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The 5-Minute Forecast

3Q19: Lower Rates vs. Trade War

A concise summary of the Hartford Funds Investment Consulting Group's views on the main challenges facing investors: Growth, Income, Volatility, Inflation, and Taxes.

For a quick market recap of 2Q 2019, please click here.

Growth

The Federal Reserve (Fed) was partly responsible for the sharp rebound in equities to start 2019 and could serve as a catalyst for further gains. While Fed rhetoric turned dovish late in 2018, it has taken a more accommodative stance recently and stated it would "act as appropriate to sustain economic expansion."

The US-China trade war is the looming dark cloud that could negatively impact the global economy and spur elevated levels of equity volatility. Small- and mid-cap equities were once seen as somewhat insulated from trade wars due to domestically oriented businesses, but disruptions to the global supply chain could potentially impact their input costs.

Outside of the US, growth is likely to remain sluggish despite accommodation from the European Central Bank, Bank of Japan, and other central banks. Developed-market equities look attractive on a valuation basis relative to the US, but we believe the stability of the US economy makes US exposure desirable in the near term. The growth potential and valuations for emerging markets suggest an attractive entry point for long-term investors. A weaker US dollar could be a catalyst for stronger performance abroad.

Implementation Ideas »


Income

Investment-grade and high-yield debt look expensive relative to historical spread levels,A but continued monetary accommodation is likely to keep demand for risk assets high. Though default rates are low by historical standards, investors may not be adequately compensated for credit risk if fundamentals deteriorate more quickly than expected. Investors may want to seek higher-quality sources of income. Securitized credit may also be an attractive source of income and may help reduce corporate credit risk in portfolios.

Emerging-market debt could be an attractive area for investors willing to accept some volatility. Low US rates and the potential for future rate cuts could be supportive of the asset class.

Implementation Ideas »


Volatility

Volatility in risk assets is likely to remain elevated until there is a resolution on the US-China trade front. There doesn’t appear to be any catalyst that would tip the US into a recession in the near term, though there are signs that the market is later in the cycle.

Treasury yields have dropped sharply in 2019, and the increasing probability of a rate cut should be supportive of duration.B Upside potential may be limited to fixed-income coupon payments, but high-quality bonds should remain a strong diversifier in the face of equity-market volatility.

In the face of higher volatility, equity investors may want to consider more defensive, high-quality companies that have the potential to outperform during periods of low or slowing growth.

Implementation Ideas »


Inflation

Inflation readings remain stubbornly low, and expectations for future inflation have dipped. Any further escalation in the US-China trade war has the potential to be inflationary, as the US has threatened additional tariffs if the two sides can’t reach an agreement.

Breakeven inflation rates are near two-year lows, which may be an attractive entry point for Treasury Inflation-Protected Securities (TIPS) if investors believe inflation will surprise to the upside. Oil prices have firmed up on supply disruptions and tensions with Iran. A weaker US dollar could also be supportive of oil prices. Precious metals could serve as a hedge against further geopolitical events and slower global growth.

Implementation Ideas »


Taxes

Supply-demand dynamics continue to be supportive of municipal bond prices, with modest levels of new issuance coming to market and strong investor demand. Lower personal tax rates have not dampened the demand for tax-free income, and the summer months tend to be a period of seasonally low issuance. We think longer-dated municipal bonds look attractive relative to Treasuries on a tax-adjusted basis, though investors may need to extend duration to pick up yield given the steepness of the municipal curve.

Implementation Ideas »


2Q Market Review

Global equity markets continued their upward trajectory that started on December 24, but volatility began to creep higher in May as US-China trade tensions escalated. The US hiked tariffs on $200 billion worth of Chinese imports from 10% from 25%. China responded in kind, hiking tariffs on $60 billion of US goods. The ongoing trade war dampened the outlook for global growth, which sparked a selloff in risk assets in May.

A UK resolution to leave the European Union was delayed until October 31 as Prime Minister Theresa May’s deal was met with opposition. After failing to reach a deal, Theresa May resigned from office, and her successor will be chosen in July.

Despite the challenging macro backdrop, global equity and fixed-income markets posted positive returns for the quarter. Global central banks have committed to accommodative policy, and although the Fed left its key rate unchanged in June, they left the door open for possible cuts in the future.


Past performance is not a guarantee of future results. Investors cannot directly invest in an index.


* Views expressed are those of Hartford Funds Investment Consulting Group as of 6/30/19, based on available information, and subject to change without notice. This material is not intended to constitute investment advice, an offer to sell, or the solicitation of an offer to purchase shares or other securities.

A Spread levels are the difference in yields between two fixed-income securities with the same maturity, but originating from different investment sectors.
B Duration is a measure of the sensitivity of an investment’s price to nominal interest-rate movement.

 

Investing involves risk, including the possible loss of principal. There is no guarantee a fund will achieve its stated objective. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • 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. These risks may be greater for investments in emerging markets • Fixed income security risks include credit, liquidity, call, duration, and interest-rate risk. As interest rates rise, bond prices generally fall. Investments in high-yield (“junk”) bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. • Loans can be difficult to value and highly illiquid; they are also subject to nonpayment, collateral, bankruptcy, default, extension, prepayment and insolvency risks. • 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. • The value of inflation-protected securities (IPS) generally fluctuates with changes in real interest rates, and the market for IPSs may be less developed or liquid, and more volatile, than other securities markets. • Investments in the commodities market and the natural-resource industry may increase the fund’s liquidity risk, volatility and risk of loss if adverse developments occur. • Small- and mid-cap securities can have greater risk and volatility than large-cap securities. • The main risk of real estate related securities is that the value of the underlying real estate may decrease in value. • In certain instances, unlike other ETFs, the Hartford Schroders Tax-Aware Bond ETF, Hartford Municipal Opportunities ETF, and Hartford Short Duration ETF may effect creations and redemptions partly or wholly for cash, rather than in-kind, which may make the fund less tax-efficient and incur more fees than an ETF that primarily or wholly effects creations and redemptions in-kind. The Hartford Municipal Opportunities ETF and Hartford Schroders Tax-Aware Bond ETF are actively managed and do not seek to replicate the performance of a specified index. • Due to its investment strategy, the Hartford Multifactor US Equity ETF may make higher capital gain distributions than other ETFs. • Diversification does not ensure a profit or protect against a loss in a declining market.

The views expressed herein are those of Hartford Funds, are for informational purposes only, and are subject to change based on prevailing market, economic, and other conditions. The views expressed may not reflect the opinions of the sub-advisers to our funds. They should not be construed as research or investment advice nor should they be considered an offer or solicitation to buy or sell any security. This information is current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Hartford Funds.

WP424_0619  212939    HFA000546

Hartford Core Equity Fund 

(HGIIX)

(as of 7/31/2019)
Overall
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Overall, 5 stars, 3-Year, 5 stars, 5-Year, 5 stars, and 10-Year, 5 stars, rated against 1197, 1197, 1064 and 810 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.
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1197 Products | Large Blend Category
Based on Risk-Adjusted Returns

Morningstar Analyst Rating1

Performance (%)
% (as of 7/31/2019)
Average Annual Total Returns % (as of 7/31/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Core Equity  I 22.03 10.88 13.76 12.70 14.54 7.04
BENCHMARK 20.24 7.99 13.36 11.34 14.03 ---
Morningstar Large Blend Category 18.93 5.93 11.77 9.05 11.99 ---
Performance (%)
% (as of 6/30/2019)
Average Annual Total Returns % (as of 6/30/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Core Equity  I 19.72 13.39 14.09 11.90 15.03 6.97
BENCHMARK 18.54 10.42 14.19 10.71 14.70 ---
Morningstar Large Blend Category 17.23 8.10 12.58 8.36 12.65 ---
SI = Since Inception. Fund Inception: 04/30/1998
Operating Expenses:   Net 0.47% |  Gross  0.47%
Share Class Inception: 3/31/15.
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 4/30/98.

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.

1 Morningstar awarded the Fund a Bronze analyst rating on 10/3/18. The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an Analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected. For more detailed information about Morningstar’s Analyst rating, including its methodology, please go to hartfordfunds.com/MorningstarAnalystMethodology.


Hartford Emerging Markets Equity Fund 


Hartford Growth Opportunities Fund 


Hartford Schroders International Stock Fund 


Hartford Multifactor Developed Markets (ex-US) ETF 


Hartford Multifactor US Equity ETF 

The preceding list includes both mutual funds and ETFs. Unlike traditional open-ended mutual funds, ETF shares are bought and sold in the secondary market through a stockbroker. Brokerage commissions may apply. ETFs trade on the major stock exchanges and their prices will fluctuate throughout the day. When buying or selling an ETF, you’ll pay or receive the current market price, which may be more or less than net asset value. Mutual fund investors buy and sell directly with the mutual fund and mutual fund shares are priced once a day after the markets close. Both mutual funds and ETFs are subject to risk and volatility.

Hartford Balanced Income Fund 

(HBLIX)

(as of 7/31/2019)
Overall
infoIcon:
Overall, 5 stars, 3-Year, 5 stars, 5-Year, 5 stars, and 10-Year, 5 stars, rated against 477, 477, 385 and 260 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.
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477 Products | Allocation--30% to 50% Equity Category
Based on Risk-Adjusted Returns

Morningstar Analyst Rating1

Performance (%)
% (as of 7/31/2019)
Average Annual Total Returns % (as of 7/31/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Balanced Income  I 13.19 8.06 6.88 6.57 9.44 7.33
BENCHMARK 13.70 8.23 6.57 6.14 9.11 ---
Morningstar Allocation--30% to 50% Equity Category 10.34 4.16 4.85 3.70 5.81 ---
Performance (%)
% (as of 6/30/2019)
Average Annual Total Returns % (as of 6/30/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Balanced Income  I 12.65 10.61 7.35 6.17 10.12 7.34
BENCHMARK 12.91 9.97 7.08 5.81 9.68 ---
Morningstar Allocation--30% to 50% Equity Category 9.88 5.14 5.38 3.38 6.22 ---
SI = Since Inception. Fund Inception: 07/31/2006
Operating Expenses:   Net 0.65% |  Gross  0.65%
Share Class Inception: 2/26/10.
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 7/31/06.

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.

1 Morningstar awarded the Fund a Silver analyst rating on 11/4/18. The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an Analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected. For more detailed information about Morningstar’s Analyst rating, including its methodology, please go to hartfordfunds.com/MorningstarAnalystMethodology.


Hartford Schroders Emerging Markets Multi-Sector Bond Fund 


Hartford Multi-Asset Income and Growth Fund 


Hartford Schroders Securitized Income Fund 

Hartford Short Duration Fund 

(HSDIX)

(as of 7/31/2019)
Overall
infoIcon:
Overall, 4 stars, 3-Year, 4 stars, 5-Year, 4 stars, and 10-Year, 4 stars, rated against 490, 490, 433 and 277 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.
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490 Products | Short-Term Bond Category
Based on Risk-Adjusted Returns

Morningstar Analyst Rating1

Performance (%)
% (as of 7/31/2019)
Average Annual Total Returns % (as of 7/31/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Short Duration  I 4.62 4.77 2.61 2.30 2.95 2.84
BENCHMARK 2.65 4.15 1.56 1.46 1.54 ---
Morningstar Short-Term Bond Category 3.30 4.15 1.87 1.60 2.17 ---
Performance (%)
% (as of 6/30/2019)
Average Annual Total Returns % (as of 6/30/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Short Duration  I 4.36 4.87 2.69 2.22 3.05 2.84
BENCHMARK 2.71 4.27 1.59 1.46 1.59 ---
Morningstar Short-Term Bond Category 3.21 4.23 1.93 1.55 2.31 ---
SI = Since Inception. Fund Inception: 10/31/2002
Operating Expenses:   Net 0.52% |  Gross  0.52%
Share Class Inception: 2/26/10.
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 10/31/02.

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.

1 Morningstar awarded the Fund a Neutral analyst rating on 11/30/18. The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an Analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected. For more detailed information about Morningstar’s Analyst rating, including its methodology, please go to hartfordfunds.com/MorningstarAnalystMethodology.


Hartford Short Duration ETF 


Hartford Total Return Bond Fund 


Hartford Total Return Bond ETF 


Hartford World Bond Fund 

The preceding list includes both mutual funds and ETFs. Unlike traditional open-ended mutual funds, ETF shares are bought and sold in the secondary market through a stockbroker. Brokerage commissions may apply. ETFs trade on the major stock exchanges and their prices will fluctuate throughout the day. When buying or selling an ETF, you’ll pay or receive the current market price, which may be more or less than net asset value. Mutual fund investors buy and sell directly with the mutual fund and mutual fund shares are priced once a day after the markets close. Both mutual funds and ETFs are subject to risk and volatility.

Hartford Inflation Plus Fund 

Performance (%)
% (as of 7/31/2019)
Average Annual Total Returns % (as of 7/31/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Inflation Plus  I 5.23 4.38 1.75 1.24 3.05 3.92
BENCHMARK 5.33 5.24 1.88 1.50 2.90 ---
Morningstar Inflation-Protected Bond Category 6.17 4.82 1.95 1.25 2.99 ---
Performance (%)
% (as of 6/30/2019)
Average Annual Total Returns % (as of 6/30/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Inflation Plus  I 5.13 3.99 1.87 1.16 3.05 3.93
BENCHMARK 5.16 4.68 1.93 1.42 2.93 ---
Morningstar Inflation-Protected Bond Category 5.88 4.20 2.09 1.17 3.01 ---
SI = Since Inception. Fund Inception: 10/31/2002
Operating Expenses:   Net 0.60% |  Gross  0.68%
Share Class Inception: 8/31/06.
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 10/31/02.

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.

Hartford Schroders Tax-Aware Bond Fund 

(STWTX)

(as of 7/31/2019)
Overall
infoIcon:
Overall, 4 stars, 3-Year, 3 stars, and 5-Year, 4 stars, rated against 240, 240 and 216 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.
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email
240 Products | Muni National Interm Category
Based on Risk-Adjusted Returns

Morningstar Analyst Rating1

Performance (%)
% (as of 7/31/2019)
Average Annual Total Returns % (as of 7/31/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Schroders Tax-Aware Bond  I 6.36 7.57 2.66 3.92 --- 5.03
BENCHMARK 5.94 7.31 2.80 3.77 --- ---
Morningstar Muni National Intermediate Category 5.55 6.39 2.28 2.91 --- ---
Performance (%)
% (as of 6/30/2019)
Average Annual Total Returns % (as of 6/30/2019)
YTD 1YR 3YR 5YR 10YR SI
Hartford Schroders Tax-Aware Bond  I 5.89 7.30 2.48 3.97 --- 5.03
BENCHMARK 5.09 6.71 2.55 3.64 --- ---
Morningstar Muni National Intermediate Category 4.77 5.87 2.02 2.79 --- ---
SI = Since Inception. Fund Inception: 10/03/2011
Operating Expenses:   Net 0.49% |  Gross  0.62%
Performance prior to 10/24/16 for Class I-shares reflects the performance, fees, and expenses of the Investor Class of the predecessor fund Schroder Broad Tax-Aware Value Bond Fund. If Class I fees and expenses were reflected, performance would have differed. SI performance is calculated from 10/03/11.

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.

1 Morningstar awarded the Fund a Neutral analyst rating on 12/5/18. The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an Analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected. For more detailed information about Morningstar’s Analyst rating, including its methodology, please go to hartfordfunds.com/MorningstarAnalystMethodology.


Hartford Schroders Tax-Aware Bond ETF 


Hartford Municipal Income Fund 


Hartford Municipal Opportunities Fund 


Hartford Municipal Opportunities ETF 

The preceding list includes both mutual funds and ETFs. Unlike traditional open-ended mutual funds, ETF shares are bought and sold in the secondary market through a stockbroker. Brokerage commissions may apply. ETFs trade on the major stock exchanges and their prices will fluctuate throughout the day. When buying or selling an ETF, you’ll pay or receive the current market price, which may be more or less than net asset value. Mutual fund investors buy and sell directly with the mutual fund and mutual fund shares are priced once a day after the markets close. Both mutual funds and ETFs are subject to risk and volatility.