Commerce National Tax Free Intermediate Bond Fund CFNLX

Medalist Rating as of Sep 30, 2026 See Commerce Investment Hub

NAV / 1-Day Return$18.50 / −0.43%
Fund Size$283.2M
Adjusted Expense Ratio0.570%
Net Expense Ratio0.620%
Fee Level: DistributionAbove Average
Share Class TypeNo Load
Morningstar CategoryMuni National Intermediate
Fixed-Income Style Box (Funds)Medium/Moderate
Minimum Initial Investment$1,000
Investment StatusOpen
TTM Yield2.90%
Average Effective Duration6.83 yrs

NAV and 1-Day Return as of Nov 13, 2026, 1:32:05 AM

Will CFNLX outperform in the future?

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Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable CFNLX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the CFNLX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of CFNLX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Morningstar Automated Analysis

Summary

Commerce Natl Tax Free Interm Bd holds a quantitatively derived Negative Morningstar Medalist Rating. The rating indicates the model sees limited potential for the strategy to outperform peers on a risk-adjusted basis over a full market cycle.

by Morningstar Automated Analysis

Rated on Sep 30, 2026 Published on Oct 27, 2026

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Portfolio Holdings CFNLX

More CFNLX Holdings

Current Portfolio DateSep 30, 2026
Equity Holdings—
Bond Holdings—
Other Holdings—
% Assets in Top 10 Holdings12.4

Top 10 Holdings	% Portfolio Weight	Market Value USD	Sector
SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV 5%	1.85	5M	municipal
MICHIGAN FIN AUTH REV 5%	1.81	5M	municipal
BLOUNT CNTY TENN PUB BLDG AUTH 3.6%	1.45	4M	municipal
MANCHESTER N H SWR REV 5%	1.16	3M	municipal
KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV 5%	1.09	3M	municipal
MAIN STR ENERGY INC GA ENERGY PROJ REV 5%	1.09	3M	municipal
MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV 5%	1.04	3M	municipal
NEW JERSEY ST HIGHER ED ASSISTANCE AUTH STUD LN 5%	1.04	3M	municipal
KENTON CNTY KY SCH DIST 4%	0.93	3M	municipal
MONTGOMERY & BOND CNTYS ILL CMNTY UNIT SCH DIST NO 003 5%	0.92	3M	municipal

Commerce National Tax Free Intermediate Bond Fund CFNLX

Morningstar’s Analysis CFNLX

Will CFNLX outperform in the future?

Process Pillar

People Pillar

Parent Pillar

Summary

Portfolio Holdings CFNLX

SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV 5%

MICHIGAN FIN AUTH REV 5%

BLOUNT CNTY TENN PUB BLDG AUTH 3.6%

MANCHESTER N H SWR REV 5%

KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV 5%

MAIN STR ENERGY INC GA ENERGY PROJ REV 5%

MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV 5%

NEW JERSEY ST HIGHER ED ASSISTANCE AUTH STUD LN 5%

KENTON CNTY KY SCH DIST 4%

MONTGOMERY & BOND CNTYS ILL CMNTY UNIT SCH DIST NO 003 5%

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