# EDGAR Filing Document

**Accession Number:** 0000926243
**File Stem:** 0001193125-26-240756
**Filing Date:** 2026-5
**Character Count:** 30049
**Document Hash:** d80d4134be50ebb76713bb5e748cdb75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-240756.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001193125-26-240756

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**EFFECTIVENESS DATE**: 20260527

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMMERCE FUNDS
- **CENTRAL INDEX KEY:** 0000926243

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-80966
- **FILM NUMBER:** 261022558

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 WALNUT ST
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64121
- **BUSINESS PHONE:** 8006212550

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 219525
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64121

## Series and Classes Contracts Data

### The Missouri Tax-Free Intermediate Bond Fund (Series ID: S000010023)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Shares     | CFMOX         | C000027715 |

---

### The Kansas Tax-Free Intermediate Bond Fund (Series ID: S000010024)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Shares     | KTXIX         | C000027717 |

---

### The Growth Fund (Series ID: S000010025)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Shares     | CFGRX         | C000027719 |

---

### The Value Fund (Series ID: S000010026)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Shares     | CFVLX         | C000027721 |

---

### The MidCap Growth Fund (Series ID: S000010027)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Shares     | CFAGX         | C000027723 |

---

### The Bond Fund (Series ID: S000010030)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Shares     | CFBNX         | C000027729 |

---

### The National Tax-Free Intermediate Bond Fund (Series ID: S000010032)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Shares     | CFNLX         | C000027733 |

---

### The MidCap Value Fund (Series ID: S000082913)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Shares     | C000246257 |

---

## Series and Classes Contracts Data

### The Missouri Tax-Free Intermediate Bond Fund (Series ID: S000010023)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027715 | Shares       | CFMOX           |

### The Kansas Tax-Free Intermediate Bond Fund (Series ID: S000010024)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027717 | Shares       | KTXIX           |

### The Growth Fund (Series ID: S000010025)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027719 | Shares       | CFGRX           |

### The Value Fund (Series ID: S000010026)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027721 | Shares       | CFVLX           |

### The MidCap Growth Fund (Series ID: S000010027)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027723 | Shares       | CFAGX           |

### The Bond Fund (Series ID: S000010030)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027729 | Shares       | CFBNX           |

### The National Tax-Free Intermediate Bond Fund (Series ID: S000010032)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027733 | Shares       | CFNLX           |

### The MidCap Value Fund (Series ID: S000082913)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000246257 | Shares       |  |

?xml version='1.0' encoding='ASCII'? The Commerce Funds

------

#### THE COMMERCE FUNDS

#### (the "Trust")
The Growth Fund

The MidCap Growth Fund

The Value Fund

The MidCap Value Fund

The Bond Fund

The National Tax-Free Intermediate Bond Fund

The Kansas Tax-Free Intermediate Bond Fund

The Missouri Tax-Free Intermediate Bond Fund

(the "*Funds*")

*Supplement dated May 27, 2026 to the* 

*Prospectus dated March 1, 2026* 

#### This supplement provides new information beyond that contained in the Prospectus. It should be retained and read in conjunction with the Prospectus.
At its May 14, 2026 meeting, the Board of Trustees of the Trust approved the permanent reduction of the contractual fee rate under the Advisory Agreements between Commerce Investment Advisors, Inc. (the "Adviser") and the Trust on behalf of each Fund, as well as a new contractual expense limitation for The Growth Fund and The Bond Fund under the Amended and Restated Waiver and Reimbursement Agreement between the Adviser and the Trust on behalf of the Funds.

Effective August 1, 2026, under the new contractual fee rate, the Funds' management fees,

calculated as a percentage of the Funds' average daily net assets, will be reduced as set forth below. Also effective August 1, 2026, the contractual expense limitation for The Growth Fund and The Bond Fund will also be reduced as set forth below.

Therefore, effective August 1, 2026, the Funds' Prospectus is amended as follows:

**I.** **Fees and Expenses** 

1. With respect to The Growth Fund, the "Annual Fund Operating Expenses" table and "Example" table that appear under the sub-heading "**Fees and Expenses of the Fund**" on **page 2** of the Prospectus are replaced in their entirety with the following:

---

| | |
|:---|:---|
|  | **The Growth Fund** |
|  **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** |
|  Management Fees<sup>(1)</sup> | 0.30% |
|  Other Expenses | 0.32% |
|  Acquired (Underlying) Fund Fees and Expenses | 0.01% |
|  Total Annual Fund Operating Expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% |

---

*<sup>(1)</sup>* *Management fees have been restated to reflect current fees.* 

------

*<sup>(2)</sup>* *The "Total Annual Fund Operating Expenses" do not correlate to the ratios of net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired (Underlying) Fund Fees and Expenses.* 

**Example:** This Example is intended to help you compare the cost of investing in this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>1 Year</u> | <u>3 Years</u> | <u>5 Years</u> | <u>10 Years</u> |
| $64 | $202 | $351 | $786 |

---

2. With respect to The Value Fund, the "Annual Fund Operating Expenses" table and "Example" table that appear under the sub-heading "**Fees and Expenses of the Fund**" on **page 8** of the Prospectus are replaced in their entirety with the following:

---

| | |
|:---|:---|
|  | **The Value Fund** |
|  **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** |
|  Management Fees<sup>(1)</sup> | 0.25% |
|  Other Expenses | 0.38% |
|  Acquired (Underlying) Fund Fees and Expenses | 0.01% |
|  Total Annual Fund Operating Expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% |

---

*<sup>(1)</sup>* *Management fees have been restated to reflect current fees.* 

*<sup>(2)</sup>* *The "Total Annual Fund Operating Expenses" do not correlate to the ratios of net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired (Underlying) Fund Fees and Expenses.* 

**Example:** This Example is intended to help you compare the cost of investing in this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>1 Year</u> | <u>3 Years</u> | <u>5 Years</u> | <u>10 Years</u> |
| $65 | $205 | $357 | $798 |

---

------

3. With respect to The MidCap Growth Fund, the "Annual Fund Operating Expenses" table and "Example" table that appear under the sub-heading "**Fees and Expenses of the Fund**" on **page 14** of the Prospectus are replaced in their entirety with the following:

---

| | |
|:---|:---|
|  | **The MidCap** <br> **Growth Fund**  |
|  **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** |
|  Management Fees<sup>(1)</sup> | 0.30% |
|  Other Expenses | 0.33% |
|  Acquired (Underlying) Fund Fees and Expenses | 0.01% |
|  Total Annual Fund Operating Expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% |

---

*<sup>(1)</sup>* *Management fees have been restated to reflect current fees.* 

*<sup>(2)</sup>* *The "Total Annual Fund Operating Expenses" do not correlate to the ratios of net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired (Underlying) Fund Fees and Expenses.* 

**Example:** This Example is intended to help you compare the cost of investing in this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>1 Year</u> | <u>3 Years</u> | <u>5 Years</u> | <u>10 Years</u> |
| $65 | $205 | $357 | $798 |

---

4. With respect to The MidCap Value Fund, the "Annual Fund Operating Expenses" table and "Example" table that appear under the sub-heading "**Fees and Expenses of the Fund**" on **page 20** of the Prospectus are replaced in their entirety with the following:

---

| | |
|:---|:---|
|  | **The MidCap** <br> **Value Fund**  |
|  **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** |
|  Management Fees<sup>(1)</sup> | 0.30% |
|  Other Expenses<sup>(2)</sup> | 0.69% |
|  Acquired (Underlying) Fund Fees and Expenses | 0.01% |
|  Total Annual Fund Operating Expenses<sup>(3)</sup> | 1.00% |
|  Less Fee Waiver and/or Expense Reimbursement<sup>(4)</sup> | (0.29)% |
|  Total Annual Fund Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |

---

*<sup>(1)</sup>* *Management fees have been restated to reflect current fees.* 

*<sup>(2)</sup>* *Other expenses have been restated to reflect current fees.* 

*<sup>(3)</sup>* *The "Total Annual Fund Operating Expenses" do not correlate to the ratios of net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired (Underlying) Fund Fees and Expenses.* 

------

*<sup>(4)</sup>* *Commerce Investment Advisors, Inc. ("Commerce" or the "Adviser") has contractually agreed to waive all or a portion of its investment advisory fees and/or reimburse expenses, excluding any acquired fund fees and expenses as calculated pursuant to Form N-1A, in amounts necessary so that after such waivers and/or reimbursements, the maximum Total Annual Fund Operating Expenses during the current fiscal year do not exceed 0.70% of the Fund's average daily net assets through August 1, 2027. After this date, the Adviser or the Fund may terminate the contractual arrangement.* 

**Example:** This Example is intended to help you compare the cost of investing in this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement in the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>1 Year</u> | <u>3 Years</u> | <u>5 Years</u> | <u>10 Years</u> |
| $73 | $290 | $524 | $1198 |

---

5. With respect to The Bond Fund, the "Annual Fund Operating Expenses" table and "Example" table that appear under the sub-heading "**Fees and Expenses of the Fund**" on **page 26** of the Prospectus are replaced in their entirety with the following:

---

| | |
|:---|:---|
|  | **The Bond Fund** |
|  **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** |
|  Management Fees<sup>(1)</sup> | 0.13% |
|  Other Expenses | 0.28% |
|  Total Annual Fund Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |

---

*<sup>(1)</sup>* *Management fees have been restated to reflect current fees.* 

**Example:** This Example is intended to help you compare the cost of investing in this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>1 Year</u> | <u>3 Years</u> | <u>5 Years</u> | <u>10 Years</u> |
| $42 | $132 | $230 | $518 |

---

------

6. With respect to The National Tax-Free Intermediate Bond Fund, the "Annual Fund Operating Expenses" table and "Example" table that appear under the sub-heading "**Fees and Expenses of the Fund**" on **page 39** of the Prospectus are replaced in their entirety with the following:

---

| | |
|:---|:---|
|  | **The National Tax-Free** <br> **Intermediate Bond Fund**  |
|  **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** |
|  Management Fees<sup>(1)</sup> | 0.30% |
|  Other Expenses | 0.27% |
|  Total Annual Fund Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |

---

*<sup>(1)</sup>* *Management fees have been restated to reflect current fees.* 

**Example:** This Example is intended to help you compare the cost of investing in this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>1 Year</u> | <u>3 Years</u> | <u>5 Years</u> | <u>10 Years</u> |
| $58 | $183 | $318 | $714 |

---

7. With respect to The Missouri Tax-Free Intermediate Bond Fund, the "Annual Fund Operating Expenses" table and "Example" table that appear under the sub-heading "**Fees and Expenses of the Fund**" on **page 46** of the Prospectus are replaced in their entirety with the following:

---

| | |
|:---|:---|
|  | **The Missouri Tax-Free** <br> **Intermediate Bond Fund**  |
|  **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** |
|  Management Fees<sup>(1)</sup> | 0.30% |
|  Other Expenses | 0.29% |
|  Total Annual Fund Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |

---

*<sup>(1)</sup>* *Management fees have been restated to reflect current fees.* 

**Example:** This Example is intended to help you compare the cost of investing in this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>1 Year</u> | <u>3 Years</u> | <u>5 Years</u> | <u>10 Years</u> |
| $60 | $189 | $329 | $738 |

---

------

8. With respect to The Kansas Tax-Free Intermediate Bond Fund, the "Annual Fund Operating Expenses" table and "Example" table that appear under the sub-heading "**Fees and Expenses of the Fund**" on **page 53** of the Prospectus are replaced in their entirety with the following:

---

| | |
|:---|:---|
|  | **The Kansas Tax-Free** <br> **Intermediate Bond Fund**  |
|  **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** |
|  Management Fees<sup>(1)</sup> | 0.30% |
|  Other Expenses | 0.35% |
|  Total Annual Fund Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |

---

*<sup>(1)</sup>* *Management fees have been restated to reflect current fees.* 

**Example:** This Example is intended to help you compare the cost of investing in this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>1 Year</u> | <u>3 Years</u> | <u>5 Years</u> | <u>10 Years</u> |
| $66 | $208 | $362 | $810 |

---

------

**II.** **Contractual Advisory Fees & Contractual Expense Limitations** 

The "Contractual Advisory Fees" table that appears under the sub-heading "**Investment Adviser and Co-Administrator: Commerce Investment Advisors, Inc. (The "Adviser")**" on **page 92** of the Prospectus is replaced in its entirety with the following:

---

| | | |
|:---|:---|:---|
|  | **Contractual Advisory Fees** | **Contractual Advisory Fees** |
| **Fund** | **First**<br> **$200 Million** | **In Excess of**<br> **$200 Million** |
| National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond | 0.30% | 0.25% |
| MidCap Growth | 0.30% of average daily net assets | 0.30% of average daily net assets |
| MidCap Value | 0.30% of average daily net assets | 0.30% of average daily net assets |
| Bond | 0.13% of average daily net assets | 0.13% of average daily net assets |
| Value Fund | 0.25% of average daily net assets | 0.25% of average daily net assets |
| Growth Fund | 0.30% of average daily net assets | 0.30% of average daily net assets |

---

The "Contractual Expense Limitation" table that appears under the sub-heading "**Investment Adviser and Co-Administrator: Commerce Investment Advisors, Inc. (The "Adviser")**" on **page 93** of the Prospectus is replaced in its entirety with the following:

---

| | |
|:---|:---|
|  | **Contractual<br>Expense<br>Limitation** |
|  Growth Fund | 0.70% |
|  Value Fund | 0.70% |
|  MidCap Value Fund | 0.70% |
|  Bond Fund | 0.45% |
|  National Tax-Free Intermediate Bond Fund | 0.70% |
|  Missouri Tax-Free Intermediate Bond Fund | 0.70% |
|  Kansas Tax-Free Intermediate Bond Fund | 0.70% |

---

The Expense Limitation for the Funds will remain in place until August 1, 2027.

For more information, please contact 1-800-995-6365 8 a.m. to 5 p.m. Central time, Monday through Friday.

#### This Supplement should be retained with the Prospectus for future reference.

------

#### THE COMMERCE FUNDS

#### (the "Trust")
The Growth Fund

The MidCap Growth Fund

The Value Fund

The MidCap Value Fund

The Bond Fund

The National Tax-Free Intermediate Bond Fund

The Kansas Tax-Free Intermediate Bond Fund

The Missouri Tax-Free Intermediate Bond Fund

(the "*Funds*")

*Supplement dated May 27, 2026 to the* 

*Statement of Additional Information dated March 1, 2026 (the "SAI")* 

**This supplement provides new information beyond that contained in the Statement of Additional Information. It should be retained and read in conjunction with the Statement of Additional Information.** 

At its May 14, 2026 meeting, the Board of Trustees of the Trust approved the permanent reduction of the contractual fee rate under the Advisory Agreements between Commerce Investment Advisors, Inc. (the "Adviser") and the Trust on behalf of each Fund.

Effective August 1, 2026, under the new contractual fee rate, the Funds' management fees,

calculated as a percentage of the Funds' average daily net assets, will be reduced as set forth below.

1. Effective August 1, 2026, the SAI is amended as follows:

The "Contractual Advisory Fees" table that appears under the heading "**Investment Adviser**" on **page 112** of the SAI is replaced in its entirety with the following:

---

| | | |
|:---|:---|:---|
|  | **Contractual Advisory Fees** | **Contractual Advisory Fees** |
| **Fund** | **First**<br> **$200 Million** | **In Excess of**<br> **$200 Million** |
| National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond | 0.30% | 0.25% |
| MidCap Growth | 0.30% of average daily net assets | 0.30% of average daily net assets |
| MidCap Value | 0.30% of average daily net assets | 0.30% of average daily net assets |
| Bond | 0.13% of average daily net assets | 0.13% of average daily net assets |
| Value Fund | 0.25% of average daily net assets | 0.25% of average daily net assets |
| Growth Fund | 0.30% of average daily net assets | 0.30% of average daily net assets |

---

#### This Supplement should be retained with the SAI for future reference.