Commerce Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-8598

The Commerce Funds

(Exact name of registrant as specified in charter)

922 Walnut St., Fourth Floor, Mail Code = TB4-1, Kansas City, Missouri 64106

(Address of principal executive offices) (Zip code)

Diana E. McCarthy, Esq.,

Drinker Biddle & Reath LLP

One Logan Square

18^th & Cherry Streets

Philadelphia, PA 19103

(Name and address of agent for service)

Registrant’s telephone number, including area code:1-800-995-6365

Date of fiscal year end 10/31

Date of reporting period: 4/30/09

ITEM 1. REPORTS TO SHAREHOLDERS

The Semi-Annual Report to Shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1) is filed herewith.

The Commerce Funds	The Commerce Funds Semi-Annual Report April 30, 2009

For Your Life’s Direction

At The Commerce Funds, we’re committed to providing sound investment choices to help you realize your most important financial goals, no matter where life takes you.

We offer a full range of mutual funds managed by Commerce Investment Advisors, Inc., a subsidiary of Commerce Bank. With a choice of 8 portfolios—each targeting a specific investment goal—we make it easy for you to invest with confidence not just today, but throughout all the stages of your life.

Behind each of our Funds is a carefully defined investment philosophy and a commitment to the highest investment standards. This means, whether you are building a nest egg for retirement, planning for your child’s education, or saving for a special need, you can find investment options at The Commerce Funds.

In general, greater returns are associated with greater risks and increased risks create the potential for greater losses.

COMMERCE FUND

Table of Contents

Performance Information and Schedules of Investments
Growth	2
Value	4
MidCap Growth	7
Bond	10
Short-Term Government	17
National Tax-Free Intermediate Bond	21
Missouri Tax-Free Intermediate Bond	29
Kansas Tax-Free Intermediate Bond	36
Statements of Assets and Liabilities	40
Statements of Operations	42
Statements of Changes in Net Assets	44
Notes to Financial Statements	48
Financial Highlights	58
Other Information	66

Please note:

The information in this semi-annual report is as of April 30, 2009 and is unaudited. To view more recent information about each Commerce Fund’s performance and portfolio or to obtain a prospectus, please visit our website at www.commercefunds.com. This report is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus, which contains more complete information about the Commerce Fund’s investment policies, management and expenses. Investors should read the prospectus carefully before investing.

You may also receive Commerce Funds information by calling toll free 1-800-995-6365 or by writing to P.O. Box 219525, Kansas City, Missouri, 64121-9525, or you may contact your investment professional. The Commerce Funds publish performance and portfolio information for each Commerce Fund at the end of every calendar quarter. Investors should read the prospectus carefully before investing or sending money.

COMMERCE GROWTH FUND

Growth Fund

Performance Information⁽¹⁾(Unaudited)

For the six months ended April 30, 2009, the Fund had a total return of (2.19)%, based on its Net Asset Value (NAV). This compares to the Russell 1000 Growth Index⁽²⁾ six-month return of (1.52)%. Past performance is no guarantee of future results.

Schedule of Investments

April 30, 2009 (Unaudited)

Shares	Description	Value
Common Stocks – 99.0%
Commercial Services – 1.3%
16,300	Dun & Bradstreet Corp.	$    1,326,820
Consumer Non-Durables – 6.9%
8,200	Church & Dwight Co., Inc.	446,162
17,000	Colgate-Palmolive Co.	1,003,000
9,700	Kimberly-Clark Corp.	476,658
23,100	PepsiCo, Inc.	1,149,456
12,700	Philip Morris International, Inc.	459,740
19,400	Polo Ralph Lauren Corp.	1,044,496
38,100	Procter & Gamble Co.	1,883,664
11,600	The Coca-Cola Co.	499,380
		6,962,556
Consumer Services – 6.0%
18,500	Chipotle Mexican Grill, Inc.*	1,500,165
26,300	Darden Restaurants, Inc.	972,311
8,600	ITT Educational Services, Inc.*	866,622
17,600	Panera Bread Co.*	985,776
47,100	The Walt Disney Co.	1,031,490
27,000	Weight Watchers International, Inc.	671,760
		6,028,124
Distribution Services – 2.9%
40,700	Herbalife Ltd.	806,674
24,500	W.W. Grainger, Inc.	2,055,060
		2,861,734
Electronic Technology – 17.2%
10,600	Apple Computer, Inc.*	1,333,798
176,300	Cisco Systems, Inc.*	3,406,116
43,000	CommScope, Inc.*	1,079,300
83,200	Corning, Inc.	1,216,384
45,800	Hewlett-Packard Co.	1,647,884
53,600	Intel Corp.	845,808
54,800	Juniper Networks, Inc.*	1,186,420
20,500	L-3 Communications Holdings, Inc.	1,561,075
53,500	Linear Technology Corp.	1,165,230
17,400	Lockheed Martin Corp.	1,366,422
17,700	Rockwell Collins, Inc.	678,795
101,400	Texas Instruments, Inc.	1,831,284
		17,318,516

Shares	Description	Value
Common Stocks – (continued)
Energy Minerals – 5.9%
30,100	CONSOL Energy, Inc.	$       941,528
40,700	Exxon Mobil Corp.	2,713,469
41,000	Occidental Petroleum Corp.	2,307,890
		5,962,887
Finance – 5.0%
8,100	BlackRock, Inc.	1,186,812
24,600	Franklin Resources, Inc.	1,487,808
23,700	Northern Trust Corp.	1,288,332
54,300	The Charles Schwab Corp.	1,003,464
		4,966,416
Health Services – 3.1%
41,500	IMS Health, Inc.	521,240
37,000	Medco Health Solutions, Inc.*	1,611,350
21,400	Stericycle, Inc.*	1,007,512
		3,140,102
Health Technology – 13.4%
29,200	Abbott Laboratories	1,222,020
12,600	Allergan, Inc.	587,916
28,600	Becton, Dickinson & Co.	1,729,728
20,700	C. R. Bard, Inc.	1,482,741
51,400	Eli Lilly & Co.	1,692,088
55,800	Gilead Sciences, Inc.*	2,555,640
41,400	Johnson & Johnson	2,167,704
37,800	Stryker Corp.	1,463,238
10,700	Techne Corp.	612,254
		13,513,329
Industrial Services – 2.8%
27,600	Schlumberger Ltd.	1,352,124
54,700	Waste Management, Inc.	1,458,849
		2,810,973
Non-Energy Minerals – 0.4%
14,600	United States Steel Corp.	387,630
Process Industries – 1.3%
15,800	Monsanto Co.	1,341,262

⁽¹⁾ Returns assume expense reimbursements and are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽²⁾ The Russell 1000 Growth Index, an unmanaged index, is a market capitalization weighted index of those 1,000 Russell companies with higher price-to-book ratios and higher forecasted growth values. The Index figure does not reflect the deduction of any fees, expenses or taxes.

2 The accompanying notes are an integral part of these financial statements.

COMMERCE GROWTH FUND

Shares	Description	Value
Common Stocks – (continued)
Producer Manufacturing – 6.9%
30,600	AMETEK, Inc.	$       985,626
29,100	Emerson Electric Co.	990,564
32,000	Honeywell International, Inc.	998,720
54,000	Illinois Tool Works, Inc.	1,771,200
45,400	United Technologies Corp.	2,217,336
		6,963,446
Retail Trade – 7.8%
23,400	Amazon.com, Inc.*	1,884,168
21,900	Best Buy Co., Inc.	840,522
33,200	Big Lots, Inc.*	917,648
26,800	Dollar Tree, Inc.*	1,134,712
58,700	Staples, Inc.	1,210,394
40,600	The TJX Cos., Inc.	1,135,582
14,500	Wal-Mart Stores, Inc.	730,800
		7,853,826
Technology Services – 17.4%
32,400	Adobe Systems, Inc.*	886,140
24,300	BMC Software, Inc.*	842,481
5,300	Google, Inc.*	2,098,641
54,200	Hewitt Associates, Inc.*	1,699,712
39,300	International Business Machines Corp.	4,056,153
197,800	Microsoft Corp.	4,007,428
152,000	Oracle Corp.	2,939,680
18,700	Sohu.com, Inc.*	975,205
		17,505,440
Transportation – 0.7%
22,900	CSX Corp.	677,611
TOTAL COMMON STOCKS
(Cost $120,783,653)		$  99,620,672
Exchange Traded Fund – 1.0%
27,000	iShares Russell 1000 Growth Index Fund
(Cost $961,311)		$    1,043,280

Principal Amount	Interest Rate	Maturity Date	Value
Repurchase Agreement(a) – 1.6%
State Street Bank & Trust Co.
$ 1,614,000	0.010%	05/01/09	$    1,614,000
Maturity Value: $1,614,000
(Cost $1,614,000)
TOTAL INVESTMENTS – 101.6%
(Cost $123,358,964)			$102,277,952
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%			(1,632,985)
NET ASSETS – 100.0%			$100,644,967

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Repurchase agreement was entered into on April 30, 2009. This agreement was fully collateralized by $1,560,000 U.S. Treasury Notes, 3.125%, due 09/30/13 with a market value of $1,647,048.

PORTFOLIO COMPOSITION

Industry Allocation	AS OF 4/30/09		AS OF 10/31/08
Technology Services	17.4	%	14.9	%
Electronic Technology	17.2		17.0
Health Technology	13.4		13.9
Retail Trade	7.8		5.6
Producer Manufacturing	6.9		7.1
Consumer Non-Durables	6.9		6.4
Consumer Services	6.0		2.7
Energy Minerals	5.9		7.9
Finance	5.0		4.9
Health Services	3.1		3.6
Distribution Services	2.9		2.4
Industrial Services	2.8		5.7
Process Industries	1.3		4.0
Commercial Services	1.3		2.4
Exchange Traded Fund	1.0		0.3
Transportation	0.7		1.0
Non-Energy Minerals	0.4		—
Short-Term Obligation	1.6		0.4
TOTAL INVESTMENTS	101.6	%	100.2	%

The percentage shown for each Industry Allocation reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such, its composition may differ over time.

The accompanying notes are an integral part of these financial statements. 3

COMMERCE VALUE FUND

Value Fund

Performance Information⁽¹⁾(Unaudited)

For the six months ended April 30, 2009, the Fund had a total return of (12.96)%, based on its Net Asset Value (NAV). This compares to the Russell 1000 Value Index⁽²⁾ six-month return of (13.27)%. Past performance is no guarantee of future results.

Schedule of Investments

April 30, 2009 (Unaudited)

Shares	Description	Value
Common Stocks – 98.1%
Commercial Services – 1.2%
7,000	Cintas Corp.	$     179,620
5,000	Lender Processing Services, Inc.	143,300
8,000	Moody’s Corp.	236,160
17,000	R.R. Donnelley & Sons Co.	198,050
		757,130
Communications – 7.4%
91,500	AT&T, Inc.	2,344,230
54,500	Frontier Communications Corp.	387,495
51,500	Verizon Communications, Inc.	1,562,510
47,000	Windstream Corp.	390,100
		4,684,335
Consumer Non-Durables – 6.9%
17,000	Coca-Cola Enterprises, Inc.	290,020
15,500	Constellation Brands, Inc.*	179,645
9,000	General Mills, Inc.	456,210
37,000	Procter & Gamble Co.	1,829,280
13,000	Reynolds American, Inc.	493,740
17,000	Sara Lee Corp.	141,440
8,000	The Coca-Cola Co.	344,400
20,000	The Pepsi Bottling Group, Inc.	625,400
		4,360,135
Consumer Services – 4.1%
20,000	Cablevision Systems Corp.	343,200
22,000	Comcast Corp.	340,120
15,000	Expedia, Inc.*	204,150
6,000	International Speedway Corp.	142,080
17,500	Liberty Global, Inc.*	288,575
3,500	McDonald’s Corp.	186,515
20,000	News Corp.	165,200
16,500	The Walt Disney Co.	361,350
4,601	Time Warner Cable, Inc.	148,290
18,333	Time Warner, Inc.	400,210
		2,579,690
Distribution Services* – 0.4%
18,000	Ingram Micro, Inc.	261,360
Electronic Technology – 4.4%
12,500	EMC Corp.*	156,625

Shares	Description	Value
Common Stocks – (continued)
Electronic Technology – (continued)
13,000	General Dynamics Corp.	$     671,710
10,000	Hewlett-Packard Co.	359,800
22,500	Integrated Device Technology, Inc.*	122,175
12,000	Intel Corp.	189,360
14,500	Juniper Networks, Inc.*	313,925
3,500	Lockheed Martin Corp.	274,855
4,500	Northrop Grumman Corp.	217,575
13,000	QLogic Corp.*	184,340
3,500	Raytheon Co.	158,305
21,500	Xerox Corp.	131,365
		2,780,035
Energy Minerals – 15.4%
6,500	Anadarko Petroleum Corp.	279,890
4,250	Apache Corp.	309,655
12,000	Chesapeake Energy Corp.	236,520
38,000	ChevronTexaco Corp.	2,511,800
22,000	ConocoPhillips	902,000
9,500	Devon Energy Corp.	492,575
2,750	EOG Resources, Inc.	174,570
58,500	Exxon Mobil Corp.	3,900,195
13,000	Marathon Oil Corp.	386,100
2,500	Occidental Petroleum Corp.	140,725
10,000	Valero Energy Corp.	198,400
4,750	XTO Energy, Inc.	164,635
		9,697,065
Finance – 20.3%
5,500	Ameriprise Financial, Inc.	144,925
20,500	Annaly Capital Management, Inc.	288,435
4,000	Aon Corp.	168,800
7,250	Arthur J. Gallagher & Co.	162,980
6,000	Assurant, Inc.	146,640
90,000	Bank of America Corp.	803,700
5,500	Bank of Hawaii Corp.	193,270
17,750	Bank of New York Mellon Corp.	452,270
1,250	BlackRock, Inc.	183,150
14,000	Capital One Financial Corp.	234,360
1,000	CME Group, Inc.	221,350
22,000	Discover Financial Services	178,860
6,000	Equity Residential	137,340
12,500	Fidelity National Financial, Inc.	226,625

⁽¹⁾ Returns assume expense reimbursements and are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽²⁾ The Russell 1000 Value Index, an unmanaged market capitalization weighted index of those 1,000 Russell companies with lower price-to-book ratios and lower forecasted growth values. The Index figure does not reflect the deduction of any fees, expenses or taxes.

4 The accompanying notes are an integral part of these financial statements.

COMMERCE VALUE FUND

Shares	Description	Value
Common Stocks – (continued)
Finance – (continued)
4,250	Franklin Resources, Inc.	$     257,040
6,000	GATX Corp.	180,660
8,750	HCP, Inc.	192,063
58,000	JPMorgan Chase & Co.	1,914,000
15,000	KeyCorp	92,250
7,500	Loews Corp.	186,675
7,750	MetLife, Inc.	230,563
22,000	Morgan Stanley & Co.	520,080
8,500	NYSE Euronext	196,945
5,000	PNC Financial Services Group, Inc.	198,500
4,000	Prudential Financial, Inc.	115,520
8,500	Raymond James Financial, Inc.	133,365
6,500	Reinsurance Group of America, Inc.	206,635
3,059	Simon Property Group, Inc.	157,844
9,000	State Street Corp.	307,170
4,250	SunTrust Banks, Inc.	61,370
6,000	The Allstate Corp.	139,980
9,250	The Chubb Corp.	360,287
13,000	The Progressive Corp.*	198,640
13,000	The Travelers Cos., Inc.	534,820
5,500	Torchmark Corp.	161,315
4,500	Transatlantic Holdings, Inc.	170,685
17,500	Trustmark Corp.	380,450
32,000	U.S. Bancorp.	583,040
16,000	Unum Group	261,440
8,750	Valley National Bancorp	126,613
3,043	Vornado Realty Trust	148,772
57,000	Wells Fargo & Co.	1,140,570
7,000	Zions Bancorp.	76,510
		12,776,507
Health Services – 1.4%
22,000	IMS Health, Inc.	276,320
8,000	UnitedHealth Group, Inc.	188,160
10,000	WellPoint, Inc.*	427,600
		892,080
Health Technology – 12.1%
15,000	Amgen, Inc.*	727,050
7,000	Biogen Idec, Inc.*	338,380
25,000	Boston Scientific Corp.*	210,250
19,000	Eli Lilly & Co.	625,480
12,000	Hill-Rom Holdings, Inc.	155,760
11,000	Hospira, Inc.*	361,570
35,000	Johnson & Johnson	1,832,600
35,500	King Pharmaceuticals, Inc.*	279,740
30,500	Merck & Co., Inc.	739,320
114,000	Pfizer, Inc.	1,523,040
19,000	Wyeth	805,600
		7,598,790
Industrial Services – 0.7%
16,000	Waste Management, Inc.	426,720

Shares	Description	Value
Common Stocks – (continued)
Non-Energy Minerals – 1.2%
8,000	Freeport-McMoRan Copper & Gold, Inc.	$     341,200
5,500	Nucor Corp.	223,795
5,500	Reliance Steel & Aluminum Co.	193,765
		758,760
Process Industries – 3.3%
9,000	Archer-Daniels-Midland Co.	221,580
14,000	E. I. du Pont de Nemours and Co.	390,600
6,500	Lubrizol Corp.	280,930
4,000	Sigma-Aldrich Corp.	175,360
11,500	Sonoco Products Co.	280,715
24,000	The Dow Chemical Co.	384,000
9,500	The Scotts Miracle-Gro Co.	320,815
		2,054,000
Producer Manufacturing – 6.6%
11,000	Armstrong World Industries, Inc.*	199,980
11,000	Crane Co.	253,990
3,500	Eaton Corp.	153,300
6,000	Emerson Electric Co.	204,240
166,000	General Electric Co.	2,099,900
5,000	Honeywell International, Inc.	156,050
6,000	Hubbell, Inc. Class B	199,200
14,000	Illinois Tool Works, Inc.	459,200
18,000	Masco Corp.	159,480
6,000	Parker Hannifin Corp.	272,100
		4,157,440
Retail Trade – 4.0%
9,500	BJ’s Wholesale Club, Inc.*	316,730
3,000	Costco Wholesale Corp.	145,800
8,500	CVS Caremark Corp.	270,130
5,250	Kohl’s Corp.*	238,087
8,500	Lowe’s Cos., Inc.	182,750
20,000	Macy’s, Inc.	273,600
19,000	RadioShack Corp.	267,520
12,500	The Gap, Inc.	194,250
17,000	The Home Depot, Inc.	447,440
4,000	Wal-Mart Stores, Inc.	201,600
		2,537,907
Technology Services – 2.7%
9,500	Affiliated Computer Services, Inc.*	459,610
9,500	BMC Software, Inc.*	329,365
12,000	CA, Inc.	207,000
12,000	Computer Sciences Corp.*	443,520
15,000	Symantec Corp.*	258,750
		1,698,245
Transportation – 0.7%
4,500	FedEx Corp.	251,820
5,500	Norfolk Southern Corp.	196,240
		448,060

The accompanying notes are an integral part of these financial statements. 5

COMMERCE VALUE FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Shares	Description	Value
Common Stocks – (continued)
Utilities – 5.3%
9,500	Alliant Energy Corp.	$     212,420
20,500	CenterPoint Energy, Inc.	218,120
9,000	DTE Energy Co.	266,130
32,000	Duke Energy Corp.	441,920
12,000	Edison International	342,120
3,000	Exelon Corp.	138,390
4,250	FPL Group, Inc.	228,607
8,000	PG&E Corp.	296,960
7,500	Progress Energy, Inc.	255,900
5,500	Questar Corp.	163,460
15,500	The Southern Co.	447,640
16,000	Xcel Energy, Inc.	295,040
		3,306,707
TOTAL COMMON STOCKS
(Cost $81,331,267)		$61,774,966
Exchange Traded Fund – 1.1%
15,000	iShares Russell 1000 Value Index Fund
(Cost $656,268)		$     675,150

Principal Amount	Interest Rate		Maturity Date	Value
Repurchase Agreement(a) – 0.7%
State Street Bank & Trust Co.
$479,000	0.010	%	05/01/09	$     479,000
Maturity Value: $479,000
(Cost $479,000)
TOTAL INVESTMENTS – 99.9%
(Cost $82,466,535)				$62,929,116
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%				38,172
NET ASSETS – 100.0%				$62,967,288

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Repurchase agreement was entered into on April 30, 2009. This agreement was fully collateralized by $465,000 U.S. Treasury Notes, 3.125%, due 09/30/13 with a market value of $490,947.

PORTFOLIO COMPOSITION

Industry Allocation	AS OF 4/30/09		AS OF 10/31/08
Finance	20.3	%	23.0	%
Energy Minerals	15.4		16.8
Health Technology	12.1		13.0
Communications	7.4		6.8
Consumer Non-Durables	6.9		7.9
Producer Manufacturing	6.6		6.6
Utilities	5.3		4.7
Electronic Technology	4.4		4.2
Consumer Services	4.1		1.8
Retail Trade	4.0		2.5
Process Industries	3.3		3.1
Technology Services	2.7		2.5
Health Services	1.4		0.9
Non-Energy Minerals	1.2		1.0
Commercial Services	1.2		0.8
Exchange Traded Fund	1.1		1.2
Industrial Services	0.7		1.3
Transportation	0.7		—
Distribution Services	0.4		—
Consumer Durables	—		0.2
Short-Term Obligation	0.7		0.5
TOTAL INVESTMENTS	99.9	%	98.8	%

The percentage shown for each Industry Allocation reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such, its composition may differ over time.

6 The accompanying notes are an integral part of these financial statements.

COMMERCE MIDCAP GROWTH FUND

MidCap Growth Fund

Performance Information⁽¹⁾(Unaudited)

For the six months ended April 30, 2009, the Fund had a total return of 2.48%, based on its Net Asset Value (NAV). This compares to the Russell MidCap Growth Index⁽²⁾ six-month return of 2.71%. Past performance is no guarantee of future results.

Schedule of Investments

April 30, 2009 (Unaudited)

Shares	Description	Value
Common Stocks – 94.2%
Commercial Services – 3.8%
8,100	Copart, Inc.*	$     254,259
7,700	Dun & Bradstreet Corp.	626,780
11,500	Manpower, Inc.	495,535
8,800	The Brink’s Co.	249,480
		1,626,054
Communications – 4.1%
26,800	American Tower Corp.*	851,168
15,800	Embarq Corp.	577,648
47,200	Frontier Communications Corp.	335,592
		1,764,408
Consumer Durables – 0.9%
10,500	The Stanley Works	399,315
Consumer Non-Durables – 3.1%
10,200	Central European Distribution Corp.*	228,480
7,780	Church & Dwight Co., Inc.	423,310
9,000	Coach, Inc.*	220,500
4,100	Polo Ralph Lauren Corp.	220,744
3,800	The Clorox Co.	212,990
		1,306,024
Consumer Services –  6.3%
8,800	Brink’s Home Security Holdings, Inc.*	233,904
11,300	Brinker International, Inc.	200,236
8,400	Chipotle Mexican Grill, Inc. Class A*	681,156
15,200	DISH Network Corp.*	201,400
8,900	Panera Bread Co.*	498,489
14,500	Weight Watchers International, Inc.	360,760
15,500	Yum! Brands, Inc.	516,925
		2,692,870
Electronic Technology – 14.1%
21,400	Altera Corp.	349,034
10,800	CommScope, Inc.*	271,080
9,690	Harris Corp.	296,320
9,578	ITT Corp.	392,794
43,200	Juniper Networks, Inc.*	935,280
5,646	L-3 Communications Holdings, Inc.	429,943
28,400	Linear Technology Corp.	618,552
10,700	MEMC Electronic Materials, Inc.*	173,340
17,490	Microchip Technology, Inc.	402,270

Shares	Description	Value
Common Stocks – (continued)
Electronic Technology – (continued)
5,100	Precision Castparts Corp.	$     381,786
17,765	Rockwell Collins, Inc.	681,288
10,000	Western Digital Corp.*	235,200
42,200	Xilinx, Inc.	862,568
		6,029,455
Energy Minerals – 5.2%
16,200	CONSOL Energy, Inc.	506,736
24,700	Denbury Resources, Inc.*	402,116
11,800	Murphy Oil Corp.	562,978
9,900	Noble Energy, Inc.	561,825
9,800	St. Mary Land & Exploration Co.	175,126
		2,208,781
Finance – 5.7%
9,495	Eaton Vance Corp.	259,878
6,400	Health Care REIT, Inc.	218,048
3,500	IntercontinentalExchange, Inc.*	306,600
9,100	Investment Technology Group, Inc.*	207,298
14,700	Northern Trust Corp.	799,092
17,000	T. Rowe Price Group, Inc.	654,840
		2,445,756
Health Services – 4.7%
13,780	Cerner Corp.*	741,364
3,400	Express Scripts, Inc.*	217,498
43,240	IMS Health, Inc.	543,095
4,100	Laboratory Corporation of America Holdings*	263,015
5,592	Stericycle, Inc.*	263,271
		2,028,243
Health Technology – 9.1%
10,540	Allergan, Inc.	491,796
11,080	C. R. Bard, Inc.	793,661
8,300	Cephalon, Inc.*	544,563
23,300	DENTSPLY International, Inc.	666,846
18,500	Forest Laboratories, Inc.*	401,265
12,140	IDEXX Laboratories, Inc.*	477,102
9,900	Varian Medical Systems, Inc.*	330,363
6,200	Watson Pharmaceuticals, Inc.*	191,828
		3,897,424

⁽¹⁾ Returns are not annualized and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽²⁾ The Russell MidCap Growth Index, an unmanaged index, measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Index figure does not reflect the deduction of any fees, expenses or taxes.

The accompanying notes are an integral part of these financial statements. 7

COMMERCE MIDCAP GROWTH FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Shares	Description	Value
Common Stocks – (continued)
Industrial Services – 3.8%
22,800	Dresser-Rand Group, Inc.*	$     561,564
7,100	ENSCO International, Inc.	200,788
7,886	Jacobs Engineering Group, Inc.*	299,983
6,600	National-Oilwell Varco, Inc.*	199,848
10,600	Oil States International, Inc.*	200,340
5,000	The Shaw Group, Inc.*	167,650
		1,630,173
Non-Energy Minerals – 0.8%
27,600	Steel Dynamics, Inc.	343,620
Process Industries – 5.6%
37,000	Crown Holdings, Inc.*	815,850
17,500	PPG Industries, Inc.	770,875
13,736	Sigma-Aldrich Corp.	602,186
6,300	The Scotts Miracle-Gro Co.	212,751
		2,401,662
Producer Manufacturing – 6.9%
13,800	AGCO Corp.*	335,340
6,500	AMETEK, Inc.	209,365
9,500	Cummins, Inc.	323,000
5,700	Dover Corp.	175,446
9,700	Energizer Holdings, Inc.*	555,810
8,400	Joy Global, Inc.	214,200
5,800	Lincoln Electric Holdings, Inc.	258,274
15,950	Parker Hannifin Corp.	723,332
16,800	Textron, Inc.	180,264
		2,975,031
Retail Trade – 6.1%
14,000	Dollar Tree, Inc.*	592,760
11,400	GameStop Corp.*	343,824
20,260	Nordstrom, Inc.	458,484
28,500	The TJX Cos., Inc.	797,145
14,400	Tiffany & Co.	416,736
		2,608,949
Technology Services – 11.3%
27,775	Adobe Systems, Inc.*	759,646
10,200	Akamai Technologies, Inc.*	224,604
9,100	Autodesk, Inc.*	181,454
12,300	BMC Software, Inc.*	426,441
20,200	CA, Inc.	348,450
10,400	Cognizant Technology Solutions Corp.*	257,816
14,600	Hewitt Associates, Inc.*	457,856
13,800	McAfee, Inc.*	518,052
12,000	Metavante Technologies, Inc.*	283,080
32,860	Paychex, Inc.	887,549
9,500	Sohu.com, Inc.*	495,425
		4,840,373
Transportation – 0.5%
5,600	Expeditors International of Washington, Inc.	194,376

Shares	Description	Value
Common Stocks – (continued)
Utilities – 2.2%
32,200	CenterPoint Energy, Inc.	$     342,608
13,000	DPL, Inc.	291,590
9,900	Mirant Corp.*	126,027
22,700	The AES Corp.*	160,489
		920,714
TOTAL COMMON STOCKS
(Cost $49,669,180)		$40,313,228
Exchange Traded Fund – 3.8%
47,600	iShares Russell Midcap Growth Index Fund
(Cost $2,655,633)		$  1,639,820

Principal Amount	Interest Rate		Maturity Date	Value
Repurchase Agreement(a) – 2.6%
State Street Bank & Trust Co.
$1,126,000	0.010	%	05/01/09	$  1,126,000
Maturity Value: $1,126,000
(Cost $1,126,000)
TOTAL INVESTMENTS – 100.6%
(Cost $53,450,813)				$43,079,048
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%				(260,017)
NET ASSETS – 100.0%				$42,819,031

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Repurchase agreement was entered into on April 30, 2009. This agreement was fully collateralized by $1,090,000 U.S Treasury Notes, 3.125%, due 9/30/13 with a market value of $1,150,822.

Investment Abbreviation:
REIT	—RealEstate Investment Trust

8 The accompanying notes are an integral part of these financial statements.

COMMERCE MIDCAP GROWTH FUND

PORTFOLIO COMPOSITION

Industry Allocation	AS OF 4/30/09		AS OF 10/31/08
Electronic Technology	14.1	%	12.1	%
Technology Services	11.3		7.6
Health Technology	9.1		12.8
Producer Manufacturing	6.9		6.8
Consumer Services	6.3		3.6
Retail Trade	6.1		6.3
Finance	5.7		5.9
Process Industries	5.6		6.0
Energy Minerals	5.2		5.8
Health Services	4.7		4.5
Communications	4.1		5.0
Exchange Traded Fund	3.8		4.4
Industrial Services	3.8		7.0
Commercial Services	3.8		5.2
Consumer Non-Durables	3.1		2.5
Utilities	2.2		1.6
Consumer Durables	0.9		0.8
Non-Energy Minerals	0.8		—
Transportation	0.5		—
Distribution Services	—		1.0
Short-Term Obligation	2.6		1.3
TOTAL INVESTMENTS	100.6	%	100.2	%

The percentage shown for each Industry Allocation reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such, its composition may differ over time.

The accompanying notes are an integral part of these financial statements. 9

COMMERCE BOND FUND

Bond Fund

Performance Information⁽¹⁾(Unaudited)

For the six months ended April 30, 2009, the Fund had a total return of 7.23%, based on its Net Asset Value (NAV). This compares to the Barclays Capital U.S. Aggregate Bond Index⁽²⁾ six-month return of 7.74%. Past performance is no guarantee of future results.

Schedule of Investments

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Asset-Backed Securities – 10.4%
Auto(a) – 0.7%
Hertz Vehicle Financing LLC Series 2005-1A, Class A5
$  4,770,000	5.080	%	11/25/11	$    3,674,109
Commercial – 1.4%
ACLC Business Loan Receivables Trust Series 2002-1A, Class A2(a)
1,025,464	7.462		12/15/22	840,881
LB-UBS Commercial Mortgage Trust Series 2002-C1, Class A4
6,500,000	6.462		03/15/31	6,604,208
				7,445,089
Credit Card – 1.9%
Cabela’s Master Credit Card Trust Series 2005-1A, Class A1(a)
5,000,000	4.970		10/15/13	4,796,271
Citibank Credit Card Issuance Trust Series 2004, Class A8
3,600,000	4.900		12/12/16	3,409,947
Target Credit Card Master Trust Series 2005-1, Class A(b)
2,250,000	0.498		10/27/14	1,906,946
				10,113,164
Home Equity – 3.4%
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-3, Class 1A5
3,490,438	5.407		06/25/32	2,321,884
Contimortgage Home Equity Loan Trust Series 1999-3, Class A6
74,433	8.180		12/25/29	73,953
Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1(a)(b)
1,720,980	0.638		02/25/37	1,018,336
Equifirst Mortgage Loan Trust Series 2003-2, Class 2A2
1,551,647	3.750		09/25/33	1,043,103
Lehman XS Trust Series 2005-1, Class 1A4(b)
1,509,021	0.778		07/25/35	1,148,088
Residential Asset Mortgage Products, Inc. Series 2003-RZ3, Class A6
3,511,621	3.400		03/25/33	2,536,437
Residential Funding Mortgage Securities I, Inc. Series 2000-HI2, Class AI5
1,465,710	8.350		03/25/25	1,405,603

Principal Amount	Interest Rate		Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity – (continued)
Residential Funding Mortgage Securities I, Inc. Series 2000-HI4, Class AI7
$    1,421,219	8.480	%	09/25/30	$    1,128,183
Residential Funding Mortgage Securities II, Inc. Series 2003-HS3, Class AI3
1,937,624	4.470		07/25/18	1,801,748
Soundview Home Equity Loan Trust Series 2006-EQ1, Class A2(b)
770,211	0.548		10/25/36	604,182
Southern Pacific Secured Asset Corp. Series 1998-2, Class A7
5,005,508	6.740		07/25/29	2,313,309
Structured Asset Securities Corp. Series 2005-9XS, Class 1A3A
3,000,000	5.250		06/25/35	2,006,974
Wells Fargo Home Equity Trust Series 2004-2, Class AI5(b)
700,000	4.890		05/25/34	506,129
				17,907,929
Manufactured Housing – 1.9%
Green Tree Financial Corp. Series 1993-4, Class A5
2,864,821	7.050		01/15/19	2,500,947
Green Tree Financial Corp. Series 1995-5, Class M1(b)
1,365,661	7.650		09/15/26	1,212,214
Green Tree Financial Corp. Series 1996-4, Class A7(b)
1,643,742	7.900		06/15/27	1,431,328
Green Tree Financial Corp. Series 1996-6, Class A6
462,156	7.950		09/15/27	425,399
Green Tree Financial Corp. Series 1997-3, Class A6
109,982	7.320		03/15/28	83,677
Green Tree Financial Corp. Series 1998-3, Class A5
919,602	6.220		03/01/30	667,313
Green Tree Financial Corp. Series 1998-3, Class A6(b)
633,054	6.760		03/01/30	453,953
Green Tree Financial Corp. Series 1999-1, Class M2(b)
1,500,000	7.340		11/01/28	141,238
Lehman Manufactured Housing Contract Series 2001-B, Class A3
571,431	4.350		05/15/14	346,637
Oakwood Mortgage Investors, Inc. Series 1996-C, Class A6
3,013,596	7.650		04/15/27	2,596,566
				9,859,272

⁽¹⁾ Returns are not annualized and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽²⁾ The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index comprised of the Barclays Capital Government Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The Index figure does not reflect the deduction of any fees, expenses or taxes.

10 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate		Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans – 1.1%
Brazos Higher Education Authority, Inc. Student Loan RB Taxable Series 2005, Class A-5 (Guaranteed Student Loans)(c)
$  2,857,827	4.910	%	12/01/40	$    2,857,827
Northstar Education Finance, Inc. Series 2005-1, Class A5(b)
2,618,400	1.823		10/30/45	2,618,400
				5,476,227
TOTAL ASSET-BACKED SECURITIES
(Cost $63,874,547)				$  54,475,790
Taxable Municipal Bond Obligations – 5.2%
Alabama – 0.2%
Montgomery Alabama Taxable GO Warrants Series 2005 (FSA)
$  1,295,000	4.790	%	04/01/15	$    1,327,051
Alaska – 0.2%
Providence Alaska Health System Direct Obligation Series 2005
755,000	4.680		10/01/10	776,729
500,000	4.790		10/01/11	519,780
				1,296,509
California – 0.6%
Industry California Sales Tax RB Taxable Series 2005 (MBIA)
3,045,000	5.000		01/01/13	2,994,971
Illinois – 0.2%
Will County Community Consolidated School District No. 30-C Troy Township Taxable GO Series 2007 (FSA)
1,100,000	5.650		10/01/18	1,083,412
Indiana – 1.0%
Indiana Bond Bank RB Taxable School Severance Funding Series 2006-11 (XLCA)
2,715,000	5.500		07/15/11	2,823,926
2,190,000	5.650		07/15/13	2,297,923
				5,121,849
Massachusetts – 0.5%
University of Massachusetts Building Authority RB Refunding Taxable Series 2006-2 (AMBAC)
255,000	5.360		05/01/11	267,189
2,485,000	5.430		05/01/12	2,635,193
				2,902,382
Missouri – 0.3%
St. Louis Package RB Series 2006 B (MBIA)
1,560,000	5.020		12/15/12	1,584,601
New Jersey – 0.2%
New Jersey Economic Development Authority RB Taxable Designated Industry Series 2004-A
1,000,000	5.200		03/01/14	1,035,240
New York – 0.8%
New York State Housing Finance Agency Personal Income Tax RB Taxable Economic Development & Housing Series 2006 B
3,925,000	5.220		09/15/15	4,066,418

Principal Amount	Interest Rate		Maturity Date	Value
Taxable Municipal Bond Obligations – (continued)
Oklahoma – 0.4%
Oklahoma State Capital Improvement Authority RB Taxable Oklahoma State Regents Series 2006 (MBIA)
$  2,000,000	5.160	%	07/01/13	$    2,099,620
Oregon – 0.2%
Multnomah County Oregon School District 1J Portland GO Bonds Refunding Taxable Series 2004
785,000	5.165		06/15/11	818,347
Rhode Island – 0.6%
Providence Rhode Island GO Bonds Refunding Taxable Series 2004-B (FSA)
710,000	4.960		07/15/14	714,146
Rhode Island Convention Center Authority RB Taxable Civic Center Series 2006 A (FSA)
2,155,000	5.810		05/15/16	2,212,388
				2,926,534
TOTAL TAXABLE MUNICIPAL BOND OBLIGATIONS
(Cost $26,508,978)				$  27,256,934
Commercial Mortgage Backed Security – 0.9%
Small Business Administration Series 2006-P10B, Class 1
$  4,513,624	5.681	%	08/10/16	$    4,759,793
(Cost $4,524,908)
Collaterized Mortgage Obligations – 37.0%
ABN Amro Mortgage Corp. Series 2003-13, Class A2
$  3,348,492	5.500	%	02/25/18	$    3,205,547
Banc of America Alternative Loan Trust Series 2004-1, Class 1A1
5,512,741	6.000		02/25/34	4,549,736
Banc of America Alternative Loan Trust Series 2005-10, Class 6A1
4,287,979	5.500		11/25/20	3,690,342
Banc of America Alternative Loan Trust Series 2006-3, Class 6A1
929,035	6.000		04/25/36	683,712
Banc of America Mortgage Securities Series 2004-E, Class 2A5(b)
5,000,000	4.112		06/25/34	4,474,915
Bear Stearns Alt-A Trust Series 2005-9, Class 25A1(b)
4,390,841	5.668		11/25/35	2,652,929
Bear Stearns Asset Backed Securities Trust Series 2003-AC7, Class A2
1,518,083	5.250		01/25/34	1,229,661
Chase Mortgage Finance Corp. Series 2003-S13, Class A1
2,429,105	5.500		11/25/33	2,041,677
Citicorp Mortgage Securities, Inc. Series 2006-4, Class 3A1
1,373,283	5.500		08/25/21	1,195,614
Citigroup Mortgage Loan Trust, Inc. Series 2005-10, Class 1A5A(b)
2,339,481	5.830		12/25/35	1,413,938

The accompanying notes are an integral part of these financial statements. 11

COMMERCE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Collaterized Mortgage Obligations – (continued)
Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5, Class 1A3A(b)
$  1,198,364	5.665	%	04/25/37	$       606,177
Citigroup Mortgage Loan Trust, Inc. Series 2009-3, Class 2A1(a)
6,000,000	5.750		09/25/21	5,670,000
Citimortgage Alternative Loan Trust Series 2006-A3, Class 2A1
909,144	5.500		07/25/36	673,335
Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1
1,751,505	5.250		09/25/19	1,599,984
Countrywide Alternative Loan Trust Series 2005-5R, Class A2
1,673,877	4.750		12/25/18	1,531,322
Countrywide Alternative Loan Trust Series 2007-J2, Class 2A1
1,159,927	6.000		07/25/37	632,523
Countrywide Home Loans Trust Series 2005-27, Class 2A1
4,782,387	5.500		12/25/35	3,519,541
Countrywide Home Loans Trust Series 2005-6, Class 2A1
1,274,578	5.500		04/25/35	963,502
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4
1,628,093	5.250		07/25/33	1,565,861
CS First Boston Mortgage Securities Corp. Series 2005-5, Class 2A9
9,000,000	5.500		07/25/35	6,252,101
FHLMC REMIC PAC Series 1579, Class PM
728,300	6.700		09/15/23	762,049
FHLMC REMIC PAC Series 2103, Class TE
698,322	6.000		12/15/28	743,810
FHLMC REMIC PAC Series 2110, Class PG
3,374,718	6.000		01/15/29	3,598,647
FHLMC REMIC PAC Series 2633, Class PC
3,341,957	4.500		07/15/15	3,391,702
FHLMC REMIC PAC Series 2640, Class DR
2,000,000	4.000		08/15/17	2,076,734
FHLMC REMIC PAC Series 2644, Class BM
1,173,978	4.500		01/15/26	1,188,399
FHLMC REMIC PAC Series 2716, Class DT
1,680,959	5.000		02/15/30	1,721,460
FHLMC REMIC PAC Series 2760, Class EC
4,050,000	4.500		04/15/17	4,241,526
FHLMC REMIC PAC Series 2791, Class KE
2,400,000	5.500		05/15/29	2,462,058
FHLMC REMIC PAC Series 2836, Class XQ
830,000	4.500		09/15/27	851,019
FHLMC REMIC PAC Series 2907, Class HC
2,600,000	5.000		06/15/27	2,693,260
FHLMC REMIC PAC Series 3259, Class EA
790,746	5.000		05/15/27	805,474
FHLMC REMIC Series 2391, Class Z
6,204,023	6.000		12/15/31	6,622,953

Principal Amount	Interest Rate		Maturity Date	Value
Collaterized Mortgage Obligations – (continued)
FHLMC REMIC Series 2508, Class OY
$  1,485,000	4.500	%	10/15/17	$    1,560,441
FHLMC REMIC Series 2524, Class WC
850,390	6.000		11/15/28	857,783
FHLMC REMIC Series 2603, Class C
2,620,000	5.500		04/15/23	2,775,715
FHLMC REMIC Series 2672, Class NH
4,400,000	4.000		09/15/18	4,466,258
FHLMC REMIC Series 2677, Class BC
800,000	4.000		09/15/18	809,899
FHLMC REMIC Series 2742, Class K
4,915,000	4.000		01/15/19	5,058,548
FHLMC REMIC Series 2840, Class JL
2,619,319	4.500		06/15/23	2,710,271
FHLMC REMIC Series 2890, Class KB
3,115,000	4.500		02/15/19	3,247,500
FHLMC REMIC TAC Series 2658, Class A
2,361,179	4.500		08/15/18	2,428,293
FHLMC Series T-58, Class 1A3
33,059	4.391		11/25/38	32,984
First Horizon Alternative Mortgage Securities Series 2004-FA2, Class 1A1
1,978,884	6.000		01/25/35	1,633,199
First Horizon Alternative Mortgage Securities Series 2006-RE1, Class A1
6,605,262	5.500		05/25/35	3,870,274
FNMA REMIC FNIC PAC Series 2001-45, Class WG
1,424,020	6.500		09/25/31	1,535,988
FNMA REMIC PAC Series 2003-1, Class PG
3,300,000	5.500		09/25/31	3,415,066
FNMA REMIC PAC Series 2003-117, Class KB
3,000,000	6.000		12/25/33	3,156,547
FNMA REMIC PAC Series 2003-14, Class AP
496,646	4.000		03/25/33	509,222
FNMA REMIC PAC Series 2004-53, Class NC
3,360,000	5.500		07/25/24	3,520,061
FNMA REMIC Series 2002-73, Class OE
4,019,000	5.000		11/25/17	4,256,823
FNMA REMIC Series 2002-82, Class XE
3,205,000	5.000		12/25/17	3,394,775
FNMA REMIC Series 2003-83, Class PG
700,000	5.000		06/25/23	736,799
FNMA REMIC Series 2003-84, Class PG
540,000	5.000		03/25/32	565,887
FNMA Series 2003-W6, Class 2A32
547,034	6.500		09/25/42	571,309
GNMA Series 1998-12, Class EB
959,774	6.500		05/20/28	988,135
Impac CMB Trust Series 2004-4, Class 2A2(b)
6,789,966	5.282		09/25/34	5,630,346

12 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate		Maturity Date	Value
Collaterized Mortgage Obligations – (continued)
Impac Secured Assets Corp. Series 2004-2, Class A6
$  1,831,746	5.740	%	08/25/34	$    1,620,517
JPMorgan Alternative Loan Trust Series 2006-S1, Class 1A16
5,948,317	6.000		03/25/36	5,413,097
JPMorgan Mortgage Trust Series 2005-S3, Class 1A20
5,000,000	5.500		01/25/36	2,126,507
JPMorgan Mortgage Trust Series 2007-A2, Class 4A2(b)
1,000,000	6.039		04/25/37	556,746
Master Alternative Loans Trust Series 2004-4, Class 8A1
2,785,930	6.500		05/25/34	2,394,158
Master Asset Securitization Trust Series 2004-3, Class 5A1
400,519	6.250		01/25/32	384,248
Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22
5,288,705	6.000		08/25/37	3,115,738
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 2A1(b)
7,309,090	6.084		11/25/21	6,208,159
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 3A1(b)
551,009	5.453		07/25/35	471,630
Residential Accredit Loans, Inc. Series 2003-QS7, Class A2
3,841,364	4.750		04/25/33	3,506,913
Residential Accredit Loans, Inc. Series 2004-QS2, Class CB
4,953,514	5.750		02/25/34	3,939,594
Residential Asset Securitization Trust Series 2004-A6, Class A1
5,966,678	5.000		08/25/19	5,157,448
Residential Funding Mortgage Securities Corp. Series 2003-RM2, Class AIII
2,452,331	6.000		05/25/33	2,245,485
Residential Funding Mortgage Securities I, Inc. Series 2003-S8, Class A1
1,186,561	5.000		05/25/18	1,179,887
Residential Funding Mortgage Securities I, Inc. Series 2005-S7, Class A5
3,028,533	5.500		11/25/35	2,660,279
Residential Funding Mortgage Securities I, Inc. Series 2005-S9, Class A5
4,868,751	5.750		12/25/35	3,200,363
Residential Funding Mortgage Securities I, Inc. Series 2006-S12, Class 1A1
6,690,383	5.500		12/25/21	6,359,212
Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2005-4, Class 4A1
4,180,685	5.500		06/25/20	3,582,506
Wells Fargo Mortgage Backed Securities Trust Series 2003-6, Class 1A1
1,621,090	5.000		06/25/18	1,611,971
Wells Fargo Mortgage Backed Securities Trust Series 2005-1, Class 3A1
946,216	5.250		01/25/20	927,883

Principal Amount	Interest Rate		Maturity Date	Value
Collaterized Mortgage Obligations – (continued)
Wells Fargo Mortgage Backed Securities Trust Series 2006-12, Class A5
$     500,000	6.000	%	10/25/36	$       156,941
TOTAL COLLATERIZED MORTGAGE OBLIGATIONS
(Cost $194,749,030)				$193,862,913
Commercial Mortgages – 2.9%
FNMA Series 2000-M2, Class C(b)
$     533,961	7.117	%	07/17/22	$       536,087
GNMA Series 2002-62, Class B
572,492	4.763		01/16/25	583,006
GNMA Series 2003-16, Class B
3,580,000	4.490		08/16/25	3,710,113
GNMA Series 2003-38, Class JC(b)
600,302	7.003		08/16/42	668,230
GNMA Series 2003-88, Class AC
584,311	2.914		06/16/18	589,730
GNMA Series 2004-09, Class A
1,132,997	3.360		08/16/22	1,136,950
GNMA Series 2004-45, Class A
2,581,914	4.020		12/16/21	2,621,767
GNMA Series 2004-60, Class C(b)
5,000,000	5.240		03/16/28	5,252,843
TOTAL COMMERCIAL MORTGAGES
(Cost $14,693,731)				$  15,098,726
Corporate Obligations – 23.2%
Aerospace/Defense – 0.2%
Lockheed Martin Corp.
$     972,000	6.150	%	09/01/36	$       971,896
Beverages – 1.3%
Anheuser-Busch Cos., Inc.
1,500,000	5.600		03/01/17	1,409,100
Diageo Capital PLC
1,565,000	7.375		01/15/14	1,743,620
The Coca-Cola Co.
3,400,000	3.625		03/15/14	3,473,674
				6,626,394
Cable TV – 1.1%
Comcast Corp.
1,000,000	5.850		01/15/10	1,017,830
1,805,000	4.950		06/15/16	1,709,064
1,250,000	6.400		05/15/38	1,171,725
Time Warner Cable, Inc.
2,000,000	6.200		07/01/13	2,089,580
				5,988,199
Commercial Banks – 1.0%
Credit Suisse New York
1,500,000	5.000		05/15/13	1,481,292

The accompanying notes are an integral part of these financial statements. 13

COMMERCE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Corporate Obligations – (continued)
Commercial Banks – (continued)
Wachovia Corp.
$  3,125,000	5.300	%	10/15/11	$    3,144,781
				4,626,073
Computers – 0.8%
International Business Machines Corp.
3,000,000	6.500		10/15/13	3,362,151
Intuit, Inc.
1,000,000	5.400		03/15/12	1,011,606
				4,373,757
Electric – 2.1%
Columbus Southern Power Co.
2,870,000	5.850		10/01/35	2,207,885
Connecticut Light & Power Co.
415,000	5.650		05/01/18	424,562
Duke Energy Corp.
1,525,000	5.300		10/01/15	1,560,304
Exelon Generation Co. LLC
1,470,000	5.350		01/15/14	1,394,370
PacifiCorp
2,400,000	5.650		07/15/18	2,509,349
PSE&G Power LLC
1,485,000	5.000		04/01/14	1,429,252
San Diego Gas & Electric Co.
1,585,000	5.300		11/15/15	1,600,284
				11,126,006
Financial – 6.5%
Bank of America Corp.
2,700,000	6.000		09/01/17	2,258,096
1,270,000	5.650		05/01/18	1,033,869
Bank One Corp.(b)
1,000,000	8.530		03/01/19	969,306
Bear Stearns Companies, Inc.
1,250,000	4.500		10/28/10	1,261,528
1,000,000	7.250		02/01/18	1,021,218
Citigroup, Inc.
1,355,000	6.000		02/21/12	1,245,265
Equitable Life Assurance Society of the United States(a)
5,900,000	7.700		12/01/15	5,616,057
General Electric Capital Corp.(b)
2,725,000	6.375		11/15/67	1,564,131
JPMorgan Chase & Co.
1,250,000	6.000		01/15/18	1,215,291
Merrill Lynch & Co., Inc.
3,500,000	5.450		02/05/13	3,064,400
Metropolitan Life Insurance Co.(a)
6,000,000	7.700		11/01/15	5,728,722
Morgan Stanley & Co.
2,600,000	6.625		04/01/18	2,474,313

Principal Amount	Interest Rate		Maturity Date	Value
Corporate Obligations – (continued)
Financial – (continued)
National Rural Utilities Cooperative Finance Corp.
$  1,550,000	5.450	%	04/10/17	$    1,499,213
Reed Elsevier Capital, Inc.
1,800,000	6.750		08/01/11	1,827,040
SunTrust Capital VIII(b)
2,670,000	6.100		12/15/36	1,561,069
Wells Fargo & Co.
2,000,000	5.625		12/11/17	1,864,632
				34,204,150
Food – 0.9%
General Mills, Inc.
1,000,000	5.250		08/15/13	1,045,038
H.J. Heinz Co.
2,475,000	5.350		07/15/13	2,560,162
Kraft Foods, Inc.
1,000,000	6.875		02/01/38	982,040
				4,587,240
Health Care Equipment & Supplies – 0.5%
Baxter International, Inc.
2,650,000	5.375		06/01/18	2,698,439
Hotels, Restaurants & Leisure – 0.3%
McDonald’s Corp.
1,425,000	5.300		03/15/17	1,474,096
Industrial – 0.5%
Receipts on Corporate Securities Trust NSC-1998-1
2,489,087	6.375		05/15/17	2,796,265
Multimedia – 0.9%
AOL Time Warner
3,170,000	6.750		04/15/11	3,308,783
The McGraw-Hill Companies, Inc.
1,500,000	5.375		11/15/12	1,461,543
				4,770,326
Oil & Gas – 1.1%
Apache Corp.
1,250,000	7.375		08/15/47	1,301,657
Tosco Corp.
2,095,000	8.125		02/15/30	2,301,875
Valero Energy Corp.
2,000,000	6.875		04/15/12	2,045,968
				5,649,500
Real Estate – 1.0%
Hospitality Properties Trust
1,240,000	6.300		06/15/16	868,103
ProLogis
2,280,000	5.250		11/15/10	2,110,486
Simon Property Group LP
2,235,000	5.375		06/01/11	2,112,692
				5,091,281

14 The accompanying notes are an integral part of these financial statements.

COMMERCE BOND FUND

Principal Amount	Interest Rate		Maturity Date	Value
Corporate Obligations – (continued)
Retail – 0.4%
Target Corp.
$  1,000,000	5.125	%	01/15/13	$    1,037,918
Wal-Mart Stores, Inc.
1,250,000	6.200		04/15/38	1,301,694
				2,339,612
Sovereign Agency – 0.4%
Resolution Funding Corp.
1,500,000	8.125		10/15/19	2,066,408
Telecommunications – 0.5%
AT&T, Inc.
2,380,000	4.950		01/15/13	2,465,823
Utilities – 1.4%
GTE Corp.
5,310,000	6.840		04/15/18	5,332,929
Pacific Gas & Electric Co.
2,000,000	6.350		02/15/38	2,080,538
				7,413,467
Yankee – 2.3%
BHP Billiton Finance USA Ltd.
750,000	6.750		11/01/13	811,852
955,000	5.250		12/15/15	954,138
Canadian National Railway Co.
1,190,000	6.200		06/01/36	1,174,259
Deutsche Telekom International Finance BV
1,335,000	8.500		06/15/10	1,403,353
France Telecom SA
1,286,000	7.750		03/01/11	1,392,858
Swiss Bank Corp.
7,335,000	7.375		06/15/17	6,348,171
				12,084,631
TOTAL CORPORATE OBLIGATIONS
(Cost $128,787,242)				$121,353,563
Foreign Debt Obligation – 1.2%
Sovereign – 1.2%
Egypt Agency for International Development
$  5,700,000	4.450	%	09/15/15	$    6,063,033
(Cost $5,435,050)
Mortgage-Backed Pass-Through Obligations – 5.6%
FHLMC
$       69,247	6.000	%	12/01/13	$         73,198
128,090	8.500		02/01/19	138,354
159,349	8.500		03/01/21	172,219
1,000,669	7.000		05/01/26	1,083,749
92,670	7.000		10/01/30	99,577
128,104	7.500		12/01/30	139,588
236,256	7.500		01/01/31	257,435
509,323	7.000		08/01/31	546,319

Principal Amount	Interest Rate		Maturity Date	Value
Mortgage-Backed Pass-Through Obligations – (continued)
FHLMC – (continued)
$  5,267,980	5.000	%	05/01/33	$    5,433,116
976,588	4.260	(b)	05/01/34	969,630
3,357,250	5.269	(b)	01/01/36	3,459,153
FNMA
8,317	7.000		07/01/09	8,441
18,627	6.500		02/01/12	19,497
124,299	6.000		12/01/13	127,810
63,690	6.500		07/01/14	68,200
106,987	9.000		11/01/21	116,896
78,136	6.500		08/01/24	84,010
97,096	6.500		09/01/24	104,395
106,458	9.000		02/01/25	117,493
18,468	6.500		03/01/26	19,856
46,401	8.000		07/01/28	50,713
208,972	6.500		10/01/28	224,681
149,540	3.841	(b)	12/01/28	150,383
58,861	6.500		01/01/29	63,286
129,103	6.000		07/01/29	136,377
127,361	7.500		09/01/29	138,856
97,866	7.000		03/01/31	105,620
56,106	7.500		03/01/31	61,090
305,824	7.000		11/01/31	329,995
633,102	7.000		01/01/32	683,141
1,785,543	6.000		12/01/32	1,883,921
657,685	5.262	(b)	02/01/33	678,347
2,397,242	5.000		07/01/33	2,475,759
1,084,008	5.085	(b)	10/01/34	1,122,068
2,713,256	5.105	(b)	02/01/35	2,821,529
GNMA
241,430	8.000		02/15/22	260,642
118,602	7.500		08/20/25	127,596
519,923	7.500		07/20/26	559,624
693,770	6.500		04/15/31	740,367
721,514	6.500		05/15/31	769,975
2,600,759	5.500		04/15/33	2,714,486
TOTAL MORTGAGE-BACKED PASS-THROUGH OBLIGATIONS
(Cost $25,921,518)				$  29,137,392
U.S. Government Agency Obligations – 6.1%
Farmer Mac Gtd.(a)
$11,000,000	5.500	%	07/15/11	$  11,762,806
FFCB
6,135,000	4.500		05/06/14	6,597,051
2,860,000	5.190		04/22/21	2,961,582
FHLB
1,915,000	5.375		08/15/24	2,014,172
2,650,000	7.125		02/15/30	3,243,926
FHLMC
2,500,000	6.750		03/15/31	3,196,015
Tennessee Valley Authority
2,300,000	5.500		06/15/38	2,369,455
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $30,167,880)				$  32,145,007

The accompanying notes are an integral part of these financial statements. 15

COMMERCE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
U.S. Government Guarantee Corporate Obligations* – 1.5%
Morgan Stanley & Co.
$  2,800,000	2.250	%	03/13/12	$    2,815,028
Oriental Bank & Trust
3,000,000	2.750		03/16/12	2,999,244
U.S. Bancorp
2,000,000	2.250		03/13/12	2,007,968
TOTAL U.S. GOVERNMENT GUARANTEE CORPORATE OBLIGATIONS
(Cost $7,795,812)				$    7,822,240
U.S. Treasury Obligations – 2.3%
United States Treasury Notes
$  4,000,000	4.250	%	11/15/14	$    4,441,564
6,965,000	4.000		02/15/15	7,619,599
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $10,745,072)				$  12,061,163

Shares	Description	Rate	Value
Exchange Traded Funds – 2.8%
538,877	Vanguard Intermediate-Term Investment Grade Fund	5.63%	$    4,666,672
1,270,699	Vanguard Long-Term Investment Grade Fund	6.44	9,987,697
TOTAL EXCHANGE TRADED FUNDS
(Cost $14,500,000)			$  14,654,369

Principal Amount	Interest Rate		Maturity Date	Value
Repurchase Agreement(d) – 0.4%
State Street Bank & Trust Co.
$  1,902,000	0.010	%	05/01/09	$    1,902,000
Maturity Value: $1,902,001
(Cost $1,902,000)
TOTAL INVESTMENTS – 99.5%
(Cost $529,605,768)				$520,592,923
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%				2,837,167
NET ASSETS – 100.0%				$523,430,090

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Securities issued under the Federal Deposit Insurance Corporation Temporary Liquidity Guarantee Program.
(a)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $39,107,182, which represents approximately 7.5% of net assets as of April 30, 2009.

(b)	Variable rate security. The interest rate shown reflects the rate as of April 30, 2009.
(c)	Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates.
(d)	Repurchase agreement was entered into on April 30, 2009. This agreement was fully collateralized by $1,840,000 U.S. Treasury Notes, 3.125%, due 09/30/13 with a market value of $1,942,672.

Investment Abbreviations:
AMBAC	—Insured by American Municipal Bond Assurance Corp.
FFCB	—Federal Farm Credit Bank
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNIC	—Financial Network Investment Corporation
FNMA	—Federal National Mortgage Association
FSA	—Insured by Financial Security Assurance Co.
GNMA	—Government National Mortgage Association
GO	—General Obligation
MBIA	—Insured by Municipal Bond Investors Assurance
PAC	—Planned Amortization Class
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
TAC	—Targeted Amortization Class
XLCA	—Insured by XL Capital Assurance, Inc.

PORTFOLIO COMPOSITION

Sector Allocations	AS OF 4/30/09		AS OF 10/31/08
Collateralized Mortgage Obligations	37.0	%	28.7	%
Corporate Obligations	23.2		22.5
Asset-Backed Securities	10.4		11.6
U.S. Government Agency Obligations	6.1		7.6
Mortgage-Backed Pass-Through Obligations	5.6		11.8
Taxable Municipal Bond Obligations	5.2		6.5
Commercial Mortgages	2.9		3.2
Exchange Traded Funds	2.8		0.5
U.S. Treasury Obligations	2.3		4.3
U.S. Government Guarantee Corporate Obligations	1.5		—
Foreign Debt Obligation	1.2		1.1
Commercial Mortgage Backed Security	0.9		0.9
Short-Term Obligation	0.4		0.7
TOTAL INVESTMENTS	99.5	%	99.4	%

The percentage shown for each Sector Allocation reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such its composition may differ over time.

16 The accompanying notes are an integral part of these financial statements.

COMMERCE SHORT-TERM GOVERNMENT FUND

Short-Term Government Fund

Performance Information⁽¹⁾(Unaudited)

For the six months ended April 30, 2009, the Fund had a total return of 4.24%, based on its Net Asset Value (NAV). This compares to the Citigroup 1-5 Year Treasury/Government Sponsored Index⁽²⁾ six-month return of 3.38%. Past performance is no guarantee of future results.

Schedule of Investments

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Asset-Backed Securities(a) – 0.6%
Home Equity – 0.6%
Argent Securities, Inc. Series 2004-W5, Class AV3B
$   778,639	0.888	%	04/25/34	$     306,621
Lehman XS Trust Series 2005-7N, Class 1A1A
461,140	0.708		12/25/35	186,258
				492,879
TOTAL ASSET-BACKED SECURITIES
(Cost $730,223)				$     492,879
Commercial Mortgage-Backed Security –  2.4%
Small Business Administration Series 2006-P10B, Class 1
$1,805,450	5.681	%	08/10/16	$  1,903,918
(Cost $1,818,426)
Collaterized Mortgage Obligations –  22.1%
American Home Mortgage Investment Trust Series 2004-3, Class 6A4
$   862,261	5.010	%	10/25/34	$     776,019
Bank of America Funding Corp. Series 2004-A, Class 1A3(a)
202,572	5.004		09/20/34	178,510
Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB3, Class 1A(a)
333,500	4.414		09/25/34	215,395
Countrywide Alternative Loan Trust Series 2005-5R, Class A2
655,970	4.750		12/25/18	600,105
Countrywide Home Loans, Inc. Series 2002-35, Class 3A1
121,889	5.000		02/25/18	121,203
Countrywide Home Loans, Inc. Series 2003-HYB3, Class 7A1(a)
870,410	3.776		11/19/33	737,766
FHLMC PAC Series 023, Class PK
553,342	6.000		11/25/23	592,375
FHLMC REMIC PAC Series 041, Class F
103,251	10.000		05/15/20	110,542
FHLMC REMIC PAC Series 159, Class H
38,126	4.500		09/15/21	38,136
FHLMC REMIC PAC Series 1614, Class MB
61,640	6.500		12/15/09	62,095

Principal Amount	Interest Rate		Maturity Date	Value
Collaterized Mortgage Obligations – (continued)
FHLMC REMIC PAC Series 2022, Class PE
$     135,251	6.500	%	01/15/28	$     143,283
FHLMC REMIC PAC Series 2109, Class PE
478,615	6.000		12/15/28	510,309
FHLMC REMIC PAC Series 2345, Class PQ
71,218	6.500		08/15/16	75,902
FHLMC REMIC PAC Series 2389, Class CD
48,434	6.000		03/15/16	48,953
FHLMC REMIC PAC Series 2439, Class LG
212,323	6.000		09/15/30	213,771
FHLMC REMIC PAC Series 2594, Class OR
281,153	4.250		06/15/32	284,864
FHLMC REMIC PAC Series 2760, Class EC
600,000	4.500		04/15/17	628,374
FHLMC REMIC PAC Series 2763, Class PC
1,248,454	4.500		08/15/16	1,276,762
FHLMC REMIC PAC Series 3117, Class PC
800,000	5.000		06/15/31	827,797
FHLMC REMIC Series 2584, Class LX
306,245	5.500		12/15/13	316,449
FHLMC Series T-58, Class 1A3
22,039	4.391		11/25/38	21,989
FNMA REMIC PAC Series 1992, Class 89 Principal-Only Stripped Security(b)
44,455	0.000		06/25/22	38,868
FNMA REMIC PAC Series 1992-129, Class L
308,464	6.000		07/25/22	320,128
FNMA REMIC PAC Series 1993-132, Class A Principal-Only Stripped Security(b)
40,753	0.000		10/25/22	38,354
FNMA REMIC PAC Series 1998-36, Class J
195,549	6.000		07/18/28	200,623
FNMA REMIC PAC Series 2001-71, Class MB
439,318	6.000		12/25/16	467,352
FNMA REMIC PAC Series 2001-76, Class UC
73,471	5.500		11/25/15	73,628
FNMA REMIC PAC Series 2003-117, Class KB
556,000	6.000		12/25/33	585,013
FNMA REMIC PAC Series 2003-14, Class AP
667,759	4.000		03/25/33	684,668

⁽¹⁾ Returns assume expense reimbursements and are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽²⁾ The Citigroup 1-5 Year Treasury/Government Sponsored Index, is an unmanaged index comprised of Treasury securities with a minimum principal amount of $1 billion and U.S. Government securities with a minimum principal amount of $100 million. The securities range in maturity from one to five years. The Index figure does not reflect the deduction of any fees, expenses or taxes.

The accompanying notes are an integral part of these financial statements. 17

COMMERCE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Collaterized Mortgage Obligations – (continued)
FNMA REMIC PAC Series 2003-74, Class PR
$   763,871	4.000	%	11/25/25	$     767,847
FNMA REMIC Series 1991-137, Class H
145,603	7.000		10/25/21	159,294
FNMA REMIC Series 1993-140, Class J
93,625	6.650		06/25/13	93,918
FNMA REMIC Series 1993-182, Class FA(a)
42,808	2.220		09/25/23	41,739
FNMA REMIC Series 1993-183, Class K
94,426	6.500		07/25/23	96,455
FNMA Series 2003-W17, Class 1A6
100,000	5.310		08/25/33	102,094
GNMA Series 1998-12, Class EB
239,944	6.500		05/20/28	247,034
GNMA Series 2001-53, Class F(a)
57,865	0.797		10/20/31	57,445
GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4(a)
1,070,000	5.176		01/25/36	278,128
Indymac Index Mortgage Loan Trust Series 2004-AR6, Class 6A1(a)
583,912	5.487		10/25/34	480,445
Master Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1(a)
775,591	4.374		04/21/34	631,731
Master Asset Securitization Trust Series 2003-6, Class 9A1
551,771	4.250		07/25/33	521,750
Master Asset Securitization Trust Series 2004-3, Class 5A1
190,464	6.250		01/25/32	182,727
Residential Accredit Loans, Inc. Series 2004-QS5, Class A5
591,354	4.750		04/25/34	533,700
Residential Funding Mortgage Securities I, Inc. Series 2003-S8, Class A1
460,928	5.000		05/25/18	458,336
Securitized Asset Sales, Inc. Series 1993-7, Class TA6
60,878	6.250		12/25/23	60,775
Sequoia Mortgage Trust Series 10, Class 1A(a)
216,580	0.847		10/20/27	181,880
Sequoia Mortgage Trust Series 2003-2, Class A1(a)
386,756	1.107		06/20/33	282,200
Structured Asset Securities Corp. Series 2003-31A, Class 2A7(a)
1,417,771	4.113		10/25/33	1,068,645
Vendee Mortgage Trust Series 1996-2, Class 1Z
273,926	6.750		06/15/26	287,024
Washington Mutual MSC Mortgage Pass-Through Series 2002-MS8, Class 4A5
468,677	5.750		12/25/32	472,047
Wells Fargo Mortgage Backed Securities Trust Series 2003-6, Class 1A1
291,796	5.000		06/25/18	290,155
TOTAL COLLATERIZED MORTGAGE OBLIGATIONS
(Cost $18,014,921)				$17,484,602

Principal Amount	Interest Rate		Maturity Date	Value
Commercial Mortgages – 6.1%
FNMA Series 2000-M2, Class C(a)
$   185,725	7.117	%	07/17/22	$     186,465
GNMA REMIC Series 2004-51, Class A
164,185	4.145		02/16/18	165,809
GNMA Series 2004-09, Class A
507,232	3.360		08/16/22	509,002
GNMA Series 2004-20, Class C
1,700,000	4.430		04/16/34	1,757,640
GNMA Series 2004-45, Class A
968,218	4.020		12/16/21	983,163
GNMA Series 2004-60, Class C(a)
1,150,000	5.240		03/16/28	1,208,154
TOTAL COMMERCIAL MORTGAGES
(Cost $4,682,345)				$  4,810,233
Mortgage-Backed Pass-Through Obligations – 5.3%
FHLMC
$   201,157	5.500	%	08/01/17	$     210,422
623,685	5.500		09/01/21	649,485
133,048	6.000		10/01/23	140,130
FNMA
300,366	4.500		11/01/09	303,530
2,641	6.500		02/01/12	2,764
160,738	6.500		09/01/13	170,156
203,964	10.500		11/01/15	221,467
215,554	6.000		07/01/16	227,540
9,179	6.195	(a)	08/01/23	9,382
4,277	9.000		07/01/24	4,631
17,697	3.841	(a)	12/01/28	17,797
92,674	7.000		11/01/31	99,998
708,909	6.000		07/01/33	747,968
814,118	4.759	(a)	02/01/34	827,615
505,466	5.085	(a)	10/01/34	523,213
GNMA
15,886	8.000		07/15/17	17,155
517	4.125	(a)	11/20/24	524
1,090	4.125	(a)	12/20/24	1,122
17,956	5.375	(a)	04/20/26	18,444
17,830	4.625	(a)	08/20/26	17,948
20,699	5.375	(a)	01/20/28	21,255
TOTAL MORTGAGE-BACKED PASS-THROUGH OBLIGATIONS
(Cost $4,002,925)				$  4,232,546
U.S. Government Agency Obligations – 40.6%
Farmer Mac Gtd.(c)
$3,000,000	5.500	%	07/15/11	$  3,208,038
FFCB
3,500,000	5.250		06/19/09	3,523,397
237,000	6.890		09/13/10	255,607
250,000	7.000		09/01/15	299,727
500,000	6.125		12/29/15	571,664

18 The accompanying notes are an integral part of these financial statements.

COMMERCE SHORT-TERM GOVERNMENT FUND

Principal Amount	Interest Rate		Maturity Date	Value
U.S. Government Agency Obligations – (continued)
FHLB
$     750,000	5.000	%	03/11/11	$     797,595
1,640,000	3.375		06/24/11	1,702,325
1,250,000	4.750		12/09/11	1,345,484
1,000,000	3.500		03/08/13	1,033,499
1,000,000	3.625		10/18/13	1,046,826
1,560,000	5.250		06/18/14	1,746,540
FHLMC
2,000,000	4.875		02/09/10	2,064,562
3,700,000	5.000		10/18/10	3,899,756
1,500,000	4.625		10/25/12	1,639,462
800,000	4.000		06/12/13	845,503
1,560,000	2.500		01/07/14	1,566,006
790,000	5.000		07/15/14	882,718
FNMA
1,000,000	6.000		05/15/11	1,096,570
1,000,000	6.125		03/15/12	1,123,135
850,000	3.625		02/12/13	899,067
1,500,000	4.375		03/15/13	1,629,477
Tennessee Valley Authority
900,000	6.790		05/23/12	1,024,232
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $31,255,886)				$32,201,190
U.S. Government Guarantee Corporate Obligations* – 6.8%
Financial – 6.8%
JPMorgan Chase & Co.
$   800,000	3.125	%	12/01/11	$     824,753
Keybank National Association
400,000	3.200		06/15/12	412,380
Morgan Stanley & Co.
800,000	2.900		12/01/10	820,098
750,000	2.250		03/13/12	754,025
Regions Bank
1,000,000	3.250		12/09/11	1,034,114
U.S. Bancorp
750,000	2.250		03/13/12	752,988
Wells Fargo & Co.
800,000	3.000		12/09/11	824,305
				5,422,663
TOTAL CORPORATE OBLIGATIONS
(Cost $5,295,631)				$  5,422,663
U.S. Treasury Obligations – 11.8%
United States Treasury Inflation Protected Securities
$1,179,970	3.000	%	07/15/12	$  1,245,606
1,148,200	2.000		01/15/14	1,169,729
1,125,530	2.000		07/15/14	1,149,096

Principal Amount	Interest Rate		Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Notes
$1,000,000	4.125	%	08/15/10	$  1,045,234
2,000,000	4.500		11/15/10	2,115,234
2,000,000	5.125		06/30/11	2,176,250
435,000	4.500		04/30/12	474,898
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $8,824,415)				$  9,376,047
Repurchase Agreement(d) – 4.8%
State Street Bank & Trust Co.
$3,796,000	0.010	%	05/01/09	$3,796,000
Maturity Value: $3,796,001
(Cost $3,796,000)
TOTAL INVESTMENTS – 100.5%
(Cost $78,420,772)				$79,720,078
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%				(379,102)
NET ASSETS – 100.0%				$79,340,976

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Securities issued under the Federal Deposit Insurance Corporation Temporary Liquidity Guarantee Program.
(a)	Variable rate security. The interest rate shown reflects the rate as of April 30, 2009.
(b)	Security issued with a zero coupon. Income is recognized through the accretion of discount.
(c)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $3,208,038, which represents approximately 4.0% of net assets as of April 30, 2009.
(d)	Repurchase agreement was entered into on April 30, 2009. This agreement was fully collateralized by $3,670,000 U.S. Treasury Notes, 3.125%, due 09/30/13 with a market value of $3,874,786.

Investment Abbreviations:
FFCB	—Federal Farm Credit Bank
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
MSC	—Mortgage Securities Corp.
PAC	—Planned Amortization Class
REMIC	—Real Estate Mortgage Investment Conduit

The accompanying notes are an integral part of these financial statements. 19

COMMERCE SHORT-TERM GOVERNMENT FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

PORTFOLIO COMPOSITION

Sector Allocation	AS OF 4/30/09		AS OF 10/31/08
U.S. Government Agency Obligations	40.6	%	42.7	%
Collaterized Mortgage Obligations	22.1		20.7
U.S. Treasury Obligations	11.8		17.6
U.S. Government Guarantee Corporate Obligations	6.8		—
Commercial Mortgages	6.1		6.7
Mortgage-Backed Pass-Through Obligations	5.3		7.9
Commercial Mortgage-Backed Security	2.4		2.3
Asset-Backed Securities	0.6		0.4
Short-Term Obligation	4.8		0.9
TOTAL INVESTMENTS	100.5	%	99.2	%

The percentage shown for each Sector Allocation reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such, its composition may differ over time.

20 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

National Tax-Free Intermediate Bond Fund

Performance Information⁽¹⁾(Unaudited)

For the six months ended April 30, 2009, the Fund had a total return of 8.08%, based on its Net Asset Value (NAV). This compares to the Barclays Capital 3-15 Year Blend Index⁽²⁾ six-month return of 8.01%. Past performance is no guarantee of future results.

Schedule of Investments

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – 99.2%
Alabama – 1.6%
Alabama Drinking Water Finance Authority Revenue Bonds (Revolving Funding Program) Series A (AMBAC) (A/NR)
$   760,000	4.700	%	08/15/11	$       760,365
Birmingham AL GO Bonds (Refunding Warrants) Series B (FSA) (AAA/Aa3)
650,000	5.500		07/01/12	715,312
Birmingham AL Special Care Facilities Financing Authority Revenue Bonds (Childrens Hospital) Series B (AMBAC) (A/A2)
1,005,000	5.000		06/01/16	1,076,455
Cullman AL GO Bonds (Warrants) Series 2007 (FSA) (AAA/Aa3)
65,000	4.500		07/01/23	64,862
				2,616,994
Alaska – 0.6%
Alaska Municipal Bond Bank Authority Revenue Bonds Series 1 (A+/A1)
400,000	5.500		09/01/28	407,560
North Slope Boro AK GO Bonds (Capital Appreciation) Series B (MBIA) (AA-/A2)(a)
500,000	0.000		06/30/10	489,610
				897,170
Arizona – 7.4%
Arizona School Facilities Board Certificates of Participation (AA-/A1)
2,810,000	5.125		09/01/21	2,877,805
Glendale AZ Industrial Development Authority Revenue Bonds (Refunding Midwestern University) (A-/NR)
1,000,000	5.250		05/15/19	1,078,400
500,000	5.250		05/15/22	522,090
Pinal County AZ Unified School District No.1 Florence GO Bonds (School Improvement Project of 2006) Series C (A-/NR)
860,000	5.000		07/01/17	933,006
335,000	5.000		07/01/18	358,862
350,000	5.000		07/01/19	368,904
1,100,000	5.125		07/01/22	1,134,386
Queen Creek AZ Excise Tax & State Shared Revenue Bonds (MBIA) (AA-/Baa1)
1,070,000	5.000		08/01/27	1,088,714

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Arizona – (continued)
Tucson AZ GO Bonds (Refunding) (FGIC) (AA/Aa3)
$   535,000	4.000	%	07/01/15	$       572,616
Yuma County AZ Library District GO Bonds Series 2007 (XLCA) (A-/A2)
1,000,000	5.000		07/01/19	1,035,830
745,000	5.000		07/01/20	763,498
1,000,000	5.000		07/01/21	1,020,070
				11,754,181
Arkansas – 0.3%
Arkansas State Development Finance Authority Economic Development Revenue Bonds (Taxable) (A/NR)
535,000	5.480		09/01/17	530,030
California – 1.8%
Port Oakland CA Revenue Bonds Series C (AA-/A2)
600,000	5.000		11/01/16	628,212
San Mateo CA Unified High School District GO Bonds (Capital Appreciation) Series C (MBIA) (AA-/Aa3)(a)
880,000	0.000		09/01/23	438,082
West Contra Costa CA Unified School District GO Bonds (Refunding) Series A (MBIA) (AA-/Baa1)
1,810,000	5.700		02/01/22	1,850,996
				2,917,290
Colorado – 1.6%
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Charter School-University Laboratory School Project) (ETM) (NR/NR)
175,000	5.250		06/01/11	178,546
Colorado Housing & Finance Authority Revenue Bonds (Single Family Mortgage) Series A (FHA) (AAA/Aaa)
600,000	4.200		11/01/18	607,500
430,000	4.350		11/01/19	436,622
450,000	4.600		11/01/20	456,844
Colorado State Department of Corrections Certificates of Participation (Capital Appreciation) (AMBAC) (AA-/Aa3)(a)
100,000	0.000		03/01/10	98,795
Mesa State College CO Auxiliary Facilities Enterprise Revenue Bonds (AA-/Aa3)
485,000	5.400		05/15/23	530,347

⁽¹⁾ Returns assume expense reimbursements and are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽²⁾ The Barclays Capital 3-15 Year Blend Index is an unmanaged index composed of investment grade municipal securities ranging from 2 to 17 years in maturity. The Index figure does not reflect the deduction of any fees, expenses or taxes.

The accompanying notes are an integral part of these financial statements. 21

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Colorado – (continued)
Westminster CO Certificates of Participation (Refunding) (MBIA) (AA-/Baa1)
$   250,000	4.500	%	12/01/23	$       254,165
				2,562,819
District Of Columbia – 1.1%
District of Columbia Revenue Bonds (World Wildlife Fund) Series A (AMBAC) (A/Aa3)
555,000	5.750		07/01/11	583,866
District of Columbia Water & Sewer Authority Public Utility Revenue Bonds (FSA) (AAA/Aa3)
500,000	5.500		10/01/17	593,065
Metropolitan Washington DC Airports Authority Revenue Bonds (Refunding) Series B (AMT) (MBIA) (AA-/Aa3)
500,000	5.250		10/01/09	503,040
				1,679,971
Florida – 8.8%
Brevard County FL Health Facilities Authority Revenue Bonds (Health First, Inc. Project) Series 2005 (A-/A3)
875,000	5.000		04/01/18	808,911
Florida Municipal Loan Council Revenue Bonds Series A (MBIA) (AA-/Baa1)
1,000,000	5.000		10/01/20	1,015,730
Florida State Board of Governors University System Improvement Revenue Bonds (AA/Aa2)
1,000,000	5.750		07/01/21	1,094,020
Florida State Community Services Corp.Walton County Water & Sewer Revenue Bonds (Refunding) (AMBAC) (NR/NR)
1,330,000	5.500		03/01/14	1,377,946
Jupiter County FL (Community Center Project) GO Bonds Series 2001 (AA+/Aa2)
50,000	5.500		07/01/21	57,266
Miami-Dade County FL Expressway Authority Toll Systems Revenue Bonds Series B (FGIC) (AA-/A3)
1,000,000	5.250		07/01/14	1,099,170
Miami-Dade County FL GO Bonds (Building Better Communities Project) Series B (AA-/Aa3)
1,000,000	6.250		07/01/26	1,097,790
Miami-Dade County FL Water & Sewer Revenue Bonds (Refunding) (XLCA) (A+/A1)
2,000,000	5.000		10/01/21	2,038,400
Orange County FL School Board Certificates of Participation Series A (FGIC) (AA-/A1)
1,000,000	5.000		08/01/16	1,067,440
Palm Beach County FL School Board Certificates of Participation (FGIC) (AA-/A1)
1,000,000	5.500		08/01/15	1,089,520
St. Johns County FL School Board (Certificates of Participation) Series 2006 (St. Johns Master Lease Program) (AA-/A3)
1,980,000	5.000		07/01/19	1,965,863
Tallahassee FL Construction Utilities Systems Revenue Bonds (Refunding) (AMBAC) (AA/Aa2)
1,350,000	5.000		10/01/29	1,370,628
				14,082,684

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Georgia – 0.1%
Brunswick GA Water & Sewer Revenue Bonds (Refunding and Improvement) Series 1992 (MBIA) (AA-/Baa1)
$     90,000	6.100	%	10/01/19	$       100,102
Cherokee County GA Water & Sewer Authority Revenue Bonds (Refunding and Improvement) Series 1993 (MBIA) (AA-/Baa1)
55,000	5.500		08/01/23	62,445
				162,547
Illinois – 7.0%
Chicago IL Board of Education Certificates of Participation (Lease) Series A (MBIA) (AA-/A1)
1,500,000	6.250		01/01/10	1,547,670
Chicago IL Public Building Commission Revenue Bonds (Refunding Chicago School Reform) Series B (FGIC) (AA-/A1)
1,000,000	5.250		12/01/18	1,092,750
Elgin IL GO Bonds (Refunding) Series B (NR/Aa2)
25,000	4.800		01/01/10	25,004
Hoffman Estates IL Park District Revenue Bonds (Debt Certificates) Series 2004 (AA-/A2)
1,000,000	5.250		12/01/23	1,064,940
Illinois Finance Authority Revenue Bonds (Columbia College) (MBIA) (AA-/Baa1)
2,000,000	5.250		12/01/22	1,969,420
Illinois Finance Authority Revenue Bonds (Refunding Shedd Aquarium Society) (AMBAC) (A+/A1)
1,685,000	5.000		07/01/21	1,703,569
Illinois Finance Authority Revenue Bonds (Roosevelt University) (NR/Baa1)
100,000	5.250		04/01/22	90,730
Illinois Finance Authority Revenue Bonds (Roosevelt University) Series 2007 (NR/Baa1)
650,000	5.125		04/01/19	601,081
Illinois Housing Development Authority Revenue Bonds (Refunding Single Family Housing) Series C-1 (AA/Aa2)
255,000	3.700		02/01/13	258,289
Metropolitan Pier & Exposition Authority IL Revenue Bonds (Dedicated State Tax) (AMBAC) (AAA/A2)
600,000	5.125		06/01/11	601,416
University of Illinois Revenue Bonds (Auxiliary Facilities Systems) Series A (AA-/Aa3)
1,000,000	5.125		04/01/29	1,020,590
Will County IL Community Unit School District No. 365 Valley View GO Bonds (Capital Appreciation) Series B (FSA) (AAA/Aa3)(a)
635,000	0.000		11/01/13	560,737
Will Grundy Counties IL Community College District No. 525 GO Bonds (Joliet Junior College) (AA/NR)
505,000	5.750		06/01/28	539,163
				11,075,359

22 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Indiana – 11.2%
Allen County IN War Memorial Revenue Bonds (Refunding Coliseum Additions Building Corp.) Series A (NR/Aa3)
$   600,000	5.000	%	05/01/16	$       686,946
615,000	5.000		11/01/16	707,176
Clark Pleasant IN Middle School Building Corp. Revenue Bonds (First Mortgage) (AA+/NR)
975,000	4.250		01/15/17	1,007,936
1,000,000	4.250		07/15/17	1,032,100
1,015,000	4.500		01/15/18	1,054,930
Elkhart County IN Complex Building Corp. Revenue Bonds (First Mortgage) (AA-/NR)
880,000	4.000		06/01/12	943,334
Elkhart County IN Hospital Authority Revenue Bonds (NR/A1)
390,000	4.750		08/15/11	394,481
Evansville Vanderburgh IN Public Leasing Corp. Revenue Bonds (Refunding First Mortgage) (AMBAC) (A+/NR)
1,740,000	5.250		07/15/16	1,871,039
Evansville-Vanderburgh IN Independent School Building Corp. Revenue Bonds (First Mortgage) (AA+/NR)
1,000,000	5.250		01/15/29	1,016,640
Fort Wayne IN Redevelopment Authority Lease Rental Revenue Bonds (Taxable) Series 2007 (Assured Guaranty) (NR/Aa2)
1,100,000	5.800		02/01/20	1,053,294
Franklin IN Community Multi-School Building Corp. Revenue Bonds (First Management) (MBIA) (AA-/NR)
500,000	5.000		07/15/21	540,320
Indiana Bond Bank Revenue Bonds (Special Project-Hendricks Regional Health) Series A (AA/NR)
390,000	5.000		02/01/13	413,969
120,000	5.000		08/01/14	128,779
Indiana Health & Educational Facilities Financing Authority Revenue Bonds (Refunding University of Indianapolis Educational Facilities) (A-/NR)
1,090,000	5.000		10/01/15	1,198,815
Indianapolis Local Public Improvement Revenue Bonds (Refunding) Series B (AA/Aa2)
1,300,000	6.000		01/10/20	1,532,089
Indianpolis Multi-School Building Corp. Revenue Bonds (Refunding First Mortgage) (AA/Baa1)
1,020,000	3.000		01/15/26	796,753
Monroe-Gregg Industrial Grade School Building Corp. Revenue Bonds (Refunding - First Mortgage) (FSA) (AAA/Aa3)
375,000	4.250		07/15/17	400,069
SouthWest Allen IN Multi School Building Corp. Revenue Bonds (First Mortgage) Series A (MBIA) (NR/A1)
2,890,000	5.000		01/15/20	2,992,508
				17,771,178
Iowa – 1.8%
Iowa Finance Authority Revenue Bonds (Refunding Child Services) (NR/NR)
160,000	5.100		06/01/17	124,955

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Iowa – (continued)
Iowa Finance Authority Revenue Bonds (Refunding Child Services) (NR/NR) - (continued)
$   480,000	5.125	%	06/01/18	$       360,884
200,000	5.125		06/01/20	143,790
Iowa Finance Authority Revenue Bonds (Single Family Mortgage) Series A (GNMA/FNMA) (AAA/Aaa)
195,000	4.300		07/01/16	197,646
Iowa Student Loan Liquidity Corp. Revenue Bonds Series E (AMT) (NR/Aaa)
2,000,000	5.700		06/01/09	2,001,720
				2,828,995
Kansas – 3.2%
Junction City KS GO Notes Series B (NR/NR)
1,200,000	4.000		06/01/09	1,201,116
Kansas State Development Finance Authority Health Facilities Revenue Bonds Series 2005 (Hays Medical Center) (MBIA) (NR/A2)(b)
1,960,000	3.750		05/15/26	1,983,540
Lawrence KS Hospital Revenue Bonds (Refunding Lawrence Memorial Hospital) (NR/A3)
750,000	5.250		07/01/12	772,110
Neosho County KS Sales Tax Revenue Bonds (MBIA) (ETM) (AA/NR)
150,000	5.500		08/15/11	156,940
Olathe KS Health Facilities Revenue Bonds (Refunding) (Olathe Medical Center) Series 2008 (A+/NR)
1,000,000	4.000		09/01/14	994,740
				5,108,446
Kentucky – 1.1%
Kentucky Economic Development Finance Authority Medical Center Revenue Bonds (Ashland Hospital Corp. Kings) Series C (A+/A1)
1,900,000	6.000		02/01/33	1,830,612
Louisiana – 3.1%
Louisiana Local Government Environmental Facilities Community Development Authority Revenue Bonds (Capital Projects & Equipment Acquisition) (AMBAC) (A/NR)
2,755,000	5.250		12/01/18	3,094,140
Tangipahoa Parish LA Hospital Service District No. 1 Revenue Bonds (Refunding North Oaks Medical Center Project) Series A (BBB+/NR)
1,100,000	5.375		02/01/18	1,006,005
1,245,000	5.000		02/01/30	912,710
				5,012,855
Maine – 0.2%
Maine State Housing Authority Mortgage Purpose Revenue Bonds (Non AMT) Series J (AA+/Aa1)
300,000	6.500		11/15/28	318,153
Massachusetts – 0.1%
Massachusetts State Health & Educational Facilities Authority Revenue Bonds (Boston College) Series L (AA-/Aa3)
10,000	5.250		06/01/13	10,022

The accompanying notes are an integral part of these financial statements. 23

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Massachusetts – (continued)
Massachusetts State Water Resources Authority Revenue Bonds Series A (ETM) (AA+/Aa2)
$     60,000	6.500	%	07/15/19	$         74,468
				84,490
Michigan – 6.0%
Genesee County MI Sewage Disposal Systems Revenue Bonds (Interceptors & Treatment Facilities) (FGIC) (AA-/A2)
550,000	4.000		05/01/14	563,156
Grand Valley MI State University Revenue Bonds (FGIC) (A+/NR)
1,500,000	5.300		12/01/24	1,527,075
Grand Valley MI State University Revenue Bonds Series 1998 (FGIC) (AA-/NR)
1,080,000	5.500		02/01/18	1,196,230
Ingham County MI GO Bonds Series 1998 (FSA) (AAA/Aa3)
500,000	5.125		11/01/12	541,540
Jenison MI Public Schools GO Bonds (Refunding) (MBIA) (AA-/A1)
1,000,000	5.250		05/01/14	1,109,400
Lake Superior University of Michigan Revenue Bonds (Unrefunded) Series 1997 (MBIA) (AA/Baa1)
675,000	5.000		11/15/12	685,571
Michigan State GO Bonds (Refunding Environmental Program) Series A (AA-/Aa3)
1,295,000	5.000		11/01/19	1,357,043
Michigan State Hospital Finance Authority Revenue Bonds (Ascension Health Credit) Series A (MBIA) (AA/Aa1)
2,500,000	5.500		11/15/10	2,562,925
				9,542,940
Minnesota – 1.0%
Minneapolis St. Paul MN Housing Finance Board Single Family Mortgage Revenue Bonds (Mortgage Backed Securities City Living Project) Series A-3 (GNMA/FNMA) (AAA/NR)
836,014	5.700		04/01/27	845,352
Minnesota State Housing Finance Agency Revenue Bonds (Residential) Series A (AA+/Aa1)
670,000	3.800		07/01/17	670,020
				1,515,372
Mississippi – 0.4%
Mississippi Development Bank Special Obligation Revenue Bonds (Lowndes County Individual Development Project) Series 2007 (FSA) (AAA/Aa3)
605,000	5.000		07/01/17	704,305
Missouri – 1.8%
Missouri State Development Finance Board Infrastructure Facilities Revenue Bonds (Hartman Heritage Center Phase II) (AMBAC) (A+/NR)
1,070,000	5.000		04/01/19	1,113,945
Raytown MO Sewer Revenue Bonds (NR/NR)
275,000	4.625		07/01/24	266,673

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
St. Charles MO Certificates of Participation Series B (NR/A2)
$1,000,000	5.500	%	05/01/18	$    1,039,840
St. Louis County MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding Ranken Jordan Project) (NR/NR)
500,000	5.000		11/15/17	385,405
				2,805,863
Montana – 0.4%
Montana State Board Housing Revenue Bonds (Single Family Mortgage) Series A-2 (AMT) (AA+/Aa1)
350,000	4.350		06/01/16	344,138
Montana State Board Housing Revenue Bonds (Single Family Mortgage) Series A-2 (AMT) (GO) (AA+/Aa1)
360,000	4.350		12/01/16	351,511
				695,649
Nebraska – 0.7%
Douglas County NE Hospital Authority No. 002 Revenue Bonds (Refunding) (Health Facilities-Childrens Hospital) (NR/A2)
500,000	6.000		08/15/22	518,415
Nebraska Investment Finance Authority Revenue Bonds (Single Family Housing) Series F (GNMA/FNMA/FHLMC) (AAA/NR)
115,000	4.300		09/01/14	114,130
175,000	4.350		03/01/15	173,042
100,000	4.350		09/01/15	98,798
105,000	4.400		09/01/16	103,637
University of Nebraska Revenue Bonds (Lincoln-Student Fees & Facilities) Series A (AA-/Aa2)
160,000	5.250		07/01/34	166,253
				1,174,275
Nevada – 0.1%
Nye County NV School District GO Bonds (Refunding) Series A (PSF-GTD) (NR/Aaa)
100,000	4.375		05/01/25	101,235
New Hampshire – 0.5%
New Hampshire State Housing Finance Authority Revenue Bonds (Single Family Mortagage) (Non AMT) (NR/Aa2)
750,000	5.300		07/01/28	764,018
New Jersey – 0.1%
Passaic County NJ GO Bonds (Refunding Taxable Pension) Series 2003 (FSA) (NR/Aa3)
100,000	5.750		02/15/21	92,781
New Mexico – 0.3%
Albuquerque NM Apartment Revenue Bonds (Refunding) (AMT) (AMBAC) (A+/Aa3)
500,000	5.375		07/01/13	512,790

24 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
New Mexico – (continued)
New Mexico Mortgage Finance Authority Revenue Bonds (Single Family Mortgage Program) Series A-3 (GNMA/FNMA/FHLMC) (AAA/NR)
$     10,000	6.150	%	09/01/17	$         10,049
				522,839
New York – 1.5%
Metropolitan Transportation Authority NY Service Contract Revenue Bonds (Refunding) Series A (AA-/A1)
2,000,000	5.100		01/01/21	2,026,600
New York State Dormitory Authority Revenue Bonds (Consolidated City University System) Series A (AA-/A1)
325,000	5.750		07/01/13	349,834
New York State Dormitory Authority Revenue Bonds (Unrefunded Balance) Series C (AA-/A1)
75,000	7.375		05/15/10	77,321
				2,453,755
North Dakota – 1.4%
Fargo ND Public School District No. 1 GO Bonds Series 2008 (Limited Tax - School Building) (NR/A1)
1,000,000	5.000		05/01/23	1,046,170
North Dakota State Housing Finance Agency Mortgage Revenue Bonds (Housing Finance Project) Series B (AMT) (NR/Aa1)
550,000	4.400		07/01/16	542,338
North Dakota State Housing Finance Agency Revenue Bonds (Housing Finance Project) Series B (NR/Aa1)
635,000	4.450		07/01/17	617,106
				2,205,614
Ohio – 6.6%
Akron OH Certificates of Participation (Parking Facilities Project) Series A (AMBAC) (A+/NR)
1,250,000	5.000		12/01/16	1,397,300
Cuyahoga County OH GO Bonds (Sewer District Improvement) (AA+/Aa1)
165,000	5.550		12/01/20	171,539
Huron County OH Hospital Facilities Revenue Bonds (Refunding & Improvement Fisher-Titus Medical) Series 2007 (A/NR)
1,000,000	5.000		12/01/22	889,880
Indian Lake OH Local School District GO Bonds (Refunding & Improvement School Facilities Construction) (MBIA) (AA-/A2)
830,000	4.500		12/01/21	850,302
Knox County OH Hospital Facilities Revenue Bonds (Refunding Knox Community Hospital) (Radian) (BBB-/NR)
3,235,000	5.000		06/01/12	3,202,391
Ohio State Higher Educational Facilities Revenue Bonds (College of Wooster Project) (NR/A1)
520,000	5.000		09/01/14	576,451

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Ohio – (continued)
Ohio State Higher Educational Facility Commission Revenue Bonds (Xavier University) Series C (A-/A3)
$   430,000	4.250	%	05/01/14	$       453,710
1,000,000	5.000		05/01/18	1,077,230
Sidney OH City School District GO Bonds (Capital Appreciation Refunding) (FGIC) (AA-/A2)(a)
1,025,000	0.000		12/01/16	796,425
1,035,000	0.000		12/01/17	762,267
Westlake OH GO Bonds (Street Improvement) (AAA/Aaa)
260,000	5.250		12/01/25	298,753
				10,476,248
Oklahoma – 5.0%
McClain County OK Economic Development Authority Educational Facilities Lease Revenue Bonds (Blanchard Public Schools Project) (A-/NR)
1,000,000	4.000		09/01/13	1,039,810
1,000,000	4.850		09/01/18	1,030,190
1,000,000	5.000		09/01/19	1,028,370
Oklahoma County OK Finance Authority Educational Facilities Lease Revenue Bonds (Jones Public School Project) (A-/NR)
2,000,000	5.000		09/01/18	2,146,200
Tulsa County OK Public Facilities Authority Capital Improvement Revenue Bonds (AA-/NR)(c)
2,530,000	6.200		11/01/09	2,652,756
				7,897,326
Oregon – 2.4%
Oregon State Housing & Community Services Department Mortgage Revenue Bonds (Single-Family Mortgage) Series D (NR/Aa2)
1,135,000	4.350		07/01/18	1,158,915
1,310,000	4.400		07/01/19	1,324,449
Oregon State Housing & Community Services Department Mortgage Revenue Bonds (Single-Family Mortgage) Series E (AMT) (NR/Aa2)
375,000	5.050		07/01/17	382,001
Salem OR Hospital Facility Authority Revenue Bonds Series A (A+/NR)
900,000	5.250		08/15/12	936,711
				3,802,076
Pennsylvania – 1.9%
Oxford PA Area Sewer Authority Revenue Bonds (FSA) (NR/Aa3)
765,000	4.500		03/01/13	765,069
Pennsylvania Housing Finance Agency Revenue Bonds (Single Family Mortgage) (Non AMT) Series 103C (AA+/Aa2)
1,050,000	5.000		10/01/23	1,068,700
Pennsylvania State Higher Education Facilities Authority Revenue Bonds (University of Scranton) Series 2008 (A/NR)
1,140,000	4.500		05/01/14	1,224,155
				3,057,924

The accompanying notes are an integral part of these financial statements. 25

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Puerto Rico – 0.0%
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) (MBIA) (AA-/A3)
$     10,000	5.000	%	07/01/20	$           9,790
Rhode Island – 0.4%
Rhode Island State Student Loan Revenue Bonds Series 3 (AMBAC) (AMT) (NR/A3)
180,000	5.700		12/01/12	173,750
205,000	5.800		12/01/14	194,523
125,000	5.900		12/01/15	118,221
Rhode Island State Student Loan Revenue Bonds Series 3 (AMBAC) (AMT) (NR/NR)
190,000	5.750		12/01/13	181,528
				668,022
South Carolina – 1.1%
Florence SC Water & Sewer Revenue Bonds (AMBAC) (A+/A1)
390,000	7.500		03/01/11	414,332
Fort Mill SC School Facilities Corp. Revenue Bonds (Installment Purchase Revenue) Series 2006 (NR/A2)
500,000	5.250		12/01/22	514,765
Greenville County SC Public Facilities Corp. Certificates of Participation (Refunding University Center Project) (AMBAC) (AA+/Aa1)
700,000	5.000		04/01/16	782,460
				1,711,557
South Dakota – 0.6%
South Dakota Housing Development Authority Revenue Bonds (Homeowner Mortgage-E-1) (AMT) (AAA/Aa1)
205,000	5.150		05/01/11	207,163
South Dakota Housing Development Authority Revenue Bonds (Multiple Purpose) Series A (FSA) (NR/Aa3)
125,000	4.300		11/01/10	125,951
South Dakota State Health & Educational Facilities Authority Revenue Bonds (Rapid City Regional Hospital) (MBIA) (AA-/A1)
660,000	5.000		09/01/10	679,298
				1,012,412
Tennessee – 0.6%
Memphis-Shelby County TN Sports Authority, Inc. Revenue Bonds (Memphis Arena Project) Series A (AMBAC) (AA-/A1)
700,000	5.500		11/01/11	753,529
Tennessee Housing Development Agency Revenue Bonds (Homeownership Program) (AMT) (GO) (AA/Aa2)
220,000	4.250		01/01/14	219,254
				972,783
Texas – 7.2%
Brownsville TX GO Bonds (Refunding) Series 2005 (AA-/A2)
1,000,000	5.000		02/15/21	1,051,070
710,000	5.000		02/15/22	740,679

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Texas – (continued)
Clint TX Independent School District GO Bonds (Refunding) (A/NR)
$   945,000	3.000	%	02/15/13	$       970,855
Corpus Christi TX Utility System Revenue Bonds (Refunding) (FSA) (AAA/Aa3)
375,000	5.000		07/15/12	416,400
Dallas Fort Worth TX International Airport Revenue Bonds (Refunding & Improvement) Series A (FGIC) (AA-/A1)
130,000	5.750		11/01/15	132,558
El Paso TX Certificates Obligation GO Bonds (AA/NR)
260,000	4.000		08/15/16	281,653
Houston County TX Certificate Obligation GO Bonds (A/NR)
235,000	5.000		02/15/20	253,683
590,000	5.000		02/15/24	609,859
620,000	5.000		02/15/25	634,105
Houston TX Community College Systems Revenue Bonds (Unrefunded Balance) (Refunding) (MBIA) (AA-/A1)
1,000,000	5.375		04/15/13	1,070,380
Houston TX Utility System Revenue Bonds (Refunding Combined First Lien) Series B (FGIC) (AA/A1)
500,000	5.000		11/15/18	556,830
Mansfield TX Certificates Obligations GO Bonds (AA/Aa3)
355,000	6.125		02/15/26	386,748
310,000	6.250		02/15/29	336,087
North Harris Montgomery Community College District Revenue Bonds (Refunding) (FGIC) (AA/Aa3)
420,000	5.750		02/15/18	428,954
Pearland TX Certificates Obligations GO Bonds (AMBAC) (AA-/A1)
660,000	5.250		03/01/21	714,905
San Antonio TX GO Bonds (General Improvement) (AAA/Aa1)(c)
10,000	6.000		02/01/10	10,407
San Jacinto TX River Authority Special Project Revenue Bonds (The Woodlands Water Supply Systems) Series 2007 (AMBAC) (A/NR)
455,000	5.250		10/01/18	470,206
330,000	5.250		10/01/21	332,660
500,000	5.250		10/01/33	436,750
Texas State Department of Housing & Community Affairs Single Family Revenue Bonds (Refunding) (AMT) (FHA/VA Mortgages) (AAA/Aa1)
150,000	4.600		09/01/19	144,807
Texas Woman’s University Financing Systems Revenue Bonds Series 2008 (A/A1)
675,000	5.500		07/01/24	724,626
Trinity TX River Authority Revenue Bonds Tarrant County Water Project (Improvement) (AA/A1)
450,000	5.750		02/01/26	479,524
Weslaco TX Independent School District GO Bonds (Maintenance Tax Notes) Series A (NR/A3)
300,000	4.500		02/15/16	323,013
				11,506,759

26 The accompanying notes are an integral part of these financial statements.

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Utah – 1.5%
Grand County UT School District GO Bonds (School Building) (NR/Aaa)
$   300,000	5.000	%	07/01/22	$       328,818
Utah State Board Regents Auxiliary Systems & Student Fee Revenue Bonds for Salt Lake Community College (FSA) (AAA/Aa3)
1,000,000	5.500		06/01/16	1,056,450
Utah State Building Ownership Authority Lease Revenue Bonds (Refunding-State Facilities Master Lease Program) Series A (AA+/Aa1)
1,000,000	5.250		05/15/21	1,058,280
				2,443,548
Virginia – 0.7%
Richmond VA Metropolitan Authority Expressway Revenue Bonds (Refunding) (FGIC) (AA-/NR)
1,000,000	5.250		07/15/17	1,096,510
Washington – 3.7%
CDP-King County III WA Lease Revenue Bonds (Refunding King Street Center Project) (MBIA) (AA+/Baa1)
750,000	4.500		06/01/22	763,703
Clark County WA School District No. 114 Evergreen GO Bonds (FSA) (NR/Aa1)
330,000	5.375		12/01/14	363,333
Clark County WA School District No. 37 Vancouver GO Bonds (FGIC) (NR/Aa1)(a)
1,065,000	0.000		12/01/20	653,889
Everett WA Public Facilities District Ltd. Sales Tax & Interlocal Revenue Bonds Series A (A/NR)
1,000,000	5.000		12/01/24	1,020,220
King County WA School District No. 407 Riverview GO Bonds (NR/Aa1)
500,000	5.250		12/01/19	575,025
Ocean Shores WA Local Improvement District Bond Anticipation Notes Series 2007-01 (NR/NR)
1,550,000	4.750		08/01/11	1,510,614
Puyallup WA Combined Utility Revenue Bonds Series A (AA/NR)
160,000	4.000		11/01/15	169,176
Snohomish County WA School District No. 15 Edmonds GO Bonds (FGIC) (AA+/Aa1)
700,000	5.000		12/01/17	790,503
				5,846,463
Wisconsin – 1.2%
Milwaukee County WI Airport Revenue Bonds (Refunding) Series B (MBIA) (NR/A1)
115,000	5.000		12/01/14	116,557
350,000	5.000		12/01/15	350,959
Monona WI Revenue Bonds Taxable Anticipation Notes (NR/A1)
755,000	5.650		09/01/11	778,028

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Wisconsin – (continued)
Pleasant Prairie Wisconsin GO Bonds (Promissory Notes) Series F (AA/A1)
$   400,000	4.500	%	09/01/17	$       446,692
Plymouth WI Combined Utility Revenue Bonds (XLCA) (NR/A2)
230,000	4.375		05/01/12	249,327
				1,941,563
Wyoming – 1.1%
Wyoming Community Development Authority Housing Revenue Bonds Series 5 (AMT) (AA+/Aa1)
785,000	4.800		06/01/09	786,915
Wyoming Community Development Authority Housing Revenue Bonds Series 7 (AA+/Aa1)
30,000	5.150		12/01/10	30,485
85,000	5.200		12/01/11	86,359
Wyoming Community Development Authority Housing Revenue Bonds Series 8 (AMT) (AA+/Aa1)
165,000	4.250		06/01/14	164,399
280,000	4.250		12/01/14	278,894
385,000	4.300		12/01/15	381,947
				1,728,999
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $155,768,847)				$157,984,400
Repurchase Agreement(d) – 1.3%
State Street Bank & Trust Co.
$2,070,000	0.010	%	05/01/09	$    2,070,000
Maturity Value: $2,070,001
(Cost $2,070,000)
TOTAL INVESTMENTS – 100.5%
(Cost $157,838,847)				$160,054,400
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%				(811,345)
NET ASSETS – 100.0%				$159,243,055

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009.
(c)	Prerefunded security. Maturity date disclosed is prerefunding date.
(d)	Repurchase agreement was entered into on April 30, 2009. This agreement was fully collateralized by $2,000,000 U.S. Treasury Notes, 3.125%, due 09/30/13 with a market value of $2,111,600.
Security ratings disclosed are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service. A description of the ratings is available in the Fund’s Statement of Additional Information.

The accompanying notes are an integral part of these financial statements. 27

COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Investment Abbreviations:
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ETM	—Escrow to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FHA	—Insured by Federal Housing Administration
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
FNMA	—Insured by Federal National Mortgage Association
FSA	—Insured by Financial Security Assurance Co.
GNMA	—Insured by Government National Mortgage Association
GO	—General Obligation
MBIA	—Insured by Municipal Bond Investors Assurance
NR	—Not Rated
PSF-GTD	—Guaranteed by Permanent School Fund
Radian	—Insured by Radian Asset Assurance
VA	—Veterans Administration
XLCA	—Insured by XL Capital Assurance, Inc.

PORTFOLIO COMPOSITION

Sector Allocation	AS OF 4/30/09		AS OF 10/31/08
Lease	21.5	%	18.1	%
General Obligations	20.1		20.3
Education	13.3		9.6
Hospital	11.7		13.8
General	9.1		10.3
Single Family Housing	8.2		8.8
Water/Sewer	6.9		7.4
Transportation	4.1		4.3
Prerefunded/Escrow to Maturity	2.0		3.4
Student	1.7		1.8
Power	0.5		—
Multi Family Housing	0.1		1.1
Short-Term Obligation	1.3		0.7
TOTAL INVESTMENTS	100.5	%	99.6	%

The percentage shown for each Sector Allocation reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such its composition may differ over time.

28 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Missouri Tax-Free Intermediate Bond Fund

Performance Information⁽¹⁾(Unaudited)

For the six months ended April 30, 2009, the Fund had a total return of 7.25%, based on its Net Asset Value (NAV). This compares to the Barclays Capital 3-15 Year Blend Index⁽²⁾ six-month return of 8.01%. Past performance is no guarantee of future results.

Schedule of Investments

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – 93.9%
Arizona – 1.2%
Pinal City Arizona Unified School District No.1 Florence School Improvement Project of 2006 GO Bonds Series C (A-/NR)
$  1,155,000	5.125	%	07/01/23	$    1,180,756
1,215,000	5.150		07/01/24	1,233,529
				2,414,285
Colorado – 0.3%
Colorado Housing & Finance Authority Revenue Bonds (Single Family Mortgage) Series A (FHA) (AAA/Aaa)
650,000	4.350		11/01/19	660,010
Indiana – 0.2%
Indiana Bond Bank Revenue Bonds (Special Program-Hendricks Regional Health) Series A (AA/NR)
500,000	5.500		02/01/29	504,550
Iowa – 0.7%
Iowa Finance Authority Revenue Bonds (Single Family Mortgage) Series E (GNMA/FNMA) (Go of Auth) (AAA/Aaa)
1,350,000	5.000		07/01/23	1,377,486
Kentucky – 0.2%
Kentucky Housing Corp. Revenue Bonds Series A (FHA) (AAA/Aaa)
500,000	5.750		07/01/39	508,815
Louisiana – 0.8%
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Refunding-Independence Stadium Project) (A/NR)
1,525,000	5.000		03/01/21	1,582,172
Michigan – 0.7%
Michigan State Hospital Finance Authority Revenue Bonds (Ascension Health Credit) Series A (MBIA) (AA/Aa1)
500,000	5.500		11/15/10	512,585
River Rouge MI School District GO Bonds (Refunding) (MBIA) (FGIC) (AA-/Aa3)
1,000,000	5.000		05/01/19	1,042,510
				1,555,095

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – 87.5%
Belton MO School District No. 124 Direct Deposit Program GO Bonds (Refunding) Series A (AA+/A1)
$     150,000	4.000	%	03/01/17	$       158,688
Bi-State Development Agency MO Metro District Revenue Bonds (Refunding-St. Clair County Metrolink Project) (FSA) (AAA/Aa3)
2,000,000	5.250		07/01/20	2,106,960
1,000,000	5.250		07/01/28	1,008,370
Bonne Terre MO Certificates of Participation (AMBAC) (NR/NR)
250,000	5.250		11/01/15	281,505
Boone County MO Hospital Revenue Bonds (NR/A3)
1,600,000	5.750		08/01/28	1,490,912
Branson MO Reorganized School District No. R-4 GO Bonds (FSA) (AAA/Aa3)
1,000,000	5.000		03/01/18	1,095,440
1,250,000	5.000		03/01/19	1,354,775
Branson MO Reorganized School District No. R-4 GO Bonds School District Direct Deposit Program (AMBAC) (A+/NR)
300,000	5.500		03/01/14	346,389
Camdenton MO Reorganized School District No. RIII GO Bonds (Refunding & Improvement) (FSA) (AAA/Aa3)
500,000	5.250		03/01/17	588,575
1,000,000	5.250		03/01/21	1,090,310
Cape Girardeau County MO Industrial Development Authority Health Care Facilities Revenue Bonds (St. Francis Medical Center) Series A (A+/NR)
930,000	5.250		06/01/11	957,165
400,000	5.250		06/01/12	414,776
1,000,000	5.250		06/01/13	1,042,700
Carroll County MO Public Water Suppy District No. I Water System Revenue Bonds Series B (Refunding) (SP-1+/NR)
1,700,000	4.625		03/01/12	1,700,187
Cass County MO Reorganized School District No. R-2 Raymore-Peculiar Direct Deposit Program GO Bonds (AA+/NR)
1,000,000	5.000		03/01/18	1,130,420
Clay County MO Public Building Authority Leasehold Revenue Bonds (General Improvement) Series C (FSA) (AAA/Aa3)
40,000	5.000		05/15/09	40,005

⁽¹⁾ Returns assume expense reimbursements and are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽²⁾ The Barclays Capital 3-15 Year Blend Index is an unmanaged index composed of investment grade municipal securities ranging from 2 to 17 years in maturity. The Index figure does not reflect the deduction of any fees, expenses or taxes.

The accompanying notes are an integral part of these financial statements. 29

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Clay County MO Public School District No. 53 Liberty Direct Deposit Program GO Bonds (Refunding) Series A (FSA) (AAA/Aa3)
$  1,000,000	5.000	%	03/01/18	$    1,047,610
Clay County MO Public School District No. 53 Liberty Direct Deposit Program GO Bonds Series B (FSA) (AAA/Aa3)
1,000,000	5.000		03/01/18	1,047,610
Clay County MO Public School District No. 53 Liberty School Building Direct Deposit Program GO Bonds (AA+/NR)
1,280,000	5.000		03/01/25	1,368,397
2,435,000	5.000		03/01/28	2,549,786
Clay County MO Reorganized School District No. R-1 Kearney Direct Deposit Program GO Bonds (AA+/Aa1)
740,000	5.000		03/01/13	785,125
900,000	5.000		03/01/15	954,882
Clay County MO Reorganized School District No. R-1 Kearney School Building Direct Deposit Program GO Bonds Series B (AA+/Aa1)
695,000	5.000		03/01/21	749,446
650,000	5.000		03/01/22	695,266
Clinton MO Certificates of Participation (Refunding & Improvement) (NR/NR)
400,000	5.000		12/01/12	433,536
Cole County MO Certificates of Participation (Jail Project) (NR/A1)
660,000	4.300		12/01/19	667,141
1,000,000	4.500		12/01/20	1,013,030
Columbia MO Water & Electricity Revenue Bonds (Unrefunded Balance-Refunding and Improvement) Series A (AA-/A1)
230,000	4.700		10/01/10	230,044
Des Peres MO Certificates of Participation (Refunding) (AA+/NR)
390,000	3.000		08/01/14	400,089
Florissant MO Certificates of Participation (FGIC) (NR/A2)
330,000	5.000		08/01/11	357,383
560,000	5.000		08/01/12	621,348
485,000	5.000		08/01/15	515,938
500,000	5.000		08/01/16	528,565
450,000	5.000		08/01/17	473,297
Fort Zumwalt MO School District Direct Deposit Program GO Bonds Series A (AA+/Aa1)
1,080,000	5.000		03/01/19	1,205,258
Fort Zumwalt MO School District GO Bonds Direct Deposit Program (Refunding) Series A (AA+/Aa1)
700,000	5.000		03/01/17	786,982
935,000	5.000		03/01/18	1,042,104
945,000	5.000		03/01/19	1,041,522
Franklin County MO Public Water Supply District No. 3 Certificates of Participation (Refunding) Series C (FGIC) (NR/NR)
395,000	5.000		12/01/15	421,979

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Gladstone MO Certificates of Participation Series A XLCA (NR/A2)
$     475,000	5.000	%	06/01/23	$       482,899
Greene County MO Reorganized School District No. R-8 Direct Deposit Program GO Bonds (FSA) (AAA/Aa3)
520,000	5.250		03/01/16	568,688
Hickman Mills MO School District No. C-1 Direct Deposit Program GO Bonds (FSA) (AAA/Aa3)
2,300,000	5.000		03/01/19	2,434,136
Jackson County MO Consolidated School District Direct Deposit Program GO Bonds (AA+/NR)
2,365,000	5.000		03/01/25	2,533,766
Jackson County MO Consolidated School District No. 2 Direct Deposit Program GO Bonds (AA+/NR)
1,275,000	5.000		03/01/18	1,324,903
Jackson County MO Consolidated School District No. 2 Direct Deposit Program GO Bonds (MBIA) (AA+/Baa1)
1,250,000	5.000		03/01/22	1,337,012
Jackson County MO Public Building Corp. Leasehold Revenue Bonds (Capital Improvements Project) Series B (NR/Aa3)
530,000	4.500		12/01/19	557,406
555,000	4.500		12/01/20	578,116
Jackson County MO Public Building Corp. Leasehold Revenue Bonds Series A (MBIA) (NR/Aa3)
500,000	5.000		12/01/20	541,885
Jackson County MO Reorganized School District No. 4 Blue Springs GO Bonds (Refunding & Improvement) Series A (AA/NR)
2,000,000	5.000		03/01/29	2,045,060
Jackson County MO School District No. C-1 Hickman School Building Direct Deposit Program GO Bonds (AA+/NR)
500,000	5.000		03/01/24	541,085
Jackson County MO Special Obligation Revenue Bonds (Harry S. Truman Sports Complex) (AMBAC) (AA-/Aa3)
1,360,000	5.000		12/01/22	1,398,787
Jackson County MO Special Obligation Revenue Bonds Series A (MBIA) (NR/Aa3)
2,000,000	5.500		12/01/12	2,179,460
Jefferson County MO Consolidated Public Water Supply District No. C-1 Revenue Bonds (AMBAC) (NR/NR)
1,000,000	5.250		12/01/15	1,092,680
Jefferson County MO Consolidated School District No. 6 Direct Deposit Program GO Bonds (MBIA) (AA+/Baa1)
1,000,000	5.000		03/01/18	1,040,750
2,000,000	5.000		03/01/19	2,068,420
Jefferson County MO Reorganized School District No. R-6 GO Bonds (Refunding Insured) (FGIC) (AA-/A2)
530,000	5.000		03/01/11	544,474
Johnson County MO Hospital Revenue Bonds (Western MO Medical Center Project) (Radian) (BBB-/NR)(a)
300,000	5.700		06/01/10	316,560
380,000	5.750		06/01/10	401,177
400,000	5.800		06/01/10	422,508

30 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Johnson County MO Hospital Revenue Bonds (Western MO Medical Center Project) (Radian) (ETM) (BBB-/NR)
$     330,000	5.350	%	06/01/09	$       331,165
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Freeman Health System Project) (BBB+/NR)
820,000	5.500		02/15/12	820,344
555,000	5.500		02/15/14	544,017
Kansas City MO Land Clearance Revenue Bonds (Refunding & Improvement) Series E (XCLA) (AA-/A2)
1,000,000	5.000		12/01/15	1,144,770
Kansas City MO Metropolitan Community Colleges Building Corp. Leasehold Revenue Bonds (Refunding & Improvement) (FGIC) (NR/Aa3)
1,000,000	5.500		07/01/11	1,092,110
Kansas City MO Metropolitan Community Leasehold Jr. College Revenue Bonds (Refunding & Improvements) (FGIC) (NR/Aa3)
1,075,000	5.000		07/01/17	1,194,207
Kansas City MO Special Obligation Revenue Bonds (Arena Project) (Refunding & Improvements) Series C (AA-/A2)
1,575,000	5.500		04/01/23	1,681,108
Kansas City MO Special Obligation Revenue Bonds (Arena Project) (Refunding & Improvements) Series D (AA-/A2)
340,000	6.431		04/01/18	341,435
Kansas City MO Water Revenue Bonds Series A (AA+/A1)(a)
1,640,000	5.750		12/01/10	1,767,116
1,735,000	5.800		12/01/10	1,870,816
Kansas City MO Water Revenue Bonds Series C (FGIC) (AA+/A1)(a)
1,885,000	5.000		12/01/11	2,074,462
Kirkwood MO School District Educational Facilities Authority Leasehold Revenue Bonds for Kirkwood School District R-7 Project Series B (MBIA) (NR/Aa3)
750,000	5.000		02/15/19	808,755
Ladue MO School District GO Bonds (Refunding and Improvement) (AAA/NR)
500,000	5.000		03/01/20	557,065
545,000	5.000		03/01/22	596,590
500,000	5.000		03/01/23	542,360
Lebanon MO Reorganized School District No. R-3 Direct Deposit Program GO Bonds (AA+/NR)
270,000	5.450		03/01/14	279,469
Lee’s Summit MO Water & Sewer Revenue Bonds (Refunding) (AMBAC) (NR/A1)
335,000	5.250		07/01/11	364,078
1,000,000	5.250		07/01/12	1,073,260
1,135,000	5.250		07/01/15	1,195,904
Lee’s Summit MO Water & Sewer Revenue Bonds Combination Series A (AMBAC) (NR/A1)
480,000	5.000		07/01/20	499,416
Maryville MO Waterworks & Sewage System Revenue Bonds (Combined) Series A (NR/NR)
2,000,000	5.450		07/01/15	1,997,780

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri Development Finance Board Cultural Facilities Revenue Bonds (Nelson Gallery Foundation) Series A (MBIA) (AA-/Aa3)
$  1,000,000	5.250	%	12/01/13	$    1,086,060
1,410,000	5.250		12/01/15	1,505,260
Missouri Higher Education Student Loan Revenue Bonds Series EE (AMT) (NR/Aaa)
500,000	4.500		02/15/10	500,350
Missouri Higher Education Student Loan Revenue Bonds Series RR (AMT) (NR/A2)
1,500,000	5.850		07/15/10	1,524,060
Missouri School Board Association Lease Certificates of Participation for Liberty Public School District No. 53 (FSA) (AAA/Aa3)
830,000	5.250		03/01/21	915,457
700,000	5.250		03/01/22	764,127
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)
1,000,000	5.000		10/15/20	1,069,300
Missouri State Development Finance Board Infrastructure Facilities (Eastland Center Project) Series A (A+/NR)
150,000	4.500		04/01/22	143,889
Missouri State Development Finance Board Infrastructure Facilities (Hartman Heritage Center Phase II) (AMBAC) (A+/NR)
300,000	5.000		04/01/13	325,719
1,240,000	5.000		04/01/21	1,283,288
Missouri State Development Finance Board Infrastructure Facilities (Independence-Centerpoint Project) (A+/NR)
935,000	4.750		04/01/28	828,410
Missouri State Development Finance Board Infrastructure Facilities Revenue Bonds (Independence- Events Center) Series F (A+/NR)
1,000,000	6.125		04/01/29	1,000,560
Missouri State Development Finance Board Infrastructure Facilities Revenue Bonds (Riverside-Quindaro L-385 Project) (NR/NR)(a)
430,000	5.200		03/01/10	444,998
1,035,000	5.300		03/01/10	1,071,950
680,000	5.600		03/01/10	705,942
Missouri State Environmental Improvement & Energy Resources Authority Pollution Control Revenue Bonds (Tri-County Water Authority Project) (Radian) (BBB-/NR)
445,000	5.600		04/01/11	447,750
1,500,000	6.000		04/01/22	1,500,990
Missouri State Environmental Improvement & Energy Resources Authority Water Facilities Revenue Bonds (Tri-County Water Authority Project) (Refunding) (Radian) (BBB-/NR)
450,000	5.550		04/01/10	453,146
80,000	5.750		04/01/19	80,050

The accompanying notes are an integral part of these financial statements. 31

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (State Revolving Funds Program) Series A (NR/Aaa)
$     400,000	5.500	%	01/01/23	$       460,800
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (State Revolving Funds Program) Series B (NR/Aaa)
1,150,000	5.250		01/01/11	1,162,731
1,115,000	5.000		07/01/17	1,283,945
2,130,000	5.125		01/01/18	2,300,080
725,000	5.000		01/01/22	761,214
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (Unrefunded Balance State Revolving Funds Program) Series A (NR/Aaa)
210,000	5.125		07/01/11	219,851
535,000	5.200		07/01/12	558,337
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (Unrefunded Balance State Revolving Funds Program) Series D (NR/Aaa)
170,000	5.125		01/01/10	170,090
Missouri State Health & Educational Facilities Authority Revenue Bonds (BJC Health System) Series 2003 (AA/Aa2)
2,180,000	5.250		05/15/17	2,262,339
Missouri State Health & Educational Facilities Authority Revenue Bonds (Cox Health System) (NR/A2)
2,350,000	5.125		11/15/23	2,196,263
Missouri State Health & Educational Facilities Revenue Bonds (St. Lukes Health System) Series A (FSA) (AAA/Aa3)
1,000,000	5.000		11/15/19	1,071,890
Missouri State Health & Educational Facility Authority Revenue Bonds (BJC Health System) Series A (AA/Aa2)
1,225,000	5.000		05/15/18	1,262,215
Missouri State Health & Educational Facility Revenue Bonds (Barnes-Jewish, Inc.) (AA/Aa2)
150,000	6.000		05/15/11	159,549
Missouri State Health & Educational Facility Revenue Bonds (Barnes-Jewish, Inc.) Series A (AMBAC-TCRS) (A/NR)
1,735,000	5.150		05/15/10	1,808,980
Missouri State Health & Educational Facility Revenue Bonds (Central Institute for the Deaf) (Radian) (BBB-/NR)(a)
1,000,000	5.850		01/01/10	1,032,070
Missouri State Health & Educational Facility Revenue Bonds (Lake Regional Health System Project) (BBB+/NR)
510,000	5.000		02/15/14	489,447
Missouri State Health & Educational Facility Revenue Bonds (St. Louis University) (AA-/A1)
1,700,000	5.250		10/01/10	1,702,142
1,000,000	5.500		10/01/12	1,108,380
Missouri State Health & Educational Facility Revenue Bonds (St. Lukes Health System) Series A (FSA) (AAA/Aa3)
250,000	5.000		11/15/10	262,505

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Health & Educational Facility Revenue Bonds (St. Lukes Health System) Series A (FSA) (AAA/Aa3) – continued
$  2,000,000	5.000	%	11/15/14	$    2,197,000
Missouri State Health & Educational Facility Revenue Bonds (University of Missouri-Columbia Arena Project) (AA+/Aa1)
500,000	5.000		11/01/17	526,145
Missouri State Health & Educational Facility Revenue Bonds (Washington University) Series A (AAA/Aaa)
1,050,000	5.000		02/15/17	1,177,754
1,545,000	5.000		02/15/20	1,680,373
120,000	4.750		11/15/37	118,888
Missouri State Highways & Transit Commission Road Revenue Bonds (Second Lien) (AAA/Aa2)
1,165,000	5.250		05/01/18	1,357,167
Missouri State Housing Development Commission Revenue Bonds (Multifamily Housing) Series II (FHA) (AA/NR)
485,000	4.750		12/01/10	490,490
Missouri State Housing Development Community Mortgage Revenue Bonds (Multifamily Housing) Series II (FHA) (AA/NR)
335,000	4.650		12/01/09	340,136
Missouri State Housing Development Community Mortgage Revenue Bonds (Single Family Homeowner Loan A-1) (AMT) (FNMA/GNMA) (AAA/NR)
45,000	5.800		09/01/11	45,060
40,000	5.900		09/01/12	40,088
45,000	6.000		09/01/13	45,041
Missouri State Housing Development Community Mortgage Revenue Bonds (Single Family Homeowner) Series E-1 (AMT) (FNMA/GNMA) (AAA/NR)
35,000	5.000		03/01/12	35,044
35,000	5.000		09/01/12	35,044
Missouri State Regional Convention & Sports Complex Authority Revenue Bonds (Refunding Convention & Sports Facilities Project) Series A-1 (AMBAC) (AA+/Aa2)
2,000,000	5.250		08/15/12	2,160,840
Missouri State Stormwater Control GO Bonds Series A (AAA/Aaa)
300,000	5.250		08/01/16	326,478
Monarch-Chesterfield MO Levee District Revenue Bonds (MBIA) (AA-/Baa1)
1,000,000	5.450		03/01/14	1,037,380
Neosho MO Reorganized School District No. R-5 GO Bonds (Building-Direct Deposit Program) (FSA) (AAA/Aa3)
1,430,000	5.250		03/01/21	1,568,810
New Liberty Hospital District Revenue Bonds (MBIA) (NR/Baa1)
515,000	5.000		12/01/10	515,015
850,000	5.125		12/01/12	850,034
Nixa MO Electric System Revenue Bonds (XLCA) (NR/NR)
1,000,000	4.750		04/01/15	1,065,540
North Kansas City MO Hospital Revenue Bonds (North Kansas City Hospital) Series A (FSA) (AAA/Aa3)
1,000,000	5.000		11/15/18	1,043,130
1,000,000	5.000		11/15/19	1,034,330

32 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
North Kansas City MO School District No. 74 Direct Deposit Program GO Bonds (AA+/Aa1)
$  3,000,000	5.500	%	03/01/28	$    3,311,070
Northwest Missouri State University Revenue Bonds (Housing System) (MBIA) (NR/A3)
2,875,000	5.000		06/01/20	3,000,637
O’ Fallon MO Certificates of Participation (MBIA) (NR/A1)
1,000,000	5.000		02/01/22	1,027,470
O’ Fallon MO Certificates of Participation (NR/A1)
2,000,000	5.250		11/01/19	2,230,600
OTC Public Building Corp. MO Leasehold Revenue Bonds (Refunding & Improvement-Ozarks College Project) (FSA) (AAA/Aa3)
740,000	4.900		03/01/16	768,327
OTC Public Building Corp. MO Leasehold Revenue Bonds (Refunding-Ozarks Technical Community College) (FSA) (AAA/NR)
1,500,000	5.000		03/01/19	1,728,690
Ozark MO Reorganized School District No. R-6 GO Bonds (Direct Deposit Program) (FSA) (AAA/Aa3)
440,000	5.000		03/01/22	476,036
Platte County MO GO Bonds for Parkville Neighborhood Improvement Series B (MBIA) (NR/Aa3)
2,720,000	5.000		02/01/22	2,868,077
Platte County MO Industrial Development Authority Transportation Revenue Bonds (Refunding and Improvement Zona Rosa Retail Project) (AA-/NR)
435,000	5.000		12/01/18	486,369
850,000	5.000		12/01/20	925,956
Platte County MO Reorganized School District No. R-3 GO Bonds for School Building (FSA) (AAA/Aa3)
1,025,000	4.500		03/01/22	1,057,001
Poplar Bluff MO Public Building Corp. Leasehold Revenue Bonds (Refunding & improvement) (NR/Baa1)
390,000	5.100		09/01/18	390,967
Raytown MO Annual Appropriation-Supported Tax Revenue Bonds (Live Redevelopment Plan Project 1) (A+/NR)
150,000	5.000		12/01/12	158,886
Raytown MO Sewer Revenue Bonds (NR/NR)
100,000	4.625		07/01/24	96,972
100,000	4.700		07/01/27	94,727
Ritenour MO School District Direct Deposit Program GO Bonds (AA+/NR)
1,740,000	4.500		03/01/17	1,932,757
Riverside-Quindaro MO Bend Levee District Project Revenue Bonds Series L (Radian) (BBB/NR)
450,000	5.500		03/01/14	447,705
500,000	5.500		03/01/15	492,150
Southeast MO State University Revenue Bonds (Installment Payment Certificates) Series 2002 (XLCA) (NR/NR)
200,000	4.750		04/01/12	202,304

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Springfield MO Public Building Corp. Leasehold Revenue Bonds (Taxable- Improvement-Branson National Airport) (NR/Aa3)
$     540,000	6.750	%	03/01/28	$       529,794
575,000	6.850		03/01/29	569,394
Springfield MO Public Utility Revenue Certificates of Participation (Lease Purchase for Various Projects) Series A (MBIA) (AA-/A1)
1,000,000	5.000		12/01/18	1,091,040
Springfield MO Special Obligation Revenue Bonds (College Station Garage Project) Series A (NR/A1)
190,000	4.500		11/01/18	199,853
530,000	4.500		11/01/19	548,529
610,000	4.500		11/01/20	624,701
645,000	4.750		11/01/21	668,710
685,000	4.750		11/01/22	702,803
Springfield MO Special Obligation Revenue Bonds (Heers Garage Project) Series B (NR/A1)
385,000	4.750		11/01/21	399,153
405,000	4.750		11/01/22	415,526
St. Charles County MO Community College GO Bonds (Refunding) (MBIA) (NR/Aa2)
2,585,000	5.000		02/15/17	2,968,200
St. Charles County MO Public Water Supply District No. 2 Certificates of Participation (AA/NR)
100,000	5.200		12/01/31	101,833
St. Charles County MO Public Water Supply District No. 2 Certificates of Participation Series B (Refunding) (NR/Baa1)
530,000	5.000		12/01/12	566,941
St. Charles County MO Water Supply District No. 2 Certificates of Participation (AA/NR)
650,000	5.375		12/01/36	659,126
St. Charles MO Certificates of Participation Series B (NR/A2)
200,000	5.000		05/01/09	200,000
St. Charles MO Community College Educational Facilities Authority Leasehold Revenue Bonds (NR/Aa3)
100,000	5.250		06/01/19	107,825
735,000	5.200		06/01/24	774,764
St. Louis County MO Certificates of Participation Capital Improvement Projects (AA+/Aa2)
300,000	4.400		05/15/11	300,333
St. Louis County MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Ranken Jordan Project) (NR/NR)
490,000	5.000		11/15/15	401,545
515,000	5.000		11/15/16	409,137
St. Louis County MO Parkway School District No. C-2 GO Bonds (Refunding & Improvement) (AAA/NR)
400,000	3.250		03/01/19	407,416
St. Louis County MO Rockwood School District No. R-6 GO Bonds Series A (AAA/NR)(a)
1,315,000	5.000		02/01/13	1,483,241

The accompanying notes are an integral part of these financial statements. 33

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri  – (continued)
St. Louis County MO School District No. R-6 Direct Deposit Program GO Bonds (AAA/NR)(a)
$  1,000,000	5.000	%	02/01/11	$    1,070,030
St. Louis MO Airport Revenue Bonds (Refunding for Lambert/St. Louis International Airport) (MBIA) (FGIC) (AA-/NR)
185,000	5.125		07/01/12	187,192
St. Louis MO Airport Revenue Bonds (Refunding-Lambert International Airport) (FGIC) (AA-/NR)
100,000	5.125		07/01/15	101,111
St. Louis MO Airport Revenue Bonds Refunding for Lambert Series B (AMT) (FSA) (AAA/Aa3)
2,000,000	5.000		07/01/24	1,818,880
St. Louis MO Junior College District Building Corp. Leasehold Revenue Bonds (AA/NR)
345,000	3.000		04/01/10	350,448
355,000	3.000		04/01/11	363,747
100,000	4.000		04/01/16	107,161
St. Louis MO Municipal Finance Corp. Leasehold Revenue Bonds (Refunding City Justice Center) Series A (AMBAC) (NR/NR)
700,000	5.250		02/15/15	707,504
St. Louis MO Parking Facility Revenue Bonds (Downtown Parking Facilities Subordinated A) (NR/NR)(a)
900,000	5.500		02/01/12	977,787
St. Louis MO Parking Revenue Bonds (Taxable) Series B (AA-/Baa1)
100,000	5.140		12/15/14	98,607
St. Louis MO Special Administrative Board Transitional School District GO Bonds (Direct Deposit Program) (AA+/NR)
4,250,000	5.000		04/01/21	4,575,550
Taney County MO Certificates of Participation (MBIA) (NR/A3)
1,095,000	4.500		04/01/17	1,128,387
Taney County MO Reorganized School District No. R-V Hollister School District Direct Deposit Program GO Bonds (Refunding & Improvement) (FSA) (AAA/Aa3)
1,100,000	5.000		03/01/18	1,171,874
1,050,000	5.000		03/01/21	1,187,256
Troy MO Reorganized School District No. 3 Lincoln County Direct Deposit Program (AA+/NR)
1,000,000	5.000		03/01/17	1,086,780
University of Missouri Revenue Bonds System Facilities (Refunding) Series B (AA/Aa2)
375,000	5.375		11/01/14	405,390
Washington MO School District Direct Deposit GO Bonds (Refunding) (FSA) (AAA/Aa3)
1,000,000	5.250		03/01/13	1,133,190
Willard MO Certificates of Participation (Parks & Recreation Project) Series B (A/NR)
625,000	6.625		06/01/28	700,563
				183,541,457

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Oregon – 0.7%
Salem OR Hospital Facility Authority Revenue Bonds Series A (A+/NR)
$  1,500,000	5.250	%	08/15/17	$    1,545,555
Puerto Rico – 0.3%
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) (MBIA) (AA-/A3)
555,000	5.000		07/01/22	523,288
Texas – 0.4%
Mansfield TX GO Certificates (AA/Aa3)
700,000	5.750		02/15/22	772,429
Utah – 0.4%
Utah State Building Ownership Authority Lease Revenue Bonds (Refunding-State Facilities Master Lease Program) Series A (AA+/Aa1)
790,000	5.250		05/15/21	836,041
Virginia – 0.5%
Virginia State Housing Development Authority Revenue Bonds Series Z (AA+/Aa1)
1,150,000	4.700		07/01/23	1,148,758
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $191,534,865)				$196,969,941
Repurchase Agreement(b) – 4.9%
State Street Bank & Trust Co.
$10,242,000	0.010	%	05/01/09	$  10,242,000
Maturity Value: $10,242,003
(Cost $10,242,000)
TOTAL INVESTMENTS – 98.8%
(Cost $201,776,865)				$207,211,941
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%				2,582,375
NET ASSETS – 100.0%				$209,794,316

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Prerefunded security. Maturity date disclosed is prerefunding date.
(b)	Repurchase agreement was entered into on April 30, 2009. This agreement was fully collateralized by $9,895,000 U.S. Treasury Notes, 3.125% due 09/30/13 with a market value of $10,447,141.
Security ratings disclosed are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service. A description of the ratings is available in the Fund’s Statement of Additional Information.

34 The accompanying notes are an integral part of these financial statements.

COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND

Investment Abbreviations:
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMBAC-TCRS	—Insured by American Municipal Bond Assurance Corp. - Transferable Custodial Receipts
AMT	—Alternative Minimum Tax
ETM	—Escrow to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FHA	—Insured by Federal Housing Administration
FNMA	—Insured by Federal National Mortgage Association
FSA	—Insured by Financial Security Assurance Co.
GNMA	—Insured by Government National Mortgage Association
GO	—General Obligation
MBIA	—Insured by Municipal Bond Investors Assurance
NR	—Not Rated
RR	—Revenue Refunding
Radian	—Insured by Radian Asset Assurance
XLCA	—Insured by XL Capital Assurance, Inc.

PORTFOLIO COMPOSITION

Sector Allocation	AS OF 4/30/09		AS OF 10/31/08
General Obligations	27.7	%	29.7	%
Lease	16.1		17.0
Hospital	10.9		11.6
Water/Sewer	8.2		12.0
General	7.7		6.1
Prerefunded/Escrow to Maturity	6.8		7.5
Education	5.7		6.3
Transportation	4.0		2.5
Crossover	2.9		4.1
Single Family Housing	1.9		1.0
Power	0.9		1.0
Student	0.7		1.3
Multi-Family Housing	0.4		0.4
Short-Term Obligation	4.9		1.2
TOTAL INVESTMENTS	98.8	%	101.7	%

The percentage shown for each Sector Allocation reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such, its composition may differ over time.

The accompanying notes are an integral part of these financial statements. 35

COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Kansas Tax-Free Intermediate Bond Fund

Performance Information⁽¹⁾(Unaudited)

For the six months ended April 30, 2009, the Fund had a total return of 7.70%, based on its Net Asset Value (NAV). This compares to the Barclays Capital 3-15 Year Blend Index⁽²⁾ six-month return of 8.01%. Past performance is no guarantee of future results.

Schedule of Investments

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – 95.2%
Colorado – 0.6%
Mesa State College CO Auxiliary Facilities Enterprise Revenue Bonds (AA-/Aa3)
$   400,000	5.700	%	05/15/26	$     435,156
Florida – 0.7%
Miami-Dade County FL GO Bonds (Building Better Communities Program) Series B (AA-/Aa3)
500,000	6.250		07/01/26	548,895
Illinois – 1.4%
Lake County IL School District No. 79-Fremont Series B (FSA) (NR/Aa3)
1,000,000	5.000		12/01/22	1,074,210
Indiana – 1.7%
North West Hendricks Multi School Building Corp. Industry (First Mortgage) Series A (AAA/Aa3)
1,300,000	5.000		01/15/31	1,246,739
Iowa – 1.4%
Iowa Finance Authority Single Family Mortgage Revenue Bonds Series E (GNMA/FNMA) (Go of Auth) (AAA/Aaa)
350,000	3.700		01/01/14	355,170
700,000	5.000		07/01/23	714,252
				1,069,422
Kansas – 85.3%
Augusta KS Electric Systems Revenue Bonds (AMBAC) (A/NR)
1,000,000	4.750		08/01/17	1,049,170
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding) (AMBAC) (A/NR)
1,000,000	5.250		09/01/24	1,123,740
Derby KS GO Bonds (Refunding) Series B (AMBAC) (NR/A2)
440,000	5.000		12/01/13	468,591
Derby KS GO Bonds Series A (AMBAC) (NR/A2)(a)
310,000	4.900		12/01/11	340,789
Dodge City KS Unified School District No. 443 GO Bonds (Refunding) (FGIC) (NR/Baa1)
1,450,000	5.000		03/01/12	1,514,249
Douglas County KS GO Bonds (Refunding Sales Tax) Series A (AMBAC) (NR/Aa3)
1,000,000	5.000		08/01/12	1,110,900

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Harvey County KS School District No. 373 GO Bonds (Refunding & Improvement) (FSA) (AAA/Aa3)
$   495,000	5.000	%	09/01/15	$     551,608
Johnson County KS Community College Certificate of Participation (Improvement) (NR/Aaa)
765,000	4.000		04/01/13	810,196
Johnson County KS GO Bonds (Internal Improvement) Series A (AAA/Aaa)
1,000,000	5.000		09/01/21	1,054,000
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series A (FGIC) (AA-/NR)
500,000	6.000		10/01/16	586,960
1,770,000	5.000		10/01/18	1,855,208
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series A (FSA) (AAA/Aa3)
375,000	5.125		04/01/11(a)	404,640
625,000	5.125		10/01/16	656,288
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series B (AMBAC) (A/NR)
925,000	5.000		10/01/22	975,856
975,000	5.000		10/01/23	1,019,743
Johnson County KS Unified School District No. 233 GO Bonds (Refunding) Series B (FGIC) (AA-/Aa3)
500,000	5.500		09/01/17	600,815
Johnson County KS Water District No. 001 Revenue Bonds (Refunding) (ADFA) (GTD) (AAA/Aaa)
275,000	5.000		12/01/19	289,867
Junction City KS GO Notes Series B (NR/NR)
1,000,000	4.000		06/01/09	1,000,930
Kansas State Department of Transportation Highway Revenue Bonds (Refunding) (AMBAC-TCRS-BNY) (AAA/Aa2)
290,000	5.500		09/01/10	308,125
Kansas State Department of Transportation Highway Revenue Bonds (Refunding) (ETM) (AAA/Aa2)
300,000	5.500		09/01/12	341,043
Kansas State Department of Transportation Highway Revenue Bonds Series A (AAA/Aa2)(a)
340,000	5.000		09/01/10	359,067

⁽¹⁾ Returns assume expense reimbursements and are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽²⁾ The Barclays Capital 3-15 Year Blend Index is an unmanaged index composed of investment grade municipal securities ranging from 2 to 17 years in maturity. The Index figure does not reflect the deduction of any fees, expenses or taxes.

36 The accompanying notes are an integral part of these financial statements.

COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Kansas State Development Finance Authority Health Facilities Revenue Bonds Series 2005 (Hays Medical Center) (MBIA) (NR/A2)(b)
$1,960,000	3.750	%	05/15/26	$  1,983,540
Kansas State Development Finance Authority Lease Revenue Bonds (Juvenile Justice Authority) Series D (MBIA) (AA/Baa1)
1,270,000	5.250		05/01/13	1,355,738
Kansas State Development Finance Authority Lease Revenue Bonds (State Capitol Project V-I-A) (FSA) (AAA/Aa3)(a)
500,000	5.000		10/01/10	529,800
Kansas State Development Finance Authority Revenue Bonds (Athletic Facilities) Series C (A/A1)
1,375,000	4.750		06/01/25	1,377,104
Kansas State Development Finance Authority Revenue Bonds (Athletic Facilities) Series R (A/NR)
350,000	5.000		07/01/14	350,105
Kansas State Development Finance Authority Revenue Bonds (Board of Regents University Housing) Series A (MBIA) (AA-/A1)
1,150,000	5.000		04/01/24	1,177,082
Kansas State Development Finance Authority Revenue Bonds (El Dorado Department of Corrections Refunding Project A1) (MBIA) (AA/Baa1)
200,000	5.000		08/01/10	201,468
400,000	5.000		02/01/12	403,052
Kansas State Development Finance Authority Revenue Bonds (Juvenile Justice Authority) Series D (MBIA) (AA/Baa1)
400,000	5.000		05/01/12	426,276
Kansas State Development Finance Authority Revenue Bonds (Kansas State Projects) Series J (AMBAC) (AA/NR)(a)
450,000	5.000		08/01/13	513,050
Kansas State Development Finance Authority Revenue Bonds (Kansas State Projects) Series J (Unrefunded Balance) (AMBAC) (AA/NR)
1,600,000	5.000		08/01/17	1,723,776
Kansas State Development Finance Authority Revenue Bonds (Kansas State Projects) Series K (MBIA) (AA/Aa2)
1,000,000	5.250		11/01/22	1,098,280
Kansas State Development Finance Authority Revenue Bonds (Kansas State Projects) Series W (ETM) (MBIA) (AA/NR)
20,000	4.000		10/01/11	21,383
Kansas State Development Finance Authority Revenue Bonds (Public Water Supply Revolving Loan-2) (AMBAC) (AAA/Aaa)(a)
705,000	5.500		04/01/12	789,579
Kansas State Development Finance Authority Revenue Bonds (Public Water Supply Revolving Loan-DW) (AAA/Aaa)
1,500,000	6.000		04/01/27	1,595,700
Kansas State Development Finance Authority Revenue Bonds (Refunding-Wichita State University Housing System-P) (AMBAC) (A+/NR)
600,000	5.000		06/01/13	652,806
630,000	5.000		06/01/14	678,220
300,000	5.000		06/01/16	318,747

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Kansas State Development Finance Authority Revenue Bonds (Transportation Revolving Fund Trust) (AA+/Aa1)
$1,105,000	5.000	%	10/01/21	$  1,196,041
Kansas State Development Finance Authority Revenue Bonds (University of Kansas Athletic Facilities Refunding) Series K (A/A1)
1,015,000	5.000		06/01/17	1,094,464
Kansas State Development Finance Authority Revenue Bonds (Water Pollution Control Revolving Fund II) (AAA/Aaa)
280,000	5.500		05/01/17	338,909
Lawrence KS Hospital Revenue Bonds (Refunding Lawrence Memorial Hospital) (NR/A3)
550,000	5.250		07/01/10	559,840
1,000,000	5.375		07/01/14	1,033,910
455,000	5.375		07/01/15	467,826
Leavenworth County KS Unified School District No. 464 Tonganoxie GO Bonds (Improvement) Series A (MBIA) (AA-/Baa1)
150,000	5.000		09/01/20	161,597
Leaveworth County KS Unified School District No. 458 GO Bonds (Refunding & Improvement) Series A (NR/A2)
1,100,000	5.250		09/01/27	1,162,788
315,000	5.250		09/01/29	329,021
Miami County Unified School District No. 416 Louisburg, KS GO Bonds (Refunding and Improvement) (MBIA) (AA-/Baa1)
1,650,000	5.000		09/01/17	1,832,193
Olathe KS Health Facilities Revenue Bonds (Medical Center Project) Series 2008 (A+/NR)
1,195,000	5.125		09/01/21	1,191,128
Olathe KS Health Facilities Revenue Bonds (Medical Center Project) Series A (AMBAC) (A+/NR)
500,000	5.500		09/01/10	523,580
Overland Park KS GO Bonds (Refunding for Internal Improvement) Series B (AAA/Aaa)
995,000	4.000		09/01/17	1,079,694
Parsons KS Certificates of Participation (Taxable) Series B (AAA/NR)
300,000	5.700		10/01/17	305,379
Pittsburg KS GO Bonds (Refunding) (FSA) (NR/Aa3)
600,000	5.500		09/01/11	652,542
Reno County KS Unified School District No. 308 Hutchinson GO Bonds Series A (MBIA) (NR/A2)
500,000	4.500		09/01/22	504,120
Saline County KS Unified School District No. 305 Salina GO Bonds (FSA) (NR/Aa3)
230,000	5.500		09/01/16	247,954
Saline County KS Unified School District No. 305 Salina GO Bonds (Unrefunded Balance) (FSA) (NR/Aa3)
70,000	5.500		09/01/16	74,690
Scott County KS Unified School District No. 466 GO Bonds (Refunding) (FGIC) (AA-/NR)
680,000	5.250		09/01/14	736,970

The accompanying notes are an integral part of these financial statements. 37

COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Scott County KS Unified School District No. 466 GO Bonds (Refunding) (FGIC) (NR/NR)(a)
$   670,000	5.250	%	09/01/12	$     752,738
Sedgwick & Shawnee County KS Single Family Revenue Bonds (Mortgage Backed Securities Program) Series A-2 (AMT) (GNMA) (NR/Aaa)
55,000	5.800		06/01/17	55,440
Sedgwick County KS GO Bonds Series A (AA+/Aa1)
205,000	4.150		08/01/10	213,499
Sedgwick County KS Public Building Commission Revenue Bonds (Technical Education Complex Project) Series 2008-1 (AAA/Aa1)
1,000,000	5.250		08/01/26	1,080,450
Sedgwick County KS Unified School District No. 265 GO Bonds (FGIC) (NR/A2)
500,000	5.500		10/01/09	508,440
Sedgwick County Unified School District No. 261 (Refunding & School Improvement) (FSA) (AAA/NR)
1,500,000	5.000		11/01/32	1,515,495
Shawnee County KS GO Bonds (Refunding & Improvement) Series A (NR/Aa3)
250,000	5.250		09/01/09	253,628
Shawnee County KS Unified School District No. 501 GO Bonds (NR/Aa3)(a)
500,000	5.000		02/01/12	549,895
Topeka KS GO Bonds Series A (XLCA) (NR/Aa3)
100,000	4.000		08/15/16	102,381
Topeka KS Public Building Commission Revenue Bonds (Refunding 10th & Jackson Project) Series A (MBIA) (AA/Baa1)
535,000	5.000		06/01/16	618,947
1,000,000	5.000		06/01/23	1,082,200
Topeka KS Public Building Commission Revenue Bonds (Refunding Department of Social and Rehabilitation Project) Series B (MBIA) (AA/Baa1)
300,000	5.000		06/01/23	324,660
475,000	5.000		06/01/24	508,792
University of Kansas Hospital Authority Health Facilities Revenue Bonds (Kansas University Health System) (ETM) (Go of Auth) (AAA/NR)
200,000	5.500		09/01/11	218,764
1,000,000	6.000		09/01/12(a)	1,138,990
Wichita KS GO Bonds (Sales Tax) (AA+/Aa2)
1,000,000	5.000		04/01/14	1,011,270
Wichita KS GO Bonds Series 766 (AA+/Aa2)
455,000	4.300		09/01/10	460,041
Wichita KS Hospital Revenue Bonds (Refunding Facilities Improvement) Series XI (A+/NR)
1,500,000	6.750		11/15/14	1,534,560
Wichita KS Water & Sewer Utility Revenue Bonds Series 2003 (FGIC) (AA-/A1)
1,000,000	5.000		10/01/19	1,046,160

Principal Amount	Interest Rate		Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Wyandotte County KS Revenue Bonds (Refunding & Improvement) (MBIA) (AA-/A2)
$   600,000	4.400	%	09/01/11	$     605,862
Wyandotte County KS School District No. 204 GO Bonds Bonner Springs (Prerefunded) Series 2000 A (ETM) (FSA) (NR/Aa3)
215,000	6.375		09/01/11	241,299
Wyandotte County KS School District No. 204 GO Bonds Bonner Springs (Refunding & Improvement) Series A (FGIC) (NR/A3)
1,595,000	5.000		09/01/21	1,664,207
Wyandotte County KS School District No. 204 GO Bonds Bonner Springs (Unrefunded Balance) Series 2000 A (FSA) (NR/Aa3)
85,000	6.375		09/01/11	93,721
Wyandotte County KS Unified Government GO Bonds (Refunding) Series A (FSA) (AAA/Aa3)
1,000,000	5.000		09/01/11	1,075,040
Wyandotte County KS Unified School District No. 500 GO Bonds (Refunding) (FSA) (AAA/Aa3)
160,000	5.000		09/01/12	176,598
625,000	5.250		09/01/16	723,919
1,000,000	5.250		09/01/20	1,149,260
				63,816,393
Oregon – 0.7%
Salem OR Hospital Facility Authority Revenue Bonds Series A (A+/NR)
500,000	5.250		08/15/18	511,385
Puerto Rico – 3.4%
Puerto Rico Commonwealth GO Bonds (Refunding & Public Improvement) Series A (MBIA) (AA-/Baa1)
475,000	5.500		07/01/16	475,798
Puerto Rico Commonwealth Highway & Transportation Authority Highway Revenue Bonds (Refunding) Series X (FSA) (AAA/Aa3)
425,000	5.500		07/01/15	442,965
Puerto Rico Commonwealth Highway & Transportation Authority Highway Revenue Bonds Series Y (BBB+/Baa2)
500,000	6.250		07/01/13	522,580
Puerto Rico Commonwealth Highway & Transportation Authority Revenue Bonds (Prerefunded) Series G (FGIC) (BBB/Aaa)(a)
655,000	5.250		07/01/13	751,586
Puerto Rico Commonwealth Highway & Transportation Authority Revenue Bonds (Unrefunded Balance) Series G (FGIC) (BBB/Baa3)
345,000	5.250		07/01/21	321,343
				2,514,272
TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $69,115,602)				$71,216,472

38 The accompanying notes are an integral part of these financial statements.

COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND

Principal Amount	Interest Rate		Maturity Date	Value
Repurchase Agreement(c) – 3.8%
State Street Bank & Trust Co.
$2,851,000	0.010	%	05/01/09	$  2,851,000
Maturity Value: $2,851,001
(Cost $2,851,000)
TOTAL INVESTMENTS – 99.0%
(Cost $71,966,602)				$74,067,472
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%				747,575
NET ASSETS – 100.0%				$74,815,047

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Prerefunded security. Maturity date disclosed is prerefunding date.
(b)	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009.
(c)	Repurchase agreement was entered into on April 30, 2009. This agreement was fully collateralized by $2,755,000 U.S. Treasury Notes, 3.125%, due 09/30/13 with a market value of $2,908,729.
Security ratings disclosed are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service. A description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
ADFA	—Arkansas Development Finance Authority
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMBAC-TCRS	—Insured by American Municipal Bond Assurance Corp. – Transferable Custodial Receipts
AMT	—Alternative Minimum Tax
BNY	—Insured by Bank of New York Mellon Corp.
ETM	—Escrow to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FNMA	—Insured by Federal National Mortgage Association
FSA	—Insured by Financial Security Assurance Co.
GNMA	—Insured by Government National Mortgage Association
GO	—General Obligation
GTD	—Guaranteed
MBIA	—Insured by Municipal Bond Investors Assurance
NR	—Not Rated
XLCA	—Insured by XL Capital Assurance, Inc.

PORTFOLIO COMPOSITION

Sector Allocation	AS OF 4/30/09		AS OF 10/31/08
General Obligations	44.2	%	45.3	%
Hospital	10.6		11.1
Lease	10.4		10.5
Prerefunded/Escrow to Maturity	9.4		12.9
Education	6.7		6.7
Water/Sewer	4.4		2.9
Transportation	3.8		3.7
Power	2.2		2.4
General	1.7		1.7
Single Family Housing	1.5		1.5
Crossover	0.3		0.4
Short-Term Obligation	3.8		0.0
TOTAL INVESTMENTS	99.0	%	99.1	%

The percentage shown for each Sector Allocation reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such, its composition may differ over time.

The accompanying notes are an integral part of these financial statements. 39

COMMERCE FUNDS

Statements of Assets and Liabilities

April 30, 2009 (Unaudited)

	Growth Fund			Value Fund			MidCap Growth Fund
Assets:
Investments in securities, at value (identified cost $123,358,964, $82,466,535, $53,450,813, $529,605,768, $78,420,772, $157,838,847, $201,776,865 and $71,966,602, respectively)	$	102,277,952		$	62,929,116		$	43,079,048
Cash		177			398			451
Receivables:
Interest and dividends		59,235			122,926			19,912
Fund shares sold		80,055			48,955			85,006
Investment securities sold		—			—			—
Reimbursement from adviser		7,157			2,787			—
Other assets		15,505			10,135			4,964
Total Assets		102,440,081			63,114,317			43,189,381
Liabilities:
Payables:
Investment securities purchased		—			—			—
Fund shares redeemed		1,638,218			30,226			278,059
Dividends		—			—			—
Advisory fees		61,574			37,958			25,398
Deferred trustee fees		36,972			23,501			16,537
Administrative fees		12,315			7,591			5,080
Accrued expenses		46,035			47,753			45,276
Total Liabilities		1,795,114			147,029			370,350
Net Assets:
Paid-in capital		135,421,941			97,916,469			55,468,230
Accumulated undistributed (distributions in excess of) net investment income		351,199			90,308			46,291
Accumulated net realized gain (loss) from investment transactions		(14,047,161	)		(15,502,070	)		(2,323,725	)
Net unrealized gain (loss) on investments		(21,081,012	)		(19,537,419	)		(10,371,765	)
Net Assets	$	100,644,967		$	62,967,288		$	42,819,031
Shares Outstanding/Net Asset Value:
Total shares outstanding, no par value (unlimited number of shares authorized):		5,597,002			4,492,172			2,080,720
Net asset value (net assets/shares outstanding)	$	17.98		$	14.02		$	20.58

40 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Bond Fund			Short-Term Government Fund			National Tax-Free Intermediate Bond Fund		Missouri Tax-Free Intermediate Bond Fund			Kansas Tax-Free Intermediate Bond Fund
$	520,592,923		$	79,720,078		$	160,054,400	$	207,211,941		$	74,067,472
	931			—			—		968			217
	5,006,939			660,885			2,265,036		2,600,152			869,711
	1,156,597			57,142			281,381		2,236,529			155,000
	2,682,155			—			—		—			—
	—			11,163			10,821		15,010			7,180
	52,351			—			13,932		18,070			8,149
	529,491,896			80,449,268			162,625,570		212,082,670			75,107,729
	2,772,264			136,516			2,503,712		1,499,724			—
	796,421			671,649			240,400		49,918			—
	2,027,813			181,634			491,166		558,869			200,471
	214,967			32,426			65,565		84,302			30,486
	107,417			34,261			30,927		31,447			12,866
	64,490			9,728			19,670		25,290			9,146
	78,434			42,078			31,075		38,804			39,713
	6,061,806			1,108,292			3,382,515		2,288,354			292,682
	548,002,868			92,037,560			156,660,223		204,178,857			72,549,616
	(2,917,118	)		(1,093,012	)		85,581		(86,264	)		(64,882	)
	(12,642,815	)		(12,902,878	)		281,698		266,647			229,443
	(9,012,845	)		1,299,306			2,215,553		5,435,076			2,100,870
$	523,430,090		$	79,340,976		$	159,243,055	$	209,794,316		$	74,815,047
	28,985,286			4,439,947			8,517,607		10,915,003			3,957,520
$	18.06		$	17.87		$	18.70	$	19.22		$	18.90

The accompanying notes are an integral part of these financial statements. 41

COMMERCE FUNDS

Statements of Operations

For the Six Months Ended April 30, 2009 (Unaudited)

	Growth Fund			Value Fund			MidCap Growth Fund
Investment Income:
Interest	$	—		$	—		$	—
Dividends		912,592			1,119,040			306,063
Total Investment Income		912,592			1,119,040			306,063
Expenses:
Advisory fees		363,857			219,897			138,532
Administration fees		72,771			43,979			27,706
Transfer Agent fees		38,876			21,430			23,307
Shareowner servicing fees		38,811			20,524			12,930
Custody and accounting fees		22,969			30,662			23,799
Professional fees		20,058			6,127			5,249
Registration fees		15,110			5,161			10,548
Printing fees		5,603			2,172			2,200
Trustee fees		2,420			1,470			1,108
Other		8,338			6,256			4,466
Total Expenses		588,813			357,678			249,845
Less — expense reimbursements		(40,609	)		(5,880	)		—
Net Expenses		548,204			351,798			249,845
NET INVESTMENT INCOME		364,388			767,242			56,218
Realized and unrealized gain (loss) from investment transactions:
Net realized gain (loss) from investment transactions		(9,564,140	)		(10,097,201	)		(2,195,365	)
Net change in unrealized gain on investments		6,104,169			561,205			3,130,064
Net realized and unrealized gain (loss) from investment transactions		(3,459,971	)		(9,535,996	)		934,699
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,095,583	)	$	(8,768,754	)	$	990,917

42 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Bond Fund		Short-Term Government Fund			National Tax-Free Intermediate Bond Fund			Missouri Tax-Free Intermediate Bond Fund			Kansas Tax-Free Intermediate Bond Fund
$	14,957,919	$	1,509,683		$	3,444,031		$	3,981,980		$	1,508,342
	145,914		—			—			—			—
	15,103,833		1,509,683			3,444,031			3,981,980			1,508,342
	1,274,179		195,236			372,300			457,095			177,447
	382,254		58,571			111,690			137,129			53,234
	48,669		19,249			18,707			22,492			19,062
	152,901		23,428			37,230			45,709			17,745
	52,402		27,445			24,249			23,846			20,845
	43,696		10,395			12,819			18,201			12,503
	22,002		13,333			5,448			6,154			18,719
	24,695		4,247			7,237			9,301			4,054
	3,846		600			1,134			1,417			516
	32,002		10,223			10,366			11,355			5,282
	2,036,646		362,727			601,180			732,699			329,407
	—		(97,223	)		(79,996	)		(92,769	)		(80,987	)
	2,036,646		265,504			521,184			639,930			248,420
	13,067,187		1,244,179			2,922,847			3,342,050			1,259,922
	2,968,386		354,478			281,661			266,568			229,285
	19,502,343		1,708,209			8,180,219			9,016,770			3,745,452
	22,470,729		2,062,687			8,461,880			9,283,338			3,974,737
$	35,537,916	$	3,306,866		$	11,384,727		$	12,625,388		$	5,234,659

The accompanying notes are an integral part of these financial statements. 43

COMMERCE FUNDS

Statements of Changes in Net Assets

	Growth Fund						Value Fund
	For the Six Months Ended April 30, 2009 (Unaudited)			For the Fiscal Year Ended October 31, 2008			For the Six Months Ended April 30, 2009 (Unaudited)			For the Fiscal Year Ended October 31, 2008
From Operations:
Net investment income	$	364,388		$	308,126		$	767,242		$	1,806,751
Net realized gain (loss) from investment transactions		(9,564,140	)		(4,061,806	)		(10,097,201	)		(5,175,114	)
Net change in unrealized gain (loss) on investments		6,104,169			(64,590,862	)		561,205			(38,391,464	)
Net increase (decrease) in net assets resulting from operations		(3,095,583	)		(68,344,542	)		(8,768,754	)		(41,759,827	)
Distributions to Shareholders:
From net investment income		(314,245	)		(304,583	)		(739,119	)		(1,815,407	)
From net realized gains		—			(2,209,815	)		—			(13,766,687	)
Total distributions to shareholders		(314,245	)		(2,514,398	)		(739,119	)		(15,582,094	)
From Share Transactions:
Proceeds from sales of shares		11,524,777			15,916,326			17,900,697			16,080,127
Reinvestment of dividends and distributions		142,078			1,554,805			195,134			7,929,495
Cost of shares redeemed		(18,930,701	)		(58,734,234	)		(10,346,298	)		(43,396,751	)
Net increase (decrease) in net assets resulting from share transactions		(7,263,846	)		(41,263,103	)		7,749,533			(19,387,129	)
TOTAL INCREASE (DECREASE)		(10,673,674	)		(112,122,043	)	��	(1,758,340	)		(76,729,050	)
Net Assets:
Beginning of period		111,318,641			223,440,684			64,725,628			141,454,678
End of period	$	100,644,967		$	111,318,641		$	62,967,288		$	64,725,628
Accumulated undistributed (distributions in excess of) net investment income	$	351,199		$	301,056		$	90,308		$	62,185

44 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

MidCap Growth Fund						Bond Fund
For the Six Months Ended April 30, 2009 (Unaudited)			For the Fiscal Year Ended October 31, 2008			For the Six Months Ended April 30, 2009 (Unaudited)			For the Fiscal Year Ended October 31, 2008
$	56,218		$	15,606		$	13,067,187		$	24,437,719
	(2,195,365	)		1,559,469			2,968,386			1,762,884
	3,130,064			(30,945,837	)		19,502,343			(32,378,451	)
	990,917			(29,370,762	)		35,537,916			(6,177,848	)
	(17,917	)		—			(13,549,373	)		(25,287,261	)
	(1,678,431	)		(7,205,864	)		—			—
	(1,696,348	)		(7,205,864	)		(13,549,373	)		(25,287,261	)
	6,883,292			4,903,744			69,183,100			84,570,456
	895,718			4,299,842			2,590,297			4,954,440
	(4,698,715	)		(32,539,963	)		(65,500,212	)		(100,321,536	)
	3,080,295			(23,336,377	)		6,273,185			(10,796,640	)
	2,374,864			(59,913,003	)		28,261,728			(42,261,749	)
	40,444,167			100,357,170			495,168,362			537,430,111
$	42,819,031		$	40,444,167		$	523,430,090		$	495,168,362
$	46,291		$	7,990		$	(2,917,118	)	$	(2,434,932	)

The accompanying notes are an integral part of these financial statements. 45

COMMERCE FUNDS

Statements of Changes in Net Assets (continued)

	Short-Term Government Fund						National Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2009 (Unaudited)			For the Fiscal Year Ended October 31, 2008			For the Six Months Ended April 30, 2009 (Unaudited)			For the Fiscal Year Ended October 31, 2008
From Operations:
Net investment income	$	1,244,179		$	3,018,384		$	2,922,847		$	5,451,593
Net realized gain from investment transactions		354,478			36,041			281,661			1,466,904
Net change in unrealized gain (loss) on investments		1,708,209			886			8,180,219			(8,811,509	)
Net increase (decrease) in net assets resulting from operations		3,306,866			3,055,311			11,384,727			(1,893,012	)
Distributions to Shareholders:
From net investment income		(1,762,705	)		(3,465,997	)		(2,914,666	)		(5,438,590	)
From net realized gains		—			—			(1,437,570	)		(382,630	)
Total distributions to shareholders		(1,762,705	)		(3,465,997	)		(4,352,236	)		(5,821,220	)
From Share Transactions:
Proceeds from sales of shares		17,727,991			14,023,014			33,464,805			22,039,079
Reinvestment of dividends and distributions		581,565			983,617			407,720			345,583
Cost of shares redeemed		(18,967,317	)		(23,651,894	)		(18,236,507	)		(23,361,249	)
Net increase (decrease) in net assets resulting from share transactions		(657,761	)		(8,645,263	)		15,636,018			(976,587	)
TOTAL INCREASE (DECREASE)		886,400			(9,055,949	)		22,668,509			(8,690,819	)
Net Assets:
Beginning of period		78,454,576			87,510,525			136,574,546			145,265,365
End of period	$	79,340,976		$	78,454,576		$	159,243,055		$	136,574,546
Accumulated undistributed (distributions in excess of) net investment income	$	(1,093,012	)	$	(574,486	)	$	85,581		$	77,400

46 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

Missouri Tax-Free Intermediate Bond Fund						Kansas Tax-Free Intermediate Bond Fund
For the Six Months Ended April 30, 2009 (Unaudited)			For the Fiscal Year Ended October 31, 2008			For the Six Months Ended April 30, 2009 (Unaudited)			For the Fiscal Year Ended October 31, 2008
$	3,342,050		$	5,760,488		$	1,259,922		$	2,475,301
	266,568			202,808			229,285			156,721
	9,016,770			(6,358,066	)		3,745,452			(2,658,442	)
	12,625,388			(394,770	)		5,234,659			(26,420	)
	(3,340,584	)		(5,753,428	)		(1,259,437	)		(2,465,277	)
	(203,343	)		(645,219	)		(155,289	)		(203,301	)
	(3,543,927	)		(6,398,647	)		(1,414,726	)		(2,668,578	)
	54,627,707			56,965,410			8,751,623			14,194,781
	194,636			438,830			104,428			227,770
	(23,947,553	)		(29,596,710	)		(6,846,861	)		(12,011,313	)
	30,874,790			27,807,530			2,009,190			2,411,238
	39,956,251			21,014,113			5,829,123			(283,760	)
	169,838,065			148,823,952			68,985,924			69,269,684
$	209,794,316		$	169,838,065		$	74,815,047		$	68,985,924
$	(86,264	)	$	(87,730	)	$	(64,882	)	$	(65,367	)

The accompanying notes are an integral part of these financial statements. 47

COMMERCE FUNDS

Notes to Financial Statements

April 30, 2009 (Unaudited)

1.  ORGANIZATION

The Commerce Funds (the “Trust”) are a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Trust consists of eight portfolios (individually, a “Fund” and collectively, the “Funds”): the Growth Fund, Value Fund, MidCap Growth Fund, Bond Fund, Short-Term Government Fund, National Tax-Free Intermediate Bond Fund, Missouri Tax-Free Intermediate Bond Fund and Kansas Tax-Free Intermediate Bond Fund. Each of the Funds offers one class of shares. Prior to February 3, 2006, the Funds offered two classes of shares, Institutional and Service Shares. On February 3, 2006, all outstanding Service Shares were converted into Institutional Shares. On February 10, 2009, the Institutional Shares were redesignated as Shares. Each Fund is registered as a diversified open-end management investment company, other than the Missouri Tax-Free Intermediate Bond Fund and the Kansas Tax-Free Intermediate Bond Fund, which are registered as non-diversified under the 1940 Act.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures on the financial statements. Actual results could differ from those estimates and assumptions.

A.  Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

While the independent service may not take into account market or security specific information, under the valuation procedures, these securities might also be fair valued by the Adviser by taking into consideration market or security specific information, including, but not limited to, corporate actions or events, market disruptions or governmental actions.

B.  Security Transactions and Investment Income — Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities of the Funds are calculated using the identified-cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. Certain mortgage security paydown gains and losses are included in interest income in the accompanying Statements of Operations. Market discounts, original issue discount (“OID”) and market premiums on debt securities are accreted/amortized to interest income over the life of the security with a corresponding adjustment in the cost basis of that security. In addition, it is the Funds’ policy to accrue for estimated capital gains taxes, if any, on foreign securities held by the Funds, which are subject to such taxes.

In addition, distributions received from the Funds’ investments in real estate investment trusts (“REITs”) often include a “return of capital” which is recorded by the Funds as a reduction of the cost basis of the securities held. The Internal Revenue

48

COMMERCE FUNDS

2.  SIGNIFICANT ACCOUNTING POLICIES (continued)

Code of 1986, as amended (the “Code”) requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the Funds’ distributions is deemed a return of capital and is generally not taxable to shareholders.

C.  Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds based on each Fund’s relative average net assets.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

	Income Distribution		Capital Gains Distribution
Fund	Declared	Paid	Declared	Paid
Value	Quarterly	Quarterly	Annually	Annually
Growth and MidCap Growth	Annually	Annually	Annually	Annually
Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond	Daily	Monthly	Annually	Annually

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as from net investment income, net realized gain or capital. Financial statements are adjusted for permanent book/tax differences to reflect the appropriate tax character, and are not adjusted for temporary differences.

GAAP establishes financial statement accounting and disclosure requirements for recognition and measurement of tax positions taken or expected to be taken on a U.S. income tax return. The tax positions have been reviewed for the open tax years (tax years ended October 31, 2005-2008) and determined that they did not have a material impact on the Funds’ financial statements.

E.  Repurchase Agreements — The Funds may enter into repurchase agreements. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period that the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian.

49

COMMERCE FUNDS

Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)

3.  AGREEMENTS

A.  Advisory Agreements — The Funds have entered into an Advisory Agreement with Commerce Investment Advisors, Inc. (the “Adviser” or “Commerce”), a subsidiary of Commerce Bank, N.A. (“Commerce Bank”). Pursuant to the terms of the Advisory Agreement, the Adviser is responsible for managing the investments and making investment decisions for each of the Funds. For these services and for assuming related expenses, the Adviser is entitled to a fee, computed daily and payable monthly, at the contractual annual rate of the corresponding Fund’s average daily net assets. The contractual annual rate is 0.75% for the Growth, Value and MidCap Growth Funds and 0.50% for the Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds, respectively.

B.  Administration Agreements — Goldman Sachs Asset Management (“GSAM”), a business unit of the Investment Management Division of Goldman, Sachs & Co. (“Goldman Sachs”), and Commerce, serve as Co-Administrators of the Trust pursuant to a Co-Administration Agreement. Under the Co-Administration Agreement, GSAM and Commerce administer the Trust’s business affairs. As compensation for the services rendered under the Co-Administration Agreement, GSAM and Commerce are entitled to a fee, computed daily and payable monthly, at the contractual annual rate of the corresponding Fund’s average daily net assets. Pursuant to the Co-Administration Agreement, the Funds will pay an aggregate administrative fee at the annual rate of 0.15%, allocated as follows: (1) for each Fund, GSAM is entitled to receive 0.03% of each Fund’s average daily net assets; and (2) for each Fund, Commerce is entitled to receive 0.12% of each Fund’s average daily net assets.

C.  Other Agreements — The Adviser agreed to reimburse expenses (excluding interest, taxes and extraordinary expenses exclusive of any custody expense reductions) to the extent that such expenses exceeded, on an annualized basis, 1.13%, 1.20%, 0.88%, 0.68%, 0.70%, 0.70% and 0.70% of the average net assets of the Growth, Value, Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds, respectively. In addition, the Funds are not obligated to reimburse the Adviser for prior fiscal year expense reimbursements, if any. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds have entered into certain offset arrangements with the custodian resulting in a reduction in the Funds’ expenses.

Pursuant to a Shareholder Administrative Services Plan adopted by its Board of Trustees, the Funds may enter into agreements with service organizations, such as banks and financial institutions, which may include the Adviser and its affiliates (“Service Organizations”), under which they will render shareholder administration support services. For these services, the Service Organizations are entitled to receive fees from each Fund at an annual rate of up to 0.25% of the average daily net asset value of Fund shares beneficially owned by clients of such Service Organizations. For the six months ended April 30, 2009, Commerce Bank has retained $349,278 in shareowner servicing fees.

4.  OTHER TRANSACTIONS WITH RELATED PARTIES

Certain Trustees participate in a Deferred Compensation Plan, as amended and restated (the “Plan”), which allows eligible non-affiliated Trustees as described in the Plan to defer the receipt of all or a portion of the Trustees’ fees payable. Under the Plan, such Trustees have deferred fees treated as if they had been invested by The Commerce Funds in the shares of one or more Funds of the Trust. All amounts payable to the Trustees under the Plan are accrued quarterly and determined based on the performance of such Funds.

5.  FAIR VALUE OF INVESTMENTS

For the six months ended April 30, 2009, the Funds adopted FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements do not include transaction costs. FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities

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COMMERCE FUNDS

5.  FAIR VALUE OF INVESTMENTS (continued)

(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following is a summary of the Funds’ investments categorized in the fair value hierarchy. All amounts in the following table reflect investments in securities:

Level	Growth		Value		MidCap Growth		Bond
Level 1	$	100,663,952	$	62,450,116	$	41,953,048	$	26,715,532
Level 2		1,614,000		479,000		1,126,000		493,877,391
Level 3		—		—		—		—
Total	$	102,277,952	$	62,929,116	$	43,079,048	$	520,592,923

Level	Short-Term Government		National Tax-Free Intermediate Bond		Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Level 1	$	9,376,047	$	—	$	—		$	—
Level 2		70,344,031		160,054,400		207,211,941			74,067,472
Level 3		—		—		—	��		—
Total	$	79,720,078	$	160,054,400	$	207,211,941		$	74,067,472

6.  PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2009, were as follows:

Fund	Purchases of U.S. Government and agency obligations		Purchases (excluding U.S. Government and agency obligations)		Sales and maturities of U.S. Government and agency obligations		Sales and maturities (excluding U.S. Government and agency obligations)
Growth	$	—	$	17,222,781	$	—	$	24,159,979
Value		—		23,885,602		—		15,525,890
MidCap Growth		—		6,899,926		—		5,888,541
Bond		—		91,607,652		50,355,711		11,823,944
Short-Term Government		5,971,204		8,112,667		13,213,170		—
National Tax-Free Intermediate Bond		—		33,170,304		—		18,165,225
Missouri Tax-Free Intermediate Bond		—		33,278,421		—		14,343,292
Kansas Tax-Free Intermediate Bond		—		4,834,023		—		5,763,961

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Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)

7.  TAX INFORMATION

As of the Funds’ most recent fiscal year ended, October 31, 2008, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Growth			Value			MidCap Growth			Bond			Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Capital loss carryforward:(1)
Expiring 2010	$	—		$	—		$	—		$	(5,182,052	)	$	(679,994	)	$	—		$	—		$	—
Expiring 2011		—			—			—			—			(2,174,462	)		—			—			—
Expiring 2012		—			—			—			(6,311,963	)		(3,771,248	)		—			—			—
Expiring 2013		—			—			—			(540,238	)		(2,538,488	)		—			—			—
Expiring 2014		—			—			—			(3,576,948	)		(2,653,199	)		—			—			—
Expiring 2015		—			—			—			—			(1,094,544	)		—			—			—
Expiring 2016		(4,003,861	)		(4,797,254	)		—			—			(345,421	)		—			—			—
Total capital loss carryforward:	$	(4,003,861	)	$	(4,797,254	)	$	—		$	(15,611,201	)	$	(13,257,356	)	$	—		$	—		$	—
Timing differences (dividends payable, deferred compensation)	$	(12,974	)	$	(14,557	)	$	(10,645	)	$	(1,760,522	)	$	(190,544	)	$	(450,753	)	$	(525,589	)	$	(196,057	)

⁽¹⁾ Expiration occurs on October 31 of the year indicated.

At April 30, 2009, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Growth			Value			MidCap Growth			Bond			Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Tax Cost	$	123,838,124		$	83,071,492		$	53,578,383		$	531,691,560		$	78,625,136		$	157,803,713		$	201,769,850		$	71,963,693
Gross unrealized gain		5,079,145			1,585,072			1,911,797			21,994,550			3,134,451			4,191,136			6,618,831			2,391,637
Gross unrealized loss		(26,639,317	)		(21,727,448	)		(12,411,132	)		(33,093,187	)		(2,039,509	)		(1,940,449	)		(1,176,740	)		(287,858	)
Net unrealized security gain (loss)	$	(21,560,172	)	$	(20,142,376	)	$	(10,499,335	)	$	(11,098,637	)	$	1,094,942		$	2,250,687		$	5,442,091		$	2,103,779

The difference between book-basis and tax-basis unrealized gains (losses) is primarily attributable to wash sales and differing treatment of accretion of market discount and premium amortization.

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8.  OTHER RISKS

Insurance Concentrations — The Tax-Free Funds may invest in “insured” tax exempt municipal securities (“Insured Municipal Securities”). Insured Municipal Securities are securities for which scheduled payments of interest and principal are guaranteed by a private (nongovernmental) insurance company. The insurance only entitles the Funds to receive interest and the face or par value of the securities held by the Funds in the event that the underlying obligor cannot make timely payments. The insurance does not guarantee the market value of the Insured Municipal Securities or the value of the shares of the Funds. As of April 30, 2009, the following private insurers insured 5% or more of the net assets of one or more of the Funds:

Insurer/Rating	National Tax-Free Intermediate Bond	Missouri Tax-Free Intermediate Bond	Kansas Tax-Free Intermediate Bond
AMBAC Assurance Corp. (Baa1/A)	13%	5%	14%
Financial Guaranty Insurance Co. (NR)	8	—	13
Financial Security Assurance Co. (Aa3/AAA/AAA)	—	15	13
MBIA Insurance Corp. (Baa1/AA-)	15	13	17

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

Portfolio Concentrations — As a result of the Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds’ (each a “Tax-Free Fund” and collectively the “Tax-Free Funds”) ability to invest a large percentage of their assets in obligations of issuers within certain states, they are subject to possible concentration risks associated with economic, political or legal developments or industrial or regional matters specifically affecting such states.

Under normal market conditions, the National Tax-Free Intermediate Bond Fund invests at least 80% of its assets plus any borrowings for investment purposes (measured at the time of purchase) in municipal securities issued by or on behalf of the states, the District of Columbia or the U.S. Government, and their respective authorities, agencies, instrumentalities and political sub-divisions, the income from which, in the opinion of bond counsel, is exempt from regular federal income and federal alternative minimum taxes. The Missouri Tax-Free Intermediate Bond Fund and the Kansas Tax-Free Intermediate Bond Fund invest at least 80% of their assets plus any borrowings for investment purposes (measured at the time of purchase) in Missouri and Kansas municipal securities, respectively, the income from which, in the opinion of bond counsel, is exempt from regular federal income tax, federal alternative minimum taxes and Missouri and Kansas state taxes, respectively. Alternatively, at least 80% of the Tax-Free Funds’ distributed income must be exempt from such taxes.

For each of the Missouri and Kansas Tax-Free Funds, the actual payment of principal and interest on Missouri and Kansas municipal securities is dependent on the Missouri General Assembly and the Kansas legislature, respectively, allotting money each fiscal year for these payments.

The investments of the Growth, Value and MidCap Growth Funds may be concentrated in securities of technology companies. At times, securities of technology companies may experience significant price fluctuations.

The Value Fund may be concentrated in securities of financial companies. At times, securities of financial companies may be subject to greater price volatility than securities of companies in other sectors and may experience significant price fluctuations.

The Bond and Short-Term Government Funds may invest 80% and 100%, respectively, of their total assets in mortgage-related securities and the Bond Fund may invest 80% of its total assets in asset-backed securities. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity, and

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Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)

8.  OTHER RISKS (continued)

enhanced sensitivity to interest rates. As a result, mortgage-backed securities may be more difficult to value and liquidate, if necessary. Mortgage-backed securities are also subject to prepayment risk, which may result in a decreased rate of return and a decline in the value of the securities. Asset-backed securities have a greater risk of default during periods of economic downturn than other securities. Also, asset-backed securities may be less liquid than other securities and therefore more difficult to value and liquidate, if necessary.

9.  OTHER MATTERS

Indemnifications — Under the Trust’s organizational documents, its trustees, officers, employees and agents are indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds believe the risk of loss under these arrangements to be remote.

New Accounting Pronouncements — In April 2009 FASB issued a new FASB Staff Position FSP FAS 157-4 which amends FASB Statement No. 157, “Fair Value Measurements,” and is effective for interim and annual periods ending after June 15, 2009. FSP FAS 157-4 provides additional guidance when the volume and level of activity for the asset or liability measured at fair value has significantly decreased. Additionally, FSP FAS 157-4 expands disclosure by reporting entities with respect to categories of assets and liabilities carried at fair value. Commerce believes applying the provisions of FSP FAS 157-4 will not have a material impact on the Funds’ financial statements.

Approval of Advisory Agreement — The Trustees oversee the management of the Trust, and review the investment performance and expenses of the Funds at regularly scheduled meetings held during the Funds’ fiscal year. In addition, the Trustees determine annually whether to reapprove and continue the Trust’s investment advisory agreement (“Advisory Agreement”) with the Adviser for the Funds.

The Advisory Agreement for the Funds was most recently approved by the Trustees, including all of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as such term is defined in the 1940 Act) of any party thereto (the “non-interested Trustees”), on November 18-19, 2008 (the “Annual Contract Meeting”).

Prior to the Annual Contract Meeting, the Board of Trustees received written materials provided by the Adviser relating to the Trustees’ consideration of the Advisory Agreement. At the Annual Contract Meeting, the Trustees also received and considered the Adviser’s oral presentations and discussed the information that had been provided. In connection with their deliberations, the Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law and met separately in executive session with independent counsel without members of management present.

In evaluating the Advisory Agreement, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Adviser and its services and personnel. Both in meetings specifically dedicated to the review of the Advisory Agreement and meetings held during the year, the Trustees reviewed materials relating to the Adviser’s investment management services. Specifically, the Trustees reviewed, among other things, information relating to: (i) the terms of the Advisory Agreement; (ii) the Funds’ investment performance over different time periods in comparison to the investment performance of mutual fund peer categories selected by Lipper Inc. (“Lipper”), a third-party provider of mutual fund data; (iii) the contractual investment advisory fees, the actual investment advisory fees (after expense reimbursements) and the total expenses borne by the Funds in comparison to those borne by mutual fund peer groups selected by Lipper; (iv) the Adviser’s staffing for the Funds and the experience of the portfolio managers; (v) the scope and depth of the Adviser’s resources and their ability to attract and retain portfolio management investment talent; (vi) the fees paid by the Funds to the Adviser and its affiliates for services, and the expenses incurred by them in connection with the provision of those services, the profitability of the Advisory Agreement to the Adviser, and a comparison of the Adviser’s profitability with that of other publicly reported profitability information of other advisers; (vii) the fall out benefits received by the Adviser and its affiliates from their relationships with the Funds; and (viii) potential economies of scale. In addition, the Trustees considered that the Adviser had a seasoned and experienced portfolio management staff and a highly disciplined and understandable investment process. In

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9.  OTHER MATTERS (continued)

addition, the operations staff functioned efficiently and professionally, and provided the Board with frequent reports on the status of Fund operations.

In connection with their approval of the Advisory Agreement for each of the Funds, the Trustees gave weight to various factors, but did not identify any single factor as controlling their decision. As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Adviser. In this regard, the Trustees considered both the investment advisory services, and the other non-advisory services, that are provided to the Funds by the Adviser. These services include services as the Funds’ Co-Administrator. The Trustees also considered that many of the Funds’ shareholders had other client relationships with affiliates of the Adviser. The Trustees concluded that the Adviser was able to commit, and had committed, substantial financial and other resources to the operations of the Funds and was able to provide quality services to the Funds. The Trustees also believed that the Adviser continued to make significant improvements to the Funds’ compliance program.

The Trustees also considered the investment performance of the Funds. In this regard, the Trustees considered whether the Funds had operated within their respective investment objectives, as well as their compliance with their investment restrictions. They also compared the investment performance of the Funds to the performance of other SEC-registered funds and to rankings and ratings issued by Lipper. For Funds that had been in existence for the applicable periods, this information on the Funds’ investment performance was provided for one, three, five and ten years. In addition, the Trustees considered the Funds’ investment performance relative to their respective performance benchmarks and in light of the objectives and credit parameters applicable to the Funds, as well as the investor base the Funds are intended to serve. In addition, the Trustees reviewed the consistency of the Adviser’s investment approach for the Funds. The Trustees also considered the in depth performance reports provided by the Adviser throughout the year with regard to underperforming Funds, and the changes made to the Adviser’s investment process in order to improve the performance of certain Funds. As a result of the Adviser’s process changes, two of the three equity Funds were in the top Lipper quartile for the one-and three-year periods, and all of the fixed income Funds were in or close to the first quartile for the one-and three-year periods.

Based on the information provided, the Trustees believed that the investment performance of the Funds was, in general, competitive in light of the factors mentioned above, including the Funds’ investment policies and the nature of their shareholder base. In reaching this conclusion, the Trustees also reviewed, among other things, the relative performance of the Funds as compared to the mutual fund categories established by Lipper, and their benchmarks for different time periods. They also noted again the potential impact of the relative risk parameters of the different Funds. The Trustees concluded that the Adviser was devoting appropriate resources in its efforts to provide favorable investment results for the Funds.

The Trustees also considered the Funds’ contractual advisory fee rates; the Funds’ total operating expense ratios; and expense reimbursements with respect to the Funds; and whether a consistent methodology was in place in determining the fees and expenses of the respective Funds. In addition, the Trustees considered the fees paid by the Funds to the Adviser and its affiliates for shareholder servicing and Co-Administration services, and reviewed information as to whether the Adviser had passed, and was likely to continue to pass, benefits from its economies of scale to shareholders. In this regard, the Trustees considered the Adviser’s view that the Funds may be sharing in economies of scale through the Adviser’s voluntary expense caps for certain of the Funds. The Trustees also determined that fee breakpoints were not appropriate at current asset levels. In addition, the Trustees considered the level of assets in the Funds; the information provided by the Adviser relating to their costs of the services provided by them and the profits realized by them; and information comparing the fee rates charged by the Adviser (which does not include fee breakpoints) with the fee rates charged by other, unaffiliated investment managers to their clients. Moreover, the Trustees also considered the Adviser’s profitability in the past year in light of Fund asset levels.

The Trustees also considered information provided by the Adviser on its use of and benefits from soft dollars in connection with the Funds’ brokerage. The Trustees also considered the Adviser’s best execution evaluation program on behalf of the Funds.

Information on the fee rates paid by the Funds under the Advisory Agreement and the Funds’ total operating expense ratios were compared to similar information for other mutual funds advised by other, unaffiliated investment management firms. These comparisons of the Funds’ fee rates and total operating expense ratios were prepared by Lipper, and they assisted the Trustees in evaluating the reasonableness of the investment advisory fees paid by the Funds.

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Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)

9.  OTHER MATTERS (continued)

After deliberation, the Trustees concluded at the Annual Contract Meeting with respect to all of the Funds, that the fees paid by Funds were reasonable in light of the services provided by the Adviser, its costs and the Funds’ current and reasonably foreseeable asset levels, and that the Advisory Agreement should be approved and continued.

10.  SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Growth Fund
	For the Six Months Ended April 30, 2009 (Unaudited)					For the Fiscal Year Ended October 31, 2008
	Shares		Dollars			Shares		Dollars
Shares*
Shares sold	685,598		$	11,524,777		645,292		$	15,916,326
Reinvestment of distributions	8,462			142,078		56,466			1,554,805
Shares redeemed	(1,134,610	)		(18,930,701	)	(2,338,961	)		(58,734,234	)
Net Decrease	(440,550	)	$	(7,263,846	)	(1,637,203	)	$	(41,263,103	)
	Value Fund
	For the Six Months Ended April 30, 2009 (Unaudited)					For the Fiscal Year Ended October 31, 2008
	Shares		Dollars			Shares		Dollars
Shares*
Shares sold	1,303,729		$	17,900,697		697,747		$	16,080,127
Reinvestment of distributions	13,757			195,134		323,569			7,929,495
Shares redeemed	(792,789	)		(10,346,298	)	(1,928,602	)		(43,396,751	)
Net Increase (Decrease)	524,697		$	7,749,533		(907,286	)	$	(19,387,129	)
	MidCap Growth Fund
	For the Six Months Ended April 30, 2009 (Unaudited)					For the Fiscal Year Ended October 31, 2008
	Shares		Dollars			Shares		Dollars
Shares*
Shares sold	370,459		$	6,883,292		162,117		$	4,903,744
Reinvestment of distributions	52,181			895,718		128,969			4,299,842
Shares redeemed	(255,716	)		(4,698,715	)	(1,046,214	)		(32,539,963	)
Net Increase (Decrease)	166,924		$	3,080,295		(755,128	)	$	(23,336,377	)
	Bond Fund
	For the Six Months Ended April 30, 2009 (Unaudited)					For the Fiscal Year Ended October 31, 2008
	Shares		Dollars			Shares		Dollars
Shares*
Shares sold	3,833,119		$	69,183,100		4,596,952		$	84,570,456
Reinvestment of distributions	144,009			2,590,297		270,358			4,954,440
Shares redeemed	(3,627,331	)		(65,500,212	)	(5,450,492	)		(100,321,536	)
Net Increase (Decrease)	349,797		$	6,273,185		(583,182	)	$	(10,796,640	)

* On February 10, 2009, all outstanding Institutional Shares were redesignated to Shares.

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10.  SUMMARY OF SHARE TRANSACTIONS (continued)

	Short-Term Government Fund
	For the Six Months Ended April 30, 2009 (Unaudited)					For the Fiscal Year Ended October 31, 2008
	Shares		Dollars			Shares		Dollars
Shares*
Shares sold	995,972		$	17,727,991		788,477		$	14,023,014
Reinvestment of distributions	32,644			581,565		55,318			983,617
Shares redeemed	(1,062,842	)		(18,967,317	)	(1,328,794	)		(23,651,894	)
Net Decrease	(34,226	)	$	(657,761	)	(484,999	)	$	(8,645,263	)
	National Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2009 (Unaudited)					For the Fiscal Year Ended October 31, 2008
	Shares		Dollars			Shares		Dollars
Shares*
Shares sold	1,824,918		$	33,464,805		1,177,094		$	22,039,079
Reinvestment of distributions	22,953			407,720		18,419			345,583
Shares redeemed	(992,754	)		(18,236,507	)	(1,248,401	)		(23,361,249	)
Net Increase (Decrease)	855,117		$	15,636,018		(52,888	)	$	(976,587	)
	Missouri Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2009 (Unaudited)					For the Fiscal Year Ended October 31, 2008
	Shares		Dollars			Shares		Dollars
Shares*
Shares sold	2,876,973		$	54,627,707		3,012,619		$	56,965,410
Reinvestment of distributions	10,363			194,636		23,146			438,830
Shares redeemed	(1,270,786	)		(23,947,553	)	(1,567,518	)		(29,596,710	)
Net Increase	1,616,550		$	30,874,790		1,468,247		$	27,807,530
	Kansas Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2009 (Unaudited)					For the Fiscal Year Ended October 31, 2008
	Shares		Dollars			Shares		Dollars
Shares*
Shares sold	471,512		$	8,751,623		765,232		$	14,194,781
Reinvestment of distributions	5,709			104,428		12,271			227,770
Shares redeemed	(374,417	)		(6,846,861	)	(650,052	)		(12,011,313	)
Net Increase	102,804		$	$2,009,190		127,451		$	$2,411,238

* On February 10, 2009, all outstanding Institutional Shares were redesignated to Shares.

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Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations									Distributions to shareholders
Year-Share Class	Net asset value, beginning of period		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
GROWTH FUND
For the Six Months Ended April 30, (Unaudited)
2009—Shares(c)	$	18.44	$	0.06		$	(0.47	)	$	(0.41	)	$	(0.05	)	$	—		$	(0.05	)
For the Fiscal Years Ended October 31,
2008—Shares		29.11		0.05			(10.39	)		(10.34	)		(0.04	)		(0.29	)		(0.33	)
2007—Shares		25.56		0.04			3.55			3.59			(0.04	)		—			(0.04	)
2006—Shares(e)		22.56		0.04			3.08			3.12			(0.12	)		—			(0.12	)
2005—Shares		20.82		0.14	(f)		1.63			1.77			(0.03	)		—			(0.03	)
2004—Shares		20.50		(0.07	)		0.39			0.32			—			—			—
VALUE FUND
For the Six Months Ended April 30, (Unaudited)
2009—Shares(c)	$	16.31	$	0.18		$	(2.29	)	$	(2.11	)	$	(0.18	)	$	—		$	(0.18	)
For the Fiscal Years Ended October 31,
2008—Shares		29.02		0.39			(9.84	)		(9.45	)		(0.39	)		(2.87	)		(3.26	)
2007—Shares		29.53		0.36			1.90			2.26			(0.36	)		(2.41	)		(2.77	)
2006—Shares(e)		24.96		0.35			4.66			5.01			(0.34	)		(0.10	)		(0.44	)
2005—Shares		22.70		0.27			2.28			2.55			(0.29	)		—			(0.29	)
2004—Shares		20.92		0.22			1.78			2.00			(0.22	)		—			(0.22	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) On February 10, 2009, all outstanding Institutional Shares were redesignated to Shares.

(d) Annualized.

(e) On February 3, 2006, all outstanding Service Shares were converted into Institutional Shares.

(f) Reflects income recognized from a special dividend which amounted to $0.14 per share and 0.62% of average net assets.

58 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

									Ratios assuming no expense reductions
Net asset value, end of period	Total return(b)		Net assets at end of period (in 000s)		Ratio of net expenses to average net assets		Ratio of net investment income (loss) to average net assets		Ratio of total expenses to average net assets		Ratio of net investment income (loss) to average net assets		Portfolio turnover rate
$17.98	(2.19	)%	$	100,645	1.13	%(d)	0.75	%(d)	1.21	%(d)	0.67	%(d)	17	%
18.44	(35.82	)		111,319	1.11		0.18		1.11		0.18		43
29.11	14.04			223,441	1.13		0.15		1.14		0.14		70
25.56	13.86			173,813	1.13		0.16		1.18		0.11		47
22.56	8.52			150,676	1.13		0.64	(f)	1.23		0.54	(f)	40
20.82	1.56			170,513	1.13		(0.35	)	1.15		(0.37	)	41
$14.02	(12.96	)%	$	62,967	1.20	%(d)	2.62	%(d)	1.22	%(d)	2.60	%(d)	26	%
16.31	(36.04	)		64,726	1.14		1.74		1.14		1.74		45
29.02	8.11			141,455	1.13		1.25		1.13		1.25		55
29.53	20.29			120,685	1.18		1.28		1.18		1.28		49
24.96	11.26			111,761	1.18		1.12		1.19		1.11		37
22.70	9.61			108,775	1.14		1.00		1.16		0.98		81

The accompanying notes are an integral part of these financial statements. 59

COMMERCE FUNDS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations									Distributions to shareholders
Year-Share Class	Net asset value, beginning of period		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
MIDCAP GROWTH FUND
For the Six Months Ended April 30, (Unaudited)
2009—Shares(c)	$	21.13	$	0.03		$	0.32		$	0.35		$	(0.01	)	$	(0.89	)	$	(0.90	)
For the Fiscal Years Ended October 31,
2008—Shares		37.60		0.01			(13.72	)		(13.71	)		—			(2.76	)		(2.76	)
2007—Shares		33.61		(0.11	)		4.14			4.03			—			(0.04	)		(0.04	)
2006—Shares(e)		28.45		(0.11	)		5.27			5.16			—			—			—
2005—Shares		24.72		(0.14	)		3.87			3.73			—			—			—
2004—Shares		23.61		(0.14	)		1.25			1.11			—			—			—
BOND FUND
For the Six Months Ended April 30, (Unaudited)
2009—Shares(c)	$	17.29	$	0.46		$	0.78		$	1.24		$	(0.47	)	$	—		$	(0.47	)
For the Fiscal Years Ended October 31,
2008—Shares		18.39		0.85			(1.07	)		(0.22	)		(0.88	)		—			(0.88	)
2007—Shares		18.12		0.82			0.31	(f)		1.13			(0.86	)		—			(0.86	)
2006—Shares(e)		18.12		0.78			0.06			0.84			(0.84	)		—			(0.84	)
2005—Shares		18.71		0.76			(0.49	)		0.27			(0.86	)		—			(0.86	)
2004—Shares		18.73		0.85			0.03			0.88			(0.90	)		—			(0.90	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) On February 10, 2009, all outstanding Institutional Shares were redesignated to Shares.

(d) Annualized.

(e) On February 3, 2006, all outstanding Service Shares were converted into Institutional Shares.

(f) Reflects an increase of $0.19 per share and 1.06% of average net assets due in payments received for class action settlements received this year.

(g) Total return reflects the impact of payments received for class action settlements received this year. Excluding such payments, the total return would have been 5.31%.

(h) Reflects an increase of 0.06% to total return and 0.04% of average net assets per share due to a payment made by the Trust’s Accounting Agent relating to a distribution in excess of net investment income.

60 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

									Ratios assuming no expense reductions
Net asset value, end of period	Total return(b)		Net assets at end of period (in 000s)		Ratio of net expenses to average net assets		Ratio of net investment income (loss) to average net assets		Ratio of total expenses to average net assets		Ratio of net investment income (loss) to average net assets		Portfolio turnover rate
$20.58	2.48	%	$	42,819	1.35	%(d)	0.30	%(d)	1.35	%(d)	0.30	%(d)	16	%
21.13	(39.07	)		40,444	1.21		0.02		1.21		0.02		57
37.60	12.01			100,357	1.18		(0.32	)	1.18		(0.32	)	65
33.61	18.14			91,874	1.22		(0.35	)	1.22		(0.35	)	64
28.45	15.09			75,274	1.28		(0.54	)	1.29		(0.55	)	87
24.72	4.70			76,917	1.23		(0.57	)	1.25		(0.59	)	123
$18.06	7.23	%	$	523,430	0.80	%(d)	5.13	%(d)	0.80	%(d)	5.13	%(d)	12	%
17.29	(1.37	)		495,168	0.79		4.62		0.79		4.62		9
18.39	6.37	(g)		537,430	0.82		4.50		0.82		4.50		23
18.12	4.76			548,713	0.85		4.35		0.85		4.35		38
18.12	1.46	(h)		569,200	0.83		4.11	(h)	0.84		4.10	(h)	23
18.71	4.80			608,773	0.79		4.54		0.81		4.52		37

The accompanying notes are an integral part of these financial statements. 61

COMMERCE FUNDS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations								Distributions to shareholders
Year-Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
SHORT TERM GOVERNMENT FUND
For the Six Months Ended April 30, (Unaudited)
2009—Shares(c)	$	17.53	$	0.28	$	0.46		$	0.74		$	(0.40	)	$	—		$	(0.40	)
For the Fiscal Years Ended October 31,
2008—Shares		17.65		0.66		(0.03	)		0.63			(0.75	)		—			(0.75	)
2007—Shares		17.56		0.69		0.16			0.85			(0.76	)		—			(0.76	)
2006—Shares(e)		17.57		0.61		0.11			0.72			(0.73	)		—			(0.73	)
2005—Shares		18.16		0.53		(0.42	)		0.11			(0.70	)		—			(0.70	)
2004—Shares		18.53		0.54		(0.18	)		0.36			(0.73	)		—			(0.73	)
NATIONAL TAX-FREE INTERMEDIATE BOND FUND
For the Six Months Ended April 30, (Unaudited)
2009—Shares(c)	$	17.82	$	0.36	$	1.06		$	1.42		$	(0.36	)	$	(0.18	)	$	(0.54	)
For the Fiscal Years Ended October 31,
2008—Shares		18.83		0.70		(0.96	)		(0.26	)		(0.70	)		(0.05	)		(0.75	)
2007—Shares		19.07		0.71		(0.19	)		0.52			(0.71	)		(0.05	)		(0.76	)
2006—Shares(e)		19.05		0.72		0.13			0.85			(0.73	)		(0.10	)		(0.83	)
2005—Shares		19.59		0.72		(0.51	)		0.21			(0.71	)		(0.04	)		(0.75	)
2004—Shares		19.74		0.71		0.17			0.88			(0.72	)		(0.31	)		(1.03	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) On February 10, 2009, all outstanding Institutional Shares were redesignated to Shares.

(d) Annualized.

(e) On February 3, 2006, all outstanding Service Shares were converted into Institutional Shares.

62 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

									Ratios assuming no expense reductions
Net asset value, end of period	Total return(b)		Net assets at end of period (in 000s)		Ratio of net expenses to average net assets		Ratio of net investment income to average net assets		Ratio of total expenses to average net assets		Ratio of net investment income to average net assets		Portfolio turnover rate
$17.87	4.24	%	$	79,341	0.68	%(d)	3.19	%(d)	0.93	%(d)	2.94	%(d)	17	%
17.53	3.60			78,455	0.68		3.68		0.90		3.46		30
17.65	4.97			87,511	0.68		3.91		0.90		3.69		15
17.56	4.21			129,940	0.68		3.49		0.89		3.28		28
17.57	0.63			157,183	0.68		3.00		0.91		2.77		32
18.16	1.96			219,533	0.68		2.96		0.85		2.79		78
$18.70	8.08	%	$	159,243	0.70	%(d)	3.93	%(d)	0.81	%(d)	3.82	%(d)	12	%
17.82	(1.47	)		136,575	0.70		3.76		0.82		3.64		45
18.83	2.81			145,265	0.70		3.78		0.83		3.65		42
19.07	4.57			154,304	0.70		3.80		0.88		3.62		42
19.05	1.09			162,792	0.70		3.71		0.87		3.54		48
19.59	4.56			169,217	0.70		3.67		0.84		3.53		33

The accompanying notes are an integral part of these financial statements. 63

COMMERCE FUNDS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations							Distributions to shareholders
Year-Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations		From net investment income			From net realized gains			Total distributions
MISSOURI TAX-FREE INTERMEDIATE BOND FUND
For the Six Months Ended April 30, (Unaudited)
2009—Shares(c)	$	18.27	$	0.34	$	0.98		$	1.32	$	(0.34	)	$	(0.03	)	$	(0.37	)
For the Fiscal Years Ended October 31,
2008—Shares		19.01		0.69		(0.66	)		0.03		(0.69	)		(0.08	)		(0.77	)
2007—Shares		19.22		0.71		(0.19	)		0.52		(0.71	)		(0.02	)		(0.73	)
2006—Shares(e)		19.19		0.74		0.10			0.84		(0.75	)		(0.06	)		(0.81	)
2005—Shares		19.83		0.74		(0.62	)		0.12		(0.74	)		(0.02	)		(0.76	)
2004—Shares		19.73		0.72		0.14			0.86		(0.72	)		(0.04	)		(0.76	)
KANSAS TAX-FREE INTERMEDIATE BOND FUND
For the Six Months Ended April 30, (Unaudited)
2009—Shares(c)	$	17.90	$	0.33	$	1.04		$	1.37	$	(0.33	)	$	(0.04	)	$	(0.37	)
For the Fiscal Years Ended October 31,
2008—Shares		18.58		0.64		(0.63	)		0.01		(0.64	)		(0.05	)		(0.69	)
2007—Shares		18.78		0.66		(0.14	)		0.52		(0.66	)		(0.06	)		(0.72	)
2006—Shares(e)		18.75		0.70		0.08			0.78		(0.70	)		(0.05	)		(0.75	)
2005—Shares		19.33		0.69		(0.56	)		0.13		(0.69	)		(0.02	)		(0.71	)
2004—Shares		19.19		0.68		0.17			0.85		(0.68	)		(0.03	)		(0.71	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) On February 10, 2009, all outstanding Institutional Shares were redesignated to Shares.

(d) Annualized.

(e) On February 3, 2006, all outstanding Service Shares were converted into Institutional Shares.

64 The accompanying notes are an integral part of these financial statements.

COMMERCE FUNDS

									Ratios assuming no expense reductions
Net asset value, end of period	Total return(b)		Net assets at end of period (in 000s)		Ratio of net expenses to average net assets		Ratio of net investment income to average net assets		Ratio of total expenses to average net assets		Ratio of net investment income to average net assets		Portfolio turnover rate
$19.22	7.25	%	$	209,794	0.70	%(d)	3.66	%(d)	0.80	%(d)	3.56	%(d)	8	%
18.27	0.10			169,838	0.70		3.63		0.81		3.52		7
19.01	2.77			148,824	0.68		3.74		0.82		3.60		21
19.22	4.48			159,628	0.65		3.87		0.88		3.64		15
19.19	0.61			172,124	0.65		3.77		0.87		3.55		19
19.83	4.44			179,089	0.65		3.65		0.83		3.47		13
$18.90	7.70	%	$	74,815	0.70	%(d)	3.55	%(d)	0.93	%(d)	3.32	%(d)	7	%
17.90	0.01			68,986	0.70		3.46		0.90		3.26		13
18.58	2.82			69,270	0.68		3.55		0.92		3.31		18
18.78	4.28			69,075	0.65		3.75		0.98		3.42		33
18.75	0.68			68,128	0.65		3.64		1.00		3.29		13
19.33	4.54			68,940	0.65		3.56		0.93		3.28		8

The accompanying notes are an integral part of these financial statements. 65

Fund Expenses (Unaudited) – Six Month Period Ended April 30, 2009

As a shareholder of the Funds you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; shareholder servicing fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2008 through April 30, 2009.

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees, but shareholders of other funds may incur such costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Fund	Beginning Account Value 11/01/08		Ending Account Value 4/30/09			Expenses Paid for the 6 months ended 4/30/09*		Beginning Account Value 11/01/08		Ending Account Value 4/30/09			Expenses Paid for the 6 months ended 4/30/09*		Beginning Account Value 11/01/08		Ending Account Value 4/30/09			Expenses Paid for the 6 months ended 4/30/09*		Beginning Account Value 11/01/08		Ending Account Value 4/30/09			Expenses Paid for the 6 months ended 4/30/09*
	Growth Fund							Value Fund							MidCap Growth Fund							Bond Fund
Shares
Actual	$	1,000.00	$	978.10		$	5.54	$	1,000.00	$	870.40		$	5.56	$	1,000.00	$	1,024.80		$	6.79	$	1,000.00	$	1,072.30		$	4.11
Hypothetical 5% return		1,000.00		1,019.19	+		5.66		1,000.00		1,018.84	+		6.01		1,000.00		1,018.09	+		6.77		1,000.00		1,020.83	+		4.00
	Short-Term Government Fund							National Tax-Free Intermediate Bond Fund							Missouri Tax-Free Intermediate Bond Fund							Kansas Tax-Free Intermediate Bond Fund
Shares
Actual	$	1,000.00	$	1,042.40		$	3.44	$	1,000.00	$	1,080.80		$	3.60	$	1,000.00	$	1,072.50		$	3.60	$	1,000.00	$	1,077.00		$	3.60
Hypothetical 5% return		1,000.00		1,021.42	+		3.41		1,000.00		1,021.32	+		3.51		1,000.00		1,021.32	+		3.51		1,000.00		1,021.32	+		3.51

* Expenses are calculated using each Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the year. The annualized net expense ratios for the period were as follows:

Fund			Fund
Growth	1.13	%	Short-Term Government	0.68	%
Value	1.20		National Tax-Free Intermediate Bond	0.70
MidCap Growth	1.35		Missouri Tax-Free Intermediate Bond	0.70
Bond	0.80		Kansas Tax-Free Intermediate Bond	0.70

+ Hypothetical expenses are based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses.

66

COMMERCE FUND

The Commerce Funds

Growth Fund:

The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Investments in technology companies, who may produce or use products or services that prove commercially unsuccessful or become obsolete, may be subject to greater price volatility than securities of companies in other sectors.

Value Fund:

The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Investments in technology companies, who may produce or use products or services that prove commercially unsuccessful or become obsolete, may be subject to greater price volatility than securities of companies in other sectors.

MidCap Growth Fund:

The Fund invests in small- and mid-capitalization securities. Generally, smaller and mid-sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. As a result, the securities of smaller and mid-sized companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic trading and price movements. Investments in technology companies, who may produce or use products or services that prove commercially unsuccessful or become obsolete, may be subject to greater price volatility than securities of companies in other sectors.

Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity and enhanced sensitivity to interest rates. Asset-backed securities may be less liquid than other securities and therefore more difficult to value and liquidate, if necessary.

Short-Term Government Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity and enhanced sensitivity to interest rates.

National Tax-Free Intermediate Bond Fund

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. The Fund’s investments may subject shareholders to the federal alternative minimum tax and state income taxes.

Missouri Tax-Free Intermediate Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The Fund invests its assets predominately in Missouri bonds. The actual payment of principal and interest on these bonds is dependent on the Missouri General Assembly allotting money each fiscal year for these payments. The Fund is

67

COMMERCE FUND

The Commerce Funds (continued)

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. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. 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.

Kansas Tax-Free Intermediate Bond Fund:

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The Fund invests its assets predominately in Kansas bonds. The actual payment of principal and interest on these bonds is dependent on the Kansas legislature allotting money each fiscal year for these payments. The Fund is non-diversified. Due to the smaller 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. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. 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.

68

INVESTMENT ADVISER	DISTRIBUTOR
AND CO-ADMINISTRATOR	Goldman, Sachs & Co.
Commerce Investment Advisors, Inc.	32 Old Slip
922 Walnut Street	New York, New York 10005
4th Floor
Kansas City, Missouri 64106	CO-ADMINISTRATOR
	Goldman Sachs Asset Management
CUSTODIAN/ACCOUNTING AGENT	32 Old Slip
State Street Bank & Trust Company	New York, New York 10005
1 Lincoln Street
Boston, Massachusetts 02110	INDEPENDENT REGISTERED
	PUBLIC ACCOUNTING FIRM
TRANSFER AGENT	KPMG LLP
Boston Financial Data Services, Inc.	99 High Street
330 W. 9th	Boston, Massachusetts 02110
4th Floor
Kansas City, Missouri 64105	LEGAL COUNSEL
	Drinker Biddle & Reath LLP
	One Logan Square
	18th and Cherry Streets
	Philadelphia, Pennsylvania 19103-6996

This Semi-Annual Report contains facts concerning The Commerce Funds’ objectives and policies, management, expenses, and other information. For more complete information about The Commerce Funds, a prospectus may be obtained by calling 1-800-995-6365. An investor should read the prospectus carefully before investing or sending money.

The Commerce Funds are advised by Commerce Investment Advisors, Inc., a subsidiary of Commerce Bank, N.A., which receives a fee for its services. The Commerce Funds are distributed by Goldman, Sachs & Co.

The Commerce Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov. You may also review and obtain copies at the SEC’s Public Reference Room in Washington, D.C. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that The Commerce Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without change, upon request by calling 1-800-995-6365 and (ii) on the SEC’s website at http://www.sec.gov.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains, more complete information about the Commerce Funds’ investment policies, fees and expenses. Investors should read the prospectus carefully before investing.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

TRUSTEES

J. Eric Helsing, Chairman

David L. Bodde

Martin E. Galt III

Charles W. Peffer

OFFICERS

William Schuetter, President

Angela Dew, Vice President, Chief Compliance Officer and Anti-Money

Laundering Officer

Jeffrey Bolin, Assistant Vice President

Peter W. Fortner, Chief Accounting Officer

Scott McHugh, Treasurer

Philip V. Giuca Jr., Assistant Treasurer

Diana E. McCarthy, Secretary

George Djurasovic, Assistant Secretary

922 Walnut

Fourth Floor

Kansas City, Missouri 64106

www.commercefunds.com

1-800-995-6365

07-938/CB 5026

6/09

ITEM 2. CODE OF ETHICS.

Not applicable for the reporting period.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for the reporting period.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for the reporting period.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS

The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT

INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND

AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There has been no material change to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1)	Not applicable for the reporting period.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.
(b)(1)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE COMMERCE FUNDS

/s/    William Schuetter         

William Schuetter

President

June 26, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/    William Schuetter         

William Schuetter

President

The Commerce Funds

June 26, 2009

/s/     Peter Fortner        

Peter Fortner

Chief Accounting Officer

The Commerce Funds

June 26, 2009