Changing My Investments

Changing Shares From Fund to Fund

As a shareholder, you have the privilege of exchanging your shares for shares of any other Commerce Fund. Exchanges may also be made into the Service Shares of Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio (“Money Market Fund”). Goldman Sachs Asset Management, a unit of the Investment Management Division of Goldman, Sachs & Co., and a co-administrator of the Trust, serves as investment adviser for the Money Market Fund. Shares being exchanged are subject to the minimum initial and subsequent investment requirements as described above. The Commerce Funds reserves the right to reject any exchange request and the exchange privilege may be modified or terminated at any time. At least 60 days’ notice of any material modification or termination of the exchange privilege will be given to shareholders except where notice is not required under the regulations of the Securities and Exchange Commission (SEC). Before exchanging your shares, you should consider carefully the investment objectives, policies, risks and expenses of the Fund you are acquiring. In addition, please see “General Policies” for a description of The Commerce Funds’ excessive trading policies.

To make a change, contact your investment advisor or call Commerce Funds, 1-800-995-6365

Making Automatic Exchanges: You may request on your account application that a specified dollar amount of shares be automatically exchanged for shares of any other Commerce Fund. These automatic exchanges may be made on any one day of each month and are subject to the following conditions:

• Minimum dollar amount for automatic exchanges must be at least $250 per month
• Value of the account in the originating Fund must be at least $1,000 after the exchange
• Value of the account in the acquired Fund must be equal or exceed the acquired Fund’s minimum initial investment requirement
• The names, addresses and taxpayer identification number for the shareholder accounts of the exchanged and acquired Funds must be identical.

Cross Reinvesting of Distributions

You may invest dividend or capital gain distributions from one Fund to another Fund. If you elect to reinvest the distributions paid by one Fund in shares of another Fund of The Commerce Funds, the dividends or distributions will be treated as received by you for tax purposes. Cross reinvestment privileges do not apply to the Money Market Fund described above.

A prospectus for the Commerce Funds containing more complete information may be obtained by calling 1-800-995-6365 or bydownloading it from this website. Please consider a Fund's objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The mutual funds referred to in this Web site are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectus contains more complete information about the funds, including charges and expenses, and should be read carefully before investing.