Fund Evaluator:
Commerce Shrt-Term Government Instl (CFSTX)
Follow This Fund
Best Performing in Short Government Over the Last Year
| 3.3% | Vanguard Short-Term Federal Adm (VSGDX) |
| 3.2% | Vanguard Short-Term Federal Inv (VSGBX) |
| 3.1% | Vanguard Short-Term Treasury Idx Admiral (VSBSX) |
| 3.0% | Vanguard Short-Term Treasury Adm (VFIRX) |
| 2.9% | Vanguard Short-Term Treasury Inv (VFISX) |
Fund Details
Commerce Shrt-Term Government Instl Overview
Commerce Shrt-Term Government Instl (CFSTX) is an actively managed Taxable Bond Short Government fund. Commerce launched the fund in 1994.
The investment seeks current income with preservation of principal. The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and government mortgage-backed securities. The fund invests at least 65% of its total assets in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and government mortgage-backed and asset-backed securities that have average lives or remaining maturities of five years or less.
About Commerce Shrt-Term Government Instl (CFSTX)
There are 3 members of the management team with an average tenure of 21.89 years: Brent Schowe (2012), Scott Colbert (1994), William Cody (2006). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg Government 1-5 Yr TR USD index with a weighting of 100%. Commerce Shrt-Term Government Instl has 88 securities in its portfolio. The top 10 holdings constitute 52.3% 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 Shrt-Term Government Instl is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Commerce Shrt-Term Government Instl 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 92.2% (92.2% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Commerce Shrt-Term Government Instl has 7.8% of the portfolio in cash.
Assets Under Management
The fund has $23 million in total assets, which is below the $437 million average for the Short Government 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.
CFSTX 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 Shrt-Term Government Instl expense ratio is above average compared to funds in the Short Government category. Commerce Shrt-Term Government Instl has an expense ratio of 0.68%, which is 6% higher than its category average, making the fund expense ratio grade a C. 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 Shrt-Term Government Instl has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 217% for the Short Government category.
Recently, in the month of July 2026, Commerce Shrt-Term Government Instl returned -0.3%, which earned it a grade of F, as the Short Government category had an average return of -0.1%. 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 Shrt-Term Government Instl has a trailing yield of 2.66%, which is below the 3.82% 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 Shrt-Term Government Instl Grades
Year to date, the fund has returned -0.6%, 1.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.6% over the past year (grade of F), 3.7% over the past three years (grade of F) and 0.9% per year over the past five years (grade of F) and 1.2% per year over the past 10 years (grade of D).
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CFSTX 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 |
|
| CFSTX Return (NAV) | -0.3% | -1.1% | 1.6% | 3.7% | 0.9% | 1.2% |
| CFSTX Grade | F | F | F | F | F | D |
| +/- Category | -0.2% | -1.2% | -1.4% | -0.6% | -0.6% | -0.3% |
| Short Government Avg | -0.1% | 0.1% | 2.9% | 4.2% | 1.5% | 1.5% |
| CFSTX Tax Cost Ratio | na | na | 1.1% | 1.0% | 0.8% | 0.8% |
CFSTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CFSTX Return (NAV) | -0.6% | 5.2% | 3.4% | 4.7% | -6.4% | -1.1% | 3.0% | 3.3% | 1.0% | 0.8% | 0.8% |
| CFSTX Grade | F | C | D | A | F | C | D | C | D | B | C |
| +/- Category | -1.2% | -0.2% | -0.4% | 0.7% | -1.5% | 0.0% | -0.2% | 0.1% | -0.1% | 0.3% | 0.1% |
| Short Government Avg | 0.6% | 5.4% | 3.8% | 4.0% | -4.9% | -1.1% | 3.2% | 3.2% | 1.1% | 0.5% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 2.0% |
| Total Risk Index: | 0.16 - Low |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (70% Rank) |
| Beta: | 0.32 |
| R-Squared: | 83% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $23 Mil |
| Fund Total Assets: | $ 23 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 39% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 31.7 years | |||
| Average Tenure: 21.9 years | |||
| Managers (Year): Colbert Scott (1994), Cody William (2006), Schowe Brent (2012) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 88 |
| % in Top 10 Holdings: | 52.3% |
| 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: | 92.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.8% |
Purchase Information
| Fund Family: | Commerce |
| Phone Number: | 800-995-6365 |
| Website: | www.commercefunds.com |
| Status: | Open |
| Inception Date: | December 12, 1994 |
| 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 (%): | 0.68% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.64% |
| Share Class: | Commerce Shrt-Term Government Instl |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 250 |
