COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Florida (continued)
|
Lake County FL School Board Certificates of Participation
Series A (AMBAC) (A/WR)
|
$ 1,500,000
|
|
|
5.000
|
%
|
|
06/01/24
|
|
$ 1,546,440
|
Miami-Dade County FL Aviation Revenue Bonds
(Miami International Airport) Series A (A/A2)
|
1,000,000
|
|
|
5.000
|
|
|
10/01/22
|
|
1,113,430
|
1,000,000
|
|
|
5.250
|
|
|
10/01/23
|
|
1,117,520
|
1,000,000
|
|
|
5.500
|
|
|
10/01/25
|
|
1,117,780
|
Miami-Dade County FL Educational Facilities Authority Revenue Bonds (Refunding-University of Miami) Series B
(AMBAC)
(A-/A3)
|
685,000
|
|
|
5.250
|
|
|
04/01/21
|
|
785,935
|
Port St. Lucie FL Lease Revenue Bonds (Taxable-Wyndcrest Project) Series A (A/A1)
|
200,000
|
|
|
6.090
|
|
|
09/01/20
|
|
210,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,375,358
|
|
Georgia 0.3%
|
|
|
Brunswick GA Water & Sewer Revenue Bonds (Refunding & Improvement) Series 1992 (ETM) (NATL-RE) (A/Baa1)
|
90,000
|
|
|
6.100
|
|
|
10/01/19
|
|
105,947
|
Cherokee County GA Water & Sewer Authority Revenue Bonds (Refunding & Improvement) Series 1993 (NATL-RE) (A/Aa2)
|
55,000
|
|
|
5.500
|
|
|
08/01/23
|
|
65,258
|
Gainesville & Hall County Hospital Authority Revenue Bonds (Northeast Georgia Healthcare System) Series B (A+/NR)
|
500,000
|
|
|
4.000
|
|
|
02/15/20
|
|
540,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
711,765
|
|
Illinois 17.1%
|
|
|
Chicago IL Board of Education GO Bonds (Refunding) Series A (AMBAC) (A+/A3)
|
2,050,000
|
|
|
5.500
|
|
|
12/01/25
|
|
2,282,039
|
Chicago IL Public Building Commission Revenue Bonds (Refunding-Chicago School Reform) Series B (NATL- RE) (FGIC) (A/A3)
|
1,000,000
|
|
|
5.250
|
|
|
12/01/18
|
|
1,130,960
|
Chicago IL Public Building Commission Revenue Bonds (Refunding-Chicago Trasit Authority) Series 2006 (AMBAC)
(A/A2)
|
350,000
|
|
|
5.250
|
|
|
03/01/33
|
|
361,099
|
Cook & DuPage Counties IL High School District No. 210 GO Bonds Series 2006 (NATL-RE) (NR/Aa2)
|
360,000
|
|
|
5.000
|
|
|
01/01/26
|
|
386,258
|
Cook County IL Community High School District No. 234 Taxable GO Bonds (Ridgewood Build America Bonds - Direct Payment to Issuer) Series B (Assured Guaranty)
(AA-/A3)
|
300,000
|
|
|
6.400
|
|
|
12/01/28
|
|
344,259
|
Cook County IL School District No. 144 Prairie Hills GO Bonds (Capital Appreciation-Refunding) Series C (AGM) (NR/A1)
(a)
|
2,320,000
|
|
|
0.000
|
|
|
12/01/22
|
|
1,640,101
|
2,080,000
|
|
|
0.000
|
|
|
12/01/25
|
|
1,252,035
|
DeKalb County IL Community Unit School District No. 424 GO Bonds (Capital Appreciation) Series 2001 (AMBAC) (NR/A1)
(a)
|
1,000,000
|
|
|
0.000
|
|
|
01/01/18
|
|
914,200
|
DeKalb County IL Community Unit School District No. 428 GO Bonds (Capital Appreciation-School Building) (AA-/Aa2)
(a)
|
1,500,000
|
|
|
0.000
|
|
|
01/01/20
|
|
1,281,780
|
DeKalb, Kane & Lasalle Counties Community College District No. 523 GO Bonds Series A (AA/NR)
|
455,000
|
|
|
4.625
|
|
|
02/01/21
|
|
488,533
|
400,000
|
|
|
5.000
|
|
|
02/01/23
|
|
432,276
|
Illinois Finance Authority Revenue Bonds (Advocate Health Care) Series 2012 (AA/Aa2)
|
3,000,000
|
|
5.000
|
|
|
06/01/42
|
|
3,063,270
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Illinois (continued)
|
|
|
Illinois Finance Authority Revenue Bonds (Columbia College) (NATL-RE) (A/Baa1)
|
$ 2,000,000
|
|
|
5.250
|
%
|
|
12/01/22
|
|
$ 2,099,980
|
Illinois Finance Authority Revenue Bonds (Poetry Foundation Project) (AA-/Aa3)
|
470,000
|
|
|
4.850
|
|
|
01/01/26
|
|
488,307
|
490,000
|
|
|
4.900
|
|
|
01/01/27
|
|
506,978
|
1,625,000
|
|
|
5.000
|
|
|
01/01/30
|
|
1,676,009
|
Illinois Finance Authority Revenue Bonds (Refunding-Columbia College) Series 2011 (BBB+/NR)
|
300,000
|
|
|
5.000
|
|
|
12/01/17
|
|
325,569
|
405,000
|
|
|
4.000
|
|
|
12/01/18
|
|
424,157
|
420,000
|
|
|
4.250
|
|
|
12/01/19
|
|
444,616
|
440,000
|
|
|
4.500
|
|
|
12/01/20
|
|
463,747
|
Illinois Finance Authority Revenue Bonds (Refunding-Swedish Covenant) Series A (BBB+/NR)
|
1,210,000
|
|
|
5.500
|
|
|
08/15/24
|
|
1,289,013
|
Illinois Finance Authority Revenue Bonds (The Carle Foundation) Series A (A+/NR)
|
1,000,000
|
|
|
5.375
|
|
|
08/15/26
|
|
1,093,360
|
Illinois State GO Bonds (A-/A3)
|
1,000,000
|
|
|
4.000
|
|
|
04/01/19
|
|
1,049,950
|
3,000,000
|
|
|
4.000
|
|
|
09/01/21
|
|
3,133,500
|
Illinois State GO Bonds (Refunding) (A-/A3)
|
3,000,000
|
|
|
5.000
|
|
|
08/01/24
|
|
3,272,760
|
Illinois State GO Bonds Series A (A-/A3)
|
2,000,000
|
|
|
5.000
|
|
|
03/01/17
|
|
2,007,340
|
1,000,000
|
|
|
5.000
|
|
|
03/01/28
|
|
1,001,380
|
Northern Illinois Municipal Power Agency Revenue Bonds (Prairie State Project) Series A (NATL-RE) (NR/A2)
|
1,000,000
|
|
|
5.000
|
|
|
01/01/20
|
|
1,099,890
|
Peoria County IL Community Unit School District No. 309 GO Bonds (Capital Appreciation-Brimfield School District) Series A (Assured Guaranty) (AA-/NR)
(a)
|
540,000
|
|
|
0.000
|
|
|
04/01/18
|
|
491,854
|
Quad Cities IL Regional Economic Development Authority Revenue Bonds (Augustana College) Series 2012
(Refunding)
(NR/Baa1)
|
750,000
|
|
|
4.750
|
|
|
10/01/32
|
|
714,262
|
University of Illinois Board of Trustees Certificates of Participation Series A (AA-/Aa3)
|
1,000,000
|
|
|
5.000
|
|
|
10/01/20
|
|
1,093,010
|
Will County IL Community High School District No. 210 Lincoln-Way GO Bonds (Unrefunded-Capital Appreciation) Series 2006 (AGM) (NR/Aa2)
(a)
|
1,535,000
|
|
|
0.000
|
|
|
01/01/21
|
|
1,219,481
|
Will County IL Community Unit School District No. 201 Crete-Monee GO Bonds (Capital Appreciation) Series 2004
(NATL-RE) (FGIC) (A+/Baa1)
(a)
|
3,000,000
|
|
|
0.000
|
|
|
11/01/19
|
|
2,570,580
|
Will Grundy Counties IL Community College District No. 525 GO Bonds (Alternate Revenue Source-Refunding) Series B (AA/Aa1)
|
2,000,000
|
|
|
5.000
|
|
|
06/01/38
|
|
2,045,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,087,613
|
|
Indiana 2.8%
|
|
|
Allen County IN War Memorial Revenue Bonds
(Refunding-Coliseum Additions Building Corp.) Series A (NR/Aa3)
|
615,000
|
|
|
5.000
|
|
|
11/01/16
|
|
684,120
|
Evansville IN Redevelopment Authority Revenue Bonds
(Build America Bonds-Taxable) Series B (A/Aa3)
|
250,000
|
|
|
4.930
|
|
|
02/01/17
|
|
272,443
|
675,000
|
|
|
6.050
|
|
|
02/01/23
|
|
754,009
|
Indiana Bond Bank Revenue Bonds (Special Project-Hendricks Regional Health) Series A (AA/NR)
|
120,000
|
|
|
5.000
|
|
|
08/01/14
|
|
122,442
|
|
COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Indiana (continued)
|
|
|
Indiana State Finance Authority Revenue Bond (Refunding-Educational Facilities-Indianapolis Museum of Art) Series B (NR/A1)
|
$ 1,815,000
|
|
|
5.000
|
%
|
|
02/01/28
|
|
$ 1,910,269
|
Indiana State Finance Authority Revenue Bonds (Community Foundation of Northwest Indiana) Series 2012 (A-/NR)
|
750,000
|
|
|
5.000
|
|
|
03/01/41
|
|
734,715
|
Indiana State Finance Authority Revenue Bonds (Educational Facilities for University of Indianapolis) Series 2011 (A-/NR)
|
1,000,000
|
|
|
5.000
|
|
|
10/01/31
|
|
1,035,950
|
Indiana State University Revenue Bonds (Build America Bonds) (NR/A1)
|
530,000
|
|
|
5.310
|
|
|
04/01/25
|
|
553,696
|
Upland IN Economic Development Revenue Bonds (Taylor University Project) (Refunding) Series 2012 (NR/Baa1)
|
900,000
|
|
|
4.500
|
|
|
09/01/32
|
|
820,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,888,147
|
|
Iowa 0.6%
|
Iowa Finance Authority Health Facilities Revenue Bonds (Mercy Medical Center Project) Series 2012 (A+/A2)
|
1,410,000
|
|
|
5.000
|
|
|
08/15/27
|
|
1,502,623
|
Iowa Finance Authority Revenue Bonds (Single Family Mortgage) Series A (GNMA/FNMA) (AA+/Aaa)
|
85,000
|
|
|
4.300
|
|
|
07/01/16
|
|
85,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,587,874
|
|
Kansas 0.9%
|
Junction City KS GO Bonds (Refunding) Series A (A/NR)
|
710,000
|
|
|
5.000
|
|
|
09/01/18
|
|
808,946
|
Kansas State Development Finance Authority Health Facilities Revenue Bonds (Stormont-Vail Healthcare) Series J (NR/A2)
|
1,500,000
|
|
|
5.000
|
|
|
11/15/38
|
|
1,523,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,332,271
|
|
Kentucky 0.4%
|
Ashland KY Medical Center Revenue Bonds (Ashland Hospital Corp.) Series B (A/A2)
|
1,000,000
|
|
|
5.000
|
|
|
02/01/23
|
|
1,052,240
|
|
Louisiana 5.2%
|
Administrators of the Tulane Educational Fund Revenue Bonds (Taxable-Tulane University) Series C (A/A2)
|
1,000,000
|
|
|
5.000
|
|
|
10/01/47
|
|
922,980
|
Louisiana Local Government Environmental Facilities Community Development Authority Revenue Bonds (Womans Hospital Foundation) Series A
(BBB+/A3)
|
5,000,000
|
|
|
5.500
|
|
|
10/01/25
|
|
5,394,800
|
Louisiana Public Facilities Authority Revenue Bonds (Loyola University) Series 2011 (A/A2)
|
3,715,000
|
|
|
5.250
|
|
|
10/01/27
|
|
4,161,357
|
Tangipahoa Parish LA Hospital Service District No. 1 Revenue Bonds (Refunding-North Oaks Medical Center Project) Series A (BBB/NR)
|
1,100,000
|
|
|
5.375
|
|
|
02/01/18
|
|
1,105,500
|
1,245,000
|
|
|
5.000
|
|
|
02/01/30
|
|
1,251,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,835,825
|
|
Maine 0.4%
|
Maine State Health & Higher Educational Facilities Authority Revenue Bonds Series A (NR/A1)
|
1,000,000
|
|
|
5.000
|
|
|
07/01/24
|
|
1,093,670
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Maryland 1.6%
|
Maryland State Transportation Authority Passenger Facility Charge Revenue Bonds (AMT) Series B (A+/A2)
|
$ 2,000,000
|
|
|
2.250
|
%
|
|
06/01/23
|
|
$ 1,732,660
|
2,500,000
|
|
|
2.500
|
|
|
06/01/25
|
|
2,103,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,836,560
|
|
Massachusetts 3.7%
|
Massachusetts Educational Financing Authority Education Loan Revenue Bonds (Issue I) Series A (AA/NR)
|
1,390,000
|
|
|
5.100
|
|
|
01/01/25
|
|
1,480,948
|
Massachusetts Educational Financing Authority Revenue Bonds Series J (AMT) (AA/NR)
|
1,340,000
|
|
|
4.250
|
|
|
07/01/22
|
|
1,354,392
|
Massachusetts State Development Finance Agency Revenue Bonds (Refunding UMass Memorial Medical Center, Inc.)
Series H (BBB+/Baa3)
|
3,200,000
|
|
|
5.000
|
|
|
07/01/21
|
|
3,512,832
|
Massachusetts State Health & Educational Facilities Authority Revenue Bonds (UMass Memorial Health Care, Inc.) Series G (BBB+/Baa3)
|
960,000
|
|
|
5.000
|
|
|
07/01/20
|
|
1,052,928
|
1,415,000
|
|
|
5.000
|
|
|
07/01/21
|
|
1,519,837
|
Massachusetts State Water Resources Authority Revenue Bonds Series A (ETM) (GO of Authority) (AA+/Aa1)
|
50,000
|
|
|
6.500
|
|
|
07/15/19
|
|
57,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,978,570
|
|
Michigan 1.9%
|
Grand Valley MI State University Revenue Bonds (A+/NR)
|
1,500,000
|
|
|
5.300
|
|
|
12/01/24
|
|
1,624,380
|
Grand Valley MI State University Revenue Bonds Series 1998 (NATL-RE) (FGIC) (A+/WR)
|
920,000
|
|
|
5.500
|
|
|
02/01/18
|
|
988,568
|
Michigan State Housing Development Authority Rental Housing Revenue Bonds Series B (GO of Authority) (AA/NR)
|
690,000
|
|
|
4.500
|
|
|
10/01/19
|
|
716,475
|
Michigan State Housing Development Authority Revenue Bonds (Taxable) Series B2 (GO of Authority) (AA/NR)
|
90,000
|
|
|
1.521
|
|
|
04/01/14
|
|
90,035
|
150,000
|
|
|
1.670
|
|
|
10/01/14
|
|
150,243
|
135,000
|
|
|
1.836
|
|
|
04/01/15
|
|
135,702
|
Michigan State Housing Development Authority Single Family Home Ownership Revenue Bonds (Non AMT) Series A (GO of Authority) (AA+/NR)
|
965,000
|
|
|
4.750
|
|
|
12/01/25
|
|
1,012,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,717,572
|
|
Minnesota 0.6%
|
Minnesota State Housing Finance Agency Revenue Bonds (Residential) Series A (AA+/Aa1)
|
255,000
|
|
|
3.800
|
|
|
07/01/17
|
|
262,971
|
St. Paul MN Housing & Redevelopment Authority Health Care Revenue Bonds (Allina Health System) Series A-2 (AA-/Aa3)
|
1,000,000
|
|
|
5.000
|
|
|
11/15/19
|
|
1,167,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,430,031
|
|
Mississippi 1.0%
|
Lamar County MS School District GO Bonds (Limited Tax Notes) Series 2013 (A-/NR)
|
1,135,000
|
|
|
5.000
|
|
|
09/01/30
|
|
1,202,260
|
1,095,000
|
|
|
5.000
|
|
|
09/01/31
|
|
1,156,353
|
|
COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Mississippi (continued)
|
|
|
Mississippi Home Corporation Homeownership Revenue Bonds Series A (GNMA/FNMA/FHLMC) (NR/Aaa)
|
$ 45,000
|
|
|
2.700
|
%
|
|
06/01/18
|
|
$ 46,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,405,005
|
|
Missouri 1.3%
|
Greene County MO GO Bonds Limited-Wilson Creek Marketplace NID Project (Refunding) Series A (NR/A3)
|
500,000
|
|
|
5.000
|
|
|
04/01/32
|
|
519,995
|
Joplin Industrial Development Authority Health Facilities Revenue Bonds (Freeman Health Systems ) Series 2011 (BBB+/NR)
|
1,490,000
|
|
|
4.250
|
|
|
02/15/21
|
|
1,538,425
|
Kansas City MO Special Obligation Revenue Bonds (Capital Appreciation) Series E
(AA-/A1)
(a)
|
110,000
|
|
|
0.000
|
|
|
02/01/14
|
|
110,000
|
125,000
|
|
|
0.000
|
|
|
02/01/15
|
|
122,889
|
305,000
|
|
|
0.000
|
|
|
02/01/17
|
|
286,114
|
St. Louis County MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Ranken Jordan Project) (NR/NR)
|
500,000
|
|
|
5.000
|
|
|
11/15/17
|
|
510,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,087,513
|
|
Montana 0.1%
|
Montana State Board Housing Revenue Bonds (Single Family Mortgage) Series A-2 (AMT) (AA+/Aa1)
|
105,000
|
|
|
4.350
|
|
|
06/01/16
|
|
106,579
|
110,000
|
|
|
4.350
|
|
|
12/01/16
|
|
112,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
218,741
|
|
Nebraska 0.2%
|
Douglas County NE Hospital Authority No. 002 Revenue Bonds (Refunding) (Health Facilities-Childrens Hospital) (NR/A2)
|
500,000
|
|
|
6.000
|
|
|
08/15/22
|
|
538,045
|
|
Nevada 1.1%
|
Nye County NV School District GO Bonds (Refunding) Series A (PSF-GTD)
(NR/Aaa)
(b)
|
100,000
|
|
|
4.375
|
|
|
05/01/15
|
|
105,202
|
Reno NV GO Bonds (Refunding-Capital Improvement) Series A (A-/A1)
|
2,320,000
|
|
|
5.000
|
|
|
06/01/25
|
|
2,531,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,636,206
|
|
New Hampshire 0.7%
|
New Hampshire NH Health & Education Facilities Authority Revenue Bonds (Concord Hospital) Series A (NR/A2)
|
1,135,000
|
|
|
4.000
|
|
|
10/01/21
|
|
1,195,393
|
New Hampshire State Housing Finance Authority Single Family Mortgage Revenue Bonds (Non AMT) (NR/Aa3)
|
505,000
|
|
|
5.300
|
|
|
07/01/28
|
|
525,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,721,300
|
|
New Jersey 1.8%
|
New Jersey State Certificates of Participation (Equipment Lease Purchase) Series A (A+/A1)
|
1,000,000
|
|
|
5.000
|
|
|
06/15/21
|
|
1,100,480
|
New Jersey State Higher Education Assistance Authority Student Loan Revenue Bonds (Refunding) Series 1A (AA/Aa2)
|
1,700,000
|
|
|
4.750
|
|
|
12/01/23
|
|
1,809,140
|
New Jersey State Transportation Trust Fund Authority Revenue Bonds (Capital Appreciation) Transportation System Series C (AMBAC) (A+/A1)
(a)
|
2,465,000
|
|
|
0.000
|
|
|
12/15/26
|
|
1,366,497
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
New Jersey (continued)
|
Passaic County NJ GO Bonds (Refunding-Taxable Pension) Series 2003 (AGM) (NR/Aa3)
|
$ 100,000
|
|
|
5.750
|
%
|
|
02/15/21
|
|
$ 107,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,383,164
|
|
New York 0.6%
|
Metropolitan Transportation Authority NY Revenue Bonds
Series 2008 C (A/A2)
|
150,000
|
|
|
5.500
|
|
|
11/15/18
|
|
166,806
|
Metropolitan Transportation Authority NY Revenue Bonds
Series H (A/A2)
|
1,000,000
|
|
|
4.000
|
|
|
11/15/23
|
|
1,053,710
|
New York City Housing Development Corp. Revenue Bonds (Multi Family Development) Series G (AA/Aa2)
|
250,000
|
|
|
3.800
|
|
|
11/01/37
|
|
223,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,443,886
|
|
North Carolina 0.9%
|
Western Carolina University Revenue Bonds (Refunding-Limited Obligation-Student Housing) (A/NR)
|
200,000
|
|
|
4.000
|
|
|
06/01/18
|
|
218,562
|
220,000
|
|
|
4.000
|
|
|
06/01/19
|
|
239,897
|
200,000
|
|
|
2.000
|
|
|
06/01/20
|
|
190,154
|
420,000
|
|
|
3.000
|
|
|
06/01/21
|
|
420,264
|
330,000
|
|
|
4.000
|
|
|
06/01/22
|
|
346,190
|
350,000
|
|
|
4.000
|
|
|
06/01/23
|
|
362,957
|
480,000
|
|
|
4.000
|
|
|
06/01/25
|
|
486,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,264,725
|
|
North Dakota 0.9%
|
North Dakota State Housing Finance Agency Revenue Bonds (Housing Finance Project) Series B (AMT) (NR/Aa1)
|
550,000
|
|
|
4.400
|
|
|
07/01/16
|
|
566,307
|
635,000
|
|
|
4.450
|
|
|
07/01/17
|
|
648,837
|
Williston ND Parks & Recreation District Sales Tax And Gross Revenue Bonds Series A (A/NR)
|
1,000,000
|
|
|
4.000
|
|
|
03/01/32
|
|
967,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,182,574
|
|
Ohio 3.9%
|
Akron OH Certificates of Participation (Refunding-Municipal Baseball Stadium Project) Series 2013 (A+/NR)
|
660,000
|
|
|
3.000
|
|
|
12/01/19
|
|
659,980
|
Cleveland OH Airport System Revenue Bonds (Refunding)
Series A (A-/Baa1)
|
1,000,000
|
|
|
5.000
|
|
|
01/01/31
|
|
1,017,590
|
Cleveland OH Certificates of Participation (Refunding-Cleveland Stadium Project) Series A (A/A2)
|
2,330,000
|
|
|
4.750
|
|
|
11/15/20
|
|
2,572,274
|
Hocking Technical College District General Receipts Revenue Bonds (Improvement) Series 2013 (NR/Aa2)
|
1,000,000
|
|
|
5.000
|
|
|
07/01/38
|
|
1,021,790
|
Ohio State Higher Educational Facility Commission Revenue Bonds (Xavier University) Series C (A-/A3)
|
430,000
|
|
|
4.250
|
|
|
05/01/14
|
|
434,033
|
1,000,000
|
|
|
5.000
|
|
|
05/01/18
|
|
1,105,010
|
Ross County OH Hospital Revenue Bonds Adena Health System Facilities (Refunding) Series 2008 (A-/A3)
|
1,560,000
|
|
|
5.375
|
|
|
12/01/19
|
|
1,785,389
|
Toledo GO Bonds Limited Tax Capital Improvement (Refunding) Series 2012 (A-/A2)
|
1,000,000
|
|
|
3.000
|
|
|
12/01/23
|
|
947,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,543,706
|
|
COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Oklahoma 1.9%
|
|
|
McClain County OK Economic Development Authority Educational Facilities Lease Revenue Bonds (Blanchard Public Schools Project) (A-/NR)
|
$ 1,000,000
|
|
|
4.850
|
%
|
|
09/01/18
|
|
$ 1,142,730
|
1,000,000
|
|
|
5.000
|
|
|
09/01/19
|
|
1,152,870
|
Oklahoma County OK Finance Authority Educational Facilities Lease Revenue Bonds (Jones Public School Project) (A-/NR)
|
2,000,000
|
|
|
5.000
|
|
|
09/01/18
|
|
2,205,620
|
Tulsa OK Industrial Authority Student Housing Revenue Bonds (University of Tulsa) Series 2006 (NR/A3)
|
150,000
|
|
|
5.250
|
|
|
10/01/26
|
|
154,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,655,968
|
|
Oregon 0.3%
|
|
|
Oregon State Housing & Community Services Department Housing Revenue Bonds Single Family Mortgage Program
Series A (FHLMC) (NR/Aa3)
|
590,000
|
|
|
5.000
|
|
|
07/01/17
|
|
641,277
|
Oregon State Housing & Community Services Department Revenue Bonds (Single Family Mortgage) Series E (AMT) (NR/Aa2)
|
85,000
|
|
|
5.050
|
|
|
07/01/17
|
|
87,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
729,254
|
|
Pennsylvania 2.4%
|
|
|
Delaware County PA Authority University Revenue Bonds (Neumann University) (BBB/NR)
|
785,000
|
|
|
3.000
|
|
|
10/01/14
|
|
791,406
|
1,025,000
|
|
|
5.000
|
|
|
10/01/19
|
|
1,099,415
|
1,250,000
|
|
|
5.250
|
|
|
10/01/31
|
|
1,278,788
|
Pennsylvania State Housing Finance Agency Single Family Mortgage Revenue Bonds Series 113 (AA+/Aa2)
|
795,000
|
|
|
4.000
|
|
|
10/01/18
|
|
855,420
|
Philadelphia PA Authority for Industrial Development Revenue Bonds (Mathematics Science & Technology Charter School) (BBB+/NR)
|
345,000
|
|
|
5.000
|
|
|
08/01/20
|
|
359,935
|
St. Marys PA Area Water Authority Revenue Bonds (A-/NR)
|
1,350,000
|
|
|
4.750
|
|
|
02/01/25
|
|
1,450,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,835,228
|
|
Puerto Rico 5.3%
|
|
|
Puerto Rico Commonwealth GO Bonds (Refunding-Public Improvement) Series A (FGIC) (BBB-/Baa3)
|
1,500,000
|
|
|
5.500
|
|
|
07/01/22
|
|
1,076,340
|
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) (NATL-RE) (A/Baa1)
|
10,000
|
|
|
5.000
|
|
|
07/01/20
|
|
9,288
|
1,435,000
|
|
|
5.000
|
|
|
07/01/23
|
|
1,296,465
|
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) Series VV (NATL-RE) (A/Baa1)
|
650,000
|
|
|
5.250
|
|
|
07/01/29
|
|
567,034
|
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) Series ZZ (BBB/Baa3)
|
4,250,000
|
|
|
5.250
|
|
|
07/01/19
|
|
3,194,598
|
Puerto Rico Electric Power Authority Revenue Bonds Series CCC (BBB/Baa3)
|
2,015,000
|
|
|
5.000
|
|
|
07/01/21
|
|
1,389,121
|
2,000,000
|
|
|
5.000
|
|
|
07/01/24
|
|
1,340,200
|
1,010,000
|
|
|
5.250
|
|
|
07/01/28
|
|
643,309
|
Puerto Rico Electric Power Authority Revenue Bonds Series WW (BBB/Baa3)
|
2,195,000
|
|
|
5.500
|
|
|
07/01/19
|
|
1,669,320
|
1,345,000
|
|
|
5.000
|
|
|
07/01/28
|
|
848,372
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Puerto Rico (continued)
|
|
|
Puerto Rico Electric Power Authority Revenue Bonds Series XX (BBB/Baa3)
|
$ 1,700,000
|
|
|
5.250
|
%
|
|
07/01/27
|
|
$ 1,084,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,119,038
|
|
Rhode Island 2.4%
|
|
|
Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds (Multi Family Development) Series 1 (NR/Aa2)
|
260,000
|
|
|
5.125
|
|
|
10/01/30
|
|
265,273
|
Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds (Multi Family Funding) Series A (NR/Aaa)
|
500,000
|
|
|
5.250
|
|
|
04/01/35
|
|
515,950
|
Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds Homeownership Opportunities Series 61 B
(Non-AMT)
(Non-ACE) (AA+/Aa2)
|
2,150,000
|
|
|
3.450
|
|
|
04/01/26
|
|
2,114,245
|
Rhode Island State Health & Educational Building Corp. Public Schools Revenue Bonds (Financing Project) Series A (AMBAC) (NR/A3)
|
1,460,000
|
|
|
5.000
|
|
|
05/15/23
|
|
1,475,228
|
Rhode Island State Health & Educational Building Corp. Revenue Bonds ( Bond Financing Program) Series C (AA/NR)
|
1,000,000
|
|
|
4.000
|
|
|
05/15/33
|
|
962,170
|
Rhode Island State Housing & Mortgage Finance Corp. Revenue Bonds (Home Funding) Series 4 (NR/Aa2)
|
435,000
|
|
|
3.500
|
|
|
04/01/22
|
|
444,113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,776,979
|
|
South Carolina 1.2%
|
|
|
Fort Mill SC School Facilities Corp. Revenue Bonds (Installment Purchase Revenue) Series 2006 (NR/Aa3)
|
550,000
|
|
|
5.250
|
|
|
12/01/22
|
|
583,990
|
Greenville County SC Public Facilities Corp. Certificates of Participation (Refunding-University Center Project) (AMBAC) (AA+/Aa1)
|
700,000
|
|
|
5.000
|
|
|
04/01/16
|
|
733,327
|
Kershaw County SC Public School Foundation Installment Power Revenue Bonds (School District Project) (AGC) (AA-/A3)
|
1,000,000
|
|
|
5.000
|
|
|
12/01/22
|
|
1,057,870
|
Scago Educational Facilities Corp. for Beaufort School District SC Installment Revenue Bonds (AGM) (AA-/Aa2)
|
175,000
|
|
|
5.500
|
|
|
12/01/15
|
|
189,348
|
Scago Educational Facilities Corp. for Sumter County School District 17 SC Revenue Bonds (AGM) (AA-/A2)
|
255,000
|
|
|
5.500
|
|
|
12/01/15
|
|
274,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,839,043
|
|
South Dakota 0.4%
|
|
|
South Dakota State Health & Educational Facilities Authority Revenue Bonds (Avera Health Issue) Series A (AA-/A1)
|
1,000,000
|
|
|
5.000
|
|
|
07/01/25
|
|
1,080,140
|
|
Tennessee 0.4%
|
|
|
Tennessee Housing Development Agency Revenue Bonds Homeownership Program Series 1C (Non-AMT) (GO of Agency) (AA+/Aa1)
|
935,000
|
|
|
3.500
|
|
|
07/01/27
|
|
923,144
|
|
Texas 2.1%
|
|
|
Canyon TX Regional Water Authority Contract Revenue Bonds (Refunding-Mid Cities Project) (AMBAC) (A/NR)
|
220,000
|
|
|
5.000
|
|
|
08/01/22
|
|
237,787
|
|
COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Texas (continued)
|
Cash Special Utility District TX Revenue Bonds (Refunding & Improvement) (NATL-RE) (A/Baa1)
|
$ 500,000
|
|
|
5.250
|
%
|
|
09/01/22
|
|
$ 506,325
|
Dallas County Utility & Reclamation District GO Bonds (Refunding) Series 2013 (NR/A3)
|
2,000,000
|
|
|
5.000
|
|
|
02/15/23
|
|
2,298,920
|
Dallas-Fort Worth International Airport Revenue Bonds (Refunding) Series G (A+/A2)
|
1,855,000
|
|
|
5.000
|
|
|
11/01/33
|
|
1,935,656
|
Houston County TX GO Bonds (Certificates of Obligation) (A/NR)
|
235,000
|
|
|
5.000
|
|
|
02/15/20
|
|
253,539
|
Lower Colorado River Authority Revenue Bonds (Prerefunded-Refunding)
(NR/NR)
(b)
|
5,000
|
|
|
5.625
|
|
|
05/15/19
|
|
6,128
|
Texas State Department of Housing & Community Affairs Single Family Mortgage Revenue Bonds (Refunding) Series G (AMT) (FHA/VA Mortgages)
(AA+/Aa1)
|
40,000
|
|
|
4.600
|
|
|
09/01/19
|
|
40,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,278,866
|
|
Vermont 0.5%
|
Vermont Economic Development Authority Revenue Bonds (Central Vermont Public Service Corp.-Recovery Zone Facility) (NR/WR)
|
1,000,000
|
|
|
5.000
|
|
|
12/15/20
|
|
1,119,210
|
|
Virginia 0.4%
|
Richmond VA Metropolitan Authority Expressway Revenue Bonds (Prerefunded-Refunding) (ETM) Series 1998 (A/Baa1)
(b)
|
480,000
|
|
|
5.250
|
|
|
07/15/17
|
|
527,342
|
Richmond VA Metropolitan Authority Expressway Revenue Bonds (Unrefunded-Refunding) Series 1998 (A/Baa1)
|
365,000
|
|
|
5.250
|
|
|
07/15/17
|
|
389,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
916,863
|
|
Washington 3.0%
|
Puyallup WA Combined Utility Revenue Bonds Series A (AA/NR)
|
160,000
|
|
|
4.000
|
|
|
11/01/15
|
|
168,965
|
Skagit County Public Hospital District No. 1 GO Bonds (Refunding-Skagit Regional Health) (NR/A1)
|
2,000,000
|
|
|
5.000
|
|
|
12/01/23
|
|
2,270,580
|
Washington Higher Education Facilities Authority Revenue Bonds Seattle University Project Series 2011 (Refunding) (A/NR)
|
560,000
|
|
|
5.000
|
|
|
05/01/18
|
|
628,908
|
Washington State Health Care Facilities Authority Revenue Bonds (Catholic Health Initiatives) Series D (A+/A1)
|
500,000
|
|
|
6.000
|
|
|
10/01/23
|
|
567,960
|
Washington State Health Care Facilities Authority Revenue Bonds (Overlake Hospital Medical Center) (A-/A2)
|
1,750,000
|
|
|
5.250
|
|
|
07/01/25
|
|
1,914,867
|
Washington State Housing Finance Commission Revenue Bonds (Single Family Program) Series 1N (Non-AMT) (NR/Aaa)
|
925,000
|
|
|
3.500
|
|
|
12/01/23
|
|
944,185
|
860,000
|
|
|
3.700
|
|
|
06/01/24
|
|
877,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,373,138
|
|
West Virginia 0.4%
|
West Virginia State Hospital Finance Authority Revenue Bonds (Refunding & Improvement-Charleston) Series A (NR/A3)
|
1,000,000
|
|
|
5.500
|
|
|
09/01/28
|
|
1,018,640
|
|
Wisconsin 1.5%
|
Milwaukee County WI Airport Revenue Bonds (Refunding) Series B (AMT) (NATL-RE) (NR/A2)
|
115,000
|
|
|
5.000
|
|
|
12/01/14
|
|
119,454
|
350,000
|
|
|
5.000
|
|
|
12/01/15
|
|
375,147
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Wisconsin (continued)
|
Wisconsin State Health & Educational Facilities Authority Revenue Bonds (Aurora Health Care, Inc.) Series A (NR/A3)
|
$ 1,000,000
|
|
|
5.125
|
%
|
|
04/15/31
|
|
$ 1,026,850
|
Wisconsin State Health & Educational Facilities Authority Revenue Bonds (Childrens Hospital of Wisconsin) (AA-/Aa3)
|
1,000,000
|
|
|
5.000
|
|
|
08/15/21
|
|
1,102,330
|
Wisconsin State Health & Educational Facilities Authority Revenue Bonds (Marshfield Clinic) Series B (A-/NR)
|
1,075,000
|
|
|
5.000
|
|
|
02/15/40
|
|
1,082,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,705,833
|
|
Wyoming 1.2%
|
Lincoln County Building Corp. Lease Revenue Bonds Series 2012 (A+/NR)
|
140,000
|
|
|
1.000
|
|
|
05/01/15
|
|
140,172
|
290,000
|
|
|
2.000
|
|
|
05/01/16
|
|
295,043
|
295,000
|
|
|
2.000
|
|
|
05/01/17
|
|
298,988
|
305,000
|
|
|
3.000
|
|
|
05/01/18
|
|
316,575
|
Wyoming Community Development Authority Homeownership Mortgage Revenue Bonds Series A (NR/Aa2)
|
540,000
|
|
|
1.625
|
|
|
12/01/14
|
|
542,376
|
450,000
|
|
|
2.250
|
|
|
12/01/16
|
|
458,158
|
Wyoming Community Development Authority Housing Revenue Bonds Series 8 (AMT) (AA+/Aa1)
|
165,000
|
|
|
4.250
|
|
|
06/01/14
|
|
165,865
|
280,000
|
|
|
4.250
|
|
|
12/01/14
|
|
283,749
|
385,000
|
|
|
4.300
|
|
|
12/01/15
|
|
399,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,900,491
|
|
TOTAL MUNICIPAL BOND OBLIGATIONS
|
|
$ 223,668,722
|
|
|
|
Shares
|
|
Description
|
|
|
|
|
Value
|
Investment Company
2.2%
|
|
|
|
T. Rowe Price Tax-Free High Yield Fund
(NR/NR)
|
493,274
|
|
|
|
|
$ 5,519,731
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Short-term Investment
(c)
6.1%
|
Repurchase Agreement 6.1%
|
State Street Bank & Trust Co.
|
$ 14,948,000
|
|
|
0.000
|
%
|
|
02/03/14
|
|
$ 14,948,000
|
Maturity Value: $14,948,000
|
|
TOTAL INVESTMENTS 99.3%
|
|
$ 244,136,453
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES 0.7%
|
|
1,698,933
|
|
NET ASSETS 100.0%
|
|
$ 245,835,386
|
|
|
|
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
|
|
|
(a)
|
|
Issued with a zero coupon. Income is recognized through the accretion of discount.
|
|
|
(b)
|
|
Prerefunded security. Maturity date disclosed is prerefunding date.
|
|
|
(c)
|
|
Repurchase agreement was entered into on January 31, 2014. This agreement was fully collateralized by $16,025,000 U.S. Treasury Note, 1.750%, due 05/15/22 with a market
value of $15,248,348.
|
|
Security ratings disclosed, if any, are issued by Standard & Poors Ratings Services/Moodys Investors Service. A description of the ratings is
available in the Funds Statement of Additional Information.
|
COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
Investment Abbreviations:
|
AGC
|
|
Insured by Assured Guaranty Corp.
|
AGM
|
|
Insured by Assured Guaranty Municipal Corp.
|
AMBAC
|
|
Insured by American Municipal Bond Assurance Corp.
|
AMT
|
|
Alternative Minimum Tax
|
ETM
|
|
Escrow to Maturity
|
FGIC
|
|
Insured by Financial Guaranty Insurance Co.
|
FHA
|
|
Insured by Federal Housing Administration
|
FHLMC
|
|
Federal Home Loan Mortgage Corp.
|
FNMA
|
|
Federal National Mortgage Association
|
GNMA
|
|
Government National Mortgage Association
|
GO
|
|
General Obligation
|
NATL-RE
|
|
Insured by National Reinsurance Corp.
|
NR
|
|
Not Rated
|
PSF-GTD
|
|
Guaranteed by Permanent School Fund
|
VA
|
|
Veterans Administration
|
WR
|
|
Withdrawn Rating
|
XLCA
|
|
Insured by XL Capital Assurance, Inc.
|
|
COMMERCE NATIONAL TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION
At January 31, 2014, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal
income tax purposes were as follows:
|
|
|
|
|
Tax Cost
|
|
$
|
242,399,633
|
|
Gross unrealized gain
|
|
|
9,275,995
|
|
Gross unrealized loss
|
|
|
(7,539,175
|
)
|
Net unrealized security gain
|
|
$
|
1,736,820
|
|
Additional information regarding the Fund is available in the Funds most recent Annual and Semi-Annual Reports
to Shareholders. This information is available on the Securities and Exchange Commissions website (www.sec.gov).
COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
94.1%
|
Arizona 0.8%
|
Arizona Healthcare & Education Facilities Authority Revenue Bonds (Kirksville College) (A-/NR)
|
$ 1,000,000
|
|
|
5.000
|
%
|
|
01/01/25
|
|
$ 1,050,490
|
Pinal City Arizona Unified School District No. 1 Florence School Improvement Project of 2006 GO Bonds Series C (A/NR)
|
1,215,000
|
|
|
5.150
|
|
|
07/01/24
|
|
1,347,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,398,447
|
|
California 1.0%
|
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NATL-RE) (FGIC)
(AA-/Baa1)
(a)
|
2,000,000
|
|
|
0.000
|
|
|
07/01/27
|
|
1,123,280
|
California State Public Works Board Lease Revenue Bonds (Judicial Council Projects) Series A (A-/A2)
|
750,000
|
|
|
5.000
|
|
|
03/01/38
|
|
776,528
|
Washington CA Unified School District GO Bonds Capital Appreciation Election of 2004 (Yolo County) Series A
(NATL-RE) (FGIC) (A+/Baa1)
(a)
|
2,400,000
|
|
|
0.000
|
|
|
08/01/29
|
|
1,093,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,993,320
|
|
Colorado 0.2%
|
Colorado Housing & Finance Authority Revenue Bonds
(Single Family Mortgage) Class I Series A (FHA) (AAA/Aaa)
|
450,000
|
|
|
4.350
|
|
|
11/01/19
|
|
464,625
|
|
Florida 0.4%
|
Gulf Breeze FL Revenue Bonds (Local Government Loan)
Series J (A+/Aa3)
|
1,000,000
|
|
|
4.500
|
|
|
12/01/20
|
|
1,128,710
|
|
Idaho 0.0%
|
Idaho Housing & Finance Association Revenue Bonds
(Single Family Mortgage) Series B Class I (NR/Aa2)
|
70,000
|
|
|
5.250
|
|
|
07/01/29
|
|
73,106
|
|
Illinois 1.9%
|
Chicago IL Board of Education GO Bonds (Refunding) Series A (AMBAC) (A+/A3)
|
2,000,000
|
|
|
5.500
|
|
|
12/01/25
|
|
2,226,380
|
Illinois Finance Authority Revenue Bonds (Poetry Foundation Project) (AA-/Aa3)
|
1,000,000
|
|
|
5.300
|
|
|
01/01/40
|
|
1,019,220
|
Illinois Finance Authority Revenue Bonds (Refunding-Swedish Covenant) Series A (BBB+/NR)
|
1,000,000
|
|
|
5.500
|
|
|
08/15/24
|
|
1,065,300
|
Will County IL Community Unit School District No. 201 Crete-Monee GO Bonds (Capital Appreciation) Series 2004
(NATL-RE) (FGIC) (A+/Baa1)
(a)
|
1,500,000
|
|
|
0.000
|
|
|
11/01/19
|
|
1,285,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,596,190
|
|
Indiana 0.2%
|
Indiana Bond Bank Revenue Bonds (Special Program-Hendricks Regional Health) Series A (AA/NR)
|
500,000
|
|
|
5.500
|
|
|
02/01/29
|
|
557,765
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Iowa 0.5%
|
Waterloo Community School District Infrastructure Sales & Services Tax Revenue Bonds (Refunding) Series A (A/NR)
|
$ 1,245,000
|
|
|
5.250
|
%
|
|
01/01/30
|
|
$ 1,328,029
|
|
Kansas 0.4%
|
Kansas State Development Finance Authority Health Facilities Revenue Bonds (Stormont-Vail Healthcare,Inc.) Series J (NR/A2)
|
1,000,000
|
|
|
4.750
|
|
|
11/15/33
|
|
1,016,810
|
|
Louisiana 3.2%
|
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Refunding-Independence Stadium Project)
(A/NR)
|
1,525,000
|
|
|
5.000
|
|
|
03/01/21
|
|
1,615,829
|
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Womans Hospital Foundation) Series A
(BBB+/A3)
|
7,000,000
|
|
|
5.500
|
|
|
10/01/25
|
|
7,552,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,168,549
|
|
Maryland 1.0%
|
Maryland State Transportation Authority Passenger Facility Charge Revenue Bonds (AMT) Series B (A+/A2)
|
3,500,000
|
|
|
2.500
|
|
|
06/01/25
|
|
2,945,460
|
|
Missouri 76.0%
|
Arnold MO Certificates of Participation (A+/NR)
|
200,000
|
|
|
3.000
|
|
|
11/01/17
|
|
209,674
|
230,000
|
|
|
3.000
|
|
|
11/01/18
|
|
239,814
|
210,000
|
|
|
3.000
|
|
|
11/01/19
|
|
215,987
|
225,000
|
|
|
3.625
|
|
|
11/01/22
|
|
228,175
|
470,000
|
|
|
3.700
|
|
|
11/01/23
|
|
476,105
|
225,000
|
|
|
3.800
|
|
|
11/01/24
|
|
227,817
|
480,000
|
|
|
3.875
|
|
|
11/01/25
|
|
484,848
|
250,000
|
|
|
4.000
|
|
|
11/01/26
|
|
251,923
|
Belton MO Certificates of Participation (A/NR)
|
500,000
|
|
|
5.125
|
|
|
03/01/25
|
|
520,165
|
500,000
|
|
|
5.250
|
|
|
03/01/29
|
|
516,800
|
Belton MO School District No. 124 Direct Deposit Program GO Bonds (Refunding) Series A (AA+/Aa1)
|
150,000
|
|
|
4.000
|
|
|
03/01/17
|
|
150,423
|
Belton MO School District No. 124 Direct Deposit Program GO Bonds (Refunding) Series B (AA+/Aa1)
|
150,000
|
|
|
4.000
|
|
|
03/01/21
|
|
161,066
|
Bi-State Development Agency MO Metro District Revenue Bonds (Refunding-Combined Lien) Series A (AA+/Aa3)
|
2,000,000
|
|
|
5.000
|
|
|
10/01/33
|
|
2,154,100
|
Bi-State Development Agency MO Metro District Revenue Bonds (Refunding-St. Clair County Metrolink Project) (AGM) (AA-/A2)
|
2,000,000
|
|
|
5.250
|
|
|
07/01/20
|
|
2,300,640
|
Boone County MO Hospital Revenue Bonds (NR/A3)
|
2,350,000
|
|
|
5.750
|
|
|
08/01/28
|
|
2,617,430
|
Boone County MO Hospital Revenue Bonds Series 2012 (NR/A3)
|
400,000
|
|
|
4.000
|
|
|
08/01/18
|
|
432,036
|
650,000
|
|
|
4.000
|
|
|
08/01/19
|
|
702,487
|
Branson MO Reorganized School District No. R-4 GO Bonds (AGM) (AA-/A2)
|
1,000,000
|
|
|
5.000
|
|
|
03/01/18
|
|
1,036,970
|
1,250,000
|
|
|
5.000
|
|
|
03/01/19
|
|
1,291,050
|
Branson MO Reorganized School District No. R-4 GO Bonds Series 2012 (A+/NR)
|
2,000,000
|
|
|
4.000
|
|
|
03/01/27
|
|
2,031,720
|
Camdenton MO Reorganized School District No. RIII GO Bonds (Refunding & Improvement) (AGM) (AA-/A2)
|
1,000,000
|
|
|
5.250
|
|
|
03/01/21
|
|
1,032,340
|
|
COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Missouri (continued)
|
Campbell MO Reorganized School District No. 2 Direct Deposit Program GO Bonds (Refunding) (AA+/NR)
|
$ 215,000
|
|
|
1.900
|
%
|
|
03/01/14
|
|
$ 215,196
|
220,000
|
|
|
2.250
|
|
|
03/01/15
|
|
220,251
|
Cape Girardeau County MO Industrial Development Authority Revenue Bonds (St. Francis Medical Center) Series A (A+/NR)
|
750,000
|
|
|
5.000
|
|
|
06/01/26
|
|
814,777
|
Cass County MO Reorganized School District No. R-2 Raymore-Peculiar Direct Deposit Program GO Bonds (AA+/NR)
|
1,000,000
|
|
|
5.000
|
|
|
03/01/18
|
|
1,088,090
|
Chesterfield MO Certificates of Participation (AMBAC) (NR/Aa1)
|
600,000
|
|
|
5.000
|
|
|
02/15/22
|
|
698,526
|
Clay County MO Public School District No. 53 Liberty School Building Direct Deposit Program GO Bonds (AA+/NR)
|
1,280,000
|
|
|
5.000
|
|
|
03/01/25
|
|
1,417,792
|
Clayton MO Special Obligation Revenue Bonds (Build America Bonds) Series B (AA+/NR)
|
810,000
|
|
|
5.200
|
|
|
12/01/23
|
|
872,856
|
Cole County MO Certificates of Participation (Jail Project)
(NR/Aa3)
|
660,000
|
|
|
4.300
|
|
|
12/01/19
|
|
688,948
|
1,000,000
|
|
|
4.500
|
|
|
12/01/20
|
|
1,041,380
|
400,000
|
|
|
4.500
|
|
|
12/01/22
|
|
414,732
|
Cottleville MO Certificates of Participation (Refunding) (NR/A2)
|
1,000,000
|
|
|
3.750
|
|
|
08/01/32
|
|
882,780
|
Gladstone MO Certificates of Participation Series A
(XLCA) (NR/A1)
|
475,000
|
|
|
5.000
|
|
|
06/01/23
|
|
509,404
|
Grain Valley MO Certificates of Participation (Refunding)
(NR/NR)
|
200,000
|
|
|
5.000
|
|
|
09/01/20
|
|
209,422
|
Greene County MO Certificates of Participation (Refunding-Law Enforcement) (NR/A3)
|
425,000
|
|
|
2.500
|
|
|
07/01/15
|
|
432,136
|
Greene County MO GO Bonds Limited-Jamestown NID Project
Series B (NR/A3)
|
4,280,000
|
|
|
5.000
|
|
|
04/01/32
|
|
4,351,390
|
Greene County MO Special Obligation Revenue Bonds (Refunding) (NR/A3)
|
280,000
|
|
|
2.500
|
|
|
03/01/15
|
|
283,654
|
Greenwood MO GO Build America Bonds Taxable Series B
(A-/NR)
|
500,000
|
|
|
5.625
|
|
|
03/01/25
|
|
516,435
|
Higginsville MO Sewage Systems Revenue Bonds (Build America Bonds-Taxable Direct Payment to Issuer) (A-/NR)
|
500,000
|
|
|
5.924
|
|
|
10/01/30
|
|
509,130
|
I-470 & 350 Transportation Development District MO Sales Tax Revenue Bonds (Refunding & Improvement) (Radian) (NR/WR)
|
335,000
|
|
|
4.600
|
|
|
06/01/29
|
|
335,747
|
Jackson County MO Consolidated School District Direct Deposit Program GO Bonds (AA+/NR)
|
2,365,000
|
|
|
5.000
|
|
|
03/01/25
|
|
2,543,108
|
Jackson County MO Consolidated School District No. 2 Direct Deposit Program GO Bonds (NATL-RE) (AA+/Baa1)
|
1,250,000
|
|
|
5.000
|
|
|
03/01/22
|
|
1,336,800
|
Jackson County MO Public Building Corp. Leasehold Revenue Bonds (Capital Improvements Project) Series B (NR/Aa3)
|
530,000
|
|
|
4.500
|
|
|
12/01/19
|
|
568,891
|
555,000
|
|
|
4.500
|
|
|
12/01/20
|
|
590,359
|
Jackson County MO Public Building Corp. Leasehold Revenue Bonds Series A (NATL-RE) (NR/Aa3)
|
500,000
|
|
|
5.000
|
|
|
12/01/20
|
|
544,980
|
Jackson County MO School District No. C-1 Hickman School Building Direct Deposit Program GO Bonds (AA+/NR)
|
500,000
|
|
|
5.000
|
|
|
03/01/24
|
|
541,445
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Missouri (continued)
|
Jackson County MO Special Obligation Revenue Bonds (Harry S. Truman Sports Complex) (AMBAC) (A/Aa3)
|
$ 1,360,000
|
|
|
5.000
|
%
|
|
12/01/22
|
|
$ 1,478,415
|
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Center Projects) (NR/Aa3)
|
890,000
|
|
|
4.000
|
|
|
12/01/17
|
|
978,608
|
595,000
|
|
|
4.250
|
|
|
12/01/23
|
|
639,351
|
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Control Project) Series B (NR/Aa3)
|
900,000
|
|
|
3.500
|
|
|
12/01/18
|
|
945,648
|
920,000
|
|
|
3.850
|
|
|
12/01/20
|
|
958,079
|
500,000
|
|
|
4.350
|
|
|
12/01/23
|
|
524,300
|
820,000
|
|
|
4.500
|
|
|
12/01/24
|
|
867,593
|
Jefferson County MO Consolidated Public Water Supply District No. C-1 Waterworks Revenue Bonds (Refunding) (A+/NR)
|
290,000
|
|
|
4.000
|
|
|
12/01/20
|
|
307,713
|
435,000
|
|
|
4.000
|
|
|
12/01/21
|
|
458,794
|
425,000
|
|
|
4.000
|
|
|
12/01/22
|
|
444,138
|
Jefferson County MO Library District Lease Certificates of Participation (Refunding) Series A (A+/NR)
|
455,000
|
|
|
5.000
|
|
|
03/01/29
|
|
460,574
|
Jefferson County MO Library District Lease Certificates of Participation (Refunding) Series B (A+/NR)
|
1,270,000
|
|
|
5.000
|
|
|
03/01/29
|
|
1,285,557
|
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Freeman Health System Project) (BBB+/NR)
|
555,000
|
|
|
5.500
|
|
|
02/15/14
|
|
555,666
|
2,570,000
|
|
|
5.500
|
|
|
02/15/29
|
|
2,650,107
|
1,000,000
|
|
|
5.500
|
|
|
02/15/31
|
|
1,056,580
|
1,500,000
|
|
|
5.750
|
|
|
02/15/35
|
|
1,539,690
|
Kansas City MO GO Bonds (Refunding & Improvement)
Series A (AA/Aa2)
|
5,425,000
|
|
|
4.500
|
|
|
02/01/24
|
|
6,072,853
|
Kansas City MO Industrial Development Authority Revenue Bonds (AMBAC) (AA-/A1)
|
6,905,000
|
|
|
4.500
|
|
|
12/01/26
|
|
7,157,240
|
Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Dowtown Redevelopment District) Series A
(AA-/A1)
|
2,130,000
|
|
|
5.500
|
|
|
09/01/29
|
|
2,322,360
|
Kansas City MO Metropolitan Community Leasehold Jr. College Revenue Bonds (Refunding & Improvement) (NATL-RE)
(FGIC) (NR/Aa2)
|
1,075,000
|
|
|
5.000
|
|
|
07/01/17
|
|
1,178,565
|
Kansas City MO Special Obligation (Prerefunded-Refunding Kansas City MO Project) Series B (ETM) (NR/NR)
(b)
|
55,000
|
|
|
3.000
|
|
|
01/01/15
|
|
56,382
|
Kansas City MO Special Obligation Revenue Bonds (Arena Project) (Refunding & Improvement) Series C (AA-/A1)
|
1,000,000
|
|
|
5.500
|
|
|
04/01/19
|
|
1,144,890
|
1,575,000
|
|
|
5.500
|
|
|
04/01/23
|
|
1,787,656
|
Kansas City MO Special Obligation Revenue Bonds (Arena Project) (Refunding & Improvement) Series D (AA-/A1)
|
210,000
|
|
|
6.431
|
|
|
04/01/18
|
|
210,594
|
Kansas City MO Special Obligation Revenue Bonds (Capital Appreciation) Series E
(AA-/A1)
(a)
|
4,465,000
|
|
|
0.000
|
|
|
02/01/18
|
|
4,046,897
|
Kansas City MO Special Obligation Tax Allocation (East Village Project) Series A (AA-/A1)
|
500,000
|
|
|
5.000
|
|
|
04/15/31
|
|
518,550
|
Kirkwood MO Certificates of Participation (Build America Bonds-Taxable Direct Payment) (NR/Aa2)
|
500,000
|
|
|
6.050
|
|
|
09/01/30
|
|
518,355
|
Kirkwood School District Educational Facilities Authority Leasehold Revenue Bonds (Refunding) (NR/Aa2)
|
1,860,000
|
|
|
5.000
|
|
|
02/15/20
|
|
2,167,328
|
|
COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Missouri (continued)
|
Kirkwood School District Educational Facilities Authority Leasehold Revenue Bonds (Refunding) (NR/Aa2)
|
$ 1,700,000
|
|
|
5.000
|
%
|
|
02/15/21
|
|
$ 1,990,258
|
Ladue MO School District GO Bonds (Refunding & Improvement) (AAA/NR)
|
500,000
|
|
|
5.000
|
|
|
03/01/20
|
|
556,175
|
545,000
|
|
|
5.000
|
|
|
03/01/22
|
|
601,364
|
500,000
|
|
|
5.000
|
|
|
03/01/23
|
|
551,710
|
Metropolitan St. Louis MO Sewer District Wastewater System Revenue Bonds Series B (AAA/Aa1)
|
1,560,000
|
|
|
5.000
|
|
|
05/01/19
|
|
1,852,250
|
Missouri Development Finance Board Cultural Facilities Revenue Bonds (Nelson Gallery Foundation) Series A (AA-/NR)
|
1,000,000
|
|
|
5.000
|
|
|
12/01/20
|
|
1,170,920
|
Missouri School Board Association Lease Certificates of Participation for Liberty Public School District No. 53 (AGM)
(AA-/A2)
|
830,000
|
|
|
5.250
|
|
|
03/01/21
|
|
896,309
|
700,000
|
|
|
5.250
|
|
|
03/01/22
|
|
751,415
|
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)
|
1,825,000
|
|
|
3.000
|
|
|
10/01/26
|
|
1,777,915
|
Missouri State Development Finance Board Cultural Facilities Revenue Bonds (Nilson Gallery Foundation) Series A (AA-/NR)
|
1,000,000
|
|
|
4.000
|
|
|
12/01/17
|
|
1,109,430
|
Missouri State Development Finance Board Revenue Bonds (Louis Convention Center) Series C
(AA-/NR)
(c)
|
4,940,000
|
|
|
0.050
|
|
|
12/01/20
|
|
4,940,000
|
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (State Revolving Funds Program) Series A
(NR/Aaa)
|
400,000
|
|
|
5.500
|
|
|
01/01/23
|
|
451,912
|
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (State Revolving Funds Program) Series B
(NR/Aaa)
|
1,115,000
|
|
|
5.000
|
|
|
07/01/17
|
|
1,234,818
|
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (Unrefunded Balance-State Revolving Funds Program)
Series B (GO of Authority) (NR/Aaa)
|
380,000
|
|
|
5.125
|
|
|
01/01/18
|
|
381,174
|
5,000
|
|
|
5.000
|
|
|
01/01/22
|
|
5,014
|
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (A.T. Still University of Health Sciences) Series 2011
(A-/NR)
|
510,000
|
|
|
3.000
|
|
|
10/01/17
|
|
533,394
|
525,000
|
|
|
4.000
|
|
|
10/01/18
|
|
569,494
|
545,000
|
|
|
4.000
|
|
|
10/01/19
|
|
586,954
|
400,000
|
|
|
3.500
|
|
|
10/01/21
|
|
407,808
|
1,850,000
|
|
|
5.250
|
|
|
10/01/41
|
|
1,915,878
|
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Kansas City University of Medicine And Biosciences) Series A
(NR/A1)
|
1,440,000
|
|
|
4.500
|
|
|
06/01/28
|
|
1,479,686
|
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Ranken Technical College) Series A (A-/A3)
|
1,000,000
|
|
|
5.125
|
|
|
11/01/31
|
|
1,015,060
|
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (University of Central Missouri)
Series C (A/NR)
|
2,400,000
|
|
|
5.000
|
|
|
10/01/26
|
|
2,665,680
|
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (Heartland Refunding Medical Center) (NR/A1)
|
2,000,000
|
|
|
5.000
|
|
|
02/15/37
|
|
2,072,180
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Missouri (continued)
|
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (St. Lukes Episcopal) Series 2011 (A/NR)
|
$ 2,270,000
|
|
|
5.000
|
%
|
|
12/01/25
|
|
$ 2,399,186
|
Missouri State Health & Educational Facilities Authority Revenue Bonds (BJC Health System) Series A (AA/Aa2)
|
1,225,000
|
|
|
5.000
|
|
|
05/15/18
|
|
1,286,238
|
Missouri State Health & Educational Facilities Authority Revenue Bonds (Childrens Mercy Hospital) (A+/NR)
|
1,000,000
|
|
|
5.000
|
|
|
05/15/23
|
|
1,056,840
|
Missouri State Health & Educational Facilities Authority Revenue Bonds (Cox Health System) (NR/A2)
|
2,350,000
|
|
|
5.125
|
|
|
11/15/23
|
|
2,567,351
|
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding & Improvement-Webster University Project) Series 2011
(NR/A2)
|
2,000,000
|
|
|
5.000
|
|
|
04/01/22
|
|
2,294,620
|
2,000,000
|
|
|
5.000
|
|
|
04/01/25
|
|
2,217,740
|
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Lake Regional Health System) (BBB+/NR)
|
2,000,000
|
|
|
5.000
|
|
|
02/15/19
|
|
2,217,880
|
Missouri State Health & Educational Facilities Authority Revenue Bonds (SSM Health Care) Series B (AA-/NR)
|
1,000,000
|
|
|
4.500
|
|
|
06/01/25
|
|
1,051,020
|
Missouri State Health & Educational Facilities Authority Revenue Bonds (St. Lukes Health System) Series A (AGM) (AA-/A1)
|
1,000,000
|
|
|
5.000
|
|
|
11/15/19
|
|
1,140,620
|
Missouri State Health & Educational Facilities Authority Revenue Bonds (Washington University) Series A (AAA/Aaa)
|
1,545,000
|
|
|
5.000
|
|
|
02/15/20
|
|
1,616,178
|
Missouri State Highways & Transit Commission Road Revenue Bonds (Second Lien) (AAA/Aa1)
|
1,165,000
|
|
|
5.250
|
|
|
05/01/18
|
|
1,332,434
|
Missouri State Housing Development Commission Multi Family Housing Revenue Bonds (Courthouse Apartments LLC)
Series 2009-1 (FHA) (AA/NR)
|
610,000
|
|
|
5.250
|
|
|
07/01/42
|
|
629,032
|
Missouri State Housing Development Commission Multi Family Housing Revenue Bonds (Samantha Heights Apartments Project) Series 2 (FHA) (AA/NR)
|
500,000
|
|
|
4.375
|
|
|
07/01/30
|
|
502,795
|
3,420,000
|
|
|
4.750
|
|
|
07/01/42
|
|
3,443,872
|
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program Market Bonds) Series E-1 (FHLMC)
(AA+/NR)
|
645,000
|
|
|
3.950
|
|
|
05/01/21
|
|
656,249
|
755,000
|
|
|
3.950
|
|
|
11/01/21
|
|
768,167
|
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program) (Non-AMT) Series E-4 (GNMA/FNMA/FHLMC)
(AA+/NR)
|
335,000
|
|
|
1.000
|
|
|
05/01/14
|
|
335,302
|
240,000
|
|
|
1.500
|
|
|
05/01/15
|
|
241,296
|
305,000
|
|
|
3.600
|
|
|
11/01/23
|
|
311,826
|
465,000
|
|
|
3.750
|
|
|
05/01/24
|
|
474,151
|
380,000
|
|
|
3.800
|
|
|
05/01/25
|
|
387,779
|
Monarch-Chesterfield MO Levee District Special Tax (A-/NR)
|
3,425,000
|
|
|
4.000
|
|
|
03/01/19
|
|
3,638,617
|
Monarch-Chesterfield MO Levee District Special Tax (NATL-RE) (A/Baa1)
|
225,000
|
|
|
5.450
|
|
|
03/01/14
|
|
225,720
|
North Kansas City MO Levee District (Improvement)
Series 2011 (A-/NR)
|
275,000
|
|
|
3.000
|
|
|
04/01/18
|
|
282,142
|
280,000
|
|
|
3.000
|
|
|
04/01/19
|
|
283,203
|
265,000
|
|
|
3.250
|
|
|
04/01/20
|
|
266,874
|
275,000
|
|
|
4.000
|
|
|
04/01/21
|
|
283,784
|
315,000
|
|
|
4.000
|
|
|
04/01/22
|
|
321,464
|
385,000
|
|
|
4.500
|
|
|
04/01/27
|
|
390,463
|
405,000
|
|
|
4.500
|
|
|
04/01/28
|
|
409,435
|
|
COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Missouri (continued)
|
North Kansas City MO Levee District (Improvement) Series 2011 (A-/NR) (continued)
|
$ 425,000
|
|
|
4.625
|
%
|
|
04/01/29
|
|
$ 430,521
|
445,000
|
|
|
4.750
|
|
|
04/01/30
|
|
451,679
|
North Kansas City MO School District No. 74 Direct Deposit Program GO Bonds (AA+/Aa1)
|
3,000,000
|
|
|
5.500
|
|
|
03/01/28
|
|
3,329,520
|
Northwest Missouri State University Revenue Bonds (Housing System) (NR/A3)
|
1,535,000
|
|
|
2.000
|
|
|
06/01/19
|
|
1,495,228
|
2,750,000
|
|
|
4.000
|
|
|
06/01/26
|
|
2,816,440
|
2,925,000
|
|
|
4.000
|
|
|
06/01/27
|
|
2,970,454
|
1,000,000
|
|
|
4.000
|
|
|
06/01/28
|
|
1,011,970
|
OFallon MO Certificates of Participation (NATL-RE) (NR/Aa3)
|
1,000,000
|
|
|
5.250
|
|
|
11/01/18
|
|
1,161,940
|
2,000,000
|
|
|
5.250
|
|
|
11/01/19
|
|
2,342,420
|
OFallon MO Special Obligation Revenue Bonds
Series 2012 (AA-/NR)
|
1,135,000
|
|
|
4.000
|
|
|
11/01/22
|
|
1,184,883
|
OTC Public Building Corp. MO Leasehold Revenue Bonds(Refunding-Ozarks Technical Community College)
(AGM)(AA-/NR)
|
1,500,000
|
|
|
5.000
|
|
|
03/01/19
|
|
1,739,565
|
Ozark MO Reorganized School District No. R-6 GO Bonds (Direct Deposit Program) (AGM) (AA+/A2)
|
440,000
|
|
|
5.000
|
|
|
03/01/22
|
|
471,786
|
Platte County MO Industrial Development Authority Transportation Revenue Bonds (Refunding & Improvement-Zona Rosa Retail Project) (AA-/NR)
|
435,000
|
|
|
5.000
|
|
|
12/01/18
|
|
482,271
|
850,000
|
|
|
5.000
|
|
|
12/01/20
|
|
923,737
|
Republic MO Special Obligation Revenue Bonds (A/NR)
|
175,000
|
|
|
2.500
|
|
|
05/01/15
|
|
179,009
|
150,000
|
|
|
2.650
|
|
|
05/01/16
|
|
153,549
|
330,000
|
|
|
2.500
|
|
|
08/01/16
|
|
336,570
|
125,000
|
|
|
3.000
|
|
|
05/01/17
|
|
129,458
|
345,000
|
|
|
3.000
|
|
|
08/01/17
|
|
357,634
|
150,000
|
|
|
3.150
|
|
|
05/01/18
|
|
155,426
|
360,000
|
|
|
3.000
|
|
|
08/01/18
|
|
369,760
|
150,000
|
|
|
3.300
|
|
|
05/01/19
|
|
154,611
|
250,000
|
|
|
3.500
|
|
|
05/01/20
|
|
255,333
|
300,000
|
|
|
3.750
|
|
|
05/01/21
|
|
306,243
|
325,000
|
|
|
3.875
|
|
|
05/01/22
|
|
330,005
|
Richmond MO Certificates of Participation (Refunding) (A+/NR)
|
1,105,000
|
|
|
4.250
|
|
|
07/01/43
|
|
916,719
|
Ritenour MO School District Direct Deposit Program GO Bonds (AA+/NR)
|
1,740,000
|
|
|
4.500
|
|
|
03/01/17
|
|
1,870,552
|
Riverside MO Tax Increment Revenue Tax Allocation (L-385 Levee Project) (A/NR)
|
1,000,000
|
|
|
5.250
|
|
|
05/01/20
|
|
1,017,810
|
Riverside-Quindaro MO Bend Levee District Project Revenue Bonds Series L(Radian)(BBB/NR)
|
450,000
|
|
|
5.500
|
|
|
03/01/14
|
|
450,887
|
500,000
|
|
|
5.500
|
|
|
03/01/15
|
|
510,895
|
Rolla MO Certificates of Participation Series B (A/NR)
|
225,000
|
|
|
3.150
|
|
|
07/01/27
|
|
201,634
|
410,000
|
|
|
3.450
|
|
|
07/01/32
|
|
352,588
|
Saint Charles MO GO Bonds (Neighborhood Improvement District -Phase Two) Series B (NR/Aa2)
|
1,035,000
|
|
|
3.000
|
|
|
03/01/27
|
|
944,893
|
Saint Charles MO GO Bonds (Neighborhood Improvement District-Phase Two) Series B (NR/Aa2)
|
645,000
|
|
|
3.000
|
|
|
03/01/23
|
|
648,012
|
Saint Louis MO Special Administative Board of the Transitional School District GO Bonds (Direct Deposit Program)
Series 2012 (AA+/NR)
|
3,000,000
|
|
|
4.000
|
|
|
04/01/23
|
|
3,231,270
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Missouri (continued)
|
Saint Louis MO Special Administative Board of the Transitional School District GO Bonds (Direct Deposit Program) Series A
(AA+/NR)
|
$ 1,300,000
|
|
|
4.000
|
%
|
|
04/01/23
|
|
$ 1,394,367
|
Saint Louis MO Special Administrative Board of the Transitional School District GO Bonds (Direct Deposit Program)
Series B (AA+/NR)
|
2,675,000
|
|
|
4.000
|
|
|
04/01/24
|
|
2,826,592
|
Springfield MO Public Building Corp. Leasehold Revenue Bonds (Taxable Improvement-Branson National Airport) (NR/Aa2)
|
540,000
|
|
|
6.750
|
|
|
03/01/28
|
|
574,895
|
575,000
|
|
|
6.850
|
|
|
03/01/29
|
|
611,794
|
Springfield MO Public Building Corp. Revenue Bonds (AMT-Springfield Branson Airport) Series B (AMBAC) (NR/Aa2)
|
400,000
|
|
|
5.000
|
|
|
07/01/16
|
|
436,332
|
Springfield MO Public Utility Revenue Certificates of Participation (Lease Purchase for Various Projects)
Series A (NATL-RE) (AA/Aa3)
|
1,000,000
|
|
|
5.000
|
|
|
12/01/18
|
|
1,063,410
|
Springfield MO Special Obligation Revenue Bonds (College Station Garage Project) Series A (NR/Aa3)
|
190,000
|
|
|
4.500
|
|
|
11/01/18
|
|
211,820
|
530,000
|
|
|
4.500
|
|
|
11/01/19
|
|
586,980
|
610,000
|
|
|
4.500
|
|
|
11/01/20
|
|
671,140
|
645,000
|
|
|
4.750
|
|
|
11/01/21
|
|
712,744
|
685,000
|
|
|
4.750
|
|
|
11/01/22
|
|
756,165
|
Springfield MO Special Obligation Revenue Bonds (Heers Garage Project) Series B (NR/Aa3)
|
385,000
|
|
|
4.750
|
|
|
11/01/21
|
|
425,437
|
405,000
|
|
|
4.750
|
|
|
11/01/22
|
|
447,075
|
Springfield MO Special Obligation Revenue Bonds (Sewer Systems Improvement Project) Series 2012 (NR/Aa2)
|
1,275,000
|
|
|
5.000
|
|
|
04/01/22
|
|
1,455,247
|
1,340,000
|
|
|
5.000
|
|
|
04/01/23
|
|
1,506,763
|
St. Charles County MO Public Water Supply District No. 2 Certificates of Participation (AA/NR)
|
2,115,000
|
|
|
4.000
|
|
|
12/01/20
|
|
2,190,654
|
100,000
|
|
|
5.200
|
|
|
12/01/31
|
|
106,103
|
St. Charles County MO Water Supply District No. 2 Certificates of Participation (AA/NR)
|
650,000
|
|
|
5.375
|
|
|
12/01/36
|
|
687,843
|
St. Charles MO Certificates of Participation Build America Bonds Series B (NR/Aa3)
|
1,250,000
|
|
|
5.650
|
|
|
02/01/30
|
|
1,279,250
|
St. Charles MO Certificates of Participation Series 2012 (NR/A1)
|
1,000,000
|
|
|
3.000
|
|
|
05/01/22
|
|
991,310
|
St. Charles MO Community College Educational Facilities Authority Leasehold Revenue Bonds (NR/Aa2)
|
100,000
|
|
|
5.250
|
|
|
06/01/19
|
|
101,378
|
735,000
|
|
|
5.200
|
|
|
06/01/24
|
|
745,040
|
St. Louis County MO Industrial Development Authority Health Facilities Revenue Bonds(Refunding-Ranken Jordan Project)(NR/NR)
|
490,000
|
|
|
5.000
|
|
|
11/15/15
|
|
499,481
|
515,000
|
|
|
5.000
|
|
|
11/15/16
|
|
528,107
|
St. Louis County MO Library District Certificates of Participation (AA/Aa2)
|
1,855,000
|
|
|
4.000
|
|
|
04/01/25
|
|
1,973,423
|
1,930,000
|
|
|
4.000
|
|
|
04/01/26
|
|
2,017,294
|
2,010,000
|
|
|
4.000
|
|
|
04/01/27
|
|
2,068,993
|
St. Louis County MO Parkway School District No. C-2 GO Bonds (Refunding & Improvement) (AAA/NR)
|
400,000
|
|
|
3.250
|
|
|
03/01/19
|
|
433,452
|
St. Louis MO Airport Revenue Bonds (Refunding-Lambert International Airport) Series 2012 (AMT) (A-/A3)
|
1,280,000
|
|
|
5.000
|
|
|
07/01/23
|
|
1,378,138
|
|
COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Missouri (continued)
|
St. Louis MO Airport Revenue Bonds (Refunding-Lambert International Airport) Series B (AMT) (AGM) (AA-/A2)
|
$ 2,000,000
|
|
5.000%
|
|
07/01/24
|
|
$ 2,097,420
|
St. Louis MO Junior College District Building Corp. Leasehold Revenue Bonds (AA/NR)
|
100,000
|
|
4.000
|
|
04/01/16
|
|
105,983
|
St. Louis MO Parking Revenue Bonds (Taxable) Series B (NATL-RE) (A/Baa1)
|
100,000
|
|
5.140
|
|
12/15/14
|
|
102,344
|
St. Louis MO Special Administrative Board Transitional School District GO Bonds (Direct Deposit Program) (AA+/NR)
|
4,250,000
|
|
5.000
|
|
04/01/21
|
|
4,792,087
|
St. Peters MO Certificates of Participation (Refunding) Series 2013 (NR/A1)
|
695,000
|
|
3.250
|
|
05/01/21
|
|
721,250
|
Taney County MO Certificates of Participation (NATL-RE) (NR/A1)
|
1,095,000
|
|
4.500
|
|
04/01/17
|
|
1,149,838
|
Truman State University MO Housing System Revenue Bonds (Refunding) (NR/A1)
|
765,000
|
|
4.000
|
|
06/01/21
|
|
824,265
|
Valley Park MO School District Educational Facilities Authority Leasehold Revenue Bonds (Refunding) (AA-/NR)
|
300,000
|
|
2.750
|
|
03/01/17
|
|
309,936
|
345,000
|
|
3.000
|
|
03/01/18
|
|
359,939
|
360,000
|
|
3.000
|
|
03/01/19
|
|
369,738
|
385,000
|
|
3.150
|
|
03/01/21
|
|
389,701
|
700,000
|
|
3.300
|
|
03/01/23
|
|
704,508
|
Wentzville R-IV School District MO Lease Certificates of Participation Series 2012 (NR/Aa3)
|
340,000
|
|
3.000
|
|
04/01/17
|
|
358,999
|
560,000
|
|
3.000
|
|
04/01/18
|
|
593,477
|
1,270,000
|
|
3.250
|
|
04/01/21
|
|
1,283,208
|
Willard MO Certificates of Participation (Parks & Recreation Project) Series B (A/NR)
|
625,000
|
|
6.625
|
|
06/01/28
|
|
696,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
221,016,650
|
|
New Hampshire 1.0%
|
New Hampshire Health & Education Facilities Authority Revenue Bonds (Concord Hospital) Series A (NR/A2)
|
1,340,000
|
|
4.000
|
|
10/01/22
|
|
1,392,662
|
1,750,000
|
|
4.000
|
|
10/01/33
|
|
1,577,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,970,585
|
|
Pennsylvania 0.7%
|
Delaware County Authority University Revenue Bonds for Neumann University (BBB/NR)
|
1,000,000
|
|
5.000
|
|
10/01/25
|
|
1,022,650
|
St. Marys PA Area Water Authority Revenue Bonds (A-/NR)
|
1,000,000
|
|
4.750
|
|
02/01/25
|
|
1,074,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,096,920
|
|
Puerto Rico 5.7%
|
Puerto Rico Commonwealth GO Bonds (Refunding-Public Improvement) Series A (AMBAC) (BBB-/Baa3)
|
2,300,000
|
|
5.500
|
|
07/01/19
|
|
2,022,896
|
Puerto Rico Commonwealth GO Bonds (Refunding-Public Improvement) Series A (FGIC) (BBB-/Baa3)
|
1,500,000
|
|
5.500
|
|
07/01/22
|
|
1,076,340
|
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) (NATL-RE) (A/Baa1)
|
555,000
|
|
5.000
|
|
07/01/22
|
|
507,420
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Puerto Rico (continued)
|
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) Series VV (NATL-RE) (A/Baa1)
|
$ 500,000
|
|
5.250%
|
|
07/01/29
|
|
$ 436,180
|
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) Series ZZ (BBB/Baa3)
|
4,250,000
|
|
5.250
|
|
07/01/19
|
|
3,194,597
|
775,000
|
|
5.000
|
|
07/01/20
|
|
550,312
|
Puerto Rico Electric Power Authority Revenue Bonds Series AAA (BBB/Baa3)
|
1,855,000
|
|
5.250
|
|
07/01/23
|
|
1,283,178
|
Puerto Rico Electric Power Authority Revenue Bonds Series NN (BBB/Baa3)
|
1,450,000
|
|
5.500
|
|
07/01/20
|
|
1,058,616
|
Puerto Rico Electric Power Authority Revenue Bonds Series NN (NATL-RE) (A/Baa1)
|
2,310,000
|
|
5.250
|
|
07/01/19
|
|
2,172,971
|
Puerto Rico Electric Power Authority Revenue Bonds Series WW (BBB/Baa3)
|
2,150,000
|
|
5.500
|
|
07/01/19
|
|
1,635,096
|
2,000,000
|
|
5.000
|
|
07/01/28
|
|
1,261,520
|
Puerto Rico Electric Power Authority Revenue Bonds Series XX (BBB/Baa3)
|
2,200,000
|
|
5.250
|
|
07/01/27
|
|
1,404,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,603,232
|
|
Texas 1.1%
|
Dallas County Utility & Reclamation District GO Bonds (Refunding) Series 2013 (NR/A3)
|
2,865,000
|
|
5.000
|
|
02/15/23
|
|
3,293,203
|
|
TOTAL MUNICIPAL BOND
OBLIGATIONS
|
|
$ 273,651,601
|
|
|
|
Shares
|
|
Description
|
|
|
|
Value
|
Investment Company
2.4%
|
|
|
T. Rowe Price Tax-Free High Yield Fund (NR/NR)
|
627,803
|
|
|
|
$ 7,025,112
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
Maturity
Date
|
|
Value
|
Short-term Investment
(d)
2.5%
|
Repurchase Agreement 2.5%
|
State Street Bank & Trust Co.
|
$ 7,118,000
|
|
0.000%
|
|
02/03/14
|
|
$ 7,118,000
|
Maturity Value: $7,118,000
|
|
TOTAL INVESTMENTS 99.0%
|
|
$287,794,713
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES 1.0%
|
|
3,026,071
|
|
NET ASSETS 100.0%
|
|
$ 290,820,784
|
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
|
|
|
|
|
|
(a)
|
|
Issued with a zero coupon. Income is recognized through the accretion of discount.
|
|
|
(b)
|
|
Prerefunded security. Maturity date disclosed is prerefunding date.
|
|
|
(c)
|
|
Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at January 31, 2014.
|
COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
(d)
|
|
Repurchase agreement was entered into on January 31, 2014. This agreement was fully collateralized by $7,635,000 U.S. Treasury Note, 1.750%, due 05/15/22 with a market value
of $7,264,970.
|
Security ratings disclosed, if any, are issued by Standard & Poors Ratings Services/Moodys Investors
Service. A description of the ratings is available in the Funds Statement of Additional Information.
|
|
|
|
Investment Abbreviations:
|
AGM
|
|
Insured by Assured Guaranty Municipal Corp.
|
AMBAC
|
|
Insured by American Municipal Bond Assurance Corp.
|
AMT
|
|
Alternative Minimum Tax
|
ETM
|
|
Escrow to Maturity
|
FGIC
|
|
Insured by Financial Guaranty Insurance Co.
|
FHA
|
|
Insured by Federal Housing Administration
|
FHLMC
|
|
Federal Home Loan Mortgage Corp.
|
FNMA
|
|
Federal National Mortgage Association
|
GNMA
|
|
Government National Mortgage Association
|
GO
|
|
General Obligation
|
NATL-RE
|
|
Insured by National Reinsurance Corp.
|
NR
|
|
Not Rated
|
Radian
|
|
Insured by Radian Asset Assurance
|
WR
|
|
Withdrawn Rating
|
XLCA
|
|
Insured by XL Capital Assurance, Inc.
|
|
COMMERCE MISSOURI TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION
At January 31, 2014, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal
income tax purposes were as follows:
|
|
|
|
|
Tax Cost
|
|
$
|
287,744,301
|
|
Gross unrealized gain
|
|
|
9,558,422
|
|
Gross unrealized loss
|
|
|
(9,508,010
|
)
|
Net unrealized security gain
|
|
$
|
50,412
|
|
Additional information regarding the Fund is available in the Funds most recent Annual and Semi-Annual Reports
to Shareholders. This information is available on the Securities and Exchange Commissions website (www.sec.gov).
COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
92.9%
|
Arizona 0.5%
|
Arizona Healthcare & Education Facilities Authority Revenue Bonds (Kirksville College) (A-/NR)
|
$ 450,000
|
|
|
5.000
|
%
|
|
01/01/25
|
|
$ 472,721
|
|
California
(a)
1.8%
|
|
|
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NATL-RE) (FGIC)
(AA-/Baa1)
|
670,000
|
|
|
0.000
|
|
|
07/01/27
|
|
376,299
|
San Marcos Unified School District GO Bonds (Capital Appreciation) (AA-/Aa2)
|
2,275,000
|
|
|
0.000
|
|
|
08/01/24
|
|
1,512,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,888,810
|
|
Illinois 1.3%
|
|
|
Illinois Finance Authority Revenue Bonds (Poetry Foundation Project) (AA-/Aa3)
|
900,000
|
|
|
5.300
|
|
|
01/01/40
|
|
917,298
|
Will County IL Community Unit School District No. 201 Crete-Monee GO Bonds (Capital Appreciation) Series 2004
(NATL-RE) (FGIC) (A+/Baa1)
(a)
|
500,000
|
|
|
0.000
|
|
|
11/01/19
|
|
428,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,345,728
|
|
Indiana 1.0%
|
|
|
Indiana State Finance Authority Revenue Bonds (Educational Facilities for Indiana Historical Society, Inc.) (NR/A3)
|
1,000,000
|
|
|
5.000
|
|
|
07/01/35
|
|
1,011,420
|
|
Kansas 76.6%
|
|
|
Allen County KS Public Building Community Revenue Bonds (Allen County Hospital Project) Series 2012 (A/NR)
|
1,090,000
|
|
|
5.000
|
|
|
12/01/27
|
|
1,165,275
|
1,140,000
|
|
|
5.000
|
|
|
12/01/28
|
|
1,209,175
|
1,195,000
|
|
|
5.000
|
|
|
12/01/29
|
|
1,260,295
|
1,000,000
|
|
|
5.150
|
|
|
12/01/36
|
|
1,031,400
|
Burlington KS Pollution Control Revenue Bonds (Refunding Gas & Electric) (NATL-RE) (A-/A3)
|
190,000
|
|
|
4.850
|
|
|
06/01/31
|
|
196,437
|
Butler County KS Unified School District No. 490 GO Bonds (Refunding-School Building) Series A (AA-/NR)
|
500,000
|
|
|
5.000
|
|
|
09/01/18
|
|
583,795
|
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding) (AMBAC) (NR/WR)
|
1,000,000
|
|
|
5.250
|
|
|
09/01/24
|
|
1,131,770
|
City of Abilene KS Public Building Commission Revenue Bonds Series 2011 (A+/NR)
|
1,095,000
|
|
|
4.150
|
|
|
12/01/27
|
|
1,105,107
|
City of Manhattan KS Hospital Revenue Bonds (Refunding-Mercy Regional Hospital Center, Inc.) Series 2013 (A/NR)
|
1,000,000
|
|
|
4.000
|
|
|
11/15/16
|
|
1,072,280
|
2,000,000
|
|
|
5.000
|
|
|
11/15/29
|
|
2,105,820
|
City of McPherson KS Water System Revenue Bonds Series 2012 (Refunding) (A+/NR)
|
235,000
|
|
|
3.000
|
|
|
10/01/17
|
|
247,406
|
500,000
|
|
|
3.000
|
|
|
10/01/18
|
|
524,385
|
655,000
|
|
|
4.000
|
|
|
10/01/19
|
|
718,090
|
Coffeyville Public Building Commission Health Care Facilities Revenue Bonds Regional Medical Center (Refunding) Series 2012 (A+/NR)
|
1,115,000
|
|
|
3.000
|
|
|
08/01/18
|
|
1,149,342
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Kansas (continued)
|
|
|
County of Shawnee KS Certificate of Participation First Responders Communications Projects Series 2012 (NR/Aa3)
|
$ 1,145,000
|
|
|
4.000
|
%
|
|
09/01/26
|
|
$ 1,154,194
|
Cowley County KS Unified School District No. 470 Arkansas City GO Bonds (Refunding) (A/NR)
|
235,000
|
|
|
4.000
|
|
|
09/01/18
|
|
257,247
|
Dodge City KS Revenue Bonds (Refunding & Improvement) Series B (A+/NR)
|
1,815,000
|
|
|
4.000
|
|
|
09/01/20
|
|
1,997,535
|
Johnson County KS Park & Recreation District Certificates of Participation Series A (NR/Aa2)
|
1,000,000
|
|
|
4.000
|
|
|
09/01/23
|
|
1,067,280
|
Johnson County KS Public Building Commission Lease Purchase Revenue Bonds (Refunding) Series C (AAA/Aaa)
|
750,000
|
|
|
4.000
|
|
|
09/01/18
|
|
840,308
|
500,000
|
|
|
4.000
|
|
|
09/01/20
|
|
558,355
|
Johnson County KS Unified School District No. 229 GO Bonds Series A (AA+/Aaa)
|
945,000
|
|
|
4.000
|
|
|
10/01/23
|
|
1,013,106
|
Johnson County KS Unified School District No. 231 GO Bonds (Improvement) Series 2013-A (A+/NR)
|
3,145,000
|
|
|
5.000
|
|
|
10/01/22
|
|
3,642,036
|
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series A (FGIC) (A+/Baa1)
|
500,000
|
|
|
6.000
|
|
|
10/01/16
|
|
568,175
|
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series B (AMBAC) (A+/NR)
|
925,000
|
|
|
5.000
|
|
|
10/01/22
|
|
992,414
|
975,000
|
|
|
5.000
|
|
|
10/01/23
|
|
1,043,972
|
Johnson County KS Unified School District No. 231 GO Bonds (Refunding) (A+/NR)
|
1,000,000
|
|
|
5.000
|
|
|
10/01/24
|
|
1,122,250
|
1,185,000
|
|
|
5.000
|
|
|
10/01/25
|
|
1,320,445
|
Junction City KS GO Bonds (Refunding Water & Sewer System) Series B (A/NR)
|
825,000
|
|
|
5.500
|
|
|
09/01/36
|
|
882,874
|
Junction City KS GO Bonds (Refunding) Series A (A/NR)
|
600,000
|
|
|
5.000
|
|
|
09/01/33
|
|
626,094
|
600,000
|
|
|
5.000
|
|
|
09/01/34
|
|
623,346
|
Kansas Development Finance Authority Hospital Revenue Bonds (Refunding-Adventist Health Sunbelt Obligation Group) Series A (AA-/Aa3)
|
1,500,000
|
|
|
4.000
|
|
|
11/15/37
|
|
1,341,990
|
Kansas Development Finance Authority Revenue Bonds (Wichita University Project) Series A (NR/Aa3)
|
525,000
|
|
|
3.000
|
|
|
06/01/23
|
|
516,164
|
Kansas Development Finance Authority Revenue Bonds (Wichita University Union Corporation Student Housing Project)
Series F-1 (NR/Aa3)
|
1,000,000
|
|
|
5.000
|
|
|
06/01/24
|
|
1,121,480
|
Kansas State Development Finance Authority Health Facilities Revenue Bonds (Hays Medical Center, Inc.) Series L (NR/A2)
|
1,750,000
|
|
|
5.000
|
|
|
11/15/20
|
|
1,846,547
|
Kansas State Development Finance Authority Health Facilities Revenue Bonds (Hays Medical Center, Inc.) Series Q (NR/A2)
|
750,000
|
|
|
5.000
|
|
|
05/15/35
|
|
767,745
|
Kansas State Development Finance Authority Health Facilities Revenue Bonds (Stormont-Vail Healthcare) Series J (NR/A2)
|
1,500,000
|
|
|
5.000
|
|
|
11/15/38
|
|
1,523,325
|
Kansas State Development Finance Authority Hospital Revenue Bonds (Adventist Health) (AA-/Aa3)
|
1,000,000
|
|
|
5.500
|
|
|
11/15/23
|
|
1,113,700
|
Kansas State Development Finance Authority Hospital Revenue Bonds (Adventist Health) Series D (AA-/Aa3)
|
800,000
|
|
|
5.000
|
|
|
11/15/24
|
|
873,152
|
|
COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Kansas (continued)
|
|
|
Kansas State Development Finance Authority Revenue Bonds (Athletic Facilities) Series A-1 (A-/A1)
|
$ 500,000
|
|
|
4.875
|
%
|
|
07/01/27
|
|
$ 511,535
|
1,425,000
|
|
|
5.250
|
|
|
07/01/31
|
|
1,463,104
|
Kansas State Development Finance Authority Revenue Bonds (Athletic Facilities) Series C (A/Aa3)
|
1,375,000
|
|
|
4.750
|
|
|
06/01/25
|
|
1,428,281
|
Kansas State Development Finance Authority Revenue Bonds (Board of Regents University Housing) Series A (NATL-RE) (A/Aa3)
|
1,150,000
|
|
|
5.000
|
|
|
04/01/24
|
|
1,198,484
|
Kansas State Development Finance Authority Revenue Bonds (Department of Commerce) Series K (AA/A3)
|
2,000,000
|
|
|
3.500
|
|
|
06/01/23
|
|
1,999,940
|
Kansas State Development Finance Authority Revenue Bonds (Health Facilities) Series F (NR/A2)
|
1,000,000
|
|
|
5.000
|
|
|
11/15/26
|
|
1,043,210
|
Kansas State Development Finance Authority Revenue Bonds (Kansas Project) Series M-1 (AA/Aa2)
|
500,000
|
|
|
5.000
|
|
|
11/01/16
|
|
559,235
|
2,000,000
|
|
|
5.000
|
|
|
11/01/27
|
|
2,181,800
|
Kansas State Development Finance Authority Revenue Bonds (Kansas State Projects) Series K (NATL-RE) (AA/Aa2)
|
1,000,000
|
|
|
5.250
|
|
|
11/01/22
|
|
1,131,540
|
Kansas State Development Finance Authority Revenue Bonds (Sisters of Charity of Leavenworth) Series A (AA-/Aa3)
|
1,750,000
|
|
|
5.250
|
|
|
01/01/25
|
|
1,920,870
|
Kansas State Development Finance Authority Revenue Bonds (Transportation Revolving Fund Trust) (AA+/Aa1)
|
1,105,000
|
|
|
5.000
|
|
|
10/01/21
|
|
1,166,869
|
Kansas State Development Finance Authority Revenue Bonds (University of Kansas Athletic Facilities Refunding) Series K (A/Aa3)
|
1,015,000
|
|
|
5.000
|
|
|
06/01/17
|
|
1,027,515
|
Kansas State Development Finance Authority Revenue Bonds (Water Pollution Control Revolving Fund II) (AAA/Aaa)
|
280,000
|
|
|
5.500
|
|
|
05/01/17
|
|
323,352
|
Leavenworth County KS Unified School District No. 453 GO Bonds (Refunding & Improvement) Series A (AGM) (NR/Aa3)
|
1,455,000
|
|
|
5.250
|
|
|
03/01/23
|
|
1,637,704
|
Leavenworth County KS Unified School District No. 458 GO Bonds (Refunding & Improvement) Series A (NR/Aa3)
|
1,100,000
|
|
|
5.250
|
|
|
09/01/19
|
|
1,332,815
|
315,000
|
|
|
5.250
|
(b)
|
|
09/01/19
|
|
381,670
|
Leavenworth County KS Unified School District No. 464 Tonganoxie GO Bonds (Improvement) Series A (NATL-RE) (A/Baa1)
|
150,000
|
|
|
5.000
|
|
|
09/01/20
|
|
156,146
|
Lyons KS Public Building Commission Revenue Bonds (A+/NR)
|
315,000
|
|
|
5.000
|
|
|
10/01/23
|
|
340,465
|
Miami County Unified School District No. 416 Louisburg, KS GO Bonds (Refunding & Improvement) (NATL-RE) (A/Baa1)
|
1,650,000
|
|
|
5.000
|
|
|
09/01/17
|
|
1,799,094
|
Olathe KS Health Facilities Revenue Bonds (Medical Center Project) Series 2008 (A+/NR)
|
1,195,000
|
|
|
5.125
|
|
|
09/01/21
|
|
1,280,383
|
Pratt County KS Public Building Commission Revenue Bonds (A+/NR)
|
300,000
|
|
|
5.000
|
|
|
12/01/19
|
|
343,542
|
400,000
|
|
|
5.000
|
|
|
12/01/20
|
|
454,820
|
Reno County KS Unified School District No. 308 Hutchinson GO Bonds Series A (NATL-RE) (NR/Aa3)
|
500,000
|
|
|
4.500
|
|
|
09/01/22
|
|
522,970
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Kansas (continued)
|
|
|
Reno County KS Unified School District No. 313 GO Bonds Series A (NR/A2)
|
$ 1,930,000
|
|
|
4.000
|
%
|
|
09/01/26
|
|
$ 1,948,103
|
Sedgwick County KS Public Building Commission Revenue Bonds (Technical Education Complex Project) Series 2008-1 (NR/Aaa)
|
1,000,000
|
|
|
5.250
|
|
|
08/01/26
|
|
1,114,280
|
Sedgwick County Unified School District No. 261 (Refunding & School Improvement) (AGM) (AA-/NR)
|
1,500,000
|
|
|
5.000
|
|
|
11/01/32
|
|
1,547,835
|
Sedwick & Shawnee County KS Single Family Mortgage Revenue Bonds (Mortgage Backed Securities Program) AMT Series B-3 (FHLMC/FNMA/GNMA) (NR/Aa1)
|
465,000
|
|
|
5.250
|
|
|
12/01/38
|
|
491,296
|
Shawnee County KS Certificates of Participation Health Agency Parks & Recreation Projects (NR/A1)
|
200,000
|
|
|
3.750
|
|
|
09/01/18
|
|
210,116
|
Topeka KS GO Bonds (Refunding) Series B (NR/Aa3)
|
1,360,000
|
|
|
2.500
|
|
|
08/15/19
|
|
1,374,688
|
Topeka KS Public Building Commission Revenue Bonds (Refunding 10th & Jackson Project) Series A (NATL-RE) (AA/Baa1)
|
35,000
|
|
|
5.000
|
|
|
06/01/16
|
|
38,494
|
1,000,000
|
|
|
5.000
|
|
|
06/01/23
|
|
1,121,070
|
Topeka KS Public Building Commission Revenue Bonds (Refunding Department of Social and Rehabilitation Project) Series B (NATL-RE) (AA/Baa1)
|
300,000
|
|
|
5.000
|
|
|
06/01/23
|
|
334,218
|
475,000
|
|
|
5.000
|
|
|
06/01/24
|
|
525,668
|
Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds Series A (BHAC) (AA+/Aa1)
|
1,000,000
|
|
|
5.000
|
|
|
09/01/24
|
|
1,100,850
|
Wyandotte County KS School District No. 500 GO Bonds (Refunding) (AA-/Aa2)
|
1,405,000
|
|
|
4.000
|
|
|
09/01/20
|
|
1,586,470
|
Wyandotte County KS Unified Government Utility System (Refunding & Improvement) Revenue Bonds Series 2011-A (A+/NR)
|
1,400,000
|
|
|
5.000
|
|
|
09/01/20
|
|
1,633,044
|
Wyandotte County Unified School District No. 204 GO Bonds (Unrefunded) (Refunding & Improvement) Series A (NATL-RE) (NR/A1)
|
750,000
|
|
|
5.000
|
|
|
09/01/21
|
|
783,450
|
Wyandotte County-Kansas City Unified Government Special Obligation Revenue Bonds (Sub Lien-Redevelopment Project Area) (Refunding) Series B (AA-/NR)
|
455,000
|
|
|
5.000
|
|
|
12/01/16
|
|
507,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78,837,049
|
|
Louisiana 2.1%
|
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Womans Hospital Foundation) Series A
(BBB+/A3)
|
2,000,000
|
|
|
5.500
|
|
|
10/01/25
|
|
2,157,920
|
|
Maryland 0.8%
|
Maryland State Transportation Authority Passenger Facility Charge Revenue Bonds (AMT) Series B (A+/A2)
|
945,000
|
|
|
2.500
|
|
|
06/01/25
|
|
795,274
|
|
Massachusetts 0.3%
|
Massachusetts Educational Financing Authority Education Loan Revenue Bonds (Issue I) Series A (AA/NR)
|
335,000
|
|
|
5.300
|
|
|
01/01/30
|
|
351,583
|
|
COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Municipal Bond Obligations
(continued)
|
Ohio 1.2%
|
Mid-East Career & Technology Centers OH Certificates of Participation Series 2009 (AA-/NR)
|
$ 1,095,000
|
|
|
5.000
|
%
|
|
12/01/19
|
|
$1,268,141
|
|
Pennsylvania 0.6%
|
Delaware County Authority University Revenue Bonds for Neumann University (BBB/NR)
|
605,000
|
|
|
5.000
|
|
|
10/01/25
|
|
618,703
|
|
Puerto Rico 4.8%
|
Puerto Rico Commonwealth GO Bonds (Refunding & Public Improvement) Series A (NATL-RE) (A/Baa1)
|
475,000
|
|
|
5.500
|
|
|
07/01/16
|
|
465,509
|
Puerto Rico Commonwealth Highway & Transportation Authority Highway Revenue Bonds (Refunding) Series X (AGM) (AA-/A2)
|
425,000
|
|
|
5.500
|
|
|
07/01/15
|
|
429,480
|
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) Series ZZ (BBB/Baa3)
|
1,500,000
|
|
|
5.250
|
|
|
07/01/19
|
|
1,127,505
|
Puerto Rico Electric Power Authority Revenue Bonds Series NN (NATL-RE) (A/Baa1)
|
1,000,000
|
|
|
5.250
|
|
|
07/01/19
|
|
940,680
|
Puerto Rico Electric Power Authority Revenue Bonds Series VV (NATL-RE) (A/Baa1)
|
1,500,000
|
|
|
5.250
|
|
|
07/01/26
|
|
1,333,680
|
Puerto Rico Electric Power Authority Revenue Bonds Series XX (BBB/Baa3)
|
1,005,000
|
|
|
5.250
|
|
|
07/01/27
|
|
641,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,938,275
|
|
South Carolina 0.5%
|
Kershaw County SC Public School Foundation Installment Power Revenue Bonds (School District Project) (AGC) (AA-/A3)
|
500,000
|
|
|
5.000
|
|
|
12/01/28
|
|
520,375
|
|
Texas 0.6%
|
Dallas County Utility & Reclamation District GO Bonds (Refunding) Series 2013 (NR/A3)
|
500,000
|
|
|
5.000
|
|
|
02/15/23
|
|
574,730
|
|
Washington 0.8%
|
Washington State Health Care Facilities Authority Revenue Bonds (Overlake Hospital Medical Center) (A-/A2)
|
750,000
|
|
|
5.250
|
|
|
07/01/25
|
|
820,658
|
|
TOTAL MUNICIPAL BOND OBLIGATIONS
|
|
$95,601,387
|
|
|
|
Shares
|
|
Description
|
|
|
|
|
Value
|
Investment Company
2.6%
|
|
|
|
T. Rowe Price Tax-Free High Yield Fund
(NR/NR)
|
233,184
|
|
|
|
|
$ 2,609,327
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Short-term Investment
(c)
3.8%
|
Repurchase Agreement 3.8%
|
State Street Bank & Trust Co.
|
$ 3,931,000
|
|
|
0.000
|
%
|
|
02/03/14
|
|
$ 3,931,000
|
Maturity Value: $3,931,000
|
|
TOTAL INVESTMENTS 99.3%
|
|
$102,141,714
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES 0.7%
|
|
769,611
|
|
NET ASSETS 100.0%
|
|
$102,911,325
|
|
|
|
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
|
|
|
(a)
|
|
Issued with a zero coupon. Income is recognized through the accretion of discount.
|
|
|
(b)
|
|
Prerefunded security. Maturity date disclosed is prerefunding date.
|
|
|
(c)
|
|
Repurchase agreement was entered into on January 31, 2014. This agreement was fully collateralized by $4,215,000 U.S. Treasury Note, 1.750%, due 05/15/22 with a market value
of $4,010,720.
|
|
Security ratings disclosed, if any, are issued by Standard & Poors Ratings Services/Moodys Investors Service. A description of the ratings is
available in the Funds Statement of Additional Information.
|
|
|
|
|
|
Investment Abbreviations:
|
AGC
|
|
Insured by Assured Guaranty Corp.
|
AGM
|
|
Insured by Assured Guaranty Municipal Corp.
|
AMBAC
|
|
Insured by American Municipal Bond Assurance Corp.
|
AMT
|
|
Alternative Minimum Tax
|
BHAC
|
|
Berkshire Hathaway Assurance Corp.
|
FGIC
|
|
Insured by Financial Guaranty Insurance Co.
|
FHLMC
|
|
Federal Home Loan Mortgage Corp.
|
FNMA
|
|
Federal National Mortgage Association
|
GNMA
|
|
Government National Mortgage Association
|
GO
|
|
General Obligation
|
NATL-RE
|
|
Insured by National Reinsurance Corp.
|
NR
|
|
Not Rated
|
WR
|
|
Withdrawn Rating
|
|
COMMERCE KANSAS TAX-FREE INTERMEDIATE BOND FUND
Schedule of Investments
(continued)
January 31, 2014 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION
At January 31, 2014, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal
income tax purposes were as follows:
|
|
|
|
|
Tax Cost
|
|
$
|
100,908,657
|
|
Gross unrealized gain
|
|
|
3,371,519
|
|
Gross unrealized loss
|
|
|
(2,138,462
|
)
|
Net unrealized security gain
|
|
$
|
1,233,057
|
|
Additional information regarding the Fund is available in the Funds most recent Annual and Semi-Annual Reports
to Shareholders. This information is available on the Securities and Exchange Commissions website (www.sec.gov).
COMMERCE FUNDS
Schedule of Investments
(continued)
January 31, 2014 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation
The Funds
valuation policy is to value investments at fair value.
Investments and Fair Value Measurements
The fair value of a financial
instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Accounting principles generally accepted in the
United States of America (GAAP) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for
identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in
these investments. The three levels of the fair value hierarchy are described below:
Level 1 Unadjusted quoted prices
in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2
Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk),
either directly or indirectly;
Level 3 Prices or valuations that require significant unobservable inputs (including the
Advisers assumptions in determining fair value measurement).
A. Level 1 and Level 2 Fair Value Investments
The valuation
techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities
Equity securities and investment companies traded on a United States (U.S.) securities exchange or the NASDAQ
system, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price.
Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no
sale occurs, at the last bid price. Investments applying these valuation adjustments are classified as Level 2 of the fair value hierarchy.
Debt Securities
Debt securities for which market quotations are readily available are valued daily on the basis of quotations furnished by
an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other
securities that are considered comparable in characteristics such as rating, interest rate and maturity date, to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit
deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
Mortgage-Backed and Asset-Backed Securities
Mortgage-backed securities represent direct or indirect
participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools
of other assets. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in
response to the markets perception of the creditworthiness of the issuers.
Asset-backed securities may
present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a
subordinated claim on collateral.
Collateralized mortgage-backed securities (CMOs) may exhibit even more price
volatility and interest rate risk than other mortgage-backed securities. They may lose liquidity as CMO market makers may choose not to repurchase, or may offer prices, based on current market conditions, that are unacceptable to a Fund based on the
Advisers analysis of the market value of the security.
COMMERCE FUNDS
Schedule of Investments
(continued)
January 31, 2014 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Short Term Investments
Short-term investments having maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. With the exception of treasury securities, which are generally classified as Level 1, these investments are
classified as Level 2 of the fair value hierarchy.
Repurchase Agreements
The Funds may enter into repurchase
agreements. Repurchase agreements involve the purchase of securities subject to the sellers agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying
securities held as collateral on behalf of the Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held in
safekeeping at the Funds custodian.
B. Level 3 Fair Value Investments
The valuation techniques and significant inputs
used in determining the fair values for investments classified as Level 3 are as follows:
To the extent that the aforementioned significant
inputs are unobservable, or if quotations are not readily available, or if Commerce believes that such quotations do not accurately reflect fair value, the fair value of a Funds investments may be determined under valuation procedures approved
by the Trusts Board of Trustees. Commerce, consistent with the Funds procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of
significant events to reflect what it believes to be the fair value of the securities at the time of determining a Funds NAV. Significant events which could affect a large number of securities in a particular market may include, but are not
limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate
actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.
C. Fair Value Hierarchy
The
following is a summary of the Funds investments classified in the fair value hierarchy as of January 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
GROWTH
Investment Type
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock and/or Exchange Traded Fund
|
|
$
|
97,099,429
|
|
|
$
|
|
|
|
$
|
|
|
Short-term Investment
|
|
|
|
|
|
|
443,000
|
|
|
|
|
|
Total
|
|
$
|
97,099,429
|
|
|
$
|
443,000
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VALUE
Investment Type
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock and/or Exchange Traded Fund
|
|
$
|
162,952,775
|
|
|
$
|
|
|
|
$
|
|
|
Short-term Investment
|
|
|
|
|
|
|
3,371,000
|
|
|
|
|
|
Total
|
|
$
|
162,952,775
|
|
|
$
|
3,371,000
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDCAP GROWTH
Investment Type
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock and/or Exchange Traded Fund
|
|
$
|
61,003,254
|
|
|
$
|
|
|
|
$
|
|
|
Short-term Investment
|
|
|
|
|
|
|
989,000
|
|
|
|
|
|
Total
|
|
$
|
61,003,254
|
|
|
$
|
989,000
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOND
Investment Type
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
|
$
|
|
|
|
$
|
79,221,911
|
|
|
$
|
|
|
Municipal Bond Obligations
|
|
|
|
|
|
|
93,422,954
|
|
|
|
|
|
Mortgage-Backed Obligations
|
|
|
|
|
|
|
156,004,924
|
|
|
|
|
|
Corporate Obligations
|
|
|
|
|
|
|
408,482,050
|
|
|
|
|
|
Foreign Debt Obligations
|
|
|
520,800
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and/or Other U.S. Government Agencies
|
|
|
12,449,857
|
|
|
|
49,641,367
|
|
|
|
|
|
Investment Company
|
|
|
5,075,403
|
|
|
|
|
|
|
|
|
|
Short-term Investment
|
|
|
|
|
|
|
2,896,000
|
|
|
|
|
|
Total
|
|
$
|
18,046,060
|
|
|
$
|
789,669,206
|
|
|
$
|
|
|
COMMERCE FUNDS
Schedule of Investments
(continued)
January 31, 2014 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM GOVERNMENT
Investment Type
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
|
$
|
|
|
|
$
|
3,880,958
|
|
|
$
|
|
|
Mortgage-Backed Obligations
|
|
|
|
|
|
|
23,097,558
|
|
|
|
|
|
U.S. Treasury and/or Other U.S. Government Agencies
|
|
|
9,120,589
|
|
|
|
64,561,452
|
|
|
|
|
|
Short-term Investment
|
|
|
|
|
|
|
4,408,000
|
|
|
|
|
|
Total
|
|
$
|
9,120,589
|
|
|
$
|
95,947,968
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL TAX-FREE INTERMEDIATE BOND
Investment Type
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bond Obligations
|
|
$
|
|
|
|
$
|
223,668,722
|
|
|
$
|
|
|
Investment Company
|
|
|
5,519,731
|
|
|
|
|
|
|
|
|
|
Short-term Investment
|
|
|
|
|
|
|
14,948,000
|
|
|
|
|
|
Total
|
|
$
|
5,519,731
|
|
|
$
|
238,616,722
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MISSOURI TAX-FREE INTERMEDIATE BOND
Investment Type
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bond Obligations
|
|
$
|
|
|
|
$
|
273,651,601
|
|
|
$
|
|
|
Investment Company
|
|
|
7,025,112
|
|
|
|
|
|
|
|
|
|
Short-term Investment
|
|
|
|
|
|
|
7,118,000
|
|
|
|
|
|
Total
|
|
$
|
7,025,112
|
|
|
$
|
280,769,601
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANSAS TAX-FREE INTERMEDIATE BOND
Investment Type
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bond Obligations
|
|
$
|
|
|
|
$
|
95,601,387
|
|
|
$
|
|
|
Investment Company
|
|
|
2,609,327
|
|
|
|
|
|
|
|
|
|
Short-term Investment
|
|
|
|
|
|
|
3,931,000
|
|
|
|
|
|
Total
|
|
$
|
2,609,327
|
|
|
$
|
99,532,387
|
|
|
$
|
|
|
COMMERCE FUNDS
Schedule of Investments
(continued)
January 31, 2014 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
For further information regarding
security characteristics, see Schedules of Investments.
The Funds risks include, but are not limited to, the following:
Market Risks
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of
potential loss exists due to changes in the market (market risk).
Credit Risks
The fixed income funds are subject to credit
risks because an issuer or guarantor of a fixed income security may be unable or unwilling to make interest and principal payments when due. A bonds value could decline because of concerns about an issuers willingness to make such
payments.
Portfolio Concentrations
The Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds invest a
large percentage of their assets in obligations of issuers within Missouri and Kansas, respectively. Therefore, they are subject to possible concentration risks associated with economic, political or legal developments or industrial or regional
matters specifically affecting those states.
Under normal market conditions, the Missouri Tax-Free Intermediate Bond Fund and
the Kansas Tax-Free Intermediate Bond Fund invest at least 80% of their assets plus any borrowings for investment purposes (measured at the time of purchase) in Missouri and Kansas municipal securities, respectively, the income from which, in the
opinion of bond counsel, is exempt from regular federal income tax, federal alternative minimum taxes and Missouri and Kansas state taxes, respectively. Alternatively, at least 80% of a Funds distributed income must be exempt from such taxes.
For each of the Missouri and Kansas Tax-Free Funds, the actual payment of principal and interest on Missouri and Kansas municipal securities is dependent on the Missouri General Assembly and the Kansas legislature, respectively, allotting money each
fiscal year for these payments.
The investments of the Growth and MidCap Growth Funds may be concentrated in securities of
technology companies. At times, securities of technology companies may experience significant price fluctuations. The MidCap Growth Fund concentrates in mid-cap stocks. Investing in mid-sized companies may be riskier than investing in larger, more
established companies.
The Bond and Short-Term Government Funds may invest 80% and 100%, respectively, of their total assets
in mortgage-related securities and the Bond Fund may invest 80% of its total assets in asset-backed securities. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility,
liquidity, and enhanced sensitivity to interest rates. As a result, mortgage-backed securities may be more difficult to value and liquidate, if necessary. Mortgage-backed securities are also subject to prepayment risk, which may result in a
decreased rate of return and a decline in the value of the securities. Asset-backed securities are dependent upon payment of the underlying consumer loans or receivables by individuals, and the certificate holder frequently has no recourse against
the entity that originated the loans or receivables. Asset-backed securities have a greater risk of default during periods of economic downturn than other securities. Also, asset-backed securities may be less liquid than other securities and
therefore more difficult to value and liquidate, if necessary.
Item 2.
|
Controls and Procedures.
|
(a) The
registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended (the Act)) are effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rule 15d-15(b) under the
Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the Act) that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Separate certifications of the
principal executive officer and principal financial officer pursuant to Rule 30a-2(a) under the Act are filed herewith as exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
|
|
(Registrant) The Commerce Funds
|
|
|
By
|
|
/s/ William Schuetter
|
|
|
William Schuetter
|
|
|
President
|
|
Date March 31, 2014
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report
has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
|
By
|
|
/s/ William Schuetter
|
|
|
William Schuetter
|
|
|
President
|
|
Date March 31, 2014
|
|
|
By
|
|
/s/ Peter Fortner
|
|
|
Peter Fortner
|
|
|
Chief Accounting Officer
|
|
Date March 31, 2014
|
Infinite (CE) (USOTC:IMCI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Infinite (CE) (USOTC:IMCI)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024