      | $126203.69    | 0.45%             | 2045-07-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $351927.73    | 1.26%             | 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        |     40839 | PA      | $41663.93     | 0.15%             | 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        |     21205 | PA      | $20955.39     | 0.08%             | 2028-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Ginnie Mae II Pool                                         | CUSIP: 3618N5TX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    482959 | PA      | $482505.78    | 1.73%             | 2055-08-20      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae Pool                                            | CUSIP: 31388SLV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1301 | PA      | $1372.11      | 0.00%             | 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: 5493001796TAQ7M7QX12 | Long             | ABS-MBS          | CORP              | US        |       510 | PA      | $522.23       | 0.00%             | 2034-09-20      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AE6C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     93283 | PA      | $90918.05     | 0.33%             | 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        |    202286 | PA      | $196498.61    | 0.70%             | 2034-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                     | Sequoia Mortgage Trust 2003-2                              | CUSIP: 81743PAP1<br>LEI: 549300671OK77JNRLK28 | Long             | ABS-MBS          | CORP              | US        |      1937 | PA      | $1930.70      | 0.01%             | 2033-06-20      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                     | U.S. Treasury Notes                                        | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $590121.10    | 2.11%             | 2027-01-31      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                                | Freddie Mac REMICS                                         | CUSIP: 3137HAJF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    420047 | PA      | $421801.90    | 1.51%             | 2048-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38381B7K4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    179127 | PA      | $173223.19    | 0.62%             | 2047-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | Government National Mortgage Association                   | CUSIP: 38383WYX8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    242569 | PA      | $240501.96    | 0.86%             | 2048-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 3136AS5Z5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    157311 | PA      | $156730.76    | 0.56%             | 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        |     18230 | PA      | $18842.10     | 0.07%             | 2045-12-01      | Floating      | 5.99%                 | 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        |   2354693 | NS      | $2354692.88   | 8.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                 | Fannie Mae REMICS                                          | CUSIP: 31393UPS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    110004 | PA      | $113546.04    | 0.41%             | 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        |     89886 | PA      | $93048.94     | 0.33%             | 2045-07-01      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-19

**Name of Applicant:** COMMERCE FUNDS

**Signature:** Bill Schuetter

**Name of Signer:** Bill Schuetter

**Title:** President