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Hartford Municipal Real Return Fund

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Objective

Seeks to provide current income exempt from federal income tax, and after-tax inflation adjusted total returns.

Overview

A municipal bond fund that seeks to provide after-tax inflation-adjusted returns by using an actively managed inflation hedge while providing income that is typically exempt from federal taxes.

More About Municipal Real Return Fund 

Performance

Performance (%)
% (as of 12/31/2017)
Average Annual Total Returns % (as of 12/31/2017)
YTD 1YR 3YR 5YR 10YR SI
Hartford Municipal Real Return  I 4.59 4.59 2.76 2.07 2.46 3.12
Benchmark 4.33 4.33 2.37 2.46 3.99 ---
Morningstar Muni National Intermediate Category 4.46 4.46 2.23 2.09 3.56 ---
Performance (%)
% (as of 12/31/2017)
Average Annual Total Returns % (as of 12/31/2017)
YTD 1YR 3YR 5YR 10YR SI
Hartford Municipal Real Return  I 4.59 4.59 2.76 2.07 2.46 3.12
Benchmark 4.33 4.33 2.37 2.46 3.99 ---
Morningstar Muni National Intermediate Category 4.46 4.46 2.23 2.09 3.56 ---
SI = Since Inception. Fund Inception: 06/02/1986
Operating Expenses:   Net  0.45% |  Gross  0.53%

Share Class Inception: 5/31/07.
Class I-share performance prior to its inception date reflects Class A-share performance (excluding sales charges) and operating expenses. SI performance is calculated from 2/19/02.

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

(as of 12/31/2017)
[{"date":"2017/12/31","value":"12428"},{"date":"2017/11/30","value":"12306"},{"date":"2017/10/31","value":"12345"},{"date":"2017/09/30","value":"12291"},{"date":"2017/08/31","value":"12291"},{"date":"2017/07/31","value":"12209"},{"date":"2017/06/30","value":"12126"},{"date":"2017/05/31","value":"12191"},{"date":"2017/04/30","value":"12112"},{"date":"2017/03/31","value":"12123"},{"date":"2017/02/28","value":"12057"},{"date":"2017/01/31","value":"12003"},{"date":"2016/12/31","value":"11911"},{"date":"2016/11/30","value":"11793"},{"date":"2016/10/31","value":"12103"},{"date":"2016/09/30","value":"12130"},{"date":"2016/08/31","value":"12089"},{"date":"2016/07/31","value":"12049"},{"date":"2016/06/30","value":"12046"},{"date":"2016/05/31","value":"11914"},{"date":"2016/04/30","value":"11925"},{"date":"2016/03/31","value":"11885"},{"date":"2016/02/29","value":"11756"},{"date":"2016/01/31","value":"11740"},{"date":"2015/12/31","value":"11712"},{"date":"2015/11/30","value":"11633"},{"date":"2015/10/31","value":"11579"},{"date":"2015/09/30","value":"11478"},{"date":"2015/08/31","value":"11513"},{"date":"2015/07/31","value":"11522"},{"date":"2015/06/30","value":"11557"},{"date":"2015/05/31","value":"11550"},{"date":"2015/04/30","value":"11622"},{"date":"2015/03/31","value":"11580"},{"date":"2015/02/28","value":"11653"},{"date":"2015/01/31","value":"11690"},{"date":"2014/12/31","value":"11539"},{"date":"2014/11/30","value":"11610"},{"date":"2014/10/31","value":"11669"},{"date":"2014/09/30","value":"11645"},{"date":"2014/08/31","value":"11715"},{"date":"2014/07/31","value":"11688"},{"date":"2014/06/30","value":"11660"},{"date":"2014/05/31","value":"11595"},{"date":"2014/04/30","value":"11410"},{"date":"2014/03/31","value":"11249"},{"date":"2014/02/28","value":"11279"},{"date":"2014/01/31","value":"11169"},{"date":"2013/12/31","value":"11033"},{"date":"2013/11/30","value":"11018"},{"date":"2013/10/31","value":"11065"},{"date":"2013/09/30","value":"11016"},{"date":"2013/08/31","value":"10836"},{"date":"2013/07/31","value":"10932"},{"date":"2013/06/30","value":"10919"},{"date":"2013/05/31","value":"11226"},{"date":"2013/04/30","value":"11416"},{"date":"2013/03/31","value":"11393"},{"date":"2013/02/28","value":"11405"},{"date":"2013/01/31","value":"11417"},{"date":"2012/12/31","value":"11370"},{"date":"2012/11/30","value":"11486"},{"date":"2012/10/31","value":"11326"},{"date":"2012/09/30","value":"11257"},{"date":"2012/08/31","value":"11164"},{"date":"2012/07/31","value":"11143"},{"date":"2012/06/30","value":"10992"},{"date":"2012/05/31","value":"11028"},{"date":"2012/04/30","value":"11015"},{"date":"2012/03/31","value":"10910"},{"date":"2012/02/29","value":"10962"},{"date":"2012/01/31","value":"10911"},{"date":"2011/12/31","value":"10501"},{"date":"2011/11/30","value":"10424"},{"date":"2011/10/31","value":"10403"},{"date":"2011/09/30","value":"10302"},{"date":"2011/08/31","value":"10290"},{"date":"2011/07/31","value":"10308"},{"date":"2011/06/30","value":"10213"},{"date":"2011/05/31","value":"10088"},{"date":"2011/04/30","value":"9970"},{"date":"2011/03/31","value":"9779"},{"date":"2011/02/28","value":"9817"},{"date":"2011/01/31","value":"9693"},{"date":"2010/12/31","value":"9804"},{"date":"2010/11/30","value":"9985"},{"date":"2010/10/31","value":"10272"},{"date":"2010/09/30","value":"10287"},{"date":"2010/08/31","value":"10260"},{"date":"2010/07/31","value":"10006"},{"date":"2010/06/30","value":"9894"},{"date":"2010/05/31","value":"9877"},{"date":"2010/04/30","value":"9804"},{"date":"2010/03/31","value":"9663"},{"date":"2010/02/28","value":"9645"},{"date":"2010/01/31","value":"9568"},{"date":"2009/12/31","value":"9505"},{"date":"2009/11/30","value":"9418"},{"date":"2009/10/31","value":"9400"},{"date":"2009/09/30","value":"9569"},{"date":"2009/08/31","value":"9062"},{"date":"2009/07/31","value":"8870"},{"date":"2009/06/30","value":"8745"},{"date":"2009/05/31","value":"8812"},{"date":"2009/04/30","value":"8614"},{"date":"2009/03/31","value":"8437"},{"date":"2009/02/28","value":"8418"},{"date":"2009/01/31","value":"8306"},{"date":"2008/12/31","value":"8101"},{"date":"2008/11/30","value":"8341"},{"date":"2008/10/31","value":"8507"},{"date":"2008/09/30","value":"9046"},{"date":"2008/08/31","value":"9939"},{"date":"2008/07/31","value":"9851"},{"date":"2008/06/30","value":"9899"},{"date":"2008/05/31","value":"9976"},{"date":"2008/04/30","value":"9872"},{"date":"2008/03/31","value":"9746"},{"date":"2008/02/29","value":"9552"},{"date":"2008/01/31","value":"10096"},{"date":"2007/12/31","value":"10000"}]

 
Growth of $10,000

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

Calendar Year Returns (%)
Fund Benchmark
2017 4.59 4.33
2016 2.07 0.01
2015 1.64 2.83
2014 4.93 6.36
2013 -2.72 -1.05
2012 8.52 4.74
2011 7.35 8.80
2010 3.50 2.97
2009 17.62 8.88
2008 -18.84 2.48

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

Characteristics Holdings are subject to change. Percentages may be rounded.

Statistics
As of Date 12/31/2017
Net Assets $179 million
# of Holdings 253
Turnover (12/31/2017) 18%
Dividend Frequency Monthly
Holdings Characteristics
(as of 12/31/2017)
Fund
Effective Duration 4.68 yrs.
Hedge Ratio 79
Years To Worst 5.32 yrs.

Credit Exposure (%)

(as of 12/31/2017)
label value
Aaa/AAA 18.0
Aa/AA 21.6
A 35.5
Baa/BBB 10.8
Ba/BB 5.0
B 0.6
Caa/CCC or lower 0.5
Not Rated 6.1
Cash & Cash Offsets 2.0

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.

Fund Essentials
Inception Date 06/02/1986
Symbol HTNIX
CUSIP 416641793
Fund Number 1605

Top Ten Issuers (%)

(as of 12/31/2017)
label percentageholding
New York State Dormitory Auth Rev 5.20
Illinois State Finance Auth Rev 3.16
Illinois State, GO 2.35
Washington State Health Care Facs Auth Rev 1.57
Rhode Island Health & Educational Bldg Corp. 1.56
City of San Antonio, TX, Electric & Gas Systems Rev 1.50
Chicago, IL, O'Hare International Airport Rev 1.45
Pittsburgh, PA, School Dist GO 1.43
Socorro, TX, Independent School Dist 1.37
Dayton, OH, City School Dist GO 1.36
Total Portfolio % 20.95
(as of 9/30/2017)
label percentageholding
New York State Dormitory Auth Rev 5.09
Illinois State Finance Auth Rev 3.09
Illinois State, GO 2.34
District of Columbia University Rev 1.70
Rhode Island Health & Educational Bldg Corp. 1.53
Washington State Health Care Facs Auth Rev 1.52
City of San Antonio, TX, Electric & Gas Systems Rev 1.47
Chicago, IL, O'Hare International Airport Rev 1.44
Pittsburgh, PA, School Dist GO 1.43
FYI Properties, WA, Lease Rev 1.33
Total Portfolio % 20.94

Revenue Sector Exposure (%)

(as of 12/31/2017)
label currentpercentage
Health Care 12.9
Prt,Airport & Marina 10.7
Sales Tax 5.2
Special Tax 8.3
Tobacco 1.2
Port Authority 0.7
Housing 1.4
Lease 7.4
Multiple Utilities 4.2
Industrial Development 0.6
Transportation 5.9
Sewer & Water 4.9
Education 1.9
Other 0.0
(as of 9/30/2017)
label currentpercentage
Health Care 13.9
Prt,Airport & Marina 10.5
Sales Tax 5.0
Special Tax 9.4
Tobacco 1.0
Port Authority 0.6
Housing 0.4
Lease 7.1
Multiple Utilities 3.2
Industrial Development 1.1
Transportation 5.7
Sewer & Water 4.8
Education 1.9
Other 0.0
Yields
As of Date 12/31/2017
Distribution Yield at NAV 2.90%
Trailing 12 Month Yield 2.95%
30 Day SEC Yield 1.96%
Unsubsidized 30-Day SEC Yield 1.88%

Insights

pdf

2018 Outlooks (Schroders) 

Fri Dec 22 14:06:00 EST 2017
Thought leaders from Schroder Investment Management provide their outlook on issues that may influence markets and portfolios going forward.
pdf

1Q 2018 Outlooks (Wellington) 

Thu Dec 21 14:06:00 EST 2017
Thought leaders from Wellington Management provide their outlook on issues that may influence markets and portfolios going forward.
pdf

Municipal Credit Risk and Natural Disasters 

Thu Sep 14 12:42:00 EDT 2017
Despite the enormity of this year’s hurricane season, we believe municipalities in the affected regions will be able to, by and large, manage through these latest challenges.

Literature

Fund Literature

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Fact Sheet

09/30/2017 | pdf
Get FINRA Letter

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Commentary

09/30/2017 | pdf
Get FINRA Letter

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Summary Prospectus

03/01/2017 | pdf

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Pitchbook

09/30/2017 | pdf

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Semi Annual Report

04/30/2017 | pdf

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Statutory Prospectus

03/01/2017 | pdf

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Annual Report

10/31/2017 | pdf

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SAI

03/01/2017 | pdf

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A WORD ABOUT RISK

All investments are subject to risk, including the possible loss of principal. There is no guarantee the Fund will achieve its stated objective. The Fund's share price may fluctuate due to market risk and/or security selections that may underperform the market or relevant benchmarks. Fixed Income risks include credit, liquidity, call, duration, and interest-rate risk. As interest rates rise, bond prices generally fall; these risks are currently heightened because interest rates are at, or near, historical lows. The value of inflation-protected securities generally fluctuates with changes in real interest rates and the market for these securities may be less developed or liquid, and more volatile, than other securities markets. Derivatives may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions; risks include currency, leverage, liquidity, index, pricing, and counterparty risk. Municipal securities may be adversely impacted by state/local, political, economic, or market conditions. Investors may be subject to the federal Alternative Minimum Tax as well as state and local income taxes. Capital gains, if any, are taxable.

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