The Fund seeks high current income that is exempt from federal income tax, consistent with protection of capital. It invests primarily in high quality municipal obligations with a dollar-weighted average portfolio maturity under normal market conditions of between three and ten years. Initial Investment 1000 Min. The Touchstone Tax-Free Intermediate Term Fund employs various economic reports, yield curve analysis and other market indicators to identify trends and relative value in the marketplace.
Duration is positioned based upon interest rate trend analysis.
This combines macroeconomic analysis along with yield curve analysis to gain insight into the current trend and future expectations for interest rates. Municipal market variables are assessed including supply and demand, cash flows, yield spreads and credit spreads to determine which sectors represent the most value. Individual securities are then selected in an attempt to optimize tax-free income while reducing risk. Performance data quoted represents past performance, which is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.