Fund Evaluator:
Commerce MO Tax-Free Int Bd (CFMOX)
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Best Performing in Muni Single State Interm Over the Last Year
| 7.0% | Victory VA Bond (USVAX) |
| 6.9% | Dupree AL Tax-Free Income (DUALX) |
| 6.5% | Dupree TN Tax-Free Income (TNTIX) |
| 5.9% | Dupree KY Tax-Free Income (KYTFX) |
| 5.6% | Dupree NC Tax-Free Income (NTFIX) |
Fund Details
Commerce MO Tax-Free Int Bd Overview
Commerce MO Tax-Free Int Bd (CFMOX) is an actively managed Municipal Bond Muni Single State Interm fund. Commerce launched the fund in 1995.
The investment seeks current income exempt from federal and, to the extent possible, from Missouri income taxes, as is consistent with the preservation of capital. The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes, in Missouri municipal bonds, the income from which, in the opinion of bond counsel, is exempt from regular federal income taxes, federal alternative minimum taxes and Missouri taxes. It may invest up to 10% of its total assets in such unrated securities.
About Commerce MO Tax-Free Int Bd (CFMOX)
There are 2 members of the management team with an average tenure of 20.51 years: Brent Schowe (2012), Brian Musielak (1999). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 3-15Y Blend 2-17Y TR index with a weighting of 100%. Commerce MO Tax-Free Int Bd has 212 securities in its portfolio. The top 10 holdings constitute 14.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Commerce MO Tax-Free Int Bd is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Commerce MO Tax-Free Int Bd has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.8% (98.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Commerce MO Tax-Free Int Bd has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $191 million in total assets, which is above the $85 million average for the Muni Single State Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CFMOX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Commerce MO Tax-Free Int Bd expense ratio is above average compared to funds in the Muni Single State Interm category. Commerce MO Tax-Free Int Bd has an expense ratio of 0.69%, which is 18% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Commerce MO Tax-Free Int Bd has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 41% for the Muni Single State Interm category.
Recently, in the month of July 2026, Commerce MO Tax-Free Int Bd returned -1.9%, which earned it a grade of D, as the Muni Single State Interm category had an average return of -1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Commerce MO Tax-Free Int Bd has a trailing yield of 2.67%, which is below the 3.00% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Commerce MO Tax-Free Int Bd Grades
Year to date, the fund has returned -0.5%, 0.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.8% over the past year (grade of D), 2.5% over the past three years (grade of C) and 0.3% per year over the past five years (grade of C) and 1.4% per year over the past 10 years (grade of B).
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CFMOX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CFMOX Return (NAV) | -1.9% | -1.0% | 3.8% | 2.5% | 0.3% | 1.4% |
| CFMOX Grade | D | F | D | C | C | B |
| +/- Category | -0.1% | -0.4% | -1.2% | -0.2% | 0.1% | 0.1% |
| Muni Single State Interm Avg | -1.7% | -0.6% | 5.0% | 2.6% | 0.2% | 1.3% |
| CFMOX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
CFMOX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CFMOX Return (NAV) | -0.5% | 4.4% | 0.5% | 4.9% | -7.0% | 0.7% | 3.9% | 5.9% | 0.8% | 4.5% | 0.1% |
| CFMOX Grade | F | B | D | B | B | B | D | C | C | A | C |
| +/- Category | -0.8% | 0.4% | -0.4% | 0.4% | 0.7% | 0.2% | -0.3% | 0.2% | -0.0% | 1.0% | -0.0% |
| Muni Single State Interm Avg | 0.3% | 4.0% | 0.9% | 4.5% | -7.7% | 0.5% | 4.2% | 5.7% | 0.8% | 3.5% | 0.1% |
| Risk Measures | |
| Standard Deviation: | 5.4% |
| Total Risk Index: | 0.44 - Low |
| Category Risk Index: | 1.09 - Above Average |
| Category Risk Grade: | D (63% Rank) |
| Beta: | 0.94 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $191 Mil |
| Fund Total Assets: | $ 192 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 13% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 26.6 years | |||
| Average Tenure: 20.5 years | |||
| Managers (Year): Musielak Brian (1999), Schowe Brent (2012) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 212 |
| % in Top 10 Holdings: | 14.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | Commerce |
| Phone Number: | 800-995-6365 |
| Website: | www.commercefunds.com |
| Status: | Open |
| Inception Date: | February 21, 1995 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.69% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Commerce MO Tax-Free Int Bd |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 250 |
