The Missouri Tax-Free Intermediate Bond Fund
Name
As of 10/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.5%
1 yr return
9.1%
3 Yr Avg Return
-0.3%
5 Yr Avg Return
0.5%
Net Assets
$250 M
Holdings in Top 10
13.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.68%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 15.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
CFMOX - Profile
Distributions
- YTD Total Return 1.5%
- 3 Yr Annualized Total Return -0.3%
- 5 Yr Annualized Total Return 0.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.77%
- Dividend Yield 2.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameThe Missouri Tax-Free Intermediate Bond Fund
-
Fund Family NameCommerce
-
Inception DateApr 28, 1997
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBrian Musielak
Fund Description
• | Security Types: Under normal market conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase), in Missouri municipal bonds, the income from which, in the opinion of bond counsel, is exempt from regular federal income taxes, federal alternative minimum taxes and Missouri taxes. Alternatively, at least 80% of the Fund’s distributed income must be exempt from such taxes. In addition to obligations issued by the State of Missouri and its subdivisions, authorities, instrumentalities and agencies, the Fund may also invest in obligations issued by U.S. territories, commonwealths and possessions (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from federal and Missouri income tax. The Fund’s 80% investment strategy is fundamental–meaning that it can be changed only by the holders of a majority of the outstanding voting securities of the Fund. |
• | The Fund seeks to maximize the proportion of its dividends that are exempt from both federal and Missouri income tax. |
• | The Fund strives to minimize net realized capital gains. |
• | Credit Quality: Except as described below, the municipal securities in which the Fund invests will be rated investment grade (e.g., in the top four credit-rating categories) at the time of purchase by at least one nationally recognized statistical rating organization, or if unrated will be deemed by the Adviser to be of comparable quality to investment grade municipal securities. The Fund may invest up to 10% of its total assets in such unrated securities. The Fund may invest up to 5% of its total assets in high yield (non-investment grade) securities known as junk bonds. Subsequent to purchase, the Fund’s municipal securities may be downgraded below investment grade or may be deemed by the Adviser to be no longer comparable to investment grade securities. The Adviser will consider such an event in determining whether the Fund should continue to hold the security, except that the Fund may not hold more than 5% of its total assets in high yield (non-investment grade) securities. |
• | Maturity Distribution: The Fund actively manages maturities to take advantage of changes in interest rates. Under normal market conditions, the average weighted maturity of the Fund’s portfolio securities will be five to twelve years. |
CFMOX - Performance
Return Ranking - Trailing
Period | CFMOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.5% | -1.9% | 26.5% | 90.84% |
1 Yr | 9.1% | 2.4% | 37.3% | 66.62% |
3 Yr | -0.3%* | -9.9% | 3.4% | 55.57% |
5 Yr | 0.5%* | -6.7% | 1104.9% | 69.65% |
10 Yr | 1.6%* | -0.8% | 248.9% | 55.76% |
* Annualized
Return Ranking - Calendar
Period | CFMOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.6% | -1.4% | 41.0% | 56.75% |
2022 | -8.8% | -39.7% | 0.3% | 24.90% |
2021 | -1.1% | -5.6% | 6.9% | 78.53% |
2020 | 2.0% | -2.6% | 310.0% | 38.68% |
2019 | 3.6% | 0.0% | 26.0% | 56.39% |
Total Return Ranking - Trailing
Period | CFMOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.5% | -1.9% | 26.5% | 90.84% |
1 Yr | 9.1% | 2.4% | 37.3% | 66.62% |
3 Yr | -0.3%* | -9.9% | 3.4% | 55.57% |
5 Yr | 0.5%* | -6.7% | 1104.9% | 69.65% |
10 Yr | 1.6%* | -0.8% | 248.9% | 55.76% |
* Annualized
Total Return Ranking - Calendar
Period | CFMOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.8% | -1.3% | 41.0% | 69.06% |
2022 | -6.9% | -39.7% | 1.1% | 25.57% |
2021 | 0.8% | -4.8% | 23761504.0% | 69.50% |
2020 | 3.9% | -1.5% | 17057.9% | 47.15% |
2019 | 4.9% | 0.2% | 3514.6% | 81.01% |
NAV & Total Return History
CFMOX - Holdings
Concentration Analysis
CFMOX | Category Low | Category High | CFMOX % Rank | |
---|---|---|---|---|
Net Assets | 250 M | 3.22 M | 71.9 B | 65.21% |
Number of Holdings | 218 | 4 | 13418 | 52.36% |
Net Assets in Top 10 | 33.3 M | -317 M | 3.45 B | 75.25% |
Weighting of Top 10 | 13.57% | 1.9% | 100.1% | 69.26% |
Top 10 Holdings
- MISSOURI ST HLTH EDUCTNL FACS AUTH HLTH FACS REVENUE 2.44%
- SAINT LOUIS MO ARPT REVENUE 1.57%
- BLAIR OAKS MO #R-II SCH DIST 1.38%
- HANNIBAL MO INDL DEV AUTH 1.34%
- MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE 1.22%
- MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE 1.14%
- SAINT LOUIS MO MUNI FIN CORP 1.14%
- MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REVENUE 1.14%
- ORCHARD FARM R-V SCH DIST MO COPS 1.10%
- ARIZONA ST INDL DEV AUTH NATIONAL CHRT SCH REVOLVING LOAN FD 1.09%
Asset Allocation
Weighting | Return Low | Return High | CFMOX % Rank | |
---|---|---|---|---|
Bonds | 99.24% | 0.00% | 150.86% | 42.71% |
Cash | 0.76% | -50.86% | 43.45% | 59.52% |
Stocks | 0.00% | 0.00% | 99.89% | 16.11% |
Preferred Stocks | 0.00% | 0.00% | 0.08% | 2.92% |
Other | 0.00% | -3.72% | 51.88% | 15.20% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 2.07% |
Bond Sector Breakdown
Weighting | Return Low | Return High | CFMOX % Rank | |
---|---|---|---|---|
Municipal | 95.10% | 44.39% | 100.00% | 80.95% |
Derivative | 0.00% | -3.72% | 51.88% | 11.35% |
Cash & Equivalents | 0.00% | 0.00% | 43.45% | 57.27% |
Securitized | 0.00% | 0.00% | 5.93% | 3.86% |
Corporate | 0.00% | 0.00% | 9.41% | 20.52% |
Government | 0.00% | 0.00% | 52.02% | 9.39% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | CFMOX % Rank | |
---|---|---|---|---|
US | 99.24% | 0.00% | 142.23% | 40.74% |
Non US | 0.00% | 0.00% | 23.89% | 7.23% |
CFMOX - Expenses
Operational Fees
CFMOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.68% | 0.01% | 8.02% | 55.31% |
Management Fee | 0.37% | 0.00% | 1.20% | 31.37% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.15% | 0.01% | 0.44% | 50.61% |
Sales Fees
CFMOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.50% | 4.75% | N/A |
Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
CFMOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
CFMOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 15.00% | 0.00% | 283.00% | 40.56% |
CFMOX - Distributions
Dividend Yield Analysis
CFMOX | Category Low | Category High | CFMOX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.34% | 0.00% | 14.51% | 81.63% |
Dividend Distribution Analysis
CFMOX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
CFMOX | Category Low | Category High | CFMOX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.77% | -0.53% | 5.33% | 60.58% |
Capital Gain Distribution Analysis
CFMOX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.037 | OrdinaryDividend |
Aug 30, 2024 | $0.036 | OrdinaryDividend |
Jul 31, 2024 | $0.036 | OrdinaryDividend |
Apr 30, 2024 | $0.036 | OrdinaryDividend |
Mar 28, 2024 | $0.034 | OrdinaryDividend |
Feb 29, 2024 | $0.035 | OrdinaryDividend |
Oct 31, 2023 | $0.035 | OrdinaryDividend |
Sep 29, 2023 | $0.035 | OrdinaryDividend |
Aug 31, 2023 | $0.032 | OrdinaryDividend |
Jul 31, 2023 | $0.032 | OrdinaryDividend |
Jun 30, 2023 | $0.033 | OrdinaryDividend |
May 31, 2023 | $0.032 | OrdinaryDividend |
Apr 28, 2023 | $0.033 | OrdinaryDividend |
Mar 31, 2023 | $0.032 | OrdinaryDividend |
Feb 28, 2023 | $0.034 | OrdinaryDividend |
Jan 31, 2023 | $0.031 | OrdinaryDividend |
Dec 30, 2022 | $0.030 | OrdinaryDividend |
Nov 30, 2022 | $0.030 | OrdinaryDividend |
Oct 31, 2022 | $0.030 | OrdinaryDividend |
Sep 30, 2022 | $0.030 | OrdinaryDividend |
Aug 31, 2022 | $0.028 | OrdinaryDividend |
Jul 29, 2022 | $0.029 | OrdinaryDividend |
Jun 30, 2022 | $0.029 | OrdinaryDividend |
May 31, 2022 | $0.028 | OrdinaryDividend |
Apr 29, 2022 | $0.028 | OrdinaryDividend |
Mar 31, 2022 | $0.028 | OrdinaryDividend |
Feb 28, 2022 | $0.032 | OrdinaryDividend |
Jan 31, 2022 | $0.029 | OrdinaryDividend |
Dec 31, 2021 | $0.029 | OrdinaryDividend |
Nov 30, 2021 | $0.030 | OrdinaryDividend |
Oct 29, 2021 | $0.030 | OrdinaryDividend |
Sep 30, 2021 | $0.031 | OrdinaryDividend |
Aug 31, 2021 | $0.030 | OrdinaryDividend |
Jul 30, 2021 | $0.030 | OrdinaryDividend |
Jun 30, 2021 | $0.031 | OrdinaryDividend |
May 28, 2021 | $0.029 | OrdinaryDividend |
Apr 30, 2021 | $0.029 | OrdinaryDividend |
Mar 31, 2021 | $0.029 | OrdinaryDividend |
Feb 26, 2021 | $0.032 | OrdinaryDividend |
Jan 29, 2021 | $0.029 | OrdinaryDividend |
Dec 31, 2020 | $0.029 | OrdinaryDividend |
Nov 30, 2020 | $0.030 | OrdinaryDividend |
Oct 30, 2020 | $0.028 | OrdinaryDividend |
Sep 30, 2020 | $0.030 | OrdinaryDividend |
Aug 31, 2020 | $0.030 | OrdinaryDividend |
Jul 31, 2020 | $0.030 | OrdinaryDividend |
Jun 30, 2020 | $0.031 | OrdinaryDividend |
May 29, 2020 | $0.031 | OrdinaryDividend |
Apr 30, 2020 | $0.034 | OrdinaryDividend |
Mar 31, 2020 | $0.035 | OrdinaryDividend |
Feb 28, 2020 | $0.034 | OrdinaryDividend |
Jan 31, 2020 | $0.033 | OrdinaryDividend |
Dec 31, 2019 | $0.002 | OrdinaryDividend |
Nov 29, 2019 | $0.002 | OrdinaryDividend |
Oct 31, 2019 | $0.002 | OrdinaryDividend |
Sep 30, 2019 | $0.002 | OrdinaryDividend |
Aug 30, 2019 | $0.002 | OrdinaryDividend |
Jul 31, 2019 | $0.002 | OrdinaryDividend |
Dec 07, 2012 | $0.018 | CapitalGainShortTerm |
Dec 07, 2012 | $0.060 | CapitalGainLongTerm |
Dec 03, 2010 | $0.009 | CapitalGainShortTerm |
Dec 03, 2010 | $0.030 | CapitalGainLongTerm |
Dec 30, 2009 | $0.013 | CapitalGainShortTerm |
Dec 30, 2009 | $0.015 | CapitalGainLongTerm |
Dec 04, 2007 | $0.083 | CapitalGainLongTerm |
Dec 05, 2006 | $0.016 | CapitalGainLongTerm |
Dec 05, 2005 | $0.061 | CapitalGainLongTerm |
Dec 15, 2004 | $0.025 | CapitalGainLongTerm |
Dec 03, 2003 | $0.023 | CapitalGainLongTerm |
Dec 03, 2002 | $0.006 | CapitalGainShortTerm |
Dec 03, 2002 | $0.097 | CapitalGainLongTerm |
Dec 04, 2001 | $0.005 | CapitalGainShortTerm |
Dec 04, 2001 | $0.022 | CapitalGainLongTerm |
CFMOX - Fund Manager Analysis
Managers
Brian Musielak
Start Date
Tenure
Tenure Rank
Dec 31, 1999
22.43
22.4%
Musielak, Senior Vice President, is a portfolio manager for Commerce Investment Advisors. He joined the investment management group of the firm in 1995 as a fixed income analyst. Prior to assuming these responsibilities, he worked in the commercial loan department as a credit analyst.
Brent Schowe
Start Date
Tenure
Tenure Rank
Mar 01, 2012
10.25
10.3%
Brent L. Schowe , CFA, Senior Vice President, Joined Commerce Investment Advisors, Inc. in 1999 and serve as Fund manager since 2012.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.33 | 1.58 |