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0.1237 0.3117 0.2893 0.2755 0.3555 Best Quarter* Q2 ’20 24.05% Worst Quarter* Q2 ’22 –19.18% * Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart. 2022-06-30 2020-06-30 0.1924 0.1287 -0.0310 0.2399 0.0088 0.2471 -0.0296 0.0248 0.1128 0.1143 Best Quarter* Q4 ‘22 13.27% Worst Quarter* Q1 ‘20 –24.61% * Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart. 2020-03-31 2022-12-31 0.1773 0.2337 0.2372 0.3436 -0.0435 0.1932 0.0151 0.1090 0.1184 -0.2032 Best Quarter* Q2 ’20 23.73% Worst Quarter* Q1 ’20 –19.35% * Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart. 2020-06-30 2020-03-31 0.1178 0.0632 Best Quarter* Q3 ‘24 10.73% Worst Quarter* Q2 ‘24 –3.08% * Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart. 2024-06-30 2024-09-30 0.0397 -0.1271 -0.0055 0.0658 0.0712 0.0711 -0.0059 0.0896 0.0205 0.0454 Best Quarter* Q4 ‘23 6.71% Worst Quarter* Q1 ‘22 –5.89% * Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart. 2023-12-31 2022-03-31 0.0080 0.0467 0.0509 0.0040 0.0481 0.0087 0.0005 0.0662 0.0481 -0.0713 Best Quarter* Q4 ‘23 7.21% Worst Quarter* Q1 ‘22 –5.43% * Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart. 2022-03-31 2023-12-31 0.0442 0.0450 0.0053 0.0593 0.0007 0.0387 0.0080 -0.0704 0.0487 0.0068 Best Quarter* Q4 ‘23 7.18% Worst Quarter* Q1 ‘22 -5.10% * Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart. 2022-03-31 2023-12-31 -0.002 0.0432 0.0405 -0.0727 0.0394 0.0055 0.0022 0.0560 0.0095 0.0443 Best Quarter* Q4 ‘23 7.01% Worst Quarter* Q1 ‘22 –5.10% * Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart. 2023-12-31 2022-03-31 2026-03-01 The Growth Fund – Summary Investment Objective <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The investment objective of the Fund is to seek capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other</span> <span style="font-weight: bold;">fees, such as brokerage</span> <span style="font-weight: bold;">commissions and other fees</span> <span style="font-weight: bold;">to financial intermediaries,</span> <span style="font-weight: bold;">which are not reflected in</span> <span style="font-weight: bold;">the tables and the Example</span> <span style="font-weight: bold;">below.</span> There is no sales charge imposed on purchases of shares.</div> Annual Fund Operating Expenses 0.0030 0.0032 0.0001 0.0063 Management fees have been restated to reflect current fees. 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: 64 202 351 786 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 30% of the average value of its portfolio.</div> 0.30 Principal Investment Strategies <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">Under normal market conditions, the Fund invests at least 65% of its total assets in stocks, primarily common stock.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">Using a predominantly quantitative analysis, with some additional fundamental analysis depending on market conditions, the Fund invests principally in stocks of companies that had low price volatility in the past. The Fund’s Adviser believes that investing in a portfolio of companies with low price volatility will lead to future capital appreciation.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund may invest a significant amount of its assets from time to time in technology sectors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund generally purchases common stock of companies whose characteristics are comparable to those included in the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index (“Index”). The equity capitalization range of public companies in the Index was $134.6 million to $4,531 billion December 31, 2025.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund is classified as non‑diversified under the Investment Company Act of 1940, and may invest more of its assets in fewer issuers than “diversified” mutual funds.</div> </td> </tr> </table> The Fund may invest a significant amount of its assets from time to time in technology sectors. <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Risk:</span></span> Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund’s investments. There is also a risk that a particular style of investing, such as growth, may underperform other styles of investing or the market generally.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Investment Risk:</span></span> The value of your investment in this Fund may fluctuate, which means that you could lose money. The types of stocks held by the Fund may not perform as well as other types of stocks.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Equity Securities Risk:</span></span> Common stockholders participate in company profits through dividends and stock market appreciation and, in the event of bankruptcy, distributions, on a pro‑rata basis after other claims are satisfied. Many factors affect the value of common stock, including earnings, earnings forecasts, corporate events and factors impacting the issuer’s industry and the market generally. Common stock generally has the greatest appreciation and depreciation potential of all corporate securities.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Quantitative Model Risk:</span></span> Securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. Results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology system malfunctions. The quantitative model used by the Adviser to manage the Fund may not perform as expected, particularly in volatile markets.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Management Risk:</span></span> A strategy used by the Adviser may fail to produce the intended results.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Growth Investing Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market downturn and when growth stocks are out of favor.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large‑Cap Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Large capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. In addition, larger companies may grow more slowly or be slower to respond to business developments than smaller companies. Large capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. Over certain periods, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Mid‑Cap Risk:</span></span> Investing in securities of mid‑sized companies may be riskier than investing in larger, more established companies. Mid‑sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. Also, these stocks may trade less often and in limited volume compared to larger cap stocks trading on a national securities exchange. The prices of these stocks may be more volatile than the prices of larger company stocks. As a result, the Fund’s net asset value may be subject to rapid and substantial changes.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Issuer Risk:</span></span> The value of a security owned by the Fund may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Sector Concentration Risk:</span></span><span style="font-weight: bold;"> </span>Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund’s performance may also suffer if a sector does not perform as well as the Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Information Technology Sector Risk:</span></span> The securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. Technology companies may produce or use products or services that prove commercially unsuccessful, or become obsolete, or may be adversely impacted by government regulation. Technology securities may experience significant price movements caused by disproportionate investor optimism or pessimism.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Consumer Discretionary Sector Risk:</span></span><span style="font-weight: bold;"> </span>Companies engaged in the consumer discretionary sector are affected by fluctuations in supply and demand and changes in consumer preferences, social trends and marketing campaigns. Changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations also may adversely affect these companies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Communication Services Sector Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The value of the securities of communication services companies are particularly vulnerable to rapid advancements in technology, the innovation of competitors, rapid product obsolescence, and government regulation and competition, both domestically and internationally. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company’s profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large Shareholder Purchase and Redemption Risk:</span></span> The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large purchases of the Fund’s shares may also adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Cybersecurity Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Non‑Diversified Risk:</span></span> Non‑diversified funds typically hold fewer securities than diversified funds do. Consequently, the change in value of any one security may affect the overall value of a non‑diversified portfolio more than it would a diversified portfolio.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. Fund Performance <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information, please visit the Fund’s website at www.commercefunds.com or by calling 1‑800‑995‑6365.</div> The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.commercefunds.com 1‑800‑995‑6365 Year‑by‑Year Total Returns as of 12/31 Each Year TOTAL RETURNCALENDAR YEAR Best Quarter Worst Quarter 0.2405 -0.1918 <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA).</div> After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA). Average Annual Total Returns For the periods endedDecember 31, 2025 0.1237 0.1332 0.1620 0.0800 0.1024 0.1375 0.1048 0.1005 0.1297 0.1737 0.1359 0.1459 0.1856 0.1532 0.1813 The Russell 1000® Growth Index, an unmanaged index, measures the performance of the large‑cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price‑to‑book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, taxes or expenses. The Value Fund – Summary Investment Objective The investment objective of the Fund is to seek capital appreciation, and secondarily, current income. Fees and Expenses of the Fund <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other</span> <span style="font-weight: bold;">fees, such as brokerage</span> <span style="font-weight: bold;">commissions and other fees</span> <span style="font-weight: bold;">to financial intermediaries,</span> <span style="font-weight: bold;">which are not reflected in</span> <span style="font-weight: bold;">the tables and the Example</span> <span style="font-weight: bold;">below.</span> There is no sales charge imposed on purchases of shares.</div> Annual Fund Operating Expenses 0.0025 0.0038 0.0001 0.0064 Management fees have been restated to reflect current fees. 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: 65 205 357 798 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 52% of the average value of its portfolio.</div> 0.52 Principal Investment Strategies <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">Under normal market conditions, the Fund invests at least 65% of its total assets in stocks, primarily common stock.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">Using a predominately quantitative analysis, with some additional fundamental analysis depending on market conditions, the Fund invests principally in stocks within the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index (“Index”) universe that have an above average dividend yield. As part of the quantitative analysis, the Adviser ranks the dividend-paying stocks within the Index universe according to their level of dividend yields from “low” to “high” among five quintiles in their respective sectors. The Adviser principally selects stocks from among the top three dividend-yield quintiles for inclusion in the Fund’s portfolio. The Fund seeks a higher return than the Index over time through a combination of capital appreciation and dividend income. The Fund utilizes a diversified portfolio with value characteristics (low price/book and price/earnings ratios) to achieve capital appreciation and current income.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund may invest a significant amount of its assets from time to time in the financials sector.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund generally purchases common stock of companies whose characteristics are comparable to those included in the Index. The equity capitalization range of public companies in the Index was $134.6 million to $2,467 billion as of December 31, 2025.</div> </td> </tr> </table> The Fund may invest a significant amount of its assets from time to time in the financials sector. <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Risk:</span></span> Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund’s investments. There is also a risk that a particular style of investing, such as value, may underperform other styles of investing or the market generally.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Investment Risk:</span></span> The value of your investment in this Fund may fluctuate, which means that you could lose money. The types of stocks held by the Fund may not perform as well as other types of stocks.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Equity Securities Risk:</span></span> Common stockholders participate in company profits through dividends and stock market appreciation and, in the event of bankruptcy, distributions, on a pro‑rata basis after other claims are satisfied. Many factors affect the value of common stock, including earnings, earnings forecasts, corporate events and factors impacting the issuer’s industry and the market generally. Common stock generally has the greatest appreciation and depreciation potential of all corporate securities.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Quantitative Model Risk:</span></span> Securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. Results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology system malfunctions. The quantitative model used by the Adviser to manage the Fund may not perform as expected, particularly in volatile market or in a rising interest rate environment.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Management Risk:</span></span> A strategy used by the Adviser may fail to produce the intended results.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Value Investing Risk:</span></span> The Fund emphasizes a value style of investing that focuses on undervalued companies with characteristics for improved valuation. As a result, the Fund is subject to greater risk that the market may not recognize a security’s inherent value for a long time, or a stock judged to be undervalued by the Adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large‑Cap Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Large capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. In addition, larger companies may grow more slowly or be slower to respond to business developments than smaller companies. Large capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. Over certain periods, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Mid‑Cap Risk:</span></span> Investing in securities of mid‑sized companies may be riskier than investing in larger, more established companies. Mid‑sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. Also, these stocks may trade less often and in limited volume compared to larger cap stocks trading on a national securities exchange. The prices of these stocks may be more volatile than the prices of larger company stocks. As a result, the Fund’s net asset value may be subject to rapid and substantial changes.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Issuer Risk:</span></span> The value of a security owned by the Fund may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Sector Concentration Risk</span></span><span style="font-weight: bold;">:</span> Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund’s performance may also suffer if a sector does not perform as well as the Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Financials Sector Risk:</span></span> The Fund’s performance may be adversely affected by events affecting the financials sector, if it invests a relatively large percentage of its assets in this sector. The financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital. Events affecting the financials sector have had, and may</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">continue to have, a significant negative impact on the valuations and stock prices of companies in this sector and have increased the volatility of investments in this sector.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Industrials Sector Risk:</span></span> Changes in government regulation, world events and economic conditions may adversely affect companies in the industrials sector. In addition, these companies are at risk for environmental and product liability damage claims. Commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, technological developments and labor relations could adversely affect the companies in this sector.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Health Care Sector Risk:</span></span> Factors such as extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, costs associated with obtaining and protecting patents, product liability and other claims, changes in technologies and other market developments can affect companies in the health care sector.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Information Technology Sector Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. Technology companies may produce or use products or services that prove commercially unsuccessful, or become obsolete, or may be adversely impacted by government regulation. Technology securities may experience significant price movements caused by disproportionate investor optimism or pessimism.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Communication Services Sector Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The value of the securities of communication services companies are particularly vulnerable to rapid advancements in technology, the innovation of competitors, rapid product obsolescence, and government regulation and competition, both domestically and internationally. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company’s profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large Shareholder Purchase and Redemption Risk:</span></span> The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large purchases of the Fund’s shares may also adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Cybersecurity Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.</div> As with any mutual fund, it is possible to losemoney on aninvestment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. Fund Performance <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information, please visit the Fund’s website at www.commercefunds.com or by calling 1‑800‑995‑6365.</div> The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.commercefunds.com 1‑800‑995‑6365 Year‑by‑Year Total Returns as of 12/31 Each Year TOTAL RETURNCALENDAR YEAR Best Quarter Worst Quarter 0.1327 -0.2461 <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA).</div> After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA). Average Annual Total Returns For the periods endedDecember 31, 2025 0.1143 0.0899 0.0963 0.0861 0.0700 0.0763 0.0874 0.0684 0.0742 0.1737 0.1359 0.1459 0.1591 0.1133 0.1053 The Russell 1000® Value Index, an unmanaged index, measures the performance of the large‑cap value segment of the U.S. equity universe. It includes Russell 1000 companies with lower price‑to‑book ratios and lower expected growth values. The Index figures do not reflect any deduction for fees, taxes or expenses. The MidCap Growth Fund – Summary Investment Objective <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The investment objective of the Fund is to seek capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other</span> <span style="font-weight: bold;">fees, such as brokerage</span> <span style="font-weight: bold;">commissions and other fees</span> <span style="font-weight: bold;">to financial intermediaries,</span> <span style="font-weight: bold;">which are not reflected in</span> <span style="font-weight: bold;">the tables and the Example</span> <span style="font-weight: bold;">below.</span> There is no sales charge imposed on purchases of shares.</div> Annual Fund Operating Expenses 0.0030 0.0033 0.0001 0.0064 Management fees have been restated to reflect current fees. 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: 65 205 357 798 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 74% of the average value of its portfolio.</div> 0.74 Principal Investment Strategies <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in stocks, primarily common stocks, of mid‑cap issuers. These issuers will have public stock market</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt;">capitalizations within the range of the market capitalization of companies constituting the Russell Midcap<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index (“Index”) at the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. The equity capitalization range of public companies in the Index was $134.6 million to $88.9 billion as of December 31, 2025. The Fund may also invest up to 20% of its net assets in small‑cap issuers.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">Using a predominately quantitative analysis, with some additional fundamental analysis depending on market conditions, the Fund invests principally in stock of companies that had low price volatility in the past. The Fund’s adviser believes that investing in a portfolio of companies with low price volatility will lead to future capital appreciation.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund may invest a significant amount of its assets from time to time in technology sectors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund will provide shareholders with at least 60 days’ notice before changing its 80% investment policy.</div> </td> </tr> </table> Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in stocks, primarily common stocks, of mid‑cap issuers. These issuers will have public stock marketcapitalizations within the range of the market capitalization of companies constituting the Russell Midcap<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index (“Index”) at the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. The equity capitalization range of public companies in the Index was $134.6 million to $88.9 billion as of December 31, 2025. The Fund may also invest up to 20% of its net assets in small‑cap issuers. Using a predominately quantitative analysis, with some additional fundamental analysis depending on market conditions, the Fund invests principally in stock of companies that had low price volatility in the past. The Fund’s adviser believes that investing in a portfolio of companies with low price volatility will lead to future capital appreciation. The Fund may invest a significant amount of its assets from time to time in technology sectors. <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Risk:</span></span> Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund’s investments. There is also a risk that a particular style of investing, such as growth, may underperform other styles of investing or the market generally.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Investment Risk:</span></span> The value of your investment in this Fund may fluctuate, which means that you could lose money. The types of stocks held by the Fund may not perform as well as other types of stocks.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Equity Securities Risk:</span></span> Common stockholders participate in company profits through dividends and stock market appreciation and, in the event of bankruptcy, distributions, on a pro‑rata basis after other claims are satisfied. Many factors affect the value of common stock, including earnings, earnings forecasts, corporate events and factors impacting the issuer’s industry and the market generally. Common stock generally has the greatest appreciation and depreciation potential of all corporate securities.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Quantitative Model Risk:</span></span> Securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. Results generated</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">by such models may be impaired by errors in human judgment, data imprecision, software or other technology system malfunctions. The quantitative model used by the Adviser to manage the Fund may not perform as expected, particularly in volatile markets.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Management Risk:</span></span> A strategy used by the Adviser may fail to produce the intended results.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Mid‑Cap and Small‑Cap Risk:</span></span> Investing in securities of smaller and mid‑sized companies may be riskier than investing in larger, more established companies. Smaller and mid‑sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. Also, these stocks may trade less often and in limited volume compared to larger cap stocks trading on a national securities exchange. The prices of these stocks may be more volatile than the prices of larger company stocks. As a result, the Fund’s net asset value may be subject to rapid and substantial changes.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Growth Investing Risk:</span></span> Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market down turn and when growth stocks are out of favor.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Issuer Risk:</span></span> The value of a security owned by the Fund may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Sector Concentration Risk:</span></span> Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund’s performance may also suffer if a sector does not perform as well as the Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Industrials Sector Risk:</span></span> Changes in government regulation, world events and economic conditions may adversely affect companies in the industrials sector. In addition, these companies are at risk for environmental and product liability damage claims. Also, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, technological developments and labor relations could adversely affect the companies in this sector.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Information Technology Sector Risk:</span></span> The securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. Technology companies may produce or use products or services that prove commercially unsuccessful, or become obsolete, or may be adversely impacted by government regulation. Technology securities may experience significant price movements caused by disproportionate investor optimism or pessimism.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Consumer Discretionary Sector Risk:</span></span> Companies engaged in the consumer discretionary sector are affected by fluctuations in supply and demand and changes in consumer preferences, social trends and marketing campaigns. Changes in consumer spending as a</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations also may adversely affect these companies.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Health Care Sector Risk:</span></span> Factors such as extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, costs associated with obtaining and protecting patents, product liability and other claims, changes in technologies and other market developments can affect companies in the health care sector.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large Shareholder Purchase and Redemption Risk:</span></span> The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large purchases of the Fund’s shares may also adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Cybersecurity Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund.  An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. Fund Performance <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information, please visit the Fund’s website at www.commercefunds.com or by calling 1‑800‑995‑6365.</div> The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.commercefunds.com 1‑800‑995‑6365 Year‑by‑Year Total Returns as of 12/31 Each Year TOTAL RETURNCALENDAR YEAR Best Quarter Worst Quarter 0.2373 -0.1935 <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA).</div> After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA). Average Annual Total Returns For the periods endedDecember 31, 2025 0.0151 0.0491 0.1070 -0.0323 0.0202 0.0829 0.0440 0.0357 0.0836 0.1737 0.1359 0.1459 0.0866 0.0665 0.1249 The Russell Midcap® Growth Index, an unmanaged index, measures the performance of the mid‑cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price‑to‑book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, taxes or expenses. The MidCap Value Fund – Summary Investment Objective The investment objective of the Fund is to seek capital appreciation, and secondarily, current income. Fees and Expenses of the Fund <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and the Example below. </span>There is no sales charge imposed on purchases of shares.</div> Annual Fund Operating Expenses 0.0030 0.0069 0.0001 0.0100 -0.0029 0.0071 Management fees have been restated to reflect current fees. Other expenses have been restated to reflect current fees. 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. August 1, 2027 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: 73 290 524 1198 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 55% of the average value of its portfolio.</div> 0.55 Principal Investment Strategies <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in stocks, primarily common stocks, of mid‑cap issuers. These issuers will have public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index (“Index”) at the time of investment. If the market capitalization of a company held by the Fund moves outside this, the Fund may, but is not required to, sell the securities. The equity capitalization range of public companies in the Index was $134.6 million to $88.9 billion of December 31, 2025. The Fund may also invest up to 20% of its net assets in small‑cap issuers.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">Using a predominately quantitative analysis, with some additional fundamental analysis depending on market conditions, the Fund invests principally in stocks within the Index universe that have an above average dividend yield. As part of the quantitative analysis, the Adviser ranks the dividend-paying stocks within the Index universe according to their level of dividend yields from “low” to “high” among five quintiles in their respective sectors. The Adviser principally selects stocks from among the top three dividend-yield quintiles for inclusion in the Fund’s portfolio. The Fund seeks a higher return than the Index over time through a combination of capital appreciation and dividend income. The Fund utilizes a diversified portfolio with value characteristics (low price/book and price/earnings ratios) to achieve capital appreciation and current income.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund may invest a significant amount of its assets from time to time in the financials sector.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund will provide shareholders with at least 60 days’ notice before changing its 80% investment policy.</div> </td> </tr> </table> Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in stocks, primarily common stocks, of mid‑cap issuers. These issuers will have public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index (“Index”) at the time of investment. If the market capitalization of a company held by the Fund moves outside this, the Fund may, but is not required to, sell the securities. The equity capitalization range of public companies in the Index was $134.6 million to $88.9 billion of December 31, 2025. The Fund may also invest up to 20% of its net assets in small‑cap issuers. Using a predominately quantitative analysis, with some additional fundamental analysis depending on market conditions, the Fund invests principally in stocks within the Index universe that have an above average dividend yield. As part of the quantitative analysis, the Adviser ranks the dividend-paying stocks within the Index universe according to their level of dividend yields from “low” to “high” among five quintiles in their respective sectors. The Adviser principally selects stocks from among the top three dividend-yield quintiles for inclusion in the Fund’s portfolio. The Fund seeks a higher return than the Index over time through a combination of capital appreciation and dividend income. The Fund utilizes a diversified portfolio with value characteristics (low price/book and price/earnings ratios) to achieve capital appreciation and current income. The Fund may invest a significant amount of its assets from time to time in the financials sector. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">other events or adverse investor sentiment. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund’s investments. There is also a risk that a particular style of investing, such as value, may underperform other styles of investing or the market generally.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Investment Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The value of your investment in this Fund may fluctuate, which means that you could lose money. The types of stocks held by the Fund may not perform as well as other types of stocks.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Equity Securities Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Common stockholders participate in company profits through dividends and stock market appreciation and, in the event of bankruptcy, distributions, on a pro‑rata basis after other claims are satisfied. Many factors affect the value of common stock, including earnings, earnings forecasts, corporate events and factors impacting the issuer’s industry and the market generally. Common stock generally has the greatest appreciation and depreciation potential of all corporate securities.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Quantitative Model Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Securities selected using quantitative models may perform differently from the market as a whole for many reasons, including the factors used in building the model and the weights placed on each factor, among others. Results generated by such models may be impaired by errors in human judgment, data imprecision, software or other technology system malfunctions. The quantitative model used by the Adviser to manage the Fund may not perform as expected, particularly in volatile markets.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Management Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>A strategy used by the Adviser may fail to produce the intended results.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Value Investing Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The Fund emphasizes a value style of investing that focuses on undervalued companies with characteristics for improved valuation. As a result, the Fund is subject to greater risk that the market may not recognize a security’s inherent value for a long time, or a stock judged to be undervalued by the Adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Mid‑Cap and Small‑Cap Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Investing in securities of smaller and mid‑sized companies may be riskier than investing in larger, more established companies. Smaller and mid‑sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. Also, these stocks may trade less often and in limited volume compared to larger cap stocks trading on a national securities exchange. The prices of these stocks may be more volatile than the prices of larger company stocks. As a result, the Fund’s net asset value may be subject to rapid and substantial changes.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Issuer Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The value of a security owned by the Fund may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Sector Concentration Risk</span></span><span style="font-weight: bold;">:</span><span style="font-weight: bold;"> </span>Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund’s performance may also suffer if a sector does not perform as well as the Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Financials Sector Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The Fund’s performance may be adversely affected by events affecting the financials sector, if it invests a relatively large percentage of its assets in this sector. The financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital. Events affecting the financials sector have had, and may continue to have, a significant negative impact on the valuations and stock prices of companies in this sector and have increased the volatility of investments in this sector.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Industrials Sector Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Changes in government regulation, world events and economic conditions may adversely affect companies in the industrials sector. In addition, these companies are at risk for environmental and product liability damage claims. Commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, technological developments and labor relations could adversely affect the companies in this sector.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Information Technology Sector Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. Technology companies may produce or use products or services that prove commercially unsuccessful, or become obsolete, or may be adversely impacted by government regulation. Technology securities may experience significant price movements caused by disproportionate investor optimism or pessimism.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large Shareholder Purchase and Redemption Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large purchases of the Fund’s shares may also adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Cybersecurity Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. Fund Performance <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information, please visit the Fund’s website at www.commercefunds.com or by calling 1‑800‑ 995‑6365.</div> The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.commercefunds.com 1‑800‑ 995‑6365 Year‑by‑Year Total Returns as of 12/31 Each YearTOTAL RETURNCALENDAR YEAR Best Quarter Worst Quarter 0.1073 -0.0308 <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA).</div> After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA). Average Annual Total Returns For the periods ended December 31, 2025 2023-11-13 2023-11-13 2023-11-13 0.0632 0.1504 0.0471 0.1307 0.0487 0.1128 0.1737 0.1822 0.1105 0.1822 The Russell Midcap® Value Index, an unmanaged index, measures the performance of the mid‑cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with relatively lower price‑to‑book ratios, lower sales‑per‑share historical growth, and lower forecasted growth values. The Index figures do not reflect any deduction for fees, taxes or expenses. The Bond Fund – Summary Investment Objective The investment objective of the Fund is to seek total return through current income and, secondarily, capital appreciation. Fees and Expenses of the Fund <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other</span> <span style="font-weight: bold;">fees, such as brokerage</span> <span style="font-weight: bold;">commissions and other fees</span> <span style="font-weight: bold;">to financial intermediaries,</span> <span style="font-weight: bold;">which are not reflected in</span> <span style="font-weight: bold;">the tables and the Example</span> <span style="font-weight: bold;">below.</span> There is no sales charge imposed on purchases of shares.</div> Annual Fund Operating Expenses 0.0013 0.0028 0.0041 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: 42 132 230 518 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio.</div> 0.13 Principal Investment Strategies <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Security Types:</span></span> Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in debt securities. In seeking current income and capital appreciation, the Fund invests in a diversified portfolio of primarily investment-grade corporate debt obligations and obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, including mortgage-backed and asset-backed securities, as well as municipal bonds. The Fund will provide shareholders with at least 60 days’ notice before changing its 80% investment policy. The Fund may invest up to 80% of its total assets in mortgage-backed and asset-backed securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Credit Quality:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Sixty-five percent of debt securities at the time of purchase by the Fund will be rated investment grade (AAA, AA, A, BBB or an equivalent rating) by one of the major credit rating agencies (S&amp;P Global Ratings, Moody’s and Fitch) that has assigned a rating to the security or, if unrated, deemed to be investment-grade quality by the Adviser. In addition, the Fund may invest up to 10% of its total assets in high yield (non‑investment grade) securities known as junk bonds and up to 35% of its total assets in obligations rated BBB or Baa by one of the major credit rating agencies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Maturity Distribution:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span> The Fund’s average effective duration will be within 30% of the Bloomberg Aggregate Bond Index (“Index”), although the Fund has no restriction on the maximum or minimum duration of any individual security it holds. For example, if the duration of the Index were 5.0 years, the Fund’s assets would have a duration of between 3.5 years and 6.5 years. As of December 31, 2025, the duration of the Fund was 5.98 years, while the duration of the Index was 5.98 years. Duration is a measure of a fund’s sensitivity to interest rates. For example, a fund with a duration of 2 years would lose 2% of its value if interest rates rose by 1%, or it would gain 2% if interest rates declined by 1%. A fund with a duration of 4 years would be twice as volatile as a fund with a duration of 2 years.</div> </td> </tr> </table> <span style="font-weight: bold;"><span style="font-style: italic;">Security Types:</span></span> Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in debt securities. In seeking current income and capital appreciation, the Fund invests in a diversified portfolio of primarily investment-grade corporate debt obligations and obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, including mortgage-backed and asset-backed securities, as well as municipal bonds. The Fund will provide shareholders with at least 60 days’ notice before changing its 80% investment policy. The Fund may invest up to 80% of its total assets in mortgage-backed and asset-backed securities. <span style="font-weight: bold;"><span style="font-style: italic;">Credit Quality:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Sixty-five percent of debt securities at the time of purchase by the Fund will be rated investment grade (AAA, AA, A, BBB or an equivalent rating) by one of the major credit rating agencies (S&amp;P Global Ratings, Moody’s and Fitch) that has assigned a rating to the security or, if unrated, deemed to be investment-grade quality by the Adviser. In addition, the Fund may invest up to 10% of its total assets in high yield (non‑investment grade) securities known as junk bonds and up to 35% of its total assets in obligations rated BBB or Baa by one of the major credit rating agencies. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Interest Rate Risk:</span></span> Interest rate risk is the risk that the value of the Fund’s portfolio will decline when interest rates rise. The magnitude of this decline will often be greater for longer-term, fixed-income securities than shorter-term securities. Changing interest rates may have unpredictable effects on the markets and on the Fund’s investments. Declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">management. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Income Risk:</span></span> The Fund’s ability to distribute income to shareholders depends on the yield available from the Fund’s investments. The Fund’s portfolio income may decline when market interest rates fall.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Credit Risk:</span></span> Credit risk is the risk that an issuer or guarantor of a fixed-income security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a bond may decline because of concerns about the issuer’s ability or willingness to make such payments. This may impair the Fund’s liquidity or cause a deterioration in the Fund’s net asset value. In addition, the Fund may incur expenses in an effort to protect the Fund’s interests or enforce its rights against an issuer, guarantor or counterparty or may be hindered or delayed in exercising these rights.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Mortgage-Backed and Asset-Backed Risk:</span></span> Mortgage-backed securities, especially collateralized mortgage-backed securities, and asset-backed securities may be subject to risks that include price volatility, liquidity, enhanced sensitivity to interest rates, and greater risk of default during periods of economic downturn than other securities. As a result, these securities may be more difficult to value and liquidate, if necessary. To the extent the Fund invests in mortgage-backed securities that may be prepaid at the option of the obligor, sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Call Risk:</span></span> An issuer may exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed or asset-backed security) earlier than expected. Under these circumstances, the Fund may be unable to recoup all of its initial investment and may also suffer from having to reinvest in lower yielding securities, securities with greater credit risks or securities with other, less favorable features.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Extension Risk:</span></span> An issuer may exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed or asset-backed security) later than expected. This may happen when interest rates rise. Under these circumstances, the value of the obligation will decrease and the Fund will also suffer from the inability to invest in higher-yielding securities.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Prepayment Risk:</span></span> An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed or asset-backed security) earlier than expected. Prepayment of the underlying mortgage collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of the securities.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Maturity Risk:</span></span> The Fund will not necessarily hold its securities to maturity, which could result in loss of principal.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">High Yield Risk:</span></span> High yield securities are subject to greater levels of credit and liquidity risk. High yield securities are considered speculative with respect to an issuer’s ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Investment Risk:</span></span> The value of your investment in this Fund may fluctuate, which means that you could lose money.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Issuer Risk:</span></span> The value of a security owned by the Fund may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Liquidity Risk:</span></span> The Fund may not be able to pay redemption proceeds within the time periods described in this Prospectus because of unusual market conditions, an unusually high number of redemption requests or other reasons. Liquidity risk may result from the lack of an active market or reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at an advantageous time or price.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Management Risk:</span></span> A strategy used by the Adviser could fail to produce the intended results.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Risk:</span></span> Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund’s investments.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Municipal Bond Risk:</span></span> Municipal securities prices can be significantly affected by political or public health changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. In addition, economic conditions at the state, regional and federal level may adversely affect the municipal bond market and an issuer’s ability to repay the obligation. Municipal lease obligations and certificates of participation are subject to the added risk that the governmental lessee will fail to appropriate funds to enable it to meet its payment obligations under the lease. While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">U.S. Government Securities Risk:</span></span> The U.S. Government may not provide financial support to U.S. Government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so. Although many U.S. Government securities purchased by the Fund may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the United States Treasury and therefore are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. A security backed by the “full faith and</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Cybersecurity Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large Shareholder Purchase and Redemption Risk:</span></span> The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large purchases of the Fund’s shares may also adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. Fund Performance <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information, please visit the Fund’s website at www.commercefunds.com or by calling 1‑800‑995‑6365.</div> The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.commercefunds.com 1‑800‑995‑6365 Year‑by‑Year Total Returns as of 12/31 Each Year TOTAL RETURNCALENDAR YEAR Best Quarter Worst Quarter 0.0671 -0.0589 <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA).</div> After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA). Average Annual Total Returns For the periods endedDecember 31, 2025 0.0711 0.0023 0.0246 0.0556 -0.0108 0.0112 0.0419 -0.0039 0.0130 0.0730 -0.0036 0.0201 The Index figures do not reflect any deduction for fees, taxes or expenses. The National Tax‑Free Intermediate Bond Fund – Summary Investment Objective <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The investment objective of the Fund is to seek current income exempt from federal income tax as is consistent with the preservation of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other</span> <span style="font-weight: bold;">fees, such as brokerage</span> <span style="font-weight: bold;">commissions and other fees</span> <span style="font-weight: bold;">to financial intermediaries,</span> <span style="font-weight: bold;">which are not reflected in</span> <span style="font-weight: bold;">the tables and the Example</span> <span style="font-weight: bold;">below.</span> There is no sales charge imposed on purchases of shares.</div> Annual Fund Operating Expenses 0.0030 0.0027 0.0057 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: 58 183 318 714 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.</div> 0.34 Principal Investment Strategies <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Security Types:</span></span> Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes, (measured at the time of purchase) in municipal bonds issued by or on behalf of the states, territories and possessions (such as Puerto Rico, the U.S. Virgin Islands and Guam) of the United States, the District of Columbia and their respective authorities, agencies, instrumentalities and political subdivisions, the income from which, in the opinion of bond counsel, is exempt from regular federal income and federal alternative minimum taxes. Alternatively, at least 80% of the Fund’s distributed income must be exempt from such taxes. The Fund’s 80% investment strategy is fundamental–meaning that it can be changed only by the holders of a majority of the outstanding voting securities of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">Up to 20% of the Fund’s net assets may be invested in municipal bonds that are not exempt from regular federal income tax or federal alternative minimum taxes.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Credit Quality:</span></span> Except as described below, the municipal securities in which the Fund invests will be rated investment grade (e.g., in the top four credit-rating categories) at the time of purchase by at least one nationally recognized statistical rating organization, or if unrated will be deemed by the Adviser to be of comparable quality to investment grade municipal securities. The Fund may invest up to 10% of its total assets in such unrated securities. The Fund may invest up to 5% of its total assets in high yield (non‑investment grade) securities known as junk bonds. Subsequent to purchase, the Fund’s municipal securities may be downgraded below investment grade or may be deemed by the Adviser to be no longer comparable to investment grade securities. The Adviser will consider such an event in determining whether the Fund should continue to hold the security, except that the Fund may not hold more than 5% of its total assets in high yield (non‑investment grade) securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Maturity Distribution:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The Fund actively manages maturities to take advantage of changes in interest rates. The average dollar-weighted effective maturity of the Fund’s portfolio securities will be five to twelve years, under normal market conditions.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Duration:</span></span> The average effective duration of the Fund will be within 30% of the duration of the Bloomberg 3‑15 Year Blend Municipal Bond Index (“Index”), although the Fund has no restriction as to the maximum or minimum duration of any individual security it holds. For example, if the duration of the Index were 5.0 years, the Fund’s assets would have a duration of between 3.5 years and 6.5 years. As of December 31, 2025, the duration of the Fund was 5.93, while the duration of the Index was 5.17. Duration is a measure of a fund’s sensitivity to interest rates. For example, a fund with a duration of 2 years would lose 2% of its value if interest rates rose by 1%, or it would gain 2% if interest rates declined by 1%. A fund with a duration of 4 years would be twice as volatile as a fund with a duration of 2 years.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund strives to minimize net realized capital gains.</div> </td> </tr> </table> <span style="font-weight: bold;"><span style="font-style: italic;">Security Types:</span></span> Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes, (measured at the time of purchase) in municipal bonds issued by or on behalf of the states, territories and possessions (such as Puerto Rico, the U.S. Virgin Islands and Guam) of the United States, the District of Columbia and their respective authorities, agencies, instrumentalities and political subdivisions, the income from which, in the opinion of bond counsel, is exempt from regular federal income and federal alternative minimum taxes. Alternatively, at least 80% of the Fund’s distributed income must be exempt from such taxes. The Fund’s 80% investment strategy is fundamental–meaning that it can be changed only by the holders of a majority of the outstanding voting securities of the Fund. <span style="font-weight: bold;"><span style="font-style: italic;">Credit Quality:</span></span> Except as described below, the municipal securities in which the Fund invests will be rated investment grade (e.g., in the top four credit-rating categories) at the time of purchase by at least one nationally recognized statistical rating organization, or if unrated will be deemed by the Adviser to be of comparable quality to investment grade municipal securities. The Fund may invest up to 10% of its total assets in such unrated securities. The Fund may invest up to 5% of its total assets in high yield (non‑investment grade) securities known as junk bonds. Subsequent to purchase, the Fund’s municipal securities may be downgraded below investment grade or may be deemed by the Adviser to be no longer comparable to investment grade securities. The Adviser will consider such an event in determining whether the Fund should continue to hold the security, except that the Fund may not hold more than 5% of its total assets in high yield (non‑investment grade) securities. <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Interest Rate Risk:</span></span> Interest rate risk is the risk that the value of the Fund’s portfolio will decline when interest rates rise. The magnitude of this decline will often be greater for longer-term, fixed-income securities than shorter-term securities. Changing interest rates may have unpredictable effects on the markets and on the Fund’s investments. Declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Income Risk:</span></span> The Fund’s ability to distribute income to shareholders depends on the yield available from the Fund’s investments. The Fund’s portfolio income may decline when market interest rates fall.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Municipal Bond Risk:</span></span> Municipal securities prices can be significantly affected by political or public health changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. In addition, economic conditions at the state, regional and federal level may adversely affect the municipal bond market and an issuer’s ability to repay the obligation. Municipal lease obligations and certificates of participation are subject to the added risk that the governmental lessee will fail to appropriate funds to enable it to meet its payment obligations under the lease. While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Tax Risk:</span></span> Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">State and U.S. Territory Risk:</span></span> The Fund’s portfolio is generally widely diversified among issuers of municipal securities. From time to time, however, the Fund may invest a significant amount of assets in the municipal securities of a particular state or territory. Adverse political and economic conditions and developments affecting a state or territory may, in turn, negatively affect the Fund’s performance, and the Fund’s investments may be more volatile, than if its investments were not so concentrated in such state or territory.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">High Yield Risk:</span></span> High yield securities are subject to greater levels of credit and liquidity risk. High yield securities are considered speculative with respect to an issuer’s ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Call Risk:</span></span> An issuer may exercise its right to pay principal on an obligation held by the Fund earlier than expected. Under these circumstances, the Fund may be unable to recoup all of its initial investment and may also suffer from having to reinvest in lower yielding securities, securities with greater credit risks or securities with other, less favorable features.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Credit Risk:</span></span> Credit risk is the risk that an issuer of a municipal bond may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a bond may decline because of concerns about the issuer’s ability or willingness to make such payments. If a bond’s insurer or provider of other credit enhancement fails to fulfill its obligations or loses its credit rating, the value of the bond could drop. This may impair the Fund’s liquidity or cause a deterioration in the Fund’s net asset value. In addition, the Fund may incur expenses in an effort to protect the Fund’s interests or enforce its rights against an issuer, guarantor or counterparty or may be hindered or delayed in exercising these rights.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Investment Risk:</span></span> The value of your investment in this Fund may fluctuate, which means that you could lose money.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Liquidity Risk:</span></span> The Fund may not be able to pay redemption proceeds within the time periods described in this Prospectus because of unusual market conditions, an unusually high number of redemption requests or other reasons. Liquidity risk may result from the lack of an active market or reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at an advantageous time or price.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Management Risk:</span></span> A strategy used by the Adviser could fail to produce the intended results.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Risk:</span></span> Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund’s investments.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Maturity Risk:</span></span> The Fund will not necessarily hold its securities to maturity, which could result in loss of principal.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Cybersecurity Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large Shareholder Purchase and Redemption Risk:</span></span> The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large purchases of the Fund’s shares may also adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. Fund Performance <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information, please visit the Fund’s website at www.commercefunds.com or by calling 1‑800‑995‑6365.</div> The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.commercefunds.com 1‑800‑995‑6365 Year‑by‑Year Total Returns as of 12/31 Each YearTOTAL RETURNCALENDAR YEAR Best Quarter Worst Quarter 0.0721 -0.0543 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA).</div> After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA). Average Annual Total Returns For the periods endedDecember 31, 2025 0.0509 0.0071 0.0202 0.0501 0.0062 0.0192 0.0409 0.0098 0.0200 0.0425 0.0080 0.0234 0.0530 0.0110 0.0234 The Index figures do not reflect any deduction for fees, taxes or expenses. The Bloomberg 3‑15 Year Blend Municipal Bond Index is an unmanaged index comprised of investment-grade municipal securities ranging from 2 to 17 years in maturity. The Missouri Tax‑Free Intermediate Bond Fund – Summary Investment Objective <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The investment objective of the Fund is to seek current income exempt from federal and, to the extent possible, from Missouri income taxes, as is consistent with the preservation of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other</span> <span style="font-weight: bold;">fees, such as brokerage</span> <span style="font-weight: bold;">commissions and other fees</span> <span style="font-weight: bold;">to financial intermediaries,</span> <span style="font-weight: bold;">which are not reflected in</span> <span style="font-weight: bold;">the tables and the Example</span> <span style="font-weight: bold;">below.</span> There is no sales charge imposed on purchases of shares.</div> Annual Fund Operating Expenses 0.0030 0.0029 0.0059 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: 60 189 329 738 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio.</div> 0.13 Principal Investment Strategies <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Security Types:</span></span> Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase), in Missouri municipal bonds, the income from which, in the opinion of bond counsel, is exempt from regular federal income taxes, federal alternative minimum taxes and Missouri taxes. Alternatively, at least 80% of the Fund’s distributed income must be exempt from such taxes. In addition to obligations issued by the State of Missouri and its subdivisions, authorities, instrumentalities and agencies, the Fund may also invest in obligations issued by U.S. territories, commonwealths and possessions (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from federal and Missouri income tax. The Fund’s 80% investment strategy is fundamental–meaning that it can be changed only by the holders of a majority of the outstanding voting securities of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund seeks to maximize the proportion of its dividends that are exempt from both federal and Missouri income tax.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund strives to minimize net realized capital gains.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Credit Quality:</span></span> Except as described below, the municipal securities in which the Fund invests will be rated investment grade (e.g., in the top four credit-rating categories) at the time of purchase by at least one nationally recognized statistical rating organization, or if unrated will be deemed by the Adviser to be of comparable quality to investment grade municipal securities. The Fund may invest up to 10% of its total assets in such unrated securities. The Fund may invest up to 5% of its total assets in high yield (non‑investment grade) securities known as junk bonds. Subsequent to purchase, the Fund’s municipal securities may be downgraded below investment grade or may be deemed by the Adviser to be no longer comparable to investment grade securities. The Adviser will consider such an event in determining whether the Fund should continue to hold the security, except that the Fund may not hold more than 5% of its total assets in high yield (non‑investment grade) securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Maturity Distribution:</span></span> The Fund actively manages maturities to take advantage of changes in interest rates. Under normal market conditions, the average weighted maturity of the Fund’s portfolio securities will be five to twelve years.</div> </td> </tr> </table> <span style="font-weight: bold;"><span style="font-style: italic;">Security Types:</span></span> Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase), in Missouri municipal bonds, the income from which, in the opinion of bond counsel, is exempt from regular federal income taxes, federal alternative minimum taxes and Missouri taxes. Alternatively, at least 80% of the Fund’s distributed income must be exempt from such taxes. In addition to obligations issued by the State of Missouri and its subdivisions, authorities, instrumentalities and agencies, the Fund may also invest in obligations issued by U.S. territories, commonwealths and possessions (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from federal and Missouri income tax. The Fund’s 80% investment strategy is fundamental–meaning that it can be changed only by the holders of a majority of the outstanding voting securities of the Fund. <span style="font-weight: bold;"><span style="font-style: italic;">Credit Quality:</span></span> Except as described below, the municipal securities in which the Fund invests will be rated investment grade (e.g., in the top four credit-rating categories) at the time of purchase by at least one nationally recognized statistical rating organization, or if unrated will be deemed by the Adviser to be of comparable quality to investment grade municipal securities. The Fund may invest up to 10% of its total assets in such unrated securities. The Fund may invest up to 5% of its total assets in high yield (non‑investment grade) securities known as junk bonds. Subsequent to purchase, the Fund’s municipal securities may be downgraded below investment grade or may be deemed by the Adviser to be no longer comparable to investment grade securities. The Adviser will consider such an event in determining whether the Fund should continue to hold the security, except that the Fund may not hold more than 5% of its total assets in high yield (non‑investment grade) securities. <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Interest Rate Risk:</span></span> Interest rate risk is the risk that the value of the Fund’s portfolio will decline when interest rates rise. The magnitude of this decline will often be greater for longer-term, fixed-income securities than shorter-term securities. Changing interest rates may have unpredictable effects on the markets and on the Fund’s investments. Declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. The magnitude of these</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Income Risk:</span></span> The Fund’s ability to distribute income to shareholders depends on the yield available from the Fund’s investments. The Fund’s portfolio income may decline when market interest rates fall.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Municipal Bond Risk:</span></span> Municipal securities prices can be significantly affected by political or public health changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. In addition, changes in the supply of and demand for Missouri municipal obligations could cause greater volatility in the value of the Fund’s shares. The actual payment of principal and interest on the<span style="font-weight: bold;"> </span>Missouri bonds is dependent on the Missouri General Assembly allotting money each fiscal year for payment. If economic conditions in Missouri decline, the payment of principal and interest on Missouri bonds could be adversely affected. Municipal lease obligations and certificates of participation are subject to the added risk that the governmental lessee will fail to appropriate funds to enable it to meet its payment obligations under the lease. While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">State-Specific Risk:</span></span> Because the Fund primarily purchases municipal bonds from Missouri, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in that state. Some of the major sectors of Missouri’s economy include agriculture, manufacturing, government, services and trade, transportation and utilities. Downturns in these sectors could therefore have a negative effect on the economy of Missouri or the economies of any of its political subdivisions and the ability of these issuers to repay their obligations with respect to municipal bonds.<span style="font-weight: bold;"><span style="font-style: italic;"> </span></span></div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">High Yield Risk:</span></span> High yield securities are subject to greater levels of credit and liquidity risk. High yield securities are considered speculative with respect to an issuer’s ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Tax Risk:</span></span> Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Call Risk:</span></span> An issuer may exercise its right to pay principal on an obligation held by the Fund earlier than expected. Under these circumstances, the Fund may be unable to recoup all of its initial investment and may also suffer from having to reinvest in lower yielding securities, securities with greater credit risks or securities with other, less favorable features.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Credit Risk:</span></span> Credit risk is the risk that an issuer of a municipal bond may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a bond may decline because of concerns about the issuer’s ability or willingness to make such payments. If a bond’s insurer or provider of other credit enhancement fails to fulfill its obligations or loses its credit rating, the value of the bond could drop. This may impair the Fund’s liquidity or cause a deterioration in the Fund’s net asset value. In addition, the Fund may incur expenses in an effort to protect the Fund’s interests or enforce its rights against an issuer, guarantor or counterparty or may be hindered or delayed in exercising these rights.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Investment Risk:</span></span> The value of your investment in this Fund may fluctuate, which means that you could lose money.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Liquidity Risk:</span></span> The Fund may not be able to pay redemption proceeds within the time periods described in this Prospectus because of unusual market conditions, an unusually high number of redemption requests or other reasons. Liquidity risk may result from the lack of an active market or reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at an advantageous time or price.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Management Risk:</span></span> A strategy used by the Adviser could fail to produce the intended results.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Risk:</span></span> Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund’s investments.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Maturity Risk:</span></span> The Fund will not necessarily hold its securities to maturity, which could result in loss of principal.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">U.S. Territory Risk:</span></span> Adverse political and economic conditions and developments affecting any U.S. territory, commonwealth or possession may, in turn, negatively affect the Fund’s performance, and the Fund’s investments may be more volatile, than if its investments were not so concentrated in such territory.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Cybersecurity Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large Shareholder Purchase and Redemption Risk:</span></span> The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large purchases of the Fund’s shares may also adversely affect the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. Fund Performance <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information, please visit the Fund’s website at www.commercefunds.com or by calling 1‑800‑995‑6365.</div> The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.commercefunds.com 1‑800‑995‑6365 Year‑by‑Year Total Returns as of 12/31 Each Year TOTAL RETURNCALENDAR YEAR Best Quarter Worst Quarter 0.0718 -0.0510 <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA).</div> After‑tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold Fund shares through tax‑advantaged arrangements such as a 401(k) plan or individual retirement account (IRA). Average Annual Total Returns For the periods ended December 31, 2025 0.0442 0.0060 0.0180 0.0436 0.0058 0.0178 0.0363 0.0092 0.0187 0.0425 0.0080 0.0234 0.0530 0.0110 0.0234 The Bloomberg 3‑15 Year Blend Municipal Bond Index is an unmanaged index comprised of investment-grade municipal securities ranging from 2 to 17 years in maturity. The Index figures do not reflect any deduction for fees, taxes or expenses. The Kansas Tax‑Free Intermediate Bond Fund – Summary Investment Objective <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The investment objective of the Fund is to seek current income exempt from federal and, to the extent possible, from Kansas income taxes, as is consistent with the preservation of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other</span> <span style="font-weight: bold;">fees, such as brokerage</span> <span style="font-weight: bold;">commissions and other fees</span> <span style="font-weight: bold;">to financial intermediaries,</span> <span style="font-weight: bold;">which are not reflected in</span> <span style="font-weight: bold;">the tables and the Example</span> <span style="font-weight: bold;">below.</span> There is no sales charge imposed on purchases of shares.</div> Annual Fund Operating Expenses 0.0030 0.0035 0.0065 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 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: 66 208 362 810 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 20% of the average value of its portfolio.</div> 0.20 Principal Investment Strategies <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Security Types:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in Kansas municipal bonds, the income from which, in the opinion of bond counsel, is exempt from regular federal income taxes, federal alternative minimum taxes and Kansas taxes. Alternatively, at least 80% of the Fund’s distributed income must be exempt from such taxes. In addition to obligations issued by the State of Kansas and its subdivisions, authorities, instrumentalities and agencies, the Fund may also invest in obligations issued by U.S. territories, commonwealths and possessions (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from federal and Kansas income tax. The Fund’s 80% investment strategy is fundamental–meaning that it can be changed only by the holders of a majority of the outstanding voting securities of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund seeks to maximize the proportion of its dividends that are exempt from both federal and Kansas income tax.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;">The Fund strives to minimize net realized capital gains.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Credit Quality:</span></span> Except as described below, the municipal securities in which the Fund invests will be rated investment grade (e.g., in the top four credit-rating categories) at the time of purchase by at least one nationally recognized statistical rating organization, or if unrated will be deemed by the Adviser to be of comparable quality to investment grade municipal securities. The Fund may invest up to 10% of its total assets in such unrated securities. The Fund may invest up to 5% of its total assets in high yield (non‑investment grade) securities known as junk bonds. Subsequent to purchase, the Fund’s municipal securities may be downgraded below investment grade or may be deemed by the Adviser to be no longer comparable to investment grade securities. The Adviser will consider such an event in determining whether the Fund should continue to hold the security, except that the Fund may not hold more than 5% of its total assets in high yield (non‑investment grade) securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: left;"><span style="font-weight: bold;"><span style="font-style: italic;">Maturity Distribution:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The Fund actively manages maturities to take advantage of changes in interest rates. Under normal market conditions, the average weighted maturity of the Fund’s portfolio securities will be five to twelve years.</div> </td> </tr> </table> <span style="font-weight: bold;"><span style="font-style: italic;">Security Types:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in Kansas municipal bonds, the income from which, in the opinion of bond counsel, is exempt from regular federal income taxes, federal alternative minimum taxes and Kansas taxes. Alternatively, at least 80% of the Fund’s distributed income must be exempt from such taxes. In addition to obligations issued by the State of Kansas and its subdivisions, authorities, instrumentalities and agencies, the Fund may also invest in obligations issued by U.S. territories, commonwealths and possessions (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from federal and Kansas income tax. The Fund’s 80% investment strategy is fundamental–meaning that it can be changed only by the holders of a majority of the outstanding voting securities of the Fund. <span style="font-weight: bold;"><span style="font-style: italic;">Credit Quality:</span></span> Except as described below, the municipal securities in which the Fund invests will be rated investment grade (e.g., in the top four credit-rating categories) at the time of purchase by at least one nationally recognized statistical rating organization, or if unrated will be deemed by the Adviser to be of comparable quality to investment grade municipal securities. The Fund may invest up to 10% of its total assets in such unrated securities. The Fund may invest up to 5% of its total assets in high yield (non‑investment grade) securities known as junk bonds. Subsequent to purchase, the Fund’s municipal securities may be downgraded below investment grade or may be deemed by the Adviser to be no longer comparable to investment grade securities. The Adviser will consider such an event in determining whether the Fund should continue to hold the security, except that the Fund may not hold more than 5% of its total assets in high yield (non‑investment grade) securities. <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Interest Rate Risk:</span></span> Interest rate risk is the risk that the value of the Fund’s portfolio will decline when interest rates rise. The magnitude of this decline will often be greater for longer-term, fixed-income securities than shorter-term securities. Changing interest rates may have unpredictable effects on the markets and on the Fund’s investments. Declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Income Risk:</span></span> The Fund’s ability to distribute income to shareholders depends on the yield available from the Fund’s investments. The Fund’s portfolio income may decline when market interest rates fall.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Municipal Bond Risk:</span></span> Municipal securities prices can be significantly affected by political or public health changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. In addition, changes in the supply of and demand for Kansas municipal obligations could cause greater volatility in the value of the Fund’s shares. The actual payment of principal and interest on the Kansas bonds is dependent on the Kansas legislature allotting money each fiscal year for payment. If economic conditions in Kansas decline, the payment of principal and interest on Kansas bonds could be adversely affected. Municipal lease obligations and certificates of participation are subject to the added risk that the governmental lessee will fail to appropriate funds to enable it to meet its payment obligations under the lease. While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">State-Specific Risk:</span></span> Because the Fund primarily purchases municipal bonds from Kansas, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in that state. While Kansas’s agricultural sector is a key component of the state’s economy, other major sectors include trade, services, biosciences, renewable energy and manufacturing, including transportation equipment manufacturing. Downturns in these sectors could therefore have a negative effect on the economy of Kansas or the economies of any of its political subdivisions and the ability of these issuers to repay their obligations with respect to municipal bonds.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">High Yield Risk:</span></span> High yield securities are subject to greater levels of credit and liquidity risk. High yield securities are considered speculative with respect to an issuer’s ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Tax Risk:</span></span> Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Call Risk:</span></span> An issuer may exercise its right to pay principal on an obligation held by the Fund earlier than expected. Under these circumstances, the Fund may be unable to recoup all of its initial investment and may also suffer from having to reinvest in lower yielding securities, securities with greater credit risks or securities with other, less favorable features.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Credit Risk:</span></span> Credit risk is the risk that an issuer of a municipal bond may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a bond may decline because of concerns about the issuer’s ability or willingness to make such payments. If a bond’s insurer or provider of other credit enhancement fails to fulfill its obligations or loses its credit rating, the value of the bond could drop. This may impair the Fund’s liquidity or cause a deterioration in the Fund’s net asset value. In addition, the Fund may incur expenses in an effort to protect the Fund’s interests or enforce its rights against an issuer, guarantor or counterparty or may be hindered or delayed in exercising these rights.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Investment Risk:</span></span> The value of your investment in this Fund may fluctuate, which means that you could lose money.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Liquidity Risk:</span></span> The Fund may not be able to pay redemption proceeds within the time periods described in this Prospectus because of unusual market conditions, an unusually high number of redemption requests or other reasons. Liquidity risk may result from the lack of an active market or reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at an advantageous time or price.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Management Risk:</span></span> A strategy used by the Adviser could fail to produce the intended results.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Risk:</span></span> Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund’s investments.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Maturity Risk:</span></span> The Fund will not necessarily hold its securities to maturity, which could result in loss of principal.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">U.S. Territory Risk:</span></span> Adverse political and economic conditions and developments affecting any U.S. territory, commonwealth or possession may, in turn, negatively affect the Fund’s performance, and the Fund’s investments may be more volatile, than if its investments were not so concentrated in such territory.</div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Cybersecurity Risk:</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large Shareholder Purchase and Redemption Risk:</span></span> The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large purchases of the Fund’s shares may also adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. Fund Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. More information about such prior performance is available under “More Information About Fees and Performance.” To obtain updated performance information, please visit the Fund’s website at www.commercefunds.com or by calling 1‑800‑995‑6365.</div> The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s shares from year to year; and (b) how the average annual total returns of the Fund’s shares compare to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.commercefunds.com 1‑800‑995‑6365 Year‑by‑Year Total Returns as of 12/31 Each Year TOTAL RETURNCALENDAR YEAR Best Quarter Worst Quarter 0.0701 -0.0510 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After-tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements such as a 401(k) plan or individual retirement account (IRA).</div> After-tax returns below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements such as a 401(k) plan or individual retirement account (IRA). Average Annual Total Returns For the periods endedDecember 31, 2025 0.0443 0.0030 0.0159 0.0440 0.0029 0.0158 0.0367 0.0068 0.0168 0.0425 0.0080 0.0234 0.0530 0.0110 0.0234 The Bloomberg 3‑15 Year Blend Municipal Bond Index is an unmanaged index comprised of investment-grade municipal securities ranging from 2 to 17 years in maturity. The Index figures do not reflect any deduction for fees, taxes or expenses. Management fees have been restated to reflect current fees. The Bloomberg Municipal Bond Index is an unmanaged index that measures the U.S. Dollar-denominated long-term tax exempt bond market. The Index figures do not reflect any deduction for fees, taxes or expenses. The Bloomberg 3‑15 Year Blend Municipal Bond Index is an unmanaged index comprised of investment-grade municipal securities ranging from 2 to 17 years in maturity. The Index figures do not reflect any deduction for fees, taxes or expenses. Management fees have been restated to reflect current fees. The Bloomberg Municipal Bond Index is an unmanaged index that measures the U.S. Dollar-denominated long-term tax exempt bond market. The Index figures do not reflect any deduction for fees, taxes or expenses. The Bloomberg 3‑15 Year Blend Municipal Bond Index is an unmanaged index comprised of investment-grade municipal securities ranging from 2 to 17 years in maturity. The Index figures do not reflect any deduction for fees, taxes or expenses. Management fees have been restated to reflect current fees. The Bloomberg Municipal Bond Index is an unmanaged index that measures the U.S. Dollar-denominated long-term tax exempt bond market. The Index figures do not reflect any deduction for fees, taxes or expenses. The Bloomberg 3‑15 Year Blend Municipal Bond Index is an unmanaged index comprised of investment-grade municipal securities ranging from 2 to 17 years in maturity. The Index figures do not reflect any deduction for fees, taxes or expenses. The Russell 1000® Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies. The Index figures do not reflect any deduction for fees, taxes or expenses. The Russell 1000® Growth Index, an unmanaged index, measures the performance of the large‑cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price‑to‑book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, taxes or expenses. Management fees have been restated to reflect current fees. 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. The Russell 1000® Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies. The Index figures do not reflect any deduction for fees, taxes or expenses. The Russell 1000® Value Index, an unmanaged index, measures the performance of the large‑cap value segment of the U.S. equity universe. It includes Russell 1000 companies with lower price‑to‑book ratios and lower expected growth values. The Index figures do not reflect any deduction for fees, taxes or expenses. 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. Management fees have been restated to reflect current fees. 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. The Russell 1000® Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies. The Index figures do not reflect any deduction for fees, taxes or expenses. The Russell Midcap® Growth Index, an unmanaged index, measures the performance of the mid‑cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price‑to‑book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, taxes or expenses. Management fees have been restated to reflect current fees. Other expenses have been restated to reflect current fees. 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. 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 The Russell 1000® Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies. The Index figures do not reflect any deduction for fees, taxes or expenses. The Russell Midcap® Value Index, an unmanaged index, measures the performance of the mid‑cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with relatively lower price‑to‑book ratios, lower sales‑per‑share historical growth, and lower forecasted growth values. The Index figures do not reflect any deduction for fees, taxes or expenses. Management fees have been restated to reflect current fees. The Bloomberg US Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities. The Index figures do not reflect any deduction for fees, taxes or expenses. Management fees have been restated to reflect current fees.