Commerce Missouri Tax-Free Intermediate Bond Fund

Overview Objective Seeks current income exempt from federal and, to the extent possible, from Missouri income taxes, as is consistent with the preservation of capital. Strategy Focuses primarily on investing in municipal obligations issued by the State of Missouri and its political subdivisions. Commentary Portfolio Fund Holdings Portfolio Composition Fund Manager - Brian P. Musielak, CFA Joined Commerce in 1995 Fund Manager since January, 1999 14 years of experience Risk/Return In general, greater returns are associated with greater risks. Fund Statistics: Inception Date 02/21/95 Ticker Symbol CFMOX Cusip 200626802 Minimum Initial Investment $1,000 Commentary as of 3/31/2009 Hoping to put the turbulent year of 2008 behind us, the first quarter of 2009 was positive for performance in the municipal bond market (“munis”).  Across the entire yield curve, munis were higher in value and lower in yield by anywhere from 20 to 40 basis points.  Overall the curve continues to be very steep, especially on the short end.  We have seen a decent level of liquidity return to the municipal market, which was a driver in bringing lower yielding bonds.  As was the case in 2008, market participants are still in the process of weighing the value added by the monoline insurers.  At this point only a handful of the insurers are writing new business, and it is our contention to avoid new issues with insurance as we feel the premium paid for the insurance is not worth the price.  In the fourth quarter of 2008 we saw a dramatic change in the relationship between munis and US treasury yields.  That relationship continued into the beginning of 2009.  As of the end of the 1st quarter, AAA GO munis had a higher nominal yield than US treasuries across the curve.  On the long end, this relationship was inverted by over 100 basis points for a 30 year bond.  The highest quality municipal borrower was paying tax-free interest rates at higher levels than where the U.S. Government could borrow in the treasury market.  Given this relationship, we believe municipals can present exceptional relative value continuing into 2009.  For the first quarter, the Fund underperformed its benchmark, the Barclays Capital 3-15 Year Blend Index, and its peers as measured by the Lipper Other States Intermediate Municipal Debt Funds Category 2nd Quartile Total Return Ranking. Our overweight to higher yielding revenue bonds remained a drag on performance, particularly against our benchmark, while a higher concentration in bonds in the best performing maturity range, 10-15 years, helped to offset.  As additional yield offered on lower-rated credits increases, we will look for opportunities to increase our exposure in that space.  It is also notable that Missouri has seen a drastic decrease in the supply of paper, especially relative to other states.      Performance Report Total Fund Assets as of 3/31/2009 $201,504,664.77 Net Asset Value1 $19.07    Effective Duration 2 6.28 years

Portfolio Composition as of 3/31/093 By Security Type By Credit Rating Footnotes: 1. The Net Asset Value represents the assets of the fund (ex dividend) by the total number of shares. 2. Duration is the method of determining a bond's price sensitivity, given changes in interest rates. 3. The composition of the portfolio is subject to change in the future. 4. The Fund's investments may subject shareholders to federal alternative minimum tax. The investment income from this Fund may be subject to state income taxes.

Portfolio Holdings Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. When interest rates rise, the prices of bonds and therefore the value of fixed income mutual fund shares can decrease and an investor can lose principal value. The Fund is non-diversified. Due to the small number of bonds generally held in the portfolio, the Fund may be subject to greater risks than a more diversified fund. A change in the value of any single holding may affect the overall value more than it would affect a diversified fund that holds more investments. In addition, the Fund's investments may subject shareholders to federal alternative minimum tax. The investment income from this Fund may be subject to state income taxes. 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 MISSOURI TAX-FREE INTERMEDIATE BOND FUND HOLDINGS April, 2009* May, 2009* June, 2009*   *Adobe Acrobat 6.0® or above required. Download now for free.

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