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Commerce MidCap Growth Fund
Seeks capital appreciation and, secondarily, current income.
Invests in a diversified portfolio of equity securities of medium-sized companies that show the potential for above-average growth in earnings.
Commentary
Portfolio Fund Holdings
Top Ten Holdings
Sector Diversification
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Management Team
The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 22 years of experience.

In general, greater returns are associated with greater risks.
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| Fund Statistics: |
Institutional Shares
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| Inception Date |
12/12/94 |
| Ticker Symbol |
CFAGX |
| Cusip |
200626505 |
| Minimum Initial Investment |
$1,000 |
Commentary for Institutional Shares as of 6/30/2008
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Stock prices moved higher for the first half of the quarter as the market recovered from the Bear Stearns financial collapse. As May progressed, oil prices continued to move higher, further cracks in the financial system began to appear, and with consumer and business confidence plunging, stocks prices turned down. The major averages declined reaching new lows by the end of the quarter.
Energy and industrial stocks (mainly oil service) were the one bright spot in the quarter, surging 34%. The Fund’s performance was hurt because we were underweight both of the aforementioned sectors at the beginning of the quarter. We did increase our exposure to companies exposed to energy and are now overweight the index. The top three performers in the quarter were W & T Offshore Inc. (0.86%), Consolidated Energy Inc. (2.73%), and Noble Energy Inc. (1.78%), which rose 62%, 56%, and 41%, respectively.
Juniper Networks Inc. (1.86%) and MEMC Electric Inc. (1.17%) declined 31% and 30% respectively, causing our technology sector holdings to underperform in the quarter. The Fund performance was helped with our strong stock selection in financials. The financial stocks held in the Fund increased 6% while the sector declined 3%. The Fund also benefited from our underweight in retail and consumer services sectors. |
| Performance Report Institutional Shares |
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| Top Equity Ten Holdings5 as of 6/30/2008 |
| American Tower Corp. |
2.7% |
| Consol Energy Inc. |
2.7% |
| Verisign Inc. |
2.3% |
| Parker-Hannifin Corp. |
2.3% |
| Dresser-Rand Group Inc. |
2.3% |
| UST Inc. |
2.2% |
| Dun & Bradstreet Corp. |
2.2% |
| IMS Health Inc. |
2.2% |
| Adobe Systems Inc. |
2.1% |
| Jacobs Engineering Group Inc. |
1.9% |
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| Sector Diversification as of 6/30/2008 |
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Fund |
Index* |
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Fund |
Index* |
| Electronic Technology |
13.73% |
13.41% |
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Consumer Non-Durables |
3.79% |
4.32% |
| Health Technology |
11.08% |
7.25% |
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Communications |
3.71% |
2.39% |
| Industrial Services |
10.17% |
8.77% |
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Consumer Services |
2.79% |
7.90% |
| Finance |
9.71% |
6.25% |
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Commercial Services |
2.59% |
2.81% |
| Technology Services |
9.54% |
7.49% |
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Utilities |
1.54% |
4.48% |
| Producer Manufacturing |
7.38% |
8.56% |
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Consumer Durables |
1.46% |
2.20% |
| Energy Minerals |
7.09% |
7.29% |
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Other |
0.48% |
0.00% |
| Health Services |
5.87% |
3.45% |
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Distribution Services |
0.00% |
1.17% |
| Process Industries |
5.02% |
3.29% |
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Non-Energy Minerals |
0.00% |
1.66% |
| Retail Trade |
4.05% |
5.48% |
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Transportation |
0.00% |
1.83% |
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Total |
100% |
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| *Russell Midcap Growth Index |
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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. 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.
4. The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any fees or expenses. |
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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 MIDCAP GROWTH FUND HOLDINGS
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