Commerce Funds The Missouri Tax-Free Bond Fund

This fund primarily targets investments in Missouri municipal bonds, allocating a minimum of 80% of its net assets, including any leveraged funds, to these instruments. According to bond counsel, the income generated from these bonds is exempt from standard federal income taxes, federal alternative minimum taxes, and Missouri state taxes. Up to 10% of the fund's total assets may be held in securities that do not carry a credit rating. This investment vehicle is classified as non-diversified.