Commerce Funds Distributions

2017 Income and Capital Gain Distribution Dates for the Commerce Funds

Quarterly Payments for Commerce Value Fund

Record Date Ex-Date Payable Date
3/23/2017 3/24/2017 3/27/2017
6/22/2017 6/23/2017 6/26/2017
9/21/2017 9/22/2017 9/25/2017

Annual Payment for all Equity Funds

Record Date Ex-Date Payable Date
12/21/2017 12/22/2017 12/26/2017

Capital Gains for all funds

Record Date Ex-Date Payable Date
12/7/2017 12/8/2017 12/11/2017

Commerce Funds March 2017 Dividend Income Distributions

Record Date: March 23, 2017 (close of business)
Ex/Reinvest Date: March 24, 2017
Payment Date: March 27, 2017

  Income Distribution
Fund Ticker Per Share
Value CFVLX $0.2066

2016 Income and Capital Gain Distribution Dates for the Commerce Funds

Quarterly Payments for Commerce Value Fund

Record Date Ex-Date Payable Date
3/17/2016 3/18/2016 3/21/2016
6/23/2016 6/24/2016 6/27/2016
9/22/2016 9/23/2016 9/26/2016

Annual Payment for all Equity Funds

Record Date Ex-Date Payable Date
12/22/2016 12/23/2016 12/27/2016

Capital Gains for all funds

Record Date Ex-Date Payable Date
12/1/2016 12/2/2016 12/5/2016

Commerce Funds Actual 2016 Year-End Capital Gains Distributions

Record Date: December 1, 2016 (close of business)
Ex/Reinvest Date: December 2, 2016
Payment Date: December 5, 2016

  Per Share
Fund Short-Term Gain (Taxable as Ordinary Income) Long-Term Gain (Taxable at 15%)
Growth $0.0769 $1.3117
Value $0.1397 $0.4523
MidCap Growth None $1.6266
Bond None $0.0080
Short-Term Government None None
National Tax-Free Intermed. Bond $0.0404 $0.0471
Missouri Tax-Free Intermed. Bond None None
Kansas Tax-Free Intermed. Bond None None

December 2016 Net Investment Income Distribution for the Commerce Equity Funds

Record Date: December 22, 2016 (close of business)
Ex/Reinvest Date: December 23, 2016
Payment Date: December 27, 2016

  Income Distribution
Fund Ticker Per Share
Growth CFGRX $0.2443
MidCap Growth CFAGX $0.1817
Value CFVLX $0.2177

Commerce Funds March 2016 Dividend Income Distributions

Record Date: March 17, 2016 (close of business)
Ex/Reinvest Date: March 18, 2016
Payment Date: March 21, 2016

  Income Distribution
Fund Ticker Per Share
Value CFVLX $0.2060

Commerce Funds June 2016 Dividend Income Distributions

Record Date: June 23, 2016 (close of business)
Ex/Reinvest Date: June 24, 2016
Payment Date: June 27, 2016

  Income Distribution
Fund Ticker Per Share
Value CFVLX $0.1539

Commerce Funds September 2016 Dividend Income Distributions

Record Date: September 22, 2016 (close of business)
Ex/Reinvest Date: September 23, 2016
Payment Date: September 26, 2016

  Income Distribution
Fund Ticker Per Share
Value CFVLX $0.1992

Please note that this information does not constitute tax advice and, as such, shareholders should consult their tax advisors regarding the tax consequences of their investment activities. In addition, these distribution amounts represent past portfolio results and do not indicate future performance.

For income distribution information on Commerce Funds that distribute income monthly, please call us at 1-800-995-6365.

IRS Circular 230 disclosure: Commerce Bank does not provide legal, tax or accounting advice. Any statement contained in this communication concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Commerce Bank should obtain their own independent tax advice based on their particular circumstances.

Footnotes:
The MidCap Growth Fund may invest in stocks of smaller companies. Stocks of smaller companies are often more volatile and present greater risks than stocks of larger companies. At times the Fund may be unable to sell the securities it holds without a substantial drop in its price, if at all.

The Short-Term Government Fund's net asset value and yield are not guaranteed by the U.S. Government or by its agencies, instrumentalities or sponsored enterprises.

The tax-free funds' investments may subject shareholders to federal alternative minimum tax. Income from the National Tax-Free Intermediate Bond Fund may be subject to state income tax. Commerce Investment Advisors, Inc., a subsidiary of Commerce Bank, and serves as investment advisor to The Commerce Funds and receives a fee for its services. Goldman, Sachs & Co. is the distributor of The Commerce Funds.

A prospectus for the Commerce Funds containing more complete information may be obtained by calling 1-800-995-6365 or by downloading 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.