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      <invstOrSec>
        <name>City of Jennings MO</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Arnold MO</name>
        <lei>N/A</lei>
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          <isin value="US042597CZ57"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Kansas City Industrial Development Authority</name>
        <lei>549300QWDXL46XQC8110</lei>
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          <isin value="US48504NAU37"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Arnold MO</name>
        <lei>N/A</lei>
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          <isin value="US042597DB70"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>829735.42000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Jefferson County School District No R-1 Northwest</name>
        <lei>N/A</lei>
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          <isin value="US473240GD57"/>
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        <curCd>USD</curCd>
        <valUSD>1269169.37000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Missouri Development Finance Board</name>
        <lei>549300JD8BCNBV9D3830</lei>
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          <isin value="US60636SKQ65"/>
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        <curCd>USD</curCd>
        <valUSD>1004474.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Willard R-II School District</name>
        <lei>N/A</lei>
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          <isin value="US394514HB22"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Warrensburg School District No R-VI</name>
        <lei>N/A</lei>
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          <isin value="US478825GT36"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>445742.35000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of St Louis MO Airport Revenue</name>
        <lei>N/A</lei>
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          <isin value="US791638N471"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1592871.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Missouri Housing Development Commission</name>
        <lei>5493007FBL7WCV3NKY25</lei>
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          <isin value="US60637GER65"/>
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        <valUSD>481923.85000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <name>Strafford Fire Protection District</name>
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          <maturityDt>2040-03-01</maturityDt>
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        <name>Valley Park Fire Protection District</name>
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          <maturityDt>2037-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Missouri State Board of Public Buildings</name>
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        <name>Andrew County Reorganized School District No 3</name>
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        <name>Missouri Housing Development Commission</name>
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        <name>Valley Park Fire Protection District</name>
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        <name>O'Fallon Fire Protection District</name>
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      <invstOrSec>
        <name>Jackson County School District No R-IV Blue Springs</name>
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      <invstOrSec>
        <name>Southeast Missouri State University</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Waynesville R-VI School District</name>
        <lei>N/A</lei>
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        <name>Missouri Joint Municipal Electric Utility Commission</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Kansas City Industrial Development Authority</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
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      <invstOrSec>
        <name>City of Wentzville MO</name>
        <lei>N/A</lei>
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          <maturityDt>2035-03-01</maturityDt>
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        <name>City of Florissant MO</name>
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          <maturityDt>2034-10-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Missouri Housing Development Commission</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-01</maturityDt>
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        <name>City of St Charles MO</name>
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        <name>City of Rolla MO</name>
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        <name>Dayton City School District</name>
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        <name>Missouri Joint Municipal Electric Utility Commission</name>
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        <name>St Charles County School District No R-IV Wentzville</name>
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        <name>Orchard Farm R-V School District/MO</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ozark Reorg School District No R-6/MO</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Missouri Housing Development Commission</name>
        <lei>5493007FBL7WCV3NKY25</lei>
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        <cusip>60637BPQ7</cusip>
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          <isin value="US60637BPQ76"/>
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        <curCd>USD</curCd>
        <valUSD>244228.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</annualizedRt>
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      <invstOrSec>
        <name>Jackson County Reorganized School District No 7/MO</name>
        <lei>549300HKYX7HMV5CWZ34</lei>
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          <isin value="US467511BL49"/>
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        <valUSD>705272.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Washington School District/MO</name>
        <lei>N/A</lei>
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          <isin value="US939296HX06"/>
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        <curCd>USD</curCd>
        <valUSD>2362132.08000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of St Louis MO Airport Revenue</name>
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          <isin value="US791638F873"/>
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        <balance>3745000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern Platte Fire Protection District/MO</name>
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          <isin value="US843645CM22"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Carthage MO</name>
        <lei>N/A</lei>
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          <isin value="US146636GK52"/>
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        <valUSD>1180360.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Marion &amp; Ralls Counties School District No 60 Hannibal</name>
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        <title>MARION CNTY MO SCH DIST #60</title>
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          <isin value="US569101JZ28"/>
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        <balance>575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>677703.51000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
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        <cusip>04052FDN2</cusip>
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          <isin value="US04052FDN24"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Missouri Housing Development Commission</name>
        <lei>5493007FBL7WCV3NKY25</lei>
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        <cusip>60637BPU8</cusip>
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          <isin value="US60637BPU88"/>
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        <balance>245000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>St Louis Community College District</name>
        <lei>N/A</lei>
        <title>ST LOUIS CMNTY CLG DIST ST LOUIS CNTY MO COPS</title>
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          <maturityDt>2036-04-01</maturityDt>
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        <name>City of Wright City MO</name>
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        <name>Jefferson County School District No R-VI Festus</name>
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          <isin value="US31560CCE84"/>
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        <name>Special Care Facilities Financing Authority of the City of Pell City Alabama</name>
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        <name>University City Municipal Library District</name>
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        <name>St Charles County Public Water Supply District No 2</name>
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        <name>North Kansas City School District No 74</name>
        <lei>N/A</lei>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>Hickman Mills C-1 School District/MO</name>
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        <name>O'Fallon Fire Protection District</name>
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        <name>Whitestown Redevelopment Authority</name>
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        <name>Rolling Hills Consolidated Library District</name>
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      <invstOrSec>
        <name>Joplin Industrial Development Authority</name>
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      <invstOrSec>
        <name>Truman State University Housing System Revenue</name>
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        <name>St Charles County School District No R-IV Wentzville</name>
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        <name>Hickman Mills C-1 School District/MO</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>Hickman Mills C-1 School District/MO</name>
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        <name>Missouri Housing Development Commission</name>
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        <name>Polk County Reorganized School District No 1/MO</name>
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        <name>O'Fallon Fire Protection District</name>
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        <name>Great Rivers Greenway Metropolitan Park &amp; Recreation District Sales Tax</name>
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        <name>Mineral Area Community College District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kansas City Industrial Development Authority</name>
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        <name>Southern Boone County Reorganized School District No R-1/MO</name>
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        <name>Missouri Housing Development Commission</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-01</maturityDt>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>St Louis Community College District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <maturityDt>2028-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Joplin Schools</name>
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          <maturityDt>2035-03-01</maturityDt>
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        <name>Fenton Fire Protection District</name>
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        <name>Jefferson City School District/MO</name>
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        <name>Brentwood Public Library</name>
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        <name>Marion &amp; Ralls Counties School District No 60 Hannibal</name>
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        <name>Jackson County School District No R-IV Blue Springs</name>
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        <name>Ozark Reorg School District No R-6/MO</name>
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        <name>Rolla School District No 31</name>
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        <name>Dayton City School District</name>
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        <name>Jefferson County School District No R-VI Festus</name>
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        <name>Woodford Lasalle Livingston Etc Counties Community Unit Sch Dist No 6 Fieldcrest</name>
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      <invstOrSec>
        <name>Kansas City Industrial Development Authority</name>
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          <isin value="US39121FCB22"/>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>City of St Charles MO</name>
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        <name>St Louis Land Clearance for Redevelopment Authority</name>
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          <isin value="US791652JC51"/>
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        <name>County of Barry MO</name>
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        <name>Hazelwood School District</name>
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        <name>City of Kansas City MO</name>
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        <name>Marion &amp; Ralls Counties School District No 60 Hannibal</name>
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        <name>Hickman Mills C-1 School District/MO</name>
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        <name>Joplin Industrial Development Authority</name>
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        <name>Jefferson County Industrial Development Authority/MO</name>
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        <name>Wright City R-II School District</name>
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        <name>Hannibal Industrial Development Authority</name>
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        <name>Missouri Joint Municipal Electric Utility Commission</name>
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        <name>Shelbyville Redevelopment Authority</name>
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        <name>Lebanon Reorganized School District No R-3</name>
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        <name>Missouri Housing Development Commission</name>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valley Park Fire Protection District</name>
        <lei>N/A</lei>
        <title>VLY PARK MO FIRE PROT DIST</title>
        <cusip>920053BY0</cusip>
        <identifiers>
          <isin value="US920053BY04"/>
        </identifiers>
        <balance>575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550149.19000000</valUSD>
        <pctVal>0.239164800394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Columbia MO Water &amp; Electric System Revenue</name>
        <lei>N/A</lei>
        <title>COLUMBIA MO WTR &amp; ELEC REVENUE</title>
        <cusip>198072XY1</cusip>
        <identifiers>
          <isin value="US198072XY16"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>461844.95000000</valUSD>
        <pctVal>0.200776548048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nixa Public Schools</name>
        <lei>N/A</lei>
        <title>NIXA MO PUB SCHS CTFS PARTN</title>
        <cusip>654805AT7</cusip>
        <identifiers>
          <isin value="US654805AT73"/>
        </identifiers>
        <balance>1465000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1233124.05000000</valUSD>
        <pctVal>0.536072528398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ozark Reorg School District No R-6/MO</name>
        <lei>N/A</lei>
        <title>OZARK MO REORG SCH DIST #R-6</title>
        <cusip>692634GH5</cusip>
        <identifiers>
          <isin value="US692634GH52"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>978557.20000000</valUSD>
        <pctVal>0.425405402146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Blue Springs MO</name>
        <lei>5493006R0DSVD8VESU58</lei>
        <title>BLUE SPRINGS MO</title>
        <cusip>096045HU6</cusip>
        <identifiers>
          <isin value="US096045HU69"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1091292.20000000</valUSD>
        <pctVal>0.474414369645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clinton School District/MO</name>
        <lei>N/A</lei>
        <title>CLINTON MO SCH DIST #124</title>
        <cusip>188180EN9</cusip>
        <identifiers>
          <isin value="US188180EN95"/>
        </identifiers>
        <balance>1860000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1961175.44000000</valUSD>
        <pctVal>0.852576248719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>MISSOURI ST HLTH &amp; EDUCTNL FACS AUTH HLTH FACS REVENUE</title>
        <cusip>60637AWF5</cusip>
        <identifiers>
          <isin value="US60637AWF55"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>542097.70000000</valUSD>
        <pctVal>0.235664598933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>MISSOURI ST HLTH &amp; EDUCTNL FACS AUTH HLTH FACS REVENUE</title>
        <cusip>60637AUR1</cusip>
        <identifiers>
          <isin value="US60637AUR12"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>372743.52000000</valUSD>
        <pctVal>0.162041735550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Springfield MO</name>
        <lei>N/A</lei>
        <title>SPRINGFIELD MO SPL OBLG</title>
        <cusip>851039GV3</cusip>
        <identifiers>
          <isin value="US851039GV32"/>
        </identifiers>
        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1432494.42000000</valUSD>
        <pctVal>0.622744245111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-16</ncom:dateSigned>
      <ncom:nameOfApplicant>COMMERCE FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Bill Schuetter</ncom:signature>
      <ncom:signerName>Bill Schuetter</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
