TOUCHSTONE TAX-FREE TRUST
(FORMERLY COUNTRYWIDE TAX-FREE TRUST)
SUPPLEMENT TO
PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION
TAX-FREE MONEY FUND
TAX-FREE INTERMEDIATE TERM FUND
OHIO INSURED TAX-FREE FUND
OHIO TAX-FREE MONEY FUND
CALIFORNIA TAX-FREE MONEY FUND
FLORIDA TAX-FREE MONEY FUND
(the "Funds")
The Prospectuses and Statements of Additional Information of Countrywide
Tax-Free Trust, dated November 1, 1999, are each hereby amended to reflect the
following new information:
The Countrywide Tax-Free Trust has changed its name to the Touchstone Tax-Free
Trust (the "Trust"). The Trust's transfer agent has changed its name to
Integrated Fund Services, Inc. Its address and phone number, as well as the
address and phone number for the Trust, remain the same.
Touchstone Advisors, Inc. ("Touchstone Advisors"), located at 311 Pike Street,
Cincinnati, Ohio 45202, is the investment adviser for the Funds. Touchstone
Advisors has been registered as an investment adviser under the Investment
Advisers Act of 1940, as amended (the "Advisers Act"), since 1994. As of
December 31, 1999, Touchstone Advisors had approximately $532 million in assets
under management.
Touchstone Advisors is responsible for selecting a Fund Sub-Adviser, subject to
review by the Board of Trustees. Touchstone Advisors selects a Fund Sub-Adviser
that has shown good investment performance in its areas of expertise. Touchstone
Advisors will continually monitor a Fund Sub-Adviser's performance through
various analyses and through in-person, telephone and written consultations with
the Fund Sub-Adviser.
Each Fund pays Touchstone Advisors a fee at the annual rate of .5% of its
average daily net assets up to $100 million; .45% of such assets from $100
million to $200 million; .4% of such assets from $200 million to $300 million;
and .375% of such assets in excess of $500 million. Out of this fee, Touchstone
Advisors pays the Fund Sub-Adviser a fee for its services.
Fort Washington Investment Advisors, Inc. ("Fort Washington"'), located at 420
East Fourth Street, Cincinnati, Ohio 45202, has been retained as the Sub-Adviser
to the Funds. Fort Washington makes the day-to-day decisions regarding buying
and selling specific securities for each Fund. Fort Washington manages the
investments held by each Fund according to its applicable investment goals and
strategies.
Fort Washington has been registered as an investment adviser under the Advisers
Act since 1990. Fort Washington provides investment advisory services to
individual and institutional clients. As of December 31, 1999, Fort Washington
had assets under management of approximately $13 billion.
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Fort Washington is an affiliate of Touchstone Advisors. Therefore, Touchstone
Advisors may have a conflict of interest when making decisions to keep Fort
Washington as Fund Sub-Adviser. The Board of Trustees reviews all of Touchstone
Advisor's decisions to reduce the possibility of a conflict of interest
situation.
Touchstone Securities, Inc. ("Touchstone Securities"), an affiliate of
Touchstone Advisors, Inc., is the principal underwriter for the Funds and the
exclusive agent for the distribution of shares of the Funds. Touchstone
Securities receives the entire sales load on all direct initial investments in
the Funds.
Shares of the Funds and of any other fund in the Touchstone Family of Funds may
be exchanged for each other.
The Touchstone Family of Funds consists of the following funds. Funds which may
have a front-end or a contingent deferred sales load are marked with an
asterisk.
GROWTH FUNDS GROWTH & INCOME FUNDS
- ------------ ---------------------
*Growth/Value Fund *Equity Fund
*Aggressive Growth Fund *Utility Fund
*Emerging Growth Fund
*International Equity Fund VALUE FUNDS
*Enhanced 30 Fund -----------
*Value Plus Fund
TAXABLE BOND FUNDS TAX-FREE BOND FUNDS
- ------------------ -------------------
*Bond Fund *Tax-Free Intermediate Term Fund
*Intermediate Term Government Income Fund *Ohio Insured Tax-Free Fund
*High Yield Fund
TAX-FREE MONEY MARKET FUNDS
---------------------------
TAXABLE MONEY MARKET FUNDS Tax-Free Money Fund
- -------------------------- Ohio Tax-Free Money Fund
Short Term Government Income Fund California Tax-Free Money Fund
Institutional Government Income Fund Florida Tax-Free Money Fund
Money Market Fund
THE DATE OF THIS SUPPLEMENT IS MAY 1, 2000.
