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Hartford Floating Rate High Income Fund

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Objective

Seeks to provide high current income and long-term total return.

Overview

A fund that typically invests in U.S. bank loans, global bank loans, and high-yield debt.

More About Floating Rate High Income 

Performance

Performance (%)
% (as of 10/31/2019)
Average Annual Total Returns % (as of 10/31/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Floating Rate High Income  I 6.58 2.63 4.37 3.63 --- 5.15
Benchmark 6.31 2.67 4.08 3.83 --- ---
Morningstar Bank Loan Category 5.32 1.99 3.28 3.02 --- ---
Performance (%)
% (as of 9/30/2019)
Average Annual Total Returns % (as of 9/30/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Floating Rate High Income  I 7.06 2.89 4.93 3.74 --- 5.27
Benchmark 6.79 3.13 4.53 3.98 --- ---
Morningstar Bank Loan Category 5.83 2.31 3.67 3.18 --- ---
SI = Since Inception. Fund Inception: 09/30/2011
Operating Expenses:   Net  0.81% |  Gross  0.87%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Growth of $10,000 (I-Share)

(as of 9/30/2019)
[{"date":"Mon Sep 30 00:00:00 EDT 2019","value":"15081.0"},{"date":"Sat Aug 31 00:00:00 EDT 2019","value":"14978.0"},{"date":"Wed Jul 31 00:00:00 EDT 2019","value":"15027.0"},{"date":"Sun Jun 30 00:00:00 EDT 2019","value":"14904.0"},{"date":"Fri May 31 00:00:00 EDT 2019","value":"14828.0"},{"date":"Tue Apr 30 00:00:00 EDT 2019","value":"14932.0"},{"date":"Sun Mar 31 00:00:00 EDT 2019","value":"14658.0"},{"date":"Thu Feb 28 00:00:00 EST 2019","value":"14701.0"},{"date":"Thu Jan 31 00:00:00 EST 2019","value":"14464.0"},{"date":"Mon Dec 31 00:00:00 EST 2018","value":"14087.0"},{"date":"Fri Nov 30 00:00:00 EST 2018","value":"14454.0"},{"date":"Wed Oct 31 00:00:00 EDT 2018","value":"14629.0"},{"date":"Sun Sep 30 00:00:00 EDT 2018","value":"14657.0"},{"date":"Fri Aug 31 00:00:00 EDT 2018","value":"14558.0"},{"date":"Tue Jul 31 00:00:00 EDT 2018","value":"14501.0"},{"date":"Sat Jun 30 00:00:00 EDT 2018","value":"14359.0"},{"date":"Thu May 31 00:00:00 EDT 2018","value":"14364.0"},{"date":"Mon Apr 30 00:00:00 EDT 2018","value":"14398.0"},{"date":"Sat Mar 31 00:00:00 EDT 2018","value":"14306.0"},{"date":"Wed Feb 28 00:00:00 EST 2018","value":"14283.0"},{"date":"Wed Jan 31 00:00:00 EST 2018","value":"14281.0"},{"date":"Sun Dec 31 00:00:00 EST 2017","value":"14134.0"},{"date":"Thu Nov 30 00:00:00 EST 2017","value":"14073.0"},{"date":"Tue Oct 31 00:00:00 EDT 2017","value":"14082.0"},{"date":"Sat Sep 30 00:00:00 EDT 2017","value":"13952.0"},{"date":"Thu Aug 31 00:00:00 EDT 2017","value":"13880.0"},{"date":"Mon Jul 31 00:00:00 EDT 2017","value":"13903.0"},{"date":"Fri Jun 30 00:00:00 EDT 2017","value":"13788.0"},{"date":"Wed May 31 00:00:00 EDT 2017","value":"13814.0"},{"date":"Sun Apr 30 00:00:00 EDT 2017","value":"13740.0"},{"date":"Fri Mar 31 00:00:00 EDT 2017","value":"13669.0"},{"date":"Tue Feb 28 00:00:00 EST 2017","value":"13666.0"},{"date":"Tue Jan 31 00:00:00 EST 2017","value":"13543.0"},{"date":"Sat Dec 31 00:00:00 EST 2016","value":"13429.0"},{"date":"Wed Nov 30 00:00:00 EST 2016","value":"13224.0"},{"date":"Mon Oct 31 00:00:00 EDT 2016","value":"13205.0"},{"date":"Fri Sep 30 00:00:00 EDT 2016","value":"13053.0"},{"date":"Wed Aug 31 00:00:00 EDT 2016","value":"12919.0"},{"date":"Sun Jul 31 00:00:00 EDT 2016","value":"12783.0"},{"date":"Thu Jun 30 00:00:00 EDT 2016","value":"12569.0"},{"date":"Tue May 31 00:00:00 EDT 2016","value":"12527.0"},{"date":"Sat Apr 30 00:00:00 EDT 2016","value":"12416.0"},{"date":"Thu Mar 31 00:00:00 EDT 2016","value":"12009.0"},{"date":"Mon Feb 29 00:00:00 EST 2016","value":"11562.0"},{"date":"Sun Jan 31 00:00:00 EST 2016","value":"11596.0"},{"date":"Thu Dec 31 00:00:00 EST 2015","value":"11821.0"},{"date":"Mon Nov 30 00:00:00 EST 2015","value":"12045.0"},{"date":"Sat Oct 31 00:00:00 EDT 2015","value":"12219.0"},{"date":"Wed Sep 30 00:00:00 EDT 2015","value":"12214.0"},{"date":"Mon Aug 31 00:00:00 EDT 2015","value":"12352.0"},{"date":"Fri Jul 31 00:00:00 EDT 2015","value":"12537.0"},{"date":"Tue Jun 30 00:00:00 EDT 2015","value":"12597.0"},{"date":"Sun May 31 00:00:00 EDT 2015","value":"12706.0"},{"date":"Thu Apr 30 00:00:00 EDT 2015","value":"12669.0"},{"date":"Tue Mar 31 00:00:00 EDT 2015","value":"12480.0"},{"date":"Sat Feb 28 00:00:00 EST 2015","value":"12426.0"},{"date":"Sat Jan 31 00:00:00 EST 2015","value":"12178.0"},{"date":"Wed Dec 31 00:00:00 EST 2014","value":"12243.0"},{"date":"Sun Nov 30 00:00:00 EST 2014","value":"12558.0"},{"date":"Fri Oct 31 00:00:00 EDT 2014","value":"12565.0"},{"date":"Tue Sep 30 00:00:00 EDT 2014","value":"12554.0"},{"date":"Sun Aug 31 00:00:00 EDT 2014","value":"12703.0"},{"date":"Thu Jul 31 00:00:00 EDT 2014","value":"12653.0"},{"date":"Mon Jun 30 00:00:00 EDT 2014","value":"12688.0"},{"date":"Sat May 31 00:00:00 EDT 2014","value":"12594.0"},{"date":"Wed Apr 30 00:00:00 EDT 2014","value":"12501.0"},{"date":"Mon Mar 31 00:00:00 EDT 2014","value":"12466.0"},{"date":"Fri Feb 28 00:00:00 EST 2014","value":"12414.0"},{"date":"Fri Jan 31 00:00:00 EST 2014","value":"12349.0"},{"date":"Tue Dec 31 00:00:00 EST 2013","value":"12271.0"},{"date":"Sat Nov 30 00:00:00 EST 2013","value":"12198.0"},{"date":"Thu Oct 31 00:00:00 EDT 2013","value":"12141.0"},{"date":"Mon Sep 30 00:00:00 EDT 2013","value":"12004.0"},{"date":"Sat Aug 31 00:00:00 EDT 2013","value":"11956.0"},{"date":"Wed Jul 31 00:00:00 EDT 2013","value":"11988.0"},{"date":"Sun Jun 30 00:00:00 EDT 2013","value":"11803.0"},{"date":"Fri May 31 00:00:00 EDT 2013","value":"11930.0"},{"date":"Tue Apr 30 00:00:00 EDT 2013","value":"11933.0"},{"date":"Sun Mar 31 00:00:00 EDT 2013","value":"11798.0"},{"date":"Thu Feb 28 00:00:00 EST 2013","value":"11667.0"},{"date":"Thu Jan 31 00:00:00 EST 2013","value":"11618.0"},{"date":"Mon Dec 31 00:00:00 EST 2012","value":"11451.0"},{"date":"Fri Nov 30 00:00:00 EST 2012","value":"11360.0"},{"date":"Wed Oct 31 00:00:00 EDT 2012","value":"11332.0"},{"date":"Sun Sep 30 00:00:00 EDT 2012","value":"11256.0"},{"date":"Fri Aug 31 00:00:00 EDT 2012","value":"11101.0"},{"date":"Tue Jul 31 00:00:00 EDT 2012","value":"10967.0"},{"date":"Sat Jun 30 00:00:00 EDT 2012","value":"10883.0"},{"date":"Thu May 31 00:00:00 EDT 2012","value":"10760.0"},{"date":"Mon Apr 30 00:00:00 EDT 2012","value":"10871.0"},{"date":"Sat Mar 31 00:00:00 EDT 2012","value":"10763.0"},{"date":"Wed Feb 29 00:00:00 EST 2012","value":"10676.0"},{"date":"Tue Jan 31 00:00:00 EST 2012","value":"10518.0"},{"date":"Sat Dec 31 00:00:00 EST 2011","value":"10300.0"},{"date":"Wed Nov 30 00:00:00 EST 2011","value":"10205.0"},{"date":"Mon Oct 31 00:00:00 EDT 2011","value":"10227.0"},{"date":"Fri Sep 30 00:00:00 EDT 2011","value":"10000.0"}]

 
Growth of $10,000
I-Share Morningstar Ratings
(as of 10/31/2019)
  • Overall
    infoIcon:
    Overall, 4 stars, 3-Year, 5 stars, and 5-Year, 4 stars, rated against 216, 216 and 196 products, respectively. Morningstar RatingTM is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures. Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
    ©2019 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
    infoIcon:
  • 216 Products | Bank Loan Category
Based on Risk-Adjusted Returns
Calendar Year Returns (%)
Fund Benchmark
2018 -0.33 0.44
2017 5.25 4.12
2016 13.60 10.16
2015 -3.45 -0.69
2014 -0.23 1.60
2013 7.14 5.29
2012 11.15 9.66

Excludes sales charges. If sales charges and taxes had been included, the value would have been lower.

CharacteristicsAllocations, exposures and holdings are subject to change. Percentages may be rounded.

Allocations, exposures and holdings are subject to change. Percentages may be rounded.
Statistics
As of Date 9/30/2019
Net Assets $427 million
# of Holdings 270
Turnover (9/30/2019) 61%
Dividend Frequency Monthly
Holdings Characteristics
(as of 9/30/2019)
Fund
Effective Duration 0.49 yrs
% in Bank Loans 84
Average Bank Loan Price $96.46
Yields
As of Date 10/31/2019
Distribution Yield at NAV 4.59%
30 Day SEC Yield 4.85%
Unsubsidized 30-Day SEC Yield 4.82%
Fund Essentials
Inception Date 09/30/2011
Symbol HFHIX
CUSIP 41664M151
Fund Number 1038

Top Ten Issuers (%)

(as of 9/30/2019)
label percentageholding
Zelis Healthcare Corp. 4.35
Asurion LLC 2.75
Sprint Communications, Inc. 2.27
Houghton Mifflin Harcourt Publishing Co. 2.15
Caesars Entertainment Operating Co. 1.94
Flex Acquisition Co., Inc. 1.66
APX Group, Inc. 1.62
BCP Raptor LLC 1.54
Medallion Midland Acquisition LLC 1.51
Caesars Resort Collection LLC 1.43
Total Portfolio % 21.22
(as of 6/30/2019)
label percentageholding
Asurion LLC 2.68
Sprint Communications, Inc. 2.34
Caesars Entertainment Operating Co. 2.28
Houghton Mifflin Harcourt Publishing Co. 2.07
SS&C Technologies, Inc. 1.67
Flex Acquisition Co., Inc. 1.65
Blackhawk Network Holdings, Inc. 1.60
Allied Universal Holdco LLC 1.59
BCP Raptor LLC 1.53
CenturyLink, Inc. 1.45
Total Portfolio % 18.86

Credit Exposure (%)

(as of 9/30/2019)
label value
Aaa/AAA 0
Aa/AA 0
A 0
Baa/BBB 2
Ba/BB 22
B 63
Caa/CCC or lower 9
Not Rated 5
Cash & Cash Offsets -1
Credit exposure is the credit ratings for the underlying securities of the Fund as provided by Standard and Poor's (S&P), Moody's Investors Service, or Fitch and typically range from AAA/Aaa (highest) to C/D (lowest). If S&P, Moody's, and Fitch assign different ratings, the median rating is used. If only two agencies assign ratings, the lower rating is used. Securities that are not rated by any of the three agencies are listed as "Not Rated." Ratings do not apply to the Fund itself or to Fund shares. Ratings may change.
Sector Distribution
Sectors 6/30/2019 Fund 9/30/2019 Benchmark 9/30/2019 UNDERWEIGHT / OVERWEIGHT -7 0 7
Communications 21 21 14
Overweight 100.0%
Energy 8 8 3
Overweight 71.42857142857143%
Other 7 8 6
Overweight 28.571428571428573%
Capital Goods 9 10 9
Overweight 14.285714285714286%
Cash, Cash Equivalents and Cash Offsets 2 0 0
Overweight 0.0%
Technology 11 15 16
Overweight 14.285714285714286%
Consumer Cyclical 21 18 20
Overweight 28.571428571428573%
Consumer Non-Cyclical 11 13 15
Overweight 28.571428571428573%
Financial Institutions 7 6 8
Overweight 28.571428571428573%
Transportation 1 0 2
Overweight 28.571428571428573%
Utilities 0 0 2
Overweight 28.571428571428573%
Basic Industry 2 1 4
Overweight 42.85714285714286%

Insights

pdf

Growth of Covenant-lite: Much Ado About Nothing? 

11/06/2019
Much has been made of the growth in covenant-lite bank loans over the past decade, but the implications for investors may be less onerous than suggested.
pdf

Should Bank Loans Be a Strategic Allocation in Your Portfolio? 

08/05/2019
Bank loans may be worth considering as a strategic allocation because they can add diversification, produce income, and have a history of positive returns.
pdf

3Q Multi-Asset Outlook: Central Banks to the Rescue? Don't Count on it  

07/15/2019
Regardless of near-term developments on the trade front, I expect growth to slow and think investors should consider more defensive positioning.

Literature

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pdf

Fact Sheet

09/30/2019 | pdf

This Fund Fact Sheet summarizes the Fund's investment approach, portfolio statistics, top holdings, and current performance.

View FINRA Letter

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Commentary

09/30/2019 | pdf

Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.

View FINRA Letter

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Summary Prospectus

03/01/2019 | pdf

A concise summary of the Fund’s investment strategy, performance, expenses, risks, and management team.

Pitchbook

09/30/2019 | pdf

This Pitchbook reviews the Funds' investment approach, investment team, investment process, and general portfolio parameters.

Semi Annual Report

04/30/2019 | pdf

A semi-annual update on the Fund that includes a manager discussion of the Fund’s performance and financial statements.

Statutory Prospectus

03/01/2019 | pdf

An annual update on the Fund that includes information about the Fund’s investment manager, sub-adviser, and operations.

Annual Report

10/31/2018 | pdf

An annual update on the Fund that includes a manager discussion of the Fund’s performance and financial statements.

SAI

03/01/2019 | pdf

A supplementary document to the Fund’s prospectus that includes additional information about the Fund and its operations.  

Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Fixed income security risks include credit, liquidity, call, duration, and interest-rate risk. As interest rates rise, bond prices generally fall. • Loans can be difficult to value and less liquid than other types of debt instrument; they are also subject to nonpayment, collateral, bankruptcy, default, extension, prepayment and insolvency risks. • Investments in high-yield ("junk") bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. • Derivatives are generally more volatile and sensitive to changes in market or economic conditions than other securities; their risks include currency, leverage, liquidity, index, pricing, and counterparty risk. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political and economic developments. • Restricted securities may be more difficult to sell and price than other securities.
The Fund should not be considered an alternative to CDs or money market funds. This Fund is intended for investors who are looking to complement their traditional fixed-income investments.

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