Commerce Growth Fund

Overview Objective Seeks capital appreciation and, secondarily, current income. Strategy Primarily focuses on the stocks of companies that have shown and are expected to show above-average growth in earnings. Commentary Portfolio Fund Holdings Top Ten Holdings Sector Diversification Fund Manager - Joseph C. Williams III, CFA Joined Commerce in 1975 Fund Manager since Fund inception 32 years of experience Risk/Return In general, greater returns are associated with greater risks. Fund Statistics: Inception Date 12/12/94 Ticker Symbol CFGRX Cusip 200626406 Minimum Initial Investment $1,000 Commentary as of 3/31/2009 Stock prices continued their downward spiral in the first quarter of 2009. With the economy slipping into a deep recession, earnings from U. S. corporations have been under severe downward pressure. Growth stocks actually held up fairly well relative to value issues. The Fund outperformed the benchmark returning at -3.78% versus - 4.11% for the Russell 1000 Growth Index. Leading the outperformance for growth stocks was technology, posting positive returns for the quarter. The Fund has over 32% invested in technology related stocks and we increased our exposure by 4%, mainly in technology services, with the addition of BMC Software Inc. (0.84%) and SOHU.com. Inc. (0.81%). Fund performance was hurt by large declines in sectors heavily exposed to the international economic slowdown. Our overexposure to commercial services, industrial services and producer manufacturing were a drag on returns. In the producer manufacturing sector Emerson Electric Co. (0.87%) and United Technologies Corp. (2.05%) declined 25% and 22% in the quarter. Even with gloomy economic reports retailers had a strong rebound after a dismal 2008. Three of the five best performers in the quarter were retailers Big Lots Inc. (0.72%), Amazon.com Inc. (2.43%) and TJX Cos. Inc. (1.09%) up 43%, 35% and 19%, respectfully. Performance Report Total Fund Assets as of 3/31/2009 $95,351,961.42 Net Asset Value1 $16.78 Asset Allocation    Equities 97.9%    Cash 2.1% Average Market Capitalization $58.1 Billion

Holdings Top Ten Equity Holdings2 as of 3/31/2009 International Business Machines 4.0% Microsoft Corp. 3.8% Cisco Systems Inc. 3.1% Exxon Mobil Corp. 2.9% Oracle Corp. 2.9% Gilead Sciences Inc. 2.7% Monsanto Co. 2.5% Amazon.com. Inc. 2.4% Occidental Petroleum Corp. 2.4% Johnson & Johnson 2.3%   Sector Diversification as of 3/31/2009   Fund Index*     Fund Index* Technology Services 17.04% 14.25%   Industrial Services 2.70% 4.07% Health Technology 15.86% 11.81%   Process Industries 2.55% 3.17% Electronic Technology 15.36% 17.31%   Distribution Services 2.49% 1.09% Retail Trade 7.56% 7.68%   Commercial Services 1.83% 1.03% Consumer Non-Durables 6.80% 9.99%   Other 1.01% 0.51% Producer Manufacturing 6.74% 5.53%   Transportation 0.64% 2.68% Energy Minerals 6.22% 5.13%   Consumer Durables 0.00% 0.52% Finance 4.97% 4.12%   Communications 0.00% 0.80% Consumer Services 4.94% 5.32%   Non-Energy Minerals 0.00% 1.11% Health Services 3.29% 2.06%   Utilities 0.00% 1.82%         Total 100%   *Russell 1000 Growth Index Footnotes: 1. The Net Asset Value represents the assets of the fund (ex dividend) by the total number of shares. 2. The composition of the portfolio is subject to change in the future. 3. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any fees or expenses.

Portfolio Holdings The Fund invests in mid-capitalization securities. The securities of mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. COMMERCE GROWTH FUND HOLDINGS April, 2009* May, 2009* June, 2009*   *Adobe Acrobat 6.0® or above required. Download now for free.

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.

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