N-CSR 1 d489939dncsr.htm HARTFORD MUTUAL FUNDS II, INC. HARTFORD MUTUAL FUNDS II, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-00558

THE HARTFORD MUTUAL FUNDS II, INC.

(Exact name of registrant as specified in charter)

690 Lee Road, Wayne, Pennsylvania 19087

(Address of Principal Executive Offices) (Zip Code)

Thomas R. Phillips, Esquire

Hartford Funds Management Company, LLC

690 Lee Road

Wayne, Pennsylvania 19087

(Name and Address of Agent for Service)

Copy to:

John V. O’Hanlon, Esquire

Dechert LLP

One International Place, 40th Floor

100 Oliver Street

Boston, Massachusetts 02110-2605

Registrant’s telephone number, including area code:  (610) 386-4068

Date of fiscal year end: October 31

Date of reporting period: October 31, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Item 1. Reports to Stockholders.

(a)


Hartford Schroders Funds
Annual Report
October 31, 2023
Hartford Schroders China A Fund
Hartford Schroders Diversified Emerging Markets Fund
Hartford Schroders Diversified Growth Fund
Hartford Schroders Emerging Markets Equity Fund
Hartford Schroders Emerging Markets Multi-Sector Bond Fund
Hartford Schroders International Contrarian Value Fund
Hartford Schroders International Multi-Cap Value Fund
Hartford Schroders International Stock Fund
Hartford Schroders Sustainable Core Bond Fund*
Hartford Schroders Sustainable International Core Fund
Hartford Schroders Tax-Aware Bond Fund
Hartford Schroders US MidCap Opportunities Fund
Hartford Schroders US Small Cap Opportunities Fund
* Effective November 30, 2023, the Fund will change its name to Hartford Schroders Core Fixed Income Fund.


A MESSAGE FROM THE PRESIDENT
Dear Shareholders
Thank you for investing in Hartford Mutual Funds. The following is the Funds’ Annual Report covering the period from November 1, 2022 through October 31, 2023.
Market Review
During the 12 months ended October 31, 2023, U.S. stocks, as measured by the S&P 500 Index,1 gained 10.14%. While the results were positive for the period, it was nonetheless a turbulent ride for investors as brief surges of optimism were repeatedly challenged by episodes of extreme volatility and uncertainty over the direction of inflation, interest rates, economic growth, and Federal Reserve (Fed) policy—as well as a brief but troubling banking crisis and a late-period rise in U.S. Treasury yields.
At the start of the period, most major equity indices were rising in response to a succession of Consumer Price Index (CPI)2 reports showing that inflation, after peaking at 9.1% in June 2022, had tapered off to well below 6% by March 2023. The improved inflation outlook prompted the Federal Open Market Committee (FOMC) to reduce the size of its rate hikes from three-quarters of a percent to a half-percent increase in December 2022, followed by two consecutive quarter-percent hikes.
Nonetheless, most of Fed Chair Jerome Powell’s public statements provided a consistent message that interest rates would still need to stay “higher for longer” until inflation had been sufficiently vanquished—which for the Fed meant a target inflation rate of 2%. Investor sentiment remained volatile as equities soared in January 2023 but pulled back in February 2023.
A sudden March 2023 banking crisis involving the liquidation of Silicon Valley Bank and Signature Bank also shook market sentiment briefly. Sensing fragility in the financial sector, the Fed used its June 2023 meeting to pause its rate hikes for a month. Fortuitously, the CPI report issued during the same month showed annual inflation had dropped to 3%. At the period’s end, the rate had risen to 3.7%.
In May 2023, an unexpectedly positive forward-guidance report from chipmaker NVIDIA helped kick off a surprise stock rally, lifting the value of growth-oriented equities, particularly those linked to artificial-intelligence technology. The rally continued through July 2023 before finally cooling off amidst a sudden surge in U.S. Treasury yields. As of the end of the period, the yield on the bellwether 10-Year Treasury note had climbed to 4.88% amid signals from the Fed that resilience in the economy would likely force the Fed to delay interest rate cuts to 2024. Earlier predictions of imminent recession became more muted.
As 2024 approaches, the continuation of strong consumer demand and relatively low unemployment seems likely to create even greater uncertainty surrounding the Fed’s timetable for keeping interest rates elevated. With volatility likely to persist, even into the new year, it’s more important than ever to maintain a strong relationship with your financial professional.
Thank you again for investing in Hartford Mutual Funds. For the most up-to-date information on our funds, please take advantage of all the resources available at hartfordfunds.com.
James Davey
President
Hartford Funds
1 S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks. Indices are unmanaged and not available for direct 
 investment. Past performance does not guarantee future results.
2 The Consumer Price Index (CPI) in the United States is defined by the Bureau of Labor Statistics as a measure of the average change over time in the prices
paid by urban consumers for a market basket of consumer goods and services.


Hartford Schroders Funds
Table of Contents
Fund Overview (Unaudited) 2
Benchmark Glossary (Unaudited) 44
Expense Examples (Unaudited) 46
Financial Statements:  
Schedules of Investments:  
Hartford Schroders China A Fund 49
Hartford Schroders Diversified Emerging Markets Fund 51
Hartford Schroders Diversified Growth Fund (Consolidated) 55
Hartford Schroders Emerging Markets Equity Fund 63
Hartford Schroders Emerging Markets Multi-Sector Bond Fund 66
Hartford Schroders International Contrarian Value Fund 72
Hartford Schroders International Multi-Cap Value Fund 74
Hartford Schroders International Stock Fund 81
Hartford Schroders Sustainable Core Bond Fund 83
Hartford Schroders Sustainable International Core Fund 88
Hartford Schroders Tax-Aware Bond Fund 90
Hartford Schroders US MidCap Opportunities Fund 95
Hartford Schroders US Small Cap Opportunities Fund 97
Glossary 100
Statements of Assets and Liabilities 101
Statements of Operations 107
Statements of Changes in Net Assets 112
Financial Highlights 119
Notes to Financial Statements 130
Report of Independent Registered Public Accounting Firm 163
Operation of the Liquidity Risk Management Program (Unaudited)  165
Directors and Officers (Unaudited)  166
How to Obtain a Copy of each Fund’s Proxy Voting Policies and Voting Records (Unaudited)  169
Quarterly Portfolio Holdings Information (Unaudited) 169
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) 170
The views expressed in each Fund’s Manager Discussion contained in the Fund Overview section are views of that Fund’s portfolio manager(s) through the end of the period and are subject to change based on market and other conditions, and we disclaim any responsibility to update the views contained herein. These views may contain statements that are “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. Each Fund’s Manager Discussion is for informational purposes only and does not represent an offer, recommendation or solicitation to buy, hold or sell any security. The specific securities identified and described, if any, do not represent all of the securities purchased or sold and you should not assume that investments in the securities identified and discussed will be profitable. Holdings and characteristics are subject to change. With the exception of Hartford Schroders Diversified Emerging Markets Fund, Hartford Schroders Diversified Growth Fund, Hartford Schroders International Contrarian Value Fund, Hartford Schroders Sustainable Core Bond Fund, and Hartford Schroders Sustainable International Core Fund, Fund performance reflected in each Fund’s Manager Discussion reflects the returns of such Fund’s Class A shares, before sales charges, and returns for such Fund’s other classes differ only to the extent that the classes do not have the same expenses. Fund performance reflected in the Manager Discussion for each of Hartford Schroders Diversified Emerging Markets Fund, Hartford Schroders Diversified Growth Fund, Hartford Schroders International Contrarian Value Fund, Hartford Schroders Sustainable Core Bond Fund, and Hartford Schroders Sustainable International Core Fund reflect the returns of such Fund's Class SDR shares and returns for such Fund’s other classes differ only to the extent that the classes do not have the same expenses.


Hartford Schroders China A Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 03/31/2020
Sub-advised by Schroder Investment Management North America Inc. and its
sub-sub-adviser, Schroder Investment Management North America Limited
Investment objective – The Fund seeks long-term capital appreciation.
Comparison of Change in Value of $10,000 Investment (03/31/2020 - 10/31/2023)
The chart above represents the hypothetical growth of a $10,000 investment in Class A, which includes the maximum sales charge applicable to Class A shares. Returns for the Fund’s other classes will vary from what is seen above due to differences in the expenses charged to those share classes.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year Since
Inception1
Class A2 -1.60% 2.94%
Class A3 -7.01% 1.33%
Class C2 -1.80% 2.53%
Class C4 -2.78% 2.53%
Class I2 -1.29% 3.20%
Class Y2 -1.25% 3.28%
Class F2 -1.13% 3.37%
Class SDR2 -1.13% 3.37%
MSCI China A Onshore Index (Net) -0.11% 1.06%
    
1 Inception: 03/31/2020
2 Without sales charge
3 Reflects maximum sales charge of 5.50%
4 Reflects a contingent deferred sales charge of 1.00%
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain
adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
Operating Expenses* Gross Net
Class A 1.69% 1.45%
Class C 2.39% 2.25%
Class I 1.37% 1.15%
Class Y 1.35% 1.11%
Class F 1.24% 0.99%
Class SDR 1.25% 0.99%
    
* Expenses as shown in the Fund’s most recent prospectus. Gross expenses do not reflect contractual expense reimbursement arrangements. Net expenses reflect such arrangements in instances when they reduce gross expenses. These arrangements remain in effect until 02/29/2024 unless the Fund’s Board of Directors approves an earlier termination. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.
 

2


Hartford Schroders China A Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Portfolio Manager
Hartford Schroders China A Fund’s sub-adviser is Schroder Investment Management North America Inc. and its sub-sub-adviser is Schroder Investment Management North America Limited.
Jack Lee, CFA
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class A shares of the Hartford Schroders China A Fund returned -1.60%, before sales charges, for the twelve-month period ended October 31, 2023, underperforming the Fund’s benchmark, the MSCI China A Onshore Index (Net), which returned -0.11% for the same period. For the same period, the Class A shares of the Fund, before sales charges, underperformed the 8.17% average return of the Lipper China Region Funds peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
The China markets saw a very sharp rebound in the last quarter of 2022 from those very ‘oversold’ levels. The recovery was driven by the long-awaited relaxation of Covid measures. The Chinese authorities have also taken more decisive steps to support activity in the domestic property market during the period through the provision of increased liquidity support to many of the distressed private sector developers. This shift in stance is important as the emphasis moves from encouraging deleveraging towards supporting activity and economic growth in this key industry. Nonetheless, the positive sentiments failed to sustain in 2023 due to the re-escalation of geopolitical tension between U.S. and China. The unexciting 2023 gross domestic product (GDP) growth target for China of 5% announced by China’s new leadership team also cooled off the overall market sentiment. Investors were also disappointed with the anemic economic recovery as well as the lack of concerted policy efforts from the government to turnaround the weak economic situation in China.
From an allocation perspective, the underweight in the Financials sector and overweight in the Materials sector detracted performance the most. Stock selections in these two sectors were favorable during the period, offsetting part of the negative impact. At the stock level, online gaming company Perfect World was a key contributor as it continued to benefit from the recovery in China’s gaming industry. Investors also liked the company for its rich game pipeline. Online financial platform Hithink RoyalFlush Information Network also rallied as investors believed the company can benefit from the artificial intelligence trend given its massive data base gathered from its daily business operation. Gold miner Zijin Mining Group went higher alongside gold prices, as investors looked for safe heaven amid the banking crisis in the U.S. and Europe and the weak macroeconomic outlook in China during the period. On the flip side, medical equipment company Qingdao Haier Biomedical traded lower as investors were conscious that the government’s budget for Healthcare infrastructure could be lower than expected amid a weak macroeconomic outlook. Zhejiang Huayou Cobalt remained weak alongside the soft cobalt price
as a result of surging supply of cobalt. Piesat Information Technology, a remote sensing and navigation satellite application services provider, was weak as its operating results were disappointing.
During the period, the Fund did not use derivatives.
What is the outlook as of the end of the period?
Recent macroeconomic data has suggested activity in China is bottoming out, aided by an improvement in consumption, industrial activity and exports. We believe there is scope for the growth momentum to continue through the fourth quarter of 2023 and into 2024, supported by further monetary policy easing.
However, housing market activity and private investment remain sluggish, probably due to structural problems – a weak labour market and a lack of confidence towards the economic outlook. Ongoing U.S.-China tensions and the local-government debt issue also remain serious concerns that have led international investors to sell positions in China, adding further downward pressure to the local markets, in our view.
These macroeconomic risks, however, seem to be priced in, in our view; indeed, share prices in China are not far off the levels seen late last year in the depths of the Covid restrictions, when the outlook was far more uncertain. Given this mismatch in valuations against fundamentals, and the current low expectations for markets, we continue to see attractive opportunities on a bottom-up basis.
While we share many of the market’s concerns about the structural challenges China faces, we still believe there is room for the authorities to surprise positively with well-coordinated policy support for the economy. We also think that better-managed businesses with stronger franchises can still deliver growth, despite a slower GDP growth backdrop.
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. The Fund invests in China A shares through Stock Connect, which is subject to a number of restrictions that may affect the Fund’s investments and returns. To the extent the Fund invests in China A shares listed on the Science and Technology Innovation Board of the Shanghai stock exchange and/or the ChiNext market of the Shenzhen stock exchange, the risks are heightened. Risks associated with investments in China include currency fluctuation, political, economic, social, environmental, regulatory and other risks, including risks associated with differing legal standards. Focusing investments in China subjects the Fund to more volatility and greater risk of loss than
 

3


Hartford Schroders China A Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

a fund with more geographically diverse investments. 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, economic and regulatory developments. These risks may be greater, and include additional risks, for investments in emerging markets, such as China. Small- and mid-cap securities can have greater risks and volatility than large-cap 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, regulatory and counterparty risk. These risks may be greater and include additional risks for foreign equity securities. Because the Fund is non-diversified, it may invest in a smaller number of issuers, and may be more exposed to risks and volatility than a more broadly diversified fund. To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. The Fund may have high portfolio turnover, which could increase its transaction costs and an investor's tax liability. Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended.
Composition by Sector(1)
as of 10/31/2023
Sector Percentage
of Net Assets
Equity Securities  
Communication Services 2.0%
Consumer Discretionary 5.1
Consumer Staples 10.2
Energy 1.4
Financials 12.1
Health Care 15.4
Industrials 16.1
Information Technology 15.5
Materials 20.6
Real Estate 0.7
Total 99.1%
Short-Term Investments 1.2
Other Assets & Liabilities (0.3)
Total 100.0%
    
(1) A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system. These sector classifications are used for financial reporting purposes.

4


Hartford Schroders Diversified Emerging Markets Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 09/30/2021
Sub-advised by Schroder Investment Management North America Inc. and its sub-sub-adviser, Schroder Investment Management North America Limited
Investment objective – The Fund seeks long-term capital appreciation.
Comparison of Change in Value of $5,000,000 Investment (09/30/2021 - 10/31/2023)
The chart above represents the hypothetical growth of a $5,000,000 investment in Class SDR. Returns for the Fund’s other classes will vary from what is seen above due to differences in the expenses charged to those share classes.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year Since
Inception1
Class A2 6.87% -13.56%
Class A3 1.00% -15.88%
Class C2 6.00% -14.14%
Class C4 5.00% -14.14%
Class I2 7.03% -13.38%
Class Y2 7.23% -13.30%
Class F2 7.36% -13.37%
Class SDR2 7.22% -13.43%
MSCI Emerging Markets Index (Net) 10.80% -11.69%
    
1 Inception: 09/30/2021
2 Without sales charge
3 Reflects maximum sales charge of 5.50%
4 Reflects a contingent deferred sales charge of 1.00%
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. The share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain
adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
Classes A, C, I, Y, and F commenced operations on 02/28/2022 and performance prior to that date is that of the Fund’s Class SDR shares. Performance prior to an inception date of a class has not been adjusted to reflect the operating expenses of such class. If the performance were adjusted, it may have been higher or lower.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
Operating Expenses* Gross Net
Class A 3.31% 1.35%
Class C 4.06% 2.15%
Class I 3.00% 1.05%
Class Y 2.92% 1.00%
Class F 2.81% 0.90%
Class SDR 2.81% 0.90%
    
* Expenses as shown in the Fund’s most recent prospectus. Gross expenses do not reflect contractual expense reimbursement arrangements. Net expenses reflect such arrangements in instances when they reduce gross expenses. These arrangements remain in effect until 02/29/2024 unless the Fund’s Board of Directors approves an earlier termination. Expenses shown include acquired fund fees and expenses. Actual expenses may be higher or lower.  Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.
 

5


Hartford Schroders Diversified Emerging Markets Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Portfolio Managers
Hartford Schroders Diversified Emerging Markets Fund’s sub-adviser is Schroder Investment Management North America Inc. and its sub-sub-adviser is Schroder Investment Management North America Limited.
Tom Wilson, CFA
Portfolio Manager
David Philpotts
Portfolio Manager
Gordon Huang
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class SDR shares of the Hartford Schroders Diversified Emerging Markets Fund returned 7.22% for the twelve-month period ended October 31, 2023, underperforming the Fund’s benchmark, the MSCI Emerging Markets Index (Net), which returned 10.80% for the period. Over the same period, the Class SDR shares of the Fund underperformed the 12.32% average return of the Lipper Emerging Markets Funds peer group, which is a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
Over the twelve-month period ended October 31, 2023, the Fund underperformed the MSCI Emerging Markets Index (Net) over the past 12 months, with most of the lag occurring in the third quarter of 2023 as global equities consolidated. Markets were rotational during the period but moved higher from depressed levels in late 2022, with deeper value at the top of the leader board. Conversely, stocks with stable quality value and high growth characteristics were more challenged on a relative basis, underperforming in an up market. Despite persistent negative headlines regarding the direction of the Chinese economy, the market significantly outpaced the broader MSCI Emerging Markets Index (Net) during the 12-month period, with all the outperformance unfolding in a brief spurt in the fourth quarter, 2022 as the government ended their zero COVID policy. China lags the other markets within the MSCI Emerging Markets Index (Net) materially on a year-to-date basis through October 31, 2023.
Relative performance was challenged during period, primarily in the third quarter of 2023, as the market backdrop largely penalized higher quality mega cap stocks. The Fund’s overweight positions in higher quality Chinese internet companies such as JD.com detracted as the shares declined in sympathy with waning domestic economic sentiment. The Fund’s underweight in PDD Holdings was also a challenge as the lower end online retailer continued to gain market share as Chinese consumers traded down for more affordable products. Indian banks ICICI Bank and HDFC Bank rounded out high quality, mega cap overweight holdings that underperformed during the period. Within the lower market capitalization Fund exposure, an underweight to low quality value segments of Chinese banks and
autos, as well as low quality artificial intelligence (AI) and electric vehicle thematic names (e.g., POSCO, Quanta) also weighed on relative performance.
However, the Fund benefited from favorable positioning in Utilities, emerging markets (EM) Asian semiconductors and portions of Europe, the Middle East and Africa, and Asia. Within Utilities, favorable positioning in renewable electric utility groups in Brazil and India buoyed relative performance. Shares in high quality mega cap semiconductor group TSMC rose sharply over the 12-month period, in part supported by the euphoria surrounding AI trends as the company is the dominant chip manufacturer at the leading edge in the industry. In South Korea, Samsung Electronics and SK Hynix were also notable mega cap semiconductor outperformers, while the Fund also benefited from positive equity selection in select lower market capitalization quality pharmaceutical holdings. Finally, an overweight stance and solid stock selection in smaller country markets in EM Europe, the Middle East and Africa, (Poland, Greece, Hungary) also contributed positively to relative performance, as positions in deeper value and quality cyclical banks, staples and Industrials added value.
Derivatives were used within the Fund during the period in the form of index futures and were only used for efficient management of fund inflows and outflows; these futures had no material impact on overall Fund performance for the period.
What is the outlook as of the end of the period?
Looking back at the year so far has once again highlighted the perils of attempting to link investment positions to economic forecasts. Very few mainstream forecasters foresaw the resilience of global growth, and those that did were expecting China, not the U.S., to be the dominant economy. Yet another big miss was the dramatic rise in U.S. bond yields (the consensus forecast in January 2023 for the Treasury 10-year yield for year-end was 3.4% compared to 4.6% at end September 2023). 
The retracement in equities during the third quarter of 2023 was indicative of a more sanguine market, but hardly represented a reversal of prior trends. Ambivalence may be a better description as few investors appear to be sticking their necks out, perhaps rightly so in our view. Nevertheless, the generally accepted view seems to be that the world is heading for a soft-landing and may even manage to
 

6


Hartford Schroders Diversified Emerging Markets Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

pull off the elusive “no-landing” scenario, but with inflation falling more slowly than hoped, interest rates will remain higher for longer in developed markets at least, in our view.
Fortunately, we do not feel the need to be very brave when it comes to predicting the potential range of market scenarios. This is primarily because we believe there is a very wide range of both Value and Quality opportunities across the universe which do not require taking outsized industry or region positions. However, almost all our concerns at the beginning of the year remain front of mind. They could be glibly summarized as “the big picture is still uncertain” and “history will only provide some of the answers”. Given this, we believe it may be better to take the opportunities that are pushed our way and spend more time thinking about what is priced in today than forecasting tomorrow.
Our preference is to build a diversified portfolio bottom-up to capture multiple themes while scaling up insights to seek to exploit the broadest possible opportunity set. We are still concerned about a harder than expected landing, particularly since it no longer appears to be discounted which, in our view, warrants a focus on quality characteristics such as robust balance sheets and the ability to defend profit margins during a downturn. Selected allocations to preferred high quality defensive stocks is one way to hedge such an outcome in our view. However, if this fails to materialize, we believe economic sensitivity can be found in technology and export focused industries. For deep value, we believe the Financials and Energy sectors remain the key stamping ground. We remain wary of the Real Estate sector from a balance sheet perspective.
In summary, the Fund remains well diversified across both stocks and themes, albeit with a bias towards Quality.  Given the potential for higher treasury yields to break “something” in the system, we would not be surprised to encounter bursts in volatility associated with short rotations in market leadership. This has historically rewarded nimbleness, which we take to mean trading little but often.
In the meantime, the apparent lack of direction in markets at present also offers the opportunity for stock specifics to rise in importance, which would naturally lead to greater dispersion in our view.
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. 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, economic and regulatory developments. These risks may be greater, and include additional risks, for investments in emerging markets or if the Fund focuses in a particular geographic region or country, such as China. Risks associated with investments in China include currency fluctuation, political, economic, social, environmental, regulatory and other risks, including risks associated with differing legal standards. Small- and mid-cap securities can have greater risks and volatility than large-cap 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, regulatory and counterparty risk. Applying sustainability criteria to the investment process may result in foregoing
certain investments and underperformance comparative to funds that do not have a similar focus. There is a risk that the securities identified by the sub-adviser as meeting its sustainable investing criteria do not operate as anticipated. The Fund may have high portfolio turnover, which could increase its transaction costs and an investor's tax liability.
Composition by Sector(1)
as of 10/31/2023
Sector Percentage
of Net Assets
Equity Securities  
Communication Services 11.6%
Consumer Discretionary 14.4
Consumer Staples 6.4
Energy 3.4
Financials 22.6
Health Care 5.5
Industrials 5.5
Information Technology 24.4
Materials 3.1
Real Estate 0.8
Utilities 1.0
Total 98.7%
Short-Term Investments 1.2
Other Assets & Liabilities 0.1
Total 100.0%
    
(1) A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system. These sector classifications are used for financial reporting purposes.

7


Hartford Schroders Diversified Growth Fund (Consolidated)
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 09/20/2023
Sub-advised by Schroder Investment Management North America Inc. and its
sub-sub-adviser, Schroder Investment Management North America Limited
Investment objective – The Fund seeks long-term total return.
Comparison of Change in Value of $5,000,000 Investment (09/20/2023 - 10/31/2023)
The chart above represents the hypothetical growth of a $5,000,000 investment in Class SDR. Returns for Class I may vary from what is seen above due to differences in the expenses charged to Class I.
Cumulative Total Returns
for the Period Ended 10/31/2023
  Since
Inception1
Class I -3.70%
Class SDR -3.70%
50% MSCI ACWI Index (Net)/ 50% Bloomberg US Aggregate Bond Index -4.21%
MSCI ACWI Index (Net) -5.59%
Bloomberg US Aggregate Bond Index -2.82%
ICE BofAML US 3-Month Treasury Bill Index plus 5% 1.17%
    
1 Inception: 09/20/2023
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
Operating Expenses* Gross Net
Class I 0.95% 0.86%
Class SDR 0.84% 0.71%
    
* Expenses as shown in the Fund’s most recent prospectus. Gross expenses do not reflect contractual expense reimbursement arrangements. Net expenses reflect such arrangements in instances when they reduce gross expenses. These arrangements remain in effect until 02/28/2025 unless the Fund’s Board of Directors approves an earlier termination. The fee waiver remains in effect as long as the Fund remains invested in the subsidiary. Expenses shown include acquired fund fees and expenses and expenses of the Fund’s wholly-owned Cayman Islands subsidiary. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.
 

8


Hartford Schroders Diversified Growth Fund (Consolidated)
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Portfolio Managers
Hartford  Schroders Diversified Growth Fund’s sub-adviser is Schroder Investment Management North America Inc. and its sub-sub-adviser is Schroder Investment Management North America Limited.
Johanna Kyrklund, CFA
Portfolio Manager
Remi Olu-Pitan, CFA
Portfolio Manager
Mina Krishnan, CFA
Portfolio Manager
Gaia Marinaccio, CFA
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
Hartford Schroders Diversified Growth Fund commenced operations on September 20, 2023.  Class SDR shares of the Fund returned -3.70% for the period of September 20, 2023 through October 31, 2023, outperforming the Fund’s custom benchmark, 50% MSCI ACWI Index (Net)/ 50% Bloomberg US Aggregate Bond Index, which returned -4.21%.  Individually, the MSCI ACWI Index (Net) and the Bloomberg US Aggregate Bond Index returned -5.59% and -2.82%, respectively.  Over the same period, Class SDR shares of the Fund underperformed the -3.62% average return of the Lipper Flexible Portfolio Funds peer group, which is a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
In a weak October 2023 for financial markets, equities were broadly lower as conflict in the Middle East negatively affected risk appetites.  Government bond yields rose as interest rates are expected to stay higher for longer.  U.S. equities (S&P 500 Index, -2.20%) fell in October 2023 as the expected end to the U.S. Federal Reserve’s (Fed) tighter policy environment had been pushed back and the geopolitical temperature rose.  During the period, inflation remained elevated and the broader U.S. economy remained very robust.  Eurozone, UK, Asia ex Japan, and Emerging Market (EM) equities all fell over the month.  In fixed income, bond markets were significantly influenced by expectations of sustained higher interest rates.  In commodities, Energy was the worst-performing component with sharp declines in the price of oil.  
Equities were the main detractor as gains in EM, Europe, and Japan equities were not able to offset losses from Global and U.S. equities.  Within U.S. equities, our allocation to an actively managed equity strategy, Schroders U.S. Diversified (a growth oriented equity strategy), was our largest detractor followed by our allocation to Nasdaq index future.  These losses were softened by positive performance from our tactical short position in the S&P 500 Index future.   Within fixed income, the Fund suffered from losses in government bonds, specifically our allocation to U.S. 10-year Treasury
Ultra position, as yields increased.  We implemented this via an Ultra position, which is a form of a futures contract that provides slightly longer duration than a normal 10-year Treasury futures contract.  Furthermore, allocations to corporate bonds dragged on performance as investment grade corporate bond spreads widened, indicating underperformance relative to government bonds.  High yield bonds delivered negative total returns as well. The Fund received positive performance from its cash positioning and currency hedges implemented over the period.  These were able to soften losses in other parts of the portfolio. 
The Fund used derivatives over the period to manage risk and enhance returns as well as for the efficient implementation of asset allocation decisions including relative value trades. The use of derivatives over the period positively impacted performance.
What is the outlook as of the end of the period?
Over October 2023, there continued to be evidence that inflation is trending lower, but the U.S. labor market is still more resilient than expected.  This leads us to believe that central bank rates are reaching a plateau but also that any hope of an imminent pivot to lower rates is premature.  In the absence of a more material softening in the labor market, it is too early to position for a hard landing.  As a consequence, we have closed our position in the U.S. 5-year Treasury notes as of the end of the period.  As of the end of the period, we are avoiding the long end of the U.S. yield curve due to concerns about government debt levels and given yield curve inversion.  
In the absence of recessionary risks in the short term, we expect the S&P 500 Index to rally into year-end.  Similarly, the sell-off in bond markets has resulted in attractive yields in U.S. high yield debt in our view.  We believe corporate and household balance sheets remain strong, standing them in good stead to digest tightening financial conditions and moderate growth without a significant pick up in defaults. 
Important Risks
The Fund is new and has a limited operating history. Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and
 

9


Hartford Schroders Diversified Growth Fund (Consolidated)
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

the prospects of individual companies. The Fund may allocate a portion of its assets to specialist portfolio managers, which may not work as intended. • 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, regulatory and counterparty risk. • By investing in a Cayman subsidiary, the Fund is indirectly exposed to the risks associated with a non-U.S. subsidiary and its investments. • Investments in the commodities market may increase the Fund’s liquidity risk, volatility and risk of loss if adverse developments occur. • Investments linked to prices of commodities may be considered speculative. • Foreign investments, including foreign government debt, may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. These risks may be greater, and include additional risks, 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. • The value of inflation-protected securities (IPS) generally fluctuates with changes in real interest rates, and the market for IPS may be less developed or liquid, and more volatile, than other securities markets. • Mortgage-related and asset-backed securities’ risks include credit, interest-rate, prepayment, and extension risk. • The purchase of securities in the To-Be-Announced (TBA) market can result in higher portfolio turnover and related expenses as well as price and counterparty risk. • Restricted securities may be more difficult to sell and price than other securities. • Obligations of U.S. Government agencies are supported by varying degrees of credit but are generally not backed by the full faith and credit of the U.S. Government. • Different investment styles may go in and out of favor, which may cause the Fund to underperform the broader stock market. • Investments in securities of other investment companies includes the risks that apply to such other investment companies’ strategies and holdings. • Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended. • There can be no assurance that the Fund will meet its volatility target. The volatility target is intended to reduce the overall risk of investing in the Fund but may not work as intended.
Composition by Security Type(1)
as of 10/31/2023
Category Percentage of
Net Assets
Equity Related Investments  
Common Stocks 42.6%
Equity Exchange-Traded Funds 1.0
Preferred Stocks 0.1
Total 43.7%
Fixed Income Related Investments  
Fixed Income Exchange-Traded Funds 24.2%
U.S. Government Agencies(2) 2.0
Total 26.2%
Commodity Related Investments  
Commodity Exchange-Traded Funds 4.1%
Total 4.1%
Short-Term Investments 39.2
Other Assets & Liabilities (13.2)
Total 100.0%
    
(1) For Fund compliance purposes, the Fund may not use the same classification system. These classifications are used for financial reporting purposes.
(2) All, or a portion of the securities categorized as U.S. Government Agencies, were agency mortgage-backed securities as of October 31, 2023.

10


Hartford Schroders Emerging Markets Equity Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 03/31/2006
Sub-advised by Schroder Investment Management North America Inc. and its
sub-sub-adviser, Schroder Investment Management North America Limited
Investment objective – The Fund seeks capital appreciation.
Comparison of Change in Value of $10,000 Investment (10/31/2013 - 10/31/2023)
The chart above represents the hypothetical growth of a $10,000 investment in Class A, which includes the maximum sales charge applicable to Class A shares. Returns for the Fund’s other classes will vary from what is seen above due to differences in the expenses charged to those share classes.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year 5 Years 10 Years
Class A1 10.37% 1.57% 1.34%
Class A2 4.31% 0.42% 0.77%
Class C1 9.65% 0.92% 0.95%
Class C3 8.65% 0.92% 0.95%
Class I1 10.65% 1.85% 1.60%
Class R31 10.12% 1.38% 1.30%
Class R41 10.44% 1.73% 1.49%
Class R51 10.67% 1.87% 1.63%
Class Y1 10.70% 1.91% 1.67%
Class F1 10.88% 2.03% 1.71%
Class SDR1 10.85% 2.03% 1.75%
MSCI Emerging Markets Index (Net) 10.80% 1.59% 1.19%
    
1 Without sales charge
2 Reflects maximum sales charge of 5.50%
3 Reflects a contingent deferred sales charge of 1.00%
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain
adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
Effective immediately before the opening of business on 10/24/2016, the Schroder Emerging Market Equity Fund (the “Predecessor Fund”) was reorganized into the Fund. The performance information shown for periods prior to 10/24/2016 is that of the Predecessor Fund. Prior to 10/24/2016, Class A, Class I and Class SDR were called Advisor Shares, Investor Shares and R6 Shares, respectively. Class C, Class R3, Class R4, Class R5, and Class Y shares commenced operations on 10/24/2016 and performance prior to this date reflects the performance of the Predecessor Fund’s Investor Shares. Performance for Class SDR shares prior to 12/30/2014 (the inception date of the Predecessor Fund’s Class R6 Shares) reflects the performance of the Predecessor Fund’s Investor Shares. Class F shares commenced operations on 02/28/2017 and performance prior to that date is that of the Fund’s Class I shares. Performance prior to Class F’s inception date has not been adjusted to reflect the operating expenses of Class F. The returns would be different if the Fund’s fees and expenses were reflected for periods prior to 10/24/2016.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
Effective as of the close of business on 04/15/2021, the Fund was closed to new investors, subject to certain exceptions. For more information, please see the Fund's prospectus.
 

11


Hartford Schroders Emerging Markets Equity Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Operating Expenses* Gross Net
Class A 1.56% 1.45%
Class C 2.15% 2.15%
Class I 1.25% 1.25%
Class R3 1.78% 1.78%
Class R4 1.47% 1.47%
Class R5 1.18% 1.18%
Class Y 1.17% 1.17%
Class F 1.07% 1.07%
Class SDR 1.06% 1.06%
    
* Expenses as shown in the Fund’s most recent prospectus. Gross expenses do not reflect contractual fee waivers or expense reimbursement arrangements, if any. Net expenses reflect such arrangements only with respect to Class A. These arrangements remain in effect until 02/29/2024 unless the Fund’s Board of Directors approves an earlier termination. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.

 
Portfolio Managers
Hartford Schroders Emerging Markets Equity Fund’s sub-adviser is Schroder Investment Management North America Inc. and its sub-sub-adviser is Schroder Investment Management North America Limited.
Tom Wilson, CFA
Portfolio Manager
Robert Davy
Portfolio Manager
James Gotto
Portfolio Manager
Waj Hashmi, CFA
Portfolio Manager
Nicholas Field
Portfolio Manager
Rollo Roscow
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class A shares of the Hartford Schroders Emerging Markets Equity Fund returned 10.37%, before sales charges, for the twelve-month period ended October 31, 2023, marginally underperforming the Fund’s benchmark, the MSCI Emerging Markets Index (Net), which returned 10.80% for the same period. For the same period, the Class A shares of the Fund, before sales charges, underperformed the 12.31% average return of the Lipper Emerging Markets Funds peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
Emerging market (EM) equities rose strongly over the twelve-month period ending October 31, 2023, and were marginally ahead of developed peers. After a strong fourth quarter 2022, EM began 2023 optimistic that an earlier and more-comprehensive-than-expected relaxation of the dynamic zero-Covid policy by the Chinese authorities would lead to a robust rebound. As the year progressed, China’s recovery proved more lackluster than initially hoped, U.S.-China tensions re-escalated and problems in China’s property sector resurfaced. While these factors weighed on broad EM sentiment to some extent, the start of the EM easing cycle, triggered by Chile’s lowering of interest rates at the end of July 2023, was supportive, as were signs of improved economic activity in China later in the period.
 

12


Hartford Schroders Emerging Markets Equity Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Emerging European markets were particularly strong over the period, helped by monetary policy easing in the region. In Poland, which was the top-performing index market, rates were cut twice in the period. The electoral victory of Donald Tusk’s pro-European Civic platform, which unseated the ruling party in an election that saw record high turnout, added to sentiment. Hungary, where interest rates were also cut during the period, performed well, as did Egypt, Greece and Czech Republic. In Greece, the ruling New Democracy party won a second term in office in May 2023, signalling a continuation of market friendly policies, which underpinned the market’s rally.
Taiwan and Turkey were also well ahead of the index. In the former, investor interest in technology companies, particularly those associated with the artificial intelligence theme, contributed positively to returns. Meanwhile, Turkey rallied as the central bank raised rates five times in five months to 35% in October 2023, sparking hopes the country may be adopting a more orthodox policy approach. However, inflation remains above 60%.
China was another strong performer. Although concerns about an anaemic economic recovery and property sector problems dominated market sentiment earlier in the period, some improved data releases later in the period were beneficial, as were signs - which emerged in October 2023 - of a potential easing in U.S.-China geopolitical tension.
Mexico performed broadly in line with the index while the remaining markets, including Korea and India, underperformed. Brazil and South Africa lagged too. Brazil’s underperformance came even as fiscal policy concerns eased, interest rates were lowered, and economic data releases improved. South Africa continues to be plagued by an ongoing power crisis which has had severe consequences for economic growth.
The smaller Latin American markets of Peru and Chile delivered negative returns, with Asian markets Thailand and Indonesia also down. Some of the Energy sensitive markets such as Kuwait, Saudi Arabia, United Arab Emirates and Qatar also fell in U.S. dollar terms.
In terms of the contributors to and detractors from the Fund’s performance, country allocation was positive although offset to some extent by negative stock selection.
Country allocation added to returns owing to the underweights to Saudi Arabia and Thailand, the overweights to Greece and Hungary, and the zero-weight to Kuwait. Meanwhile, the Fund’s positioning in China, which varied during the period, detracted, as did the overweight to South Africa.  
Stock selection’s overall negative impact was largely owing to positions in China (overweight LONGi Green Energy Technology, underweight PDD Holdings). Stock selection also weighed on returns in Brazil (underweight Petrobras) and India (overweight Cipla). Conversely, the Fund benefited from stock selection in South Africa (overweight Gold Fields), Taiwan (overweight Accton Technology and TSMC) and Mexico (overweight Fomento Económico Mexicano).
During the period there was some limited over-the-counter activity in a few offshore listed Russian holdings. We took advantage of this opportunity to reduce exposure. As we had valued all remaining Russian positions at zero, there was a positive impact on the Fund.
Derivatives were not used in the Fund during the period.
What is the outlook as of the end of the period?
U.S. macroeconomic data has been more resilient than anticipated this year, with the third quarter Gross Domestic Product (GDP) growth print particularly strong, providing support to global growth. We believe a slowdown is still on the cards for 2024, though the extent of this remains uncertain given the current health of the U.S. economy.
There is growing consensus that Federal Reserve (Fed) monetary policy tightening for this cycle is at a peak. We believe the probability of a soft landing has picked up as growth has remained resilient while inflation has moderated. As the lagged impact of higher interest rates continues to take effect, some degree of deceleration in growth may feed through in our view. Slower developed market (DM) growth may drive some moderation in bond yields and the U.S. dollar and enable the Fed to begin to ease monetary policy.
While there are some specific exceptions, most EM economies have limited imbalances, particularly when compared with previous cycles, and this may provide some protection in our view. In the absence of a major financial crisis, slower DM growth may benefit EM. Indeed, EM’s resilience through the recent U.S. Treasury sell off was notable; in previous cycles EM central banks had to raise interest rates more reactively. This also reflects the limited presence of carry trade flows in EM.
Our 2024 outlook is for EM to see greater disinflation, opening the door to further monetary policy loosening in our view. The degree of prospective easing differs by market in our view. Upside risks to the outlook stem from higher energy and food prices, both of which have higher weights in many EM inflation baskets. The conflict in the Middle East has raised uncertainty over the outlook for energy prices, though crude oil prices have been weaker over recent weeks. Leading indicators point to higher food prices in 2024, while a more severe El Niño poses further upward risk to food inflation. 
As of the end the period, the global trade cycle is showing signs of inflection, and leading indicators have been signaling improvement into 2024 in our view. The tech cycle is also expected to pick up next year in our view. We believe this is positive for EM exporters, though a DM recession is a risk to this outlook. 
Chinese economic data has been slightly better than expected recently. The third quarter GDP benefited from a pick-up in consumption and manufacturing output, though the Real Estate sector remained weak. The outlook continues to be challenging, amid fragile consumer confidence, and post-Covid economic scarring. Despite some measures to support the Real Estate market, renewed weakness in home sales, together with financial distress among some developers, does not augur well for an imminent recovery in our view. The additional RMB1 trillion, equivalent to 0.8% of GDP, in stimulus announced over the past month is positive, but is unlikely to mark a step change in the recovery in our view. The authorities have policy

13


Hartford Schroders Emerging Markets Equity Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

flexibility to support economic growth though, and further tools remain at their disposal if required.  We believe the structural outlook continues to be challenging, with geopolitics a long-term risk. That said, we believe pessimism towards China equities is significant, while aggregate valuations are cheap.
We believe EM valuations are cheap on a range of measures, even if the degree of cheapness is lower than that seen a year ago.
There are various risks to the outlook.  We believe a sharper-than-expected deceleration in global growth would likely be negative for EM, at least on a near term basis, but could lead to an easing in the U.S. dollar and bond yields from elevated levels. Evolution of the conflict in the Middle East is a key watchpoint with regards to the path in oil prices, and risk aversion could keep U.S. yields and the U.S. dollar higher for longer.  We believe the progression of El Niño is important to monitor in relation to the outlook for inflation. More-significant-than-expected stimulus in China and/or material improvement in U.S.-China relations pose upside risk to markets in our view.  There are also a series of key EM elections in 2024. These include India, Indonesia, South Africa and Mexico.
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. 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, economic and regulatory developments. These risks may be greater, and include additional risks, for investments in emerging markets or if the Fund focuses in a particular geographic region or country, such as China. • Risks associated with investments in China include currency fluctuation, political, economic, social, environmental, regulatory and other risks, including risks associated with differing legal standards. Mid-cap securities can have greater risks and volatility than large-cap securities. To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended.
     
Composition by Sector(1)
as of 10/31/2023
Sector Percentage
of Net Assets
Equity Securities  
Communication Services 8.6%
Consumer Discretionary 12.9
Consumer Staples 6.0
Energy 4.0
Financials 24.7
Health Care 2.6
Industrials 5.6
Information Technology 25.6
Materials 4.6
Real Estate 1.1
Utilities 0.7
Total 96.4%
Short-Term Investments 3.8
Other Assets & Liabilities (0.2)
Total 100.0%
    
(1) A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system. These sector classifications are used for financial reporting purposes.

14


Hartford Schroders Emerging Markets Multi-Sector Bond Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 06/25/2013
Sub-advised by Schroder Investment Management North America Inc. and its sub-sub-adviser, Schroder Investment Management North America Limited
Investment objective – The Fund seeks to provide a return of long-term capital growth and income.
Comparison of Change in Value of $10,000 Investment (10/31/2013 - 10/31/2023)
The chart above represents the hypothetical growth of a $10,000 investment in Class A, which includes the maximum sales charge applicable to Class A shares. Returns for the Fund’s other classes will vary from what is seen above due to differences in the expenses charged to those share classes.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year 5 Years 10 Years
Class A1 10.39% -0.96% 0.56%
Class A2 5.46% -1.86% 0.09%
Class C1 9.59% -1.67% 0.08%
Class C3 8.59% -1.67% 0.08%
Class I1 10.68% -0.66% 0.81%
Class R31 10.04% -1.08% 0.54%
Class R41 10.39% -0.83% 0.70%
Class R51 10.57% -0.66% 0.81%
Class Y1 10.74% -0.60% 0.85%
Class F1 10.74% -0.62% 0.84%
Class SDR1 10.85% -0.56% 0.91%
JP Morgan Emerging Markets Blended Index (JEMB) – Equal Weighted 10.37% 0.73% 1.37%
    
1 Without sales charge
2 Reflects maximum sales charge of 4.50%
3 Reflects a contingent deferred sales charge of 1.00%
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain
adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
Effective immediately before the opening of business on 10/24/2016, the Schroder Emerging Markets Multi-Sector Bond Fund (the “Predecessor Fund”) was reorganized into the Fund. The performance information shown for periods prior to 10/24/2016 is that of the Predecessor Fund. Prior to 10/24/2016, Class A, Class I and Class SDR were called Advisor Shares, Investor Shares and R6 Shares, respectively. Class C, Class R3, Class R4, Class R5, and Class Y shares commenced operations on 10/24/2016 and performance prior to this date reflects the performance of the Predecessor Fund’s Investor Shares. Performance for Class SDR shares prior to 12/30/2014 (the inception date of the Predecessor Fund’s Class R6 Shares) reflects the performance of the Predecessor Fund’s Investor Shares. Class F shares commenced operations on 02/28/2017 and performance prior to that date is that of the Fund’s Class I shares. Performance prior to Class F’s inception date has not been adjusted to reflect the operating expenses of Class F. The returns would be different if the Fund’s fees and expenses were reflected for periods prior to 10/24/2016.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
 

15


Hartford Schroders Emerging Markets Multi-Sector Bond Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Operating Expenses* Gross Net
Class A 1.65% 1.15%
Class C 2.46% 1.90%
Class I 1.32% 0.90%
Class R3 1.93% 1.45%
Class R4 1.63% 1.15%
Class R5 1.33% 0.85%
Class Y 1.32% 0.85%
Class F 1.21% 0.75%
Class SDR 1.21% 0.75%
    
* Expenses as shown in the Fund’s most recent prospectus. Gross expenses do not reflect contractual expense reimbursement arrangements. Net expenses reflect such arrangements in instances when they reduce gross expenses. These arrangements remain in effect until 02/29/2024 unless the Fund’s Board of Directors approves an earlier termination. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.

 
Portfolio Managers
Hartford Schroders Emerging Markets Multi-Sector Bond Fund’s sub-adviser is Schroder Investment Management North America Inc. and its sub-sub-adviser is Schroder Investment Management North America Limited.
Fernando Grisales, CFA
Portfolio Manager
Autumn Graham
Portfolio Manager
Abdallah Guezour
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class A shares of the Hartford Schroders Emerging Markets Multi-Sector Bond Fund returned 10.39%, before sales charges, for the twelve-month period ended October 31, 2023, slightly outperforming the Fund’s benchmark, JP Morgan Emerging Markets Blended Index (JEMB) - Equal Weighted, which returned 10.37% for the same period. For the same period, the Class A shares of the Fund, before sales charges, outperformed the 10.07% average return of the Lipper International Emerging Markets Hard Currency Debt peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
Emerging-markets debt, as measured by the JP Morgan Emerging Markets Blended Index (JEMB) - Equal Weighted, returned 10.37% for the twelve-month period ended October 31, 2023. Emerging-markets bonds rebounded in the fourth quarter of 2022, as issuers were supported by a weaker U.S. dollar and nascent signs of a turn in inflation. Anticipation regarding China’s reopening and a sudden shift away from zero-COVID lockdowns led to a rally in Chinese Industrials and Macau gaming. In the U.S., there was early evidence that the encouraging inflation picture was starting to reverse as core inflation
measures ticked higher once more. However, the collapse of Silicon Valley Bank in mid-March 2023 dwarfed concerns over re-accelerating inflation and prompted a sharp rally in government bond markets at the end of the first quarter 2023. In its March meeting, the U.S. Federal Reserve (Fed) expressed confidence in the resilience of the U.S. banking system and raised the policy rate by 25 basis points in both February and March 2023. This took borrowing costs to the highest point since 2007. However, inflation – as measured by the core personal consumption expenditure (PCE) index – climbed less than expected in March, leading to speculation that further rate increases would be limited.
Positioning within hard currency sovereigns and corporates were the top contributors to the Fund’s performance relative to the JP Morgan Emerging Markets Blended Index (JEMB) - Equal Weighted for the period. In terms of individual countries, our overweight to El Salvador was the largest contributor to performance in the period. El Salvador continued to benefit from improvements in its fundamental trajectory—increasing likelihood of an IMF program, proposed local debt extension, signs of increased foreign direct investment, and an improving security situation which has driven performance from the issuer over the period.
 

16


Hartford Schroders Emerging Markets Multi-Sector Bond Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Security selection in the Sovereign sector contributed positively to performance for the period, with significant positive impacts from Omani and Dominican dollar-denominated debt. Sector selection contributed positively throughout the period most notably by El Salvador and Nigeria. Performance among hard currency sovereigns was partially offset by exposure to Sri Lanka, Egypt, and Turkey.
The Fund’s asset allocation in the local currency sector was positive on the whole for the period, largely due to the Fund’s underweight to the sector throughout. The Fund’s underweight to the sector contributed positively to relative performance for the period, as local-currency assets trailed the broader emerging-markets debt sector. Local currencies were hindered by a strengthening U.S. dollar and rise in interest rates, which offset positive effects of rising Energy prices. Conversely, some local currency Sovereign exposure partially offset outperformance for the period, notably South Africa, Poland, and Thailand.
The Fund used foreign exchange (FX) forwards, credit default swaps (CDS), and interest-rate futures during the period. The FX forwards, a type of derivative used for the purposes of adding or hedging local-currency exposure, aided performance during the period. Interest-rate futures, used for managing portfolio duration, were additive, and CDS aided relative returns. The Fund is underweight duration against the JP Morgan Emerging Markets Blended Index (JEMB) - Equal Weighted as of the end of the period.
What is the outlook as of the end of the period?
The defensive stance recently maintained by our strategies was broadly characterized by low duration exposures and relatively high levels of currency hedging.  Core exposures to our favored high (real) yielding emerging markets (EM) local and dollar debt markets were maintained in countries where we have seen effective and advanced monetary policy tightening cycles and where balance of payments adjustments have been accomplished. This notably includes Brazil, Mexico, Colombia, Indonesia, South Africa, and Nigeria. 
We believe that there is now a need to reassess our cautious stance on duration and currency position, given that we are seeing the U.S. start to experience pockets of weakness. Our long-established technical target of 5% for the U.S. 30-year Treasury bonds has been reached. For these reasons, we are reinforcing some of the core exposures noted above and have been adding to currency and duration exposures. With the prospects of U.S. Treasury bonds possibly stabilizing at their recent oversold levels, we believe several EM dollar debt markets may benefit from this. 
Given the continued inflation improvements experienced by countries with high 10-year yields (namely the ones mentioned above), the recent correction higher in bond yields has made them even more attractive in our view based on our valuation framework. This recent correction higher in EM local currency debt yields has also been accompanied by a significant washout in investors’ currency positioning. We believe that Latin American currencies may benefit given the high level of carry, strong trade balance support, and the continued resilience in commodity prices.
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. Foreign investments, including foreign government debt, may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. These risks may be greater, and include additional risks, for investments in emerging markets or if the Fund focuses in a particular geographic region or country. 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. 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, regulatory and counterparty risk. Restricted securities may be more difficult to sell and price than other securities. The Fund may have high portfolio turnover, which could increase its transaction costs and an investor’s tax liability. Because the Fund is non-diversified, it may invest in a smaller number of issuers, and may be more exposed to risks and volatility than a more broadly diversified fund. • Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended.
Composition by Security Type(1)
as of 10/31/2023
Category Percentage of
Net Assets
Fixed Income Securities  
Corporate Bonds 41.7%
Foreign Government Obligations 53.4
Total 95.1%
Short-Term Investments 9.4
Other Assets & Liabilities (4.5)
Total 100.0%
    
(1) For Fund compliance purposes, the Fund may not use the same classification system. These classifications are used for financial reporting purposes.

17


Hartford Schroders International Contrarian Value Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 05/24/2022
Sub-advised by Schroder Investment Management North America Inc. and its
sub-sub-adviser, Schroder Investment Management North America Limited
Investment objective – The Fund seeks long-term capital appreciation.
Comparison of Change in Value of $5,000,000 Investment (05/24/2022 - 10/31/2023)
The chart above represents the hypothetical growth of a $5,000,000 investment in Class SDR. Returns for Class I may vary from what is seen above due to differences in the expenses charged to Class I.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year Since
Inception1
Class I 24.82% 6.32%
Class SDR 24.84% 6.34%
MSCI EAFE Value Index (Net) 18.11% 2.17%
MSCI EAFE Index (Net) 14.40% 0.88%
    
1 Inception: 05/24/2022
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
Operating Expenses* Gross Net
Class I 1.38% 0.85%
Class SDR 1.19% 0.70%
    
* Expenses as shown in the Fund’s most recent prospectus. Gross expenses do not reflect contractual expense reimbursement arrangements. Net expenses reflect such arrangements in instances when they reduce gross expenses. These arrangements remain in effect until 02/29/2024 unless the Fund’s Board of Directors approves an earlier termination. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.
 

18


Hartford Schroders International Contrarian Value Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 


 
Portfolio Managers
Hartford Schroders International Contrarian Value Fund’s sub-adviser is Schroder Investment Management North America Inc. and its sub-sub-adviser is Schroder Investment Management North America Limited.
Nick Kirrage, CFA
Portfolio Manager
Simon Adler, CFA
Portfolio Manager
Liam Nunn, CFA
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class SDR shares of the Hartford Schroders International Contrarian Value Fund returned 24.84% for the twelve month period ended October 31, 2023, outperforming the Fund’s primary benchmark, the MSCI EAFE Value Index (Net), which returned 18.11% for the same period, and outperforming the Fund’s secondary benchmark, the MSCI EAFE Index (Net), which returned 14.40% for the same period. For the same period, the Class SDR shares of the Fund outperformed the 16.37% average return of the Lipper International Multi-Cap Value peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
The Fund outperformed its primary benchmark, the MSCI EAFE Value Index (Net), for the period. Stock selection in names within the U.K. and Italy as well as stock selection within the Industrials sector more broadly contributed positively towards Fund performance over the period.
On the positive side of the ledger, the Fund’s position in Rolls Royce was the top contributor. The share price has risen significantly over the past 12 months. First, as sentiment improved, and then as operational performance came through (helped in no small part by Rolls-Royce grasping the once in a generation opportunity afforded by COVID to restructure its cost base – significant improvements in its revenues, profits, cash flow and new orders have come through as a result).
Italian bank UniCredit continued to perform well during the period. Banks have benefited from rising bond yields (enabling them to reprice loans at higher rates), which has supported profitability. In January 2023, UniCredit reported record full-year profits for 2022 and announced plans to return €5.25 billion to shareholders this year. This is part of the company’s plan to return €16 billion by 2024.
German cement maker Heidelberg Materials and tire manufacturer Continental also supported portfolio performance. Both are Energy intensive businesses and so worries over high European power prices, and possible gas shortages, have dented sentiment towards these
stocks since Russia’s invasion of Ukraine. However, reductions in overall usage, plus generally mild winter weather, have allayed concerns over power cuts and seen gas prices fall significantly.
On the negative side of the book, the Fund’s holding in Bayer weighed on returns and was the lead detractor for the period. This may be due to some slightly weak guidance for the year as the new CEO begins to take hold of the business.
WPP, an advertising group; and another holding in the Fund during the period, came under pressure and detracted from the Fund’s performance relative to the MSCI EAFE Value Index (Net), as the company management lowered its profits guidance, citing a reduction in spending by major U.S. tech companies. Taking a longer-term view, we believe the shares are significantly undervalued. WPP is a higher-quality, cash generative business with a robust balance sheet. The market remains fixated on the structural threat to old-school advertisers from the shift to digital, but this shift has accelerated WPP’s sales at similar margins to ‘traditional’ advertising.
Derivatives in the form of futures were used in the Fund during the period for efficient portfolio management purposes and had no material impact on performance.
What is the outlook as of the end of the period?
As of the end of the period, the equity market drawdown resulted in plenty of new equities appearing on our valuation screens. We continue to use a long-term time horizon, and one of our most important areas of focus is on balance-sheet strength. We believe this focus on truly understanding a company’s financial position is important at the best of times and is even more important today. For example, when looking at cyclical businesses we seek to identify companies that trade at a substantial discount to their fair or intrinsic value, with robust capital positions to help them weather short-term downturns in the economic cycle and which have attractive long-term prospects that may be underappreciated today.
Overall, we believe the Fund remains well-diversified and retains a larger-cap bias. The majority of the companies that the Fund holds are “global” in nature (companies generating revenues from multiple different countries in multiple different currencies), which in our view
 

19


Hartford Schroders International Contrarian Value Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

may help to limit the damage from ongoing volatility in the currency markets. As of the end of the period, we are cautious, focusing on areas that stand to benefit the Fund over the coming years.
Important Risks
The Fund is new and has a limited operating history. 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. • 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, economic and regulatory developments. These risks may be greater, and include additional risks, for investments in emerging markets or if the Fund focuses in a particular geographic region or country. • Mid-cap securities can have greater risks and volatility than large-cap securities. • Different investment styles may go in and out of favor, which may cause the Fund to underperform the broader stock market.  • To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. • Because the Fund may hold a limited number of securities, the Fund is subject to a greater risk of loss if any of those securities decline in price. • Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended.
      
Composition by Sector(1)
as of 10/31/2023
Sector Percentage
of Net Assets
Equity Securities  
Communication Services 13.3%
Consumer Discretionary 14.1
Consumer Staples 10.8
Energy 7.5
Financials 21.3
Health Care 8.7
Industrials 3.5
Materials 14.1
Real Estate 1.4
Total 94.7%
Short-Term Investments 5.0
Other Assets & Liabilities 0.3
Total 100.0%
    
(1) A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system. These sector classifications are used for financial reporting purposes.

20


Hartford Schroders International Multi-Cap Value Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 08/30/2006
Sub-advised by Schroder Investment Management North America Inc. and its
sub-sub-adviser, Schroder Investment Management North America Limited
Investment objective – The Fund seeks long-term capital appreciation.
Comparison of Change in Value of $10,000 Investment (10/31/2013 - 10/31/2023)
The chart above represents the hypothetical growth of a $10,000 investment in Class A, which includes the maximum sales charge applicable to Class A shares. Returns for the Fund’s other classes will vary from what is seen above due to differences in the expenses charged to those share classes.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year 5 Years 10 Years
Class A1 12.31% 2.88% 2.28%
Class A2 6.11% 1.72% 1.71%
Class C1 11.54% 2.13% 1.84%
Class C3 10.54% 2.13% 1.84%
Class I1 12.61% 3.17% 2.58%
Class R31 12.01% 2.58% 2.16%
Class R41 12.30% 2.84% 2.35%
Class R51 12.64% 3.17% 2.56%
Class Y1 12.63% 3.19% 2.61%
Class F1 12.73% 3.26% 2.64%
Class SDR1 12.75% 3.26% 2.67%
MSCI ACWI ex USA Index (Net) 12.07% 3.46% 2.54%
MSCI ACWI ex USA Value Index (Net) 15.07% 2.84% 1.72%
    
1 Without sales charge
2 Reflects maximum sales charge of 5.50%
3 Reflects a contingent deferred sales charge of 1.00%
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain
adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
Effective immediately before the opening of business on 10/24/2016, the Schroder International Multi-Cap Value Fund (the “Predecessor Fund”) was reorganized into the Fund. The performance information shown for periods prior to 10/24/2016 is that of the Predecessor Fund. Prior to 10/24/2016, Class A, Class I and Class SDR were called Advisor Shares, Investor Shares and R6 Shares, respectively. Class C, Class R3, Class R4, Class R5, and Class Y shares commenced operations on 10/24/2016 and performance prior to this date reflects the performance of the Predecessor Fund’s Investor Shares. Performance for Class SDR shares prior to 12/30/2014 (the inception date of the Predecessor Fund’s Class R6 Shares) reflects the performance of the Predecessor Fund’s Investor Shares. Class F shares commenced operations on 02/28/2017 and performance prior to that date is that of the Fund’s Class I shares. Performance prior to Class F’s inception date has not been adjusted to reflect the operating expenses of Class F. The returns would be different if the Fund’s fees and expenses were reflected for periods prior to 10/24/2016.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
 

21


Hartford Schroders International Multi-Cap Value Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Operating Expenses* Gross Net
Class A 1.11% 1.11%
Class C 1.85% 1.85%
Class I 0.85% 0.85%
Class R3 1.46% 1.46%
Class R4 1.16% 1.16%
Class R5 0.85% 0.85%
Class Y 0.85% 0.85%
Class F 0.74% 0.74%
Class SDR 0.75% 0.75%
    
* Expenses as shown in the Fund’s most recent prospectus. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.

 
Portfolio Managers
Hartford Schroders International Multi-Cap Value Fund’s sub-adviser is Schroder Investment Management North America Inc. and its sub-sub-adviser is Schroder Investment Management North America Limited.
Stephen Langford, CFA
Portfolio Manager
David Philpotts
Portfolio Manager
Lukas Kamblevicius
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class A shares of the Hartford Schroders International Multi-Cap Value Fund returned 12.31%, before sales charges, for the twelve-month period ended October 31, 2023, outperforming the Fund’s primary benchmark, the MSCI ACWI ex USA Index (Net), which returned 12.07% for the period, while underperforming the Fund’s secondary benchmark, the MSCI ACWI ex USA Value Index (Net), which returned 15.07% over the same period. For the same period, the Class A shares of the Fund, before sales charges, underperformed the 16.37% average return of the Lipper International Multi-Cap Value peer group, which is a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
Over the course of the twelve-month period ended October 31, 2023, the Fund underperformed the MSCI ACWI ex USA Value Index (Net) as markets moved higher from oversold levels in late 2022; the Fund fared much better against the MSCI ACWI ex USA Index (Net), outperforming during the period. Market trends have been punctuated by a meaningful shift away from defensive value, which outperformed in the early part of 2022 in sympathy with Russia’s invasion of Ukraine.  Later in the year, and into 2023, investors began to anticipate a U.S. Federal Reserve pivot on burgeoning signs of moderating inflation pressures and recession fears, sparking a recovery in growth
versus value. By the end of the period, persistent inflationary trends and a stronger than expected U.S. economy put upward pressure on rates, buoying deeper value cyclical stocks relative to growth.
At a high level, the year was a challenging backdrop for the Fund’s diversified approach versus the MSCI ACWI ex USA. Value Index (Net) as a narrow set of deep value themes led top performers (e.g., insurers, deep value banks, manufacturing and autos). Within the Fund, stock selection in the Communication Services and Utilities sectors was additive. Favorable stock selection in quality cyclical Chinese internet platform companies aided relative performance. A selection of deep value multi-line and water utility holdings in the UK, as well as positioning in emerging markets electric Utilities served the Fund well as the group rallied from depressed levels in the fourth quarter of 2022, in part on better-than-expected domestic economic trends
Headwinds to performance were primarily driven by a mix effect within the Fund’s quality cyclical value exposure alongside some underperformance from the Fund’s stable, defensive value positioning. Within the Fund’s quality cyclical value exposure, Brazilian and Norwegian Energy, Australian miners and Mexican airport operators were notable challenges to performance over the period. Select Japanese and European pharmaceutical holdings also lagged during the period, creating a relative performance headwind in the Fund’s stable value positioning.
 

22


Hartford Schroders International Multi-Cap Value Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Derivatives were used within the Fund during the period in the form of index futures and were only used for efficient management of fund inflows and outflows; these futures had no material impact on overall Fund performance for the period.
What is the outlook as of the end of the period?
Looking back at the year so far has once again highlighted the perils of attempting to link investment positions to economic forecasts. Very few mainstream forecasters foresaw the resilience of global growth, and those that did were expecting China, not the U.S., to be the dominant economy. Yet another big miss was the dramatic rise in U.S. bond yields (the consensus forecast in January 2023 for the Treasury 10-year yield for year-end was 3.4% compared to 4.6% at end September 2023).
The retracement in equities during the third quarter of 2023 was indicative of a more sanguine market, but hardly represented a reversal of prior trends. Ambivalence may be a better description as few investors appear to be sticking their necks out, perhaps rightly so in our view. Nevertheless, the generally accepted view seems to be that the world is heading for a soft-landing and may even manage to pull off the elusive “no-landing” scenario, but with inflation falling more slowly than hoped, interest rates will remain higher for longer in developed markets at least, in our view.
Fortunately, we do not feel the need to be very brave when it comes to predicting the potential range of market scenarios. This is primarily because we believe there is a very wide range of both Value and Quality opportunities across the universe which do not require taking outsized industry or region positions. However, almost all of our concerns at the beginning of the year remain front of mind. They could be glibly summarized as “the big picture is still uncertain” and “history will only provide some of the answers”. Given this, we believe it may be better to take the opportunities that are pushed our way and spend more time thinking about what is priced in today than forecasting tomorrow.
Our preference is to build a diversified portfolio bottom-up to capture multiple themes while scaling up insights to seek to exploit the broadest possible opportunity set. We are still concerned about a harder than expected landing, particularly since it no longer appears to be discounted, which, in our view, warrants a focus on quality characteristics such as robust balance sheets and the ability to defend profit margins during a downturn. Selected allocations to preferred high quality defensive stocks is one way to hedge such an outcome in our view. However, if this fails to materialize, we believe economic sensitivity can be found in technology and export focused industries. For deep value, we believe the Financials and Energy sectors remain the key stamping ground. We remain wary of the Real Estate sector from a balance sheet perspective.
In summary, the Fund remains well diversified across both stocks and themes, albeit with a bias towards Quality. Given the potential for higher treasury yields to break “something” in the system, we would not be surprised to encounter bursts in volatility associated with short rotations in market leadership. This has historically rewarded nimbleness, which we take to mean trading little but often. In the
meantime, the apparent lack of direction in markets at present also offers the opportunity for stock specifics to rise in importance, which would naturally lead to greater dispersion, in our view.
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. 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, economic and regulatory developments. These risks may be greater, and include additional risks, for investments in emerging markets or if the Fund focuses in a particular geographic region or country. Small- and mid-cap securities can have greater risks and volatility than large-cap securities. Different investment styles may go in and out of favor, which may cause the Fund to underperform the broader stock market. 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, regulatory and counterparty risk. The Fund may have high portfolio turnover, which could increase its transaction costs and an investor’s tax liability. Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended. 
Composition by Sector(1)
as of 10/31/2023
Sector Percentage
of Net Assets
Equity Securities  
Communication Services 8.2%
Consumer Discretionary 14.1
Consumer Staples 5.9
Energy 10.6
Financials 23.2
Health Care 6.3
Industrials 9.9
Information Technology 8.6
Materials 5.1
Real Estate 0.9
Utilities 4.9
Total 97.7%
Short-Term Investments 2.6
Other Assets & Liabilities (0.3)
Total 100.0%
    
(1) A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system. These sector classifications are used for financial reporting purposes.

23


Hartford Schroders International Stock Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 12/19/1985
Sub-advised by Schroder Investment Management North America Inc. and its
sub-sub-adviser, Schroder Investment Management North America Limited
Investment objective – The Fund seeks long-term capital appreciation through investment in securities markets outside the United States.
Comparison of Change in Value of $10,000 Investment (10/31/2013 - 10/31/2023)
The chart above represents the hypothetical growth of a $10,000 investment in Class A, which includes the maximum sales charge applicable to Class A shares. Returns for the Fund’s other classes will vary from what is seen above due to differences in the expenses charged to those share classes.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year 5 Years 10 Years
Class A1 12.58% 6.50% 4.43%
Class A2 6.35% 5.29% 3.85%
Class C1 11.70% 5.72% 3.98%
Class C3 10.70% 5.72% 3.98%
Class I1 12.88% 6.79% 4.71%
Class R31 12.15% 6.20% 4.38%
Class R41 12.50% 6.47% 4.54%
Class R51 12.79% 6.77% 4.71%
Class Y1 12.84% 6.78% 4.73%
Class F1 12.89% 6.88% 4.77%
Class SDR1 12.98% 6.88% 4.80%
MSCI ACWI ex USA Index (Net) 12.07% 3.46% 2.54%
    
1 Without sales charge
2 Reflects maximum sales charge of 5.50%
3 Reflects a contingent deferred sales charge of 1.00%
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain
adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
Effective immediately before the opening of business on 10/24/2016, the Schroder International Alpha Fund (the “Predecessor Fund”) was reorganized into the Fund. The performance information shown for periods prior to 10/24/2016 is that of the Predecessor Fund. Prior to 10/24/2016, Class A, Class I and Class SDR were called Advisor Shares, Investor Shares and R6 Shares, respectively. Class C, Class R3, Class R4, Class R5, and Class Y shares commenced operations on 10/24/2016 and performance prior to this date reflects the performance of the Predecessor Fund’s Investor Shares. Performance for Class SDR shares prior to 12/30/2014 (the inception date of the Predecessor Fund’s Class R6 Shares) reflects the performance of the Predecessor Fund’s Investor Shares. Class F shares commenced operations on 02/28/2017 and performance prior to that date is that of the Fund’s Class I shares. Performance prior to Class F’s inception date has not been adjusted to reflect the operating expenses of Class F. The returns would be different if the Fund’s fees and expenses were reflected for periods prior to 10/24/2016.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
 

24


Hartford Schroders International Stock Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Operating Expenses* Gross Net
Class A 1.07% 1.07%
Class C 1.81% 1.81%
Class I 0.81% 0.81%
Class R3 1.43% 1.43%
Class R4 1.13% 1.13%
Class R5 0.81% 0.81%
Class Y 0.82% 0.82%
Class F 0.71% 0.71%
Class SDR 0.71% 0.71%
    
* Expenses as shown in the Fund’s most recent prospectus. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.

 
Portfolio Managers
Hartford Schroders International Stock Fund’s sub-adviser is Schroder Investment Management North America Inc. and its sub-sub-adviser is Schroder Investment Management North America Limited.
James Gautrey, CFA
Portfolio Manager
Simon Webber, CFA
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class A shares of the Hartford Schroders International Stock Fund returned 12.58%, before sales charges, for the twelve-month period ended October 31, 2023, outperforming the Fund’s benchmark, the MSCI ACWI ex USA Index (Net), which returned 12.07% for the same period. For the same period, the Class A shares of the Fund, before sales charges, outperformed the 10.34% average return of the Lipper International Large Cap Growth peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
International equities posted gains over the volatile twelve-month period as a successful “soft landing” for inflation and the economy became a likely outcome. Gains came despite the collapse of several regional banks in the U.S. and Credit Suisse in Switzerland, which caused significant volatility in the banking sector in early 2023 and unprecedented market concentration, as returns were driven by investor enthusiasm around the ‘super 7’ artificial intelligence related tech stocks, before broadening out later in the period. China’s equity market was initially boosted by the relaxation of its zero-COVID policy before weakening in 2023 as the property sector downturn took its toll on confidence, European equities advanced strongly as worries over winter gas shortages were eased with storage facilities close to capacity after a ramp-up in imports and lower demand amid mild weather and Energy-saving measures. Shares in Japan also rose solidly, reaching a 33-year high amidst a renewed corporate focus on productivity and profitability alongside the Bank of Japan’s shift away
from yield curve control. Central banks across the globe remained vigilant in tightening monetary conditions as inflationary pressures cooled off but remained persistent.
Amid this challenging market backdrop, both stock selection and asset allocation were strong, adding to returns as the Fund outperformed the MSCI ACWI ex USA Index (Net) over the period. Over the period, the Fund’s Information Technology holdings were the largest contributors.
Within the Consumer Discretionary sector, online retailer Mercado Libre has been a major beneficiary of the switch to ecommerce, which was accelerated during the COVID-19 pandemic and unlike in many developed markets, the company has not experienced such a big pull back as consumers return to physical shops. It also benefitted from the announcement of one of its key competitors exiting its operations in Mexico, Argentina, Chile, and Colombia.
Additionally, semiconductor maker Infineon Technologies was a strong performer after continuing to generate robust revenues despite the current macroeconomic challenges and raised its full-year revenue forecast for 2023 by over 9% compared with 2022. Infineon benefitted from increasing electric vehicle (EV) penetration and wider electrification trends. The company also benefitted from solid pricing power, notably through its Cypress Semiconductor unit, which it acquired in 2020. This helped to bolster profitability and returns.
Conversely, our holdings within the Healthcare sector detracted from performance over the period Our position in Roche Holding was a significant detractor following disappointments in its Alzheimer’s trial
 

25


Hartford Schroders International Stock Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

and developmental immuno-oncology treatments last year. It also saw some downward pressure on its diagnostics business which had previously seen a sizable bump during COVID.
As of the end of the period, Healthcare stocks remain a significant overweight in the portfolio. We added a new position in Novo Nordisk, one of the two global leaders in medicines to treat diabetes, during the period, which contributed positively to performance.
By region, holdings in Continental Europe and Japan detracted from performance, while holdings in the emerging markets, North America, and Pacific ex-Japan added value during the period.
Derivatives were not used in the Fund during the period.
What is the outlook as of the end of the period?
As of the end of the period, the environment is one of high uncertainty for global equities. Tighter financial conditions are beginning to take effect while earnings have already begun to slow and are likely to come under further pressure as costs remain elevated and growth remains sluggish into 2024.  A soft-landing economic scenario remains our base case, where we expect a shallow recession in some regions and no recession in others. However, we believe there are clear risks that warrant a fluid outlook.
Though inflation remains elevated, particularly the services component as households shift their spending patterns, we believe headline inflation has peaked in most major economies. While this may serve to ease corporate margin pressure, it will take time for inflation to come down to target levels. Despite the inflationary environment, household spending and consumer demand have proven to be robust largely thanks to excess savings accumulated during the COVID crisis. While these reserves have been dwindling and discretionary expenditure will likely come under some pressure with mortgage costs increasing, we expect wage growth to drive positive real income growth as inflation subsides. This may be supportive of growth looking ahead to 2024. That said, without some slackening in labor markets, central banks will unlikely reverse their current course. This poses a significant risk to earnings growth and corporate costs.
Access to credit has already tightened substantially, driving up cost of debt and equity. Increased costs have begun to result in margin pressure across all regions – albeit from a high starting point. As financial conditions tighten, and the economic cycle turns down, we believe that we are going to see weaker companies fail in many industries.
As of the end of the period, the Fund extended its overweight in the Healthcare sector where we have diverse exposure to a number of companies that we believe are improving patient experiences and helping to lower costs, as well as to a number of positions where we believe their innovative pipeline of drugs remain underappreciated by the market. We also added to the Fund’s holdings in the Information Technology sector as of the end of the period. Conversely, we have shifted to an underweight stance on both Consumer Discretionary and Consumer Staples, as we expect disposable incomes will fall as consumers struggle with rising inflation and ‘higher for longer’ interest rates. As of the end of the period, the Fund remained underweight in the Financials sector as access to credit has already tightened
substantially in our view, driving up the cost of debt and equity, potentially testing banks’ balance-sheet strength.
 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.  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, economic and regulatory developments. These risks may be greater, and include additional risks, for investments in emerging markets or if the Fund focuses in a particular geographic region or country. Small- and mid-cap securities can have greater risks and volatility than large-cap securities. To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended.
Composition by Sector(1)
as of 10/31/2023
Sector Percentage
of Net Assets
Equity Securities  
Communication Services 4.0%
Consumer Discretionary 12.2
Consumer Staples 10.4
Energy 3.3
Financials 13.1
Health Care 16.8
Industrials 16.1
Information Technology 15.6
Materials 2.1
Utilities 3.4
Total 97.0%
Short-Term Investments 3.8
Other Assets & Liabilities (0.8)
Total 100.0%
    
(1) A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system. These sector classifications are used for financial reporting purposes.

26


Hartford Schroders Sustainable Core Bond Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 01/31/2018
Sub-advised by Schroder Investment Management North America Inc.
Investment objective – The Fund seeks long-term total return consistent with the preservation of capital while giving special consideration to certain sustainability criteria.
Comparison of Change in Value of $5,000,000 Investment (01/31/2018 - 10/31/2023)
The chart above represents the hypothetical growth of a $5,000,000 investment in Class SDR. Returns for the Fund’s other classes will vary from what is seen above due to differences in the expenses charged to those share classes.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year 5 Years Since
Inception1
Class I 0.74% 0.28% 0.00%
Class R3 0.60% 0.22% -0.05%
Class R4 0.70% 0.26% -0.02%
Class R5 0.80% 0.30% 0.02%
Class Y 0.87% 0.30% 0.02%
Class F 0.91% 0.34% 0.05%
Class SDR 0.96% 0.33% 0.05%
Bloomberg US Aggregate Bond Index 0.36% -0.06% -0.27%
    
1 Inception: 01/31/2018
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
Effective after the close of business on 11/12/2021, the Schroder Core Bond Fund (the “Predecessor Fund”) was reorganized into the Fund (the "Reorganization"). The performance information shown for periods prior to the Reorganization is that of the Predecessor Fund. Prior to the Reorganization, Class SDR shares were called R6 Shares and Class Y shares were called Investor Shares. Class I shares commenced operations on 11/12/2021 and performance prior to this date reflects the historical performance, fees and expenses of the Predecessor Fund’s Investor Shares and, prior to 06/29/2020 (the inception date of the Predecessor Fund’s Investor Shares), the historical performance, fees and expenses of the Predecessor Fund’s R6 Shares. Class R3, Class R4, Class R5 and Class F shares commenced operations on 11/12/2021 and performance prior to this date reflects the historical performance, fees and expenses of the Predecessor Fund’s R6 Shares. Performance for Class Y shares prior to 06/29/2020 (the inception date of the Predecessor Fund’s Investor Shares) reflects the historical performance, fees and expenses of R6 Shares of the Predecessor Fund. The returns would be different if the Fund’s fees and expenses were reflected for periods prior to the Reorganization.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
Effective 11/30/23, the Fund’s name (the name was changed to Hartford Schroders Core Fixed Income Fund), investment objective, and principal investment strategy were changed. The information in this report is as of October 31, 2023 and therefore, does not reflect these changes unless otherwise noted. Please see the prospectus supplement for additional information.
 

27


Hartford Schroders Sustainable Core Bond Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Operating Expenses* Gross Net
Class I 0.60% 0.51%
Class R3 1.12% 1.06%
Class R4 0.82% 0.76%
Class R5 0.52% 0.46%
Class Y 0.48% 0.40%
Class F 0.41% 0.36%
Class SDR 0.41% 0.32%
    
* Expenses as shown in the Fund’s most recent prospectus. Gross expenses do not reflect contractual expense reimbursement arrangements. Net expenses reflect such arrangements in instances when they reduce gross expenses. These arrangements remain in effect until 02/29/2024 unless the Fund’s Board of Directors approves an earlier termination. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.

 
Portfolio Managers
Hartford Schroders Sustainable Core Bond Fund’s sub-adviser is Schroder Investment Management North America Inc.
Lisa Hornby, CFA
Portfolio Manager
Neil G. Sutherland, CFA
Portfolio Manager
Julio C. Bonilla, CFA
Portfolio Manager
Eric Lau, CFA
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class SDR shares of the Hartford Schroders Sustainable Core Bond Fund returned 0.96% for the twelve-month period ended October 31, 2023, outperforming the Fund’s benchmark, the Bloomberg US Aggregate Bond Index, which returned 0.36% for the same period. For the same period, the Class SDR shares of the Fund also outperformed the 0.63% average return of the Lipper Core Bond Funds peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
The Fund outperformed its benchmark for the one-year period ending October 31, 2023, due to positive sector selection and security selection. During the period the U.S. Federal Reserve (Fed) engaged on an aggressive rate normalization policy which resulted in Treasury yields moving much higher (86 basis points (bps) as measured by the 10-year tenor). Spreads for investment-grade corporates, as measured by the Bloomberg Corporate Bond Index, were tighter by 29 bps as the economy remained resilient despite the higher rates. On a duration neutral basis relative to Treasuries investment-grade
corporates were well ahead (429 bps) as risk assets performed well as fears of recession did not materialize despite many expecting one to some degree.
Positive sector selection resulted from the overweight to the Financials sector with a small positive contribution from the overweight to the Utilities sector. The risk-on tone in the markets was supportive with the overweight to the Banking sector most notable however positive contributions from the overweight to the Communications sector and real estate investment trusts (REITs) to a lesser degree. The allocation to securitized credit was a modest detractor which is also true of the underweight to sovereigns. The portfolio began the period with a notable underweight to agency mortgage-backed securities (MBS) and since then the allocation is roughly neutral to the benchmark. The negative impact resulted from the fourth quarter of 2022 when the portfolio was notably underweight as the agency MBS sector rallied. Yield curve and duration were not material factors on performance.
Security selection was also a positive contributor due to specific corporates which out-performed the broader index returns. There were contributions from Industrials, Utilities, Financials, and agency MBS
 

28


Hartford Schroders Sustainable Core Bond Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

sectors. Security selection within the agency MBS sector was notable as the portfolio’s bias to higher coupon Government National Mortgage Association bonds was constructive.
During the period, we used derivatives, such as futures, to manage duration within the Fund. The use of such derivatives had no material impact on performance over the period. We consider the use of futures and other derivatives a less expensive way to seek to achieve the Fund’s target duration.
 What is the outlook as of the end of the period?
As of the end of the period, we are focusing on the opportunities that lie ahead. In terms of valuations, both in an absolute sense and relative to other asset classes, bond yields are attractive relative to historical prices.   That doesn’t mean a rally is necessarily imminent, but the higher yields do offer a significant cushion in terms of income to offset any further price declines in our view.
Pricing (and yield), one thing you can calibrate, is now firmly in the investor’s favor and when combined with subsiding inflation, a peaking economy and a Fed which is approaching the end of its hiking cycle, we believe a unique opportunity has emerged for bond markets. As of the end of the period, the duration of the Fund is sufficiently longer than when the period started, which we believe may position the Fund well if and when rates fall. 
With recession as our base case, we have ample dry powder (i.e. cash reserves) to seek to take advantage of these dislocations when they do come.
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. • Obligations of U.S. Government agencies are supported by varying degrees of credit but are generally not backed by the full faith and credit of the U.S. Government. • Mortgage-related and asset-backed securities' risks include credit, interest-rate, prepayment, and extension risk. • Municipal securities may be adversely impacted by state/local, political, economic, or market conditions; these risks may be magnified if the Fund focuses its assets in municipal securities of issuers in a few select states. • Applying sustainability criteria to the investment process may result in foregoing certain investments and underperformance comparative to funds that do not have a similar focus. There is a risk that the securities identified by the sub-adviser as meeting its sustainable investing criteria do not operate as anticipated. • The Fund may have high portfolio turnover, which could increase its transaction costs and an investor's tax liability. • The value of inflation-protected securities (IPS) generally fluctuates with changes in real interest rates, and the market for IPS may be less developed or liquid, and more volatile, than other securities markets. • Investments in high-yield ("junk") bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. • Changes related to LIBOR could have an adverse impact on financial instruments that reference this rate. • The purchase of securities in the To-Be-Announced (TBA) market can result in higher portfolio
turnover and related expenses as well as price and counterparty risk. • Loans can be difficult to value and less liquid than other types of debt instruments; they are also subject to non payment, collateral, bankruptcy, default, extension, prepayment and insolvency risks. • Foreign investments, including foreign government debt, may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments.
Composition by Security Type(1)
as of 10/31/2023
Category Percentage of
Net Assets
Fixed Income Securities  
Asset & Commercial Mortgage-Backed Securities 1.9%
Corporate Bonds 43.3
Municipal Bonds 2.4
U.S. Government Agencies(2) 30.3
U.S. Government Securities 21.4
Total 99.3%
Short-Term Investments 0.3
Other Assets & Liabilities 0.4
Total 100.0%
    
(1) For Fund compliance purposes, the Fund may not use the same classification system. These classifications are used for financial reporting purposes.
(2) All, or a portion of the securities categorized as U.S. Government Agencies, were agency mortgage-backed securities as of October 31, 2023.

29


Hartford Schroders Sustainable International Core Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 05/24/2022
Sub-advised by Schroder Investment Management North America Inc. and its
sub-sub-adviser, Schroder Investment Management North America Limited
Investment objective – The Fund seeks long-term capital appreciation while giving special consideration to certain sustainability criteria.
Comparison of Change in Value of $5,000,000 Investment (05/24/2022 - 10/31/2023)
The chart above represents the hypothetical growth of a $5,000,000 investment in Class SDR. Returns for Class I may vary from what is seen above due to differences in the expenses charged to Class I.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year Since
Inception1
Class I 13.84% -1.47%
Class SDR 13.86% -1.45%
MSCI ACWI ex USA Index (Net) 12.07% -1.20%
    
1 Inception: 05/24/2022
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
Operating Expenses* Gross Net
Class I 1.39% 0.85%
Class SDR 1.20% 0.70%
    
* Expenses as shown in the Fund’s most recent prospectus. Gross expenses do not reflect contractual expense reimbursement arrangements. Net expenses reflect such arrangements in instances when they reduce gross expenses. These arrangements remain in effect until 02/29/2024 unless the Fund’s Board of Directors approves an earlier termination. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.
 

30


Hartford Schroders Sustainable International Core Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 


 
Portfolio Managers
Hartford Schroders Sustainable International Core Fund’s sub-adviser is Schroder Investment Management North America Inc. and its sub-sub-adviser is Schroder Investment Management North America Limited.
Nicholette MacDonald-Brown, CFA
Portfolio Manager 
Arianna Fox, CFA 
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class SDR shares of the Hartford Schroders Sustainable International Core Fund returned 13.86% for the twelve month period ended October 31, 2023, outperforming the Fund’s benchmark, the MSCI ACWI ex USA Index (Net), which returned 12.07% for the same period. For the same period, the Class SDR shares of the Fund also outperformed the 13.72% average return of the Lipper International Multi-Cap Core peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
During the period, international equities proved resilient with Information Technology and Consumer Discretionary sectors contributing positively to overall market returns. The Fund outperformed its benchmark due in part to positive stock selection within the Technology and the Healthcare sectors.
Within the Technology sector, stock selection in semiconductor equipment stocks, notably via ASM International and MediaTek added value. Hopes that interest rates might be at their peak helped support growth areas of the market such as semiconductor equipment. Meanwhile, the ongoing digitalization of all aspects of the economy – including the rapid growth of artificial intelligence tools – gave visibility on the long-term investment case for semiconductors.
Pharmaceutical group Novo Nordisk, a Fund holding, outperformed Healthcare peers and the broader market. Novo Nordisk lifted its sales guidance amid strong demand for its anti-obesity drug Wegovy and diabetes treatment Ozempic. It also released clinical data showing Wegovy was effective in preventing cardiovascular complications.
On the negative side, renewables specialist Siemens Energy, a Fund holding, was the main individual detractor. Siemens Energy has announced potential faults with some of its wind turbines. Additionally, supply chain problems continued to affect both Siemens Energy and the renewables industry more broadly.
During the period, we applied our sustainability criteria to create the Fund’s portfolio. We maintained a higher sustainability score of the Fund relative to its benchmark over the period based on our proprietary scoring methodology.
Derivatives in the form of futures were used in the Fund during the period for efficient portfolio management purposes and had no material impact on relative performance.
What is the outlook as of the end of the period?
The debate continues in both Europe and the U.S. as to the outlook for inflation, the likely path of interest rates, and what it means for economic growth. Central bank policy remains an important driver of short-term market moves in our view.
Markets remain caught between worries over short term pressures and the growth potential offered by some of these long-term structural trends. We believe this push and pull between short-term worries and longer-term growth may well persist for some time.
Rather than trying to predict the next move for interest rates, we remain focused on the long-term prospects for the Fund’s holdings.  Our focus is therefore on ensuring careful portfolio construction with a commitment to diversification by growth driver, industry, and style.
Important Risks
The Fund is new and has a limited operating history. 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. • 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, economic and regulatory developments. These risks may be greater, and include additional risks, for investments in emerging markets or if the Fund focuses in a particular geographic region or country, such as Japan. • Mid-cap securities can have greater risks and volatility than large-cap securities. • Applying sustainability criteria to the investment process may result in foregoing certain investments and underperformance comparative to funds that do not have a similar focus. There is a risk that the securities identified by the sub-adviser as meeting its sustainable investing criteria do not operate as anticipated. • To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. • 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, regulatory and counterparty risk.
 

31


Hartford Schroders Sustainable International Core Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Composition by Sector(1)
as of 10/31/2023
Sector Percentage
of Net Assets
Equity Securities  
Communication Services 3.1%
Consumer Discretionary 12.9
Consumer Staples 7.0
Energy 1.6
Financials 23.3
Health Care 13.9
Industrials 13.2
Information Technology 12.2
Materials 5.8
Utilities 4.8
Total 97.8%
Short-Term Investments 1.1
Other Assets & Liabilities 1.1
Total 100.0%
    
(1) A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system. These sector classifications are used for financial reporting purposes.

32


Hartford Schroders Tax-Aware Bond Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 10/03/2011
Sub-advised by Schroder Investment Management North America Inc. and its
sub-sub-adviser, Schroder Investment Management North America Limited
Investment objective – The Fund seeks total return on an after-tax basis.
Comparison of Change in Value of $10,000 Investment (10/31/2013 - 10/31/2023)
The chart above represents the hypothetical growth of a $10,000 investment in Class A, which includes the maximum sales charge applicable to Class A shares. Returns for the Fund’s other classes will vary from what is seen above due to differences in the expenses charged to those share classes.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year 5 Years 10 Years
Class A1 0.97% 0.26% 2.08%
Class A2 -3.61% -0.66% 1.62%
Class C1 0.07% -0.59% 1.56%
Class C3 -0.91% -0.59% 1.56%
Class I1 1.11% 0.47% 2.33%
Class Y1 1.14% 0.42% 2.30%
Class F1 1.25% 0.52% 2.35%
Class SDR1 1.25% 0.52% 2.34%
Bloomberg Municipal Bond Index 2.64% 1.00% 2.12%
    
1 Without sales charge
2 Reflects maximum sales charge of 4.50%
3 Reflects a contingent deferred sales charge of 1.00%
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
Effective immediately before the opening of business on 10/24/2016, the Schroder Broad Tax-Aware Value Bond Fund (the “Predecessor Fund”) was reorganized into the Fund. The performance information shown for periods prior to 10/24/2016 is that of the Predecessor Fund and the Predecessor Fund’s predecessor. Prior to 10/24/2016, Class A and Class I were called Advisor Shares and Investor Shares, respectively. Performance for Class A shares prior to 12/30/2014 (the inception date of the Predecessor Fund’s Advisor Shares) reflects the performance of the Predecessor Fund’s Investor Shares adjusted to reflect the distribution fees of the Predecessor Fund’s Advisor Shares. Class C, Class Y and Class SDR shares commenced operations on 10/24/2016 and performance prior to this date reflects the performance of the Predecessor Fund’s Investor Shares. Class F shares commenced operations on 02/28/2017 and performance prior to that date is that of the Fund’s Class I shares. Performance prior to Class F’s inception date has not been adjusted to reflect the operating expenses of Class F. The returns would be different if the Fund’s fees and expenses were reflected for periods prior to 10/24/2016. Performance for the Fund prior to 06/14/2013 reflects performance of the Predecessor Fund’s predecessor.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
 

33


Hartford Schroders Tax-Aware Bond Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Operating Expenses* Gross Net
Class A 0.83% 0.71%
Class C 1.62% 1.59%
Class I 0.61% 0.49%
Class Y 0.63% 0.56%
Class F 0.52% 0.46%
Class SDR 0.52% 0.46%
    
* Expenses as shown in the Fund’s most recent prospectus. Gross expenses do not reflect contractual expense reimbursement arrangements. Net expenses reflect such arrangements in instances when they reduce gross expenses. These arrangements remain in effect until 02/29/2024 unless the Fund’s Board of Directors approves an earlier termination. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.

 
Portfolio Managers
Hartford Schroders Tax-Aware Bond Fund’s sub-adviser is Schroder Investment Management North America Inc. and its sub-sub-adviser is Schroder Investment Management North America Limited.
Lisa Hornby, CFA
Portfolio Manager
Neil G. Sutherland, CFA
Portfolio Manager
Julio C. Bonilla, CFA
Portfolio Manager
David May
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class A shares of the Hartford Schroders Tax-Aware Bond Fund returned 0.97%, before sales charges, for the twelve-month period ended October 31, 2023, underperforming the Fund’s benchmark, the Bloomberg Municipal Bond Index, which returned 2.64% for the same period. For the same period, the Class A shares of the Fund, before sales charges, underperformed the 2.07% average return of the Lipper General & Insured Municipal Debt Funds peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
The Fund underperformed its benchmark for the one-year period ending October 31, 2023, due primarily to negative duration impacts. The Fund’s duration was long of the benchmark duration when the period began which had a material negative impact as yields rose. The Fund employs a flexible duration approach and did not use the benchmark for a target duration during the period. During the period the U.S. Federal Reserve (Fed) engaged on an aggressive rate normalization policy which resulted in yields moving much higher (86 basis points (bps) as measured by the 10-year tenor). Yields on tax-exempts moved higher in sympathy with Treasuries resulting in negative absolute returns. On a duration neutral basis relative to
Treasuries however tax-exempts were well ahead (400 bps) as risk assets performed well as fears of recession did not materialize and the economy remained stronger than many expected.
Within the Fund, the allocation to corporates was a positive factor given the above however the allocation over the trailing year was modest (less than 10% on average). There was a similar albeit smaller contribution from the tactical allocation to agency mortgage-backed securities (MBS). Within the tax-exempt sector the Fund benefited from the allocation to federal agency bonds however the underweight to tax-exempt Utilities and the overweight to general obligation bonds (GOs) both detracted from performance. The tax-exempt GOs were positive performers in excess return terms however trailing other tax-exempt sectors. Security selection was a material positive factor as specific corporate supported, federal agency bonds and GOs outperformed the broader index returns with multiple issuers contributing.
The third quarter of 2023 alone was notably negative for tax-exempt municipal bonds in absolute terms, with a negative total return of -3.95%, underperforming Treasuries by 41 bps. As a result, municipal / Treasury ratios widened across all maturities. We attributed this to one key factor: higher than expected inflation data. The net result has been retail investors withdrawing from municipal bond funds due to
 

34


Hartford Schroders Tax-Aware Bond Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

concerns about the potential consequences of higher Fed Funds rates and higher long-term rates. Year to date outflows are -$10 billion, nowhere near the historic outflows we saw in 2022, but a challenge, nonetheless.
During the period, we did not utilize derivatives within the Fund. 
What is the outlook as of the end of the period?
As of the end of the period, we are focusing on the opportunities that lie ahead. In terms of valuations, both in an absolute sense and relative to other asset classes, bond yields are attractive relative to historical prices.   That doesn’t mean a rally is necessarily imminent, but the higher yields do offer a significant cushion in terms of income to offset any further price declines in our view.
Pricing (and yield), one thing you can calibrate, is now firmly in the investor’s favor and when combined with subsiding inflation, a peaking economy and a Fed which is approaching the end of its hiking cycle, we believe a unique opportunity has emerged for bond markets. As of the end of the period, the duration of the Fund is sufficiently longer than when the period started, which we believe may position the Fund well if and when rates fall. With recession as our base case, we have ample dry powder (i.e. cash reserves) to seek to take advantage of these dislocations when they do come.
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. Municipal securities may be adversely impacted by state/local, political, economic, or market conditions; these risks may be magnified if the Fund focuses its assets in municipal securities of issuers in a few select states. Investors may be subject to the federal Alternative Minimum Tax as well as state and local income taxes. Capital gains, if any, are taxable. • Obligations of U.S. Government agencies are supported by varying degrees of credit but are generally not backed by the full faith and credit of the U.S. Government. • Mortgage-related and asset-backed securities’ risks include credit, interest-rate, prepayment, and extension risk. • 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, regulatory 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, economic and regulatory developments. • The Fund may have high portfolio turnover, which could increase its transaction costs and an investor’s tax liability. • Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended.
Composition by Security Type(1)
as of 10/31/2023
Category Percentage of
Net Assets
Fixed Income Securities  
Corporate Bonds 2.8%
Municipal Bonds 83.7
U.S. Government Securities 5.2
Total 91.7%
Short-Term Investments 8.1
Other Assets & Liabilities 0.2
Total 100.0%
    
(1) For Fund compliance purposes, the Fund may not use the same classification system. These classifications are used for financial reporting purposes.

35


Hartford Schroders US MidCap Opportunities Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 03/31/2006
Sub-advised by Schroder Investment Management North America Inc.
Investment objective – The Fund seeks capital appreciation.
Comparison of Change in Value of $10,000 Investment (10/31/2013 - 10/31/2023)
The chart above represents the hypothetical growth of a $10,000 investment in Class A, which includes the maximum sales charge applicable to Class A shares. Returns for the Fund’s other classes will vary from what is seen above due to differences in the expenses charged to those share classes.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year 5 Years 10 Years
Class A1 -1.12% 6.58% 7.78%
Class A2 -6.58% 5.37% 7.18%
Class C1 -1.85% 5.80% 7.30%
Class C3 -2.80% 5.80% 7.30%
Class I1 -0.84% 6.88% 8.07%
Class R31 -1.41% 6.21% 7.60%
Class R41 -1.10% 6.57% 7.85%
Class R51 -0.86% 6.84% 8.05%
Class Y1 -0.86% 6.87% 8.08%
Class F1 -0.74% 6.97% 8.14%
Class SDR1 -0.81% 6.96% 8.16%
Russell Midcap Index -1.01% 7.14% 8.05%
    
1 Without sales charge
2 Reflects maximum sales charge of 5.50%
3 Reflects a contingent deferred sales charge of 1.00%
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain
adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
Effective immediately before the opening of business on 10/24/2016, the Schroder U.S. Small and Mid Cap Opportunities Fund (the “Predecessor Fund”) was reorganized into the Fund. The performance information shown for periods prior to 10/24/2016 is that of the Predecessor Fund. Prior to 10/24/2016, Class A, Class I and Class SDR were called Advisor Shares, Investor Shares and R6 Shares, respectively. Class C, Class R3, Class R4, Class R5, and Class Y shares commenced operations on 10/24/2016 and performance prior to this date reflects the performance of the Predecessor Fund’s Investor Shares. Performance for Class SDR shares prior to 12/30/2014 (the inception date of the Predecessor Fund’s Class R6 Shares) reflects the performance of the Predecessor Fund’s Investor Shares. Class F shares commenced operations on 02/28/2017 and performance prior to that date is that of the Fund’s Class I shares. Performance prior to Class F’s inception date has not been adjusted to reflect the operating expenses of Class F. The returns would be different if the Fund’s fees and expenses were reflected for periods prior to 10/24/2016.
Performance information prior to 05/01/2019 reflect when the Fund invested at least 80% of its assets in securities of companies considered by Schroder Investment Management North America Inc. to be small- or mid-cap companies located in the United States.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
 

36


Hartford Schroders US MidCap Opportunities Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Operating Expenses* Gross Net
Class A 1.17% 1.17%
Class C 1.91% 1.91%
Class I 0.89% 0.89%
Class R3 1.52% 1.52%
Class R4 1.22% 1.22%
Class R5 0.92% 0.92%
Class Y 0.91% 0.91%
Class F 0.80% 0.80%
Class SDR 0.81% 0.81%
    
* Expenses as shown in the Fund’s most recent prospectus. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.

 
Portfolio Managers
Hartford Schroders US MidCap Opportunities Fund’s sub-adviser is Schroder Investment Management North America Inc.
Robert Kaynor, CFA
Portfolio Manager
Joanna Wald
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class A shares of the Hartford Schroders US MidCap Opportunities Fund returned -1.12%, before sales charges, for the twelve-month period ended October 31, 2023, underperforming the Fund’s benchmark, the Russell Midcap Index, which returned -1.01% for the period. For the same period, the Class A shares of the Fund, before sales charges, underperformed the -1.06% average return of the Lipper Mid-Cap Core peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
U.S. mid-capitalization equities, as measured by the Russell Midcap Index, declined over the twelve-month period ended October 31, 2023, by -1.00%. The year started well with strong performance in November 2022. Softening inflation and early signs of labor market loosening fitted with the hopes for a soft-landing. U.S. consumers remained resilient, even if this was perhaps focused in higher-income consumers. There was no Santa Claus rally in December 2022 with markets worried about downward earnings revisions in 2023. January 2023 was a strong month for U.S. stocks mainly due to a reversal of the negative sentiment in December 2022. February 2023 saw stocks give back some of these gains as tight labor market data reinforced inflationary concerns together with worries about future earnings. Small and mid-cap stocks at this point had continued a trend from 2022 of outperformance against large caps. Banking sector turmoil then hit the markets in March 2023 causing a flight to safety. Money market funds were by far and away the main recipient both from bank deposits and investment wrappers. Within equities, investors considered mega cap tech stocks as the safest option, retreating from small and mid-caps partly due to a large weighting in this universe to
smaller regional banks. Although, the mid cap space has less regional and community bank exposure, which benefited the asset class temporarily, the turmoil caused the first quarterly underperformance versus large caps of small and mid-cap stocks for a year.
Small and mid-cap stocks never recovered from the change in sentiment caused by the issues in the banking sector in March 2023 for the rest of the year. From March 2023, the market concurrently switched its attention to pricing in the potential benefits of artificial intelligence after an upbeat report from NVIDIA. This meant a focus on a small number of mega cap companies which led the market from March 2023 up to August 2023 to the detriment of small caps. Markets were especially weak in August, September and October of 2023 which traditionally can be months when risk is taken off the table. Rising Treasury yields and geopolitical risks, following the assault on Israel by Hamas forces, were major concerns for investors and the reason for weakness late in the period. 
During the period, we invested the Fund’s assets in a combination of stock types that can be classified into the following three categories: “Steady Eddies” (companies we believe have recurring earnings/cash flow/revenue characteristics), “Turnarounds” (companies we believe have experienced business or operational difficulties but may potentially have a catalyst to help them return to a growth path), and “Mispriced Growth” (companies we believe have unrecognized or under-appreciated growth dynamics that will be rewarded over time).
Over the period, the most significant contribution to the Fund’s performance relative to the Russell Midcap Index during the period was stock selection within the Health Care and Telecommunications sectors. Sector allocation for the portfolio as a whole was positive for the period. The Fund had positive attribution total effect in 9 of eleven
 

37


Hartford Schroders US MidCap Opportunities Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

sectors. The Fund’s investments in the Health Care sector relative to the Russell Midcap Index benefited from an equal weight allocation. The Fund, ex-biotechnology, which the Fund has zero exposure, was overweight Health Care as of the end of the period. The Fund’s security selection in the Telecommunications sector had a positive impact on performance, particularly in the telecom equipment industry. Additionally, the Fund added value by not having exposure in the cable television services and Communication Services and Telecommunication Services industries, which were both down significantly during the period. The Fund’s equity selection within the Technology sector was the biggest laggard over the period. The Fund’s exposure in the Software sector lagged in both sector allocation (underweight) and stock selection as the benchmark had a strong run. Stock selection in computer services was also a weakness for the period. Basic Materials was the other laggard from a sector point of view for the Fund due primarily to stock selection.
Top contributors to the Fund’s performance relative to the Russell Midcap Index during the period included BWX Technologies, West Pharmaceuticals and Dolby Laboratories. BWX Technologies offers precision manufactured components and services for the commercial nuclear power industry. The company reported a solid beat for the third quarter of 2023 due to strong revenue growth and strong operational execution in commercial operations across both commercial nuclear and medical. West Pharmaceutical Services, which manufactures and markets pharmaceuticals, biologics, vaccines and consumer Healthcare products, was the best performing stock in the Health Care portion of the benchmark during the period. The company reported fourth quarter 2022 results and 2023 guidance that exceeded expectations. Dolby Laboratories provides audio and imaging technologies. The company reported solid fourth quarter 2022 results and reiterated full-year guidance.
Over the period, the largest detractors from the Fund’s performance relative to the Russell Midcap Index were Masimo, Glacier Bancorp, Catalent. Masimo is a global technology company that develops, manufactures, and markets patient monitoring technologies, automation, and connectivity solutions. The stock lagged after the company announced a second quarter warning that revenue would be lower than expected due to multiple factors, including a decline in single-patient use sensor sales and delays in large orders. The company is also taking measures to cut costs in the second half of the year and expects to cut the lower end of full year guidance for the Healthcare business. Glacier Bancorp is a regional bank. The company, as well as the banking industry, slid in March 2023 as multiple banks failed to meet customers’ liquidity needs, marking the second and third-biggest bank failures in the nation’s history. We were underweight banks during the period and remain underweight. Catalent provides delivery technologies, development and manufacturing solutions for drugs, biologics, cell and gene therapies, and consumer health products. The company announced that it reduced its fiscal 2023 guidance due to operation and productivity issues and management’s uncertainty around its previously issued forecasts.
Derivatives were not used in the Fund during the period and therefore did not impact performance during the period.
What is the outlook as of the end of the period?
We believe a good starting point to support U.S. small and mid-sized companies is that today’s valuations are already pricing in a lot of bad news. As of the end of the period, we believe that U.S. small and mid- sized companies are trading at similar valuations to markets outside the U.S. for the first time in years, meaning you can still invest in the U.S. economy without paying a premium.
A supporting trend is the rise in capital spending in the U.S. For example, there is a major initiative underway to re-shore supply chains as globalization starts to retreat. The U.S. government is providing major incentives to promote more domestic manufacturing enshrined in legislation through policy such as the Chips and Science Act and Inflation Reduction Act passed in 2022. The Infrastructure Bill of 2021 provides additional tailwinds. A year or more on from the passing of this legislation, companies are starting to take advantage, leading to a major investment cycle. Construction of new factories is booming in states like Arizona and the Carolinas.
Other factors supporting capital expenditures (capex) are efforts to reduce emissions and the need to spend on automation to mitigate labor shortages. Sales growth of small and mid-cap companies is highly correlated to U.S. capex growth in our view. This reflects the largely domestic focus of small and mid-cap businesses compared to large caps.  Small and mid-cap stocks are generally more vulnerable to the business cycle due to their relatively weaker balance sheets and more volatile revenues. As of the end of the period, we believe they are trading at a discount driven by recession fears. If a recession does not occur, we believe the discount might dissipate. Despite the risks, the current low valuation of small and mid-caps makes them a potentially attractive investment option in our view.
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. • Mid-cap securities can have greater risks and volatility than large-cap securities. • To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. • Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended.

38


Hartford Schroders US MidCap Opportunities Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Composition by Sector(1)
as of 10/31/2023
Sector Percentage
of Net Assets
Equity Securities  
Communication Services 5.6%
Consumer Discretionary 7.5
Consumer Staples 1.1
Energy 3.7
Financials 13.8
Health Care 9.8
Industrials 21.9
Information Technology 19.6
Materials 3.4
Real Estate 3.6
Utilities 4.9
Total 94.9%
Short-Term Investments 5.2
Other Assets & Liabilities (0.1)
Total 100.0%
    
(1) A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system. These sector classifications are used for financial reporting purposes.

39


Hartford Schroders US Small Cap Opportunities Fund
 Fund Overview
 October 31, 2023 (Unaudited) 

Inception 08/06/1993
Sub-advised by Schroder Investment Management North America Inc.
Investment objective – The Fund seeks capital appreciation.
Comparison of Change in Value of $10,000 Investment (10/31/2013 - 10/31/2023)
The chart above represents the hypothetical growth of a $10,000 investment in Class A, which includes the maximum sales charge applicable to Class A shares. Returns for the Fund’s other classes will vary from what is seen above due to differences in the expenses charged to those share classes.
Average Annual Total Returns
for the Periods Ended 10/31/2023
  1 Year 5 Years 10 Years
Class A1 -11.94% 3.25% 5.65%
Class A2 -16.79% 2.09% 5.05%
Class C1 -12.59% 2.49% 5.18%
Class C3 -13.46% 2.49% 5.18%
Class I1 -11.70% 3.55% 5.95%
Class R31 -12.21% 2.96% 5.55%
Class R41 -11.93% 3.27% 5.78%
Class R51 -11.67% 3.57% 5.96%
Class Y1 -11.66% 3.58% 5.98%
Class F1 -11.59% 3.67% 6.03%
Class SDR1 -11.58% 3.67% 6.05%
Russell 2000 Index -8.56% 3.31% 5.63%
    
1 Without sales charge
2 Reflects maximum sales charge of 5.50%
3 Reflects a contingent deferred sales charge of 1.00%
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website hartfordfunds.com.
Total returns presented above were calculated using the applicable class' net asset value available to shareholders for sale or redemption of Fund shares on 10/31/2023, which may exclude investment transactions as of this date. All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The total returns presented in the Financial Highlights section of the report are calculated in the same manner, but also take into account certain
adjustments that are necessary under generally accepted accounting principles. As a result, the total returns in the Financial Highlights section may differ from the total returns presented above.
Effective immediately before the opening of business on 10/24/2016, the Schroder U.S. Opportunities Fund (the “Predecessor Fund”) was reorganized into the Fund. The performance information shown for periods prior to 10/24/2016 is that of the Predecessor Fund. Prior to 10/24/2016, Class A, Class I and Class SDR were called Advisor Shares, Investor Shares and R6 Shares, respectively. Class C, Class R3, Class R4, Class R5, and Class Y shares commenced operations on 10/24/2016 and performance prior to this date reflects the performance of the Predecessor Fund’s Investor Shares. Performance for Class SDR shares prior to 09/28/2015 (the inception date of the Predecessor Fund’s Class R6 Shares) reflects the performance of the Predecessor Fund’s Investor Shares. Class F shares commenced operations on 02/28/2017 and performance prior to that date is that of the Fund’s Class I shares. Performance prior to Class F’s inception date has not been adjusted to reflect the operating expenses of Class F. The returns would be different if the Fund’s fees and expenses were reflected for periods prior to 10/24/2016.
You cannot invest directly in an index.
See "Benchmark Glossary" for benchmark descriptions.
Performance information may reflect expense waivers/reimbursements without which performance would have been lower.
 

40


Hartford Schroders US Small Cap Opportunities Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Operating Expenses* Gross Net
Class A 1.37% 1.35%
Class C 2.13% 2.10%
Class I 1.09% 1.09%
Class R3 1.70% 1.65%
Class R4 1.41% 1.35%
Class R5 1.11% 1.05%
Class Y 1.10% 1.05%
Class F 0.99% 0.95%
Class SDR 0.99% 0.95%
    
* Expenses as shown in the Fund’s most recent prospectus. Gross expenses do not reflect contractual expense reimbursement arrangements. Net expenses reflect such arrangements in instances when they reduce gross expenses. These arrangements remain in effect until 02/29/2024 unless the Fund’s Board of Directors approves an earlier termination. Actual expenses may be higher or lower. Please see accompanying Financial Highlights for expense ratios for the period ended 10/31/2023.

 
Portfolio Managers
Hartford Schroders US Small Cap Opportunities Fund’s sub-adviser is Schroder Investment Management North America Inc.
Robert Kaynor, CFA
Portfolio Manager
Joanna Wald
Portfolio Manager


Manager Discussion
How did the Fund perform during the period?
The Class A shares of the Hartford Schroders US Small Cap Opportunities Fund returned -11.94%, before sales charges, for the twelve-month period ended October 31, 2023, underperforming the Fund’s benchmark, the Russell 2000 Index, which returned -8.56% for the same period. For the same period, the Class A shares of the Fund, before sales charges, underperformed the -4.58% average return of the Lipper Small-Cap Core peer group, a group of funds with investment strategies similar to those of the Fund.
Why did the Fund perform this way?
U.S. small-capitalization equities, as measured by the Russell 2000 Index, returned -8.56% over the twelve-month period ended October 31, 2023. The year started well with strong performance in November 2022. Softening inflation and early signs of labor market loosening fitted with the hopes for a soft-landing. U.S. consumers remained resilient, even if this was perhaps focused in higher-income consumers. There was no Santa Claus rally in December 2022 with markets worried about downward earnings revisions in 2023. January 2023 was a strong month for U.S. stocks mainly due to a reversal of the negative sentiment in December 2022. February 2023 saw stocks give back some of these gains as tight labor market data reinforced inflationary concerns together with worries about future earnings. Small cap stocks at this point had continued a trend from 2022 of outperformance against large caps. Banking sector turmoil then hit the markets in March 2023 causing a flight to safety. Money market funds were by far and away the main recipient both from bank deposits and
investment wrappers. Within equities, investors considered mega cap tech stocks as the safest option, retreating from small and mid-caps partly due to a large weighting in this universe to smaller regional banks. This caused the first quarterly underperformance versus large caps of small cap stocks for a year.
Small cap stocks never recovered from the change in sentiment caused by the issues in the banking sector in March 2023 for the rest of the year. From March 2023, the market concurrently switched its attention to pricing in the potential benefits of artificial intelligence after an upbeat report from NVIDIA. This meant a focus on a small number of mega cap companies which led the market from March 2023 up to August 2023 to the detriment of small caps. Markets were especially weak in August, September and October of 2023 which traditionally can be months when risk is taken off the table. Rising Treasury yields and geopolitical risks, following the assault on Israel by Hamas forces, were major concerns for investors and the reason for weakness late in the period.
During the period, we invested the Fund’s assets in a combination of stock types that can be classified into the following three categories: “Steady Eddies” (companies we believe have recurring earnings/cash flow/revenue characteristics), “Turnarounds” (companies we believe have experienced business or operational difficulties but may potentially have a catalyst to help them return to a growth path), and “Mispriced Growth” (companies we believe have unrecognized or under-appreciated growth dynamics that will be rewarded over time).
 

41


Hartford Schroders US Small Cap Opportunities Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

The most significant detractor to the Fund’s performance relative to the Russell 2000 Index during the twelve-month period was stock selection, particularly in the Consumer Discretionary and Healthcare sectors. Consumer spending trends in the U.S. are more mixed than in previous cycles which is a function of distortion in spending during Covid. Companies are finding it difficult to manage inventories given the lack of clarity about consumer spending. Healthcare stocks were impacted by the emergence of extraordinary results for weight loss from a type of drug called GLP-1. The market extrapolated that a number of Healthcare companies might see slower growth due to less need for various treatments if weight loss is effective. The Fund’s technology holdings contributed positively to performance. The Fund avoided more expensive software stocks while selecting well priced business service companies which performed well.
Top contributors to the Fund’s performance relative to the Russell 2000 Index over the period included Maxar Technologies, Primoris Services and LiveRamp Holdings. Maxar Technologies is a space technology and intelligence company. The company announced in December 2022 that it would be acquired by Advent International in an all-cash transaction for $6.4 billion. Primoris Services is a specialty contractor company that provides construction, fabrication, maintenance, replacement, and engineering services to public Utilities, petrochemical companies, Energy companies and municipalities. The company reported results above expectations due to a rise in revenue driven by significant growth in renewables projects.  LiveRamp Holdings is a global technology company that provides enterprise data connectivity platform that helps organizations to leverage customer data. The growth acceleration and retention rate improvement in subscriptions led to positive performance over the period.
Over the period, the largest detractors from the Fund’s performance relative to the Russell 2000 Index were ICU Medical, Chef’s Warehouse and Fibrogen.  ICU Medical develops, manufactures, and sells innovative medical devices used in vascular therapy and critical care applications. ICU Medical reported weaker-than-expected sales but strong profits. Management of ICU Medical suggested that sales would be weaker than previously anticipated in a few of their businesses and lowered its mid-point of their 2023 earnings per share guidance. Chefs’ Warehouse distributes specialty food products. The company reported quarterly results that were below street and company expectations due to disruptions in protein market pricing and adverse weather in June 2023, which curbed outdoor dining demand. Despite this, the company retained its fiscal year 2023 adjusted earnings before interest, taxes, amortization, and depreciation (EBITDA) guidance.  FibroGen is research-based pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutic agents. The company reported phase 3 ZEPHYRUS-1 study of Pamrevlumab for the treatment of idiopathic pulmonary fibrosis did not meet its primary and secondary efficacy endpoints. As a result, the company also plans to discontinue the fully enrolled ZEPHYRUS-2 Phase IPF trial, which was due to readout in mid-2024.
Derivatives were not used in the Fund during the period and therefore did not impact performance during the period.
What is the outlook as of the end of the period?
We believe a good starting point to support U.S. smaller companies is that today’s valuations are already pricing in a lot of bad news. Smaller companies have not been so cheap relative to large caps since the technology bubble in 1999-2001 in our view. Indeed, we believe that U.S. smaller companies trade at similar valuations to markets outside the U.S. for the first time in years, meaning you can still invest in the U.S. economy without paying a premium.
A supporting trend is the rise in capital spending in the U.S. For example, there is a major initiative underway to re-shore supply chains as globalization starts to retreat. The U.S. government is providing major incentives to promote more domestic manufacturing enshrined in legislation through policy such as the Chips and Science Act and Inflation Reduction Act passed in 2022. The Infrastructure Bill of 2021 provides additional tailwinds. A year or more on from the passing of this legislation, companies are starting to take advantage, leading to a major investment cycle. Construction of new factories is booming in states like Arizona and the Carolinas.
Other factors supporting capital expenditures (capex) are efforts to reduce emissions and the need to spend on automation to mitigate labor shortages. Sales growth of smaller companies is highly correlated to U.S. capex growth in our view. This reflects the largely domestic focus of small cap businesses compared to large caps.
Small cap stocks are generally more vulnerable to the business cycle due to their relatively weaker balance sheets and more volatile revenues. Currently, we believe they are trading at a discount driven by recession fears. If a recession does not occur, we believe the discount might dissipate. Despite the risks, the current low valuation of small caps makes them a potentially attractive investment option in our view.
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. Small-cap securities can have greater risks, including liquidity risk, and volatility than large-cap securities. To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur.   Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended.

42


Hartford Schroders US Small Cap Opportunities Fund
 Fund Overview – (continued)
 October 31, 2023 (Unaudited) 

Composition by Sector(1)
as of 10/31/2023
Sector Percentage
of Net Assets
Equity Securities  
Communication Services 2.3%
Consumer Discretionary 8.6
Consumer Staples 3.4
Energy 4.2
Financials 17.7
Health Care 10.8
Industrials 22.3
Information Technology 13.6
Materials 7.1
Real Estate 2.1
Utilities 2.7
Total 94.8%
Short-Term Investments 4.8
Other Assets & Liabilities 0.4
Total 100.0%
    
(1) A sector may be comprised of several industries. For Fund compliance purposes, the Fund may not use the same classification system. These sector classifications are used for financial reporting purposes.

43


Hartford Schroders Funds
Benchmark Glossary (Unaudited)

Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes) is designed to cover the USD-denominated long-term tax-exempt bond market.
Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) is composed of securities that cover the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.
ICE BofAML US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date.
JP Morgan Emerging Markets Blended Index (JEMB) - Equal Weighted (reflects no deduction for fees, expenses or taxes) is a blended index produced by JP Morgan that is comprised of 1/3 JP Morgan GBI Emerging Markets Global Diversified Index, 1/3 JP Morgan EMBI Global Diversified Index, and 1/3 JP Morgan CEMBI Broad Diversified Index. The JEMB - Equal Weighted is designed to blend US dollar and local currency denominated sovereign, quasi-sovereign and corporate bonds in equal proportion.
MSCI ACWI (All Country World) Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes) is designed to capture large and mid cap securities across developed markets and emerging markets countries.
MSCI ACWI (All Country World) ex USA Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes) is designed to capture large and mid cap securities across developed markets (excluding the US) and emerging market countries.
MSCI ACWI (All Country World) ex USA Value Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes) is designed to capture large and mid cap securities exhibiting overall value style characteristics across developed (excluding the US) and emerging markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.
MSCI China A Onshore Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes) is designed to capture large and mid-cap securities across China securities listed on the Shanghai and Shenzhen exchanges. The index covers only those securities that are accessible through “Stock Connect”.
MSCI EAFE Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes) is designed to capture large and mid cap securities across developed market countries, excluding the US and Canada.
MSCI EAFE Value Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes) is designed to capture large and mid cap securities exhibiting overall value style characteristics across developed market countries, excluding the US and Canada.
MSCI Emerging Markets Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses or other taxes) is designed to capture large and mid cap securities across emerging market countries.
Russell 2000 Index (reflects no deduction for fees, expenses or taxes) is an index comprised of 2,000 of the smallest US-domiciled company common stocks based on a combination of their market capitalization and current index membership.
Russell Midcap Index (reflects no deduction for fees, expenses or taxes) is designed to measure the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.
Additional Information Regarding Bloomberg Index(es). “Bloomberg®” and the above referenced Bloomberg index(es) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”), and have been licensed for use for certain purposes by Hartford Funds Management Company, LLC ("HFMC"). The Funds are not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly. The only relationship of Bloomberg to HFMC is the licensing of certain trademarks, trade names and service marks and of the above referenced Bloomberg index(es), which is determined, composed and calculated by BISL without regard to HFMC or the Funds. Bloomberg has no obligation to take the needs of HFMC or the owners of the Funds into consideration in determining, composing or calculating the above referenced Bloomberg index(es). Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Funds to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to the Funds' customers, in connection with the administration, marketing or trading of the Funds.
BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE ABOVE REFERENCED BLOOMBERG INDEX(ES) OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY HFMC, OWNERS OF THE FUNDS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE ABOVE REFERENCED BLOOMBERG INDEX(ES) OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
 

44


Hartford Schroders Funds
Benchmark Glossary (Unaudited) – (continued)

OR USE WITH RESPECT TO THE ABOVE REFERENCED BLOOMBERG INDEX(ES) OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES --WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE --ARISING IN CONNECTION WITH THE ABOVE REFERENCED BLOOMBERG INDEX(ES) OR ANY DATA OR VALUES RELATING THERETO --WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
Additional Information Regarding MSCI Indices.
Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
Additional Information Regarding Blended Benchmarks that Include an MSCI Index. The blended returns are calculated by HFMC and include, among other index provider data, end of day index level values licensed from MSCI (“MSCI Data”). For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “AS IS” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information. 

45


Hartford Schroders Funds
Expense Examples (Unaudited)

Your Fund's Expenses
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, if any, and contingent deferred sales charges (CDSC), if any, and (2) ongoing costs, including investment management fees, distribution and/or service (12b-1) fees, if any, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period of May 1, 2023 through October 31, 2023, except as noted below. To the extent a Fund was subject to acquired fund fees and expenses during the period, acquired fund fees and expenses are not included in the annualized expense ratios below.
Actual Expenses
The first set of columns of the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During The Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads and CDSC). Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses for a class of a Fund are equal to the class' annualized expense ratio multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
  Actual Return   Hypothetical (5% return before expenses)
  Beginning
Account Value
May 1, 2023
  Ending
Account Value
October 31, 2023
  Expenses paid
during the period
May 1, 2023
through
October 31, 2023
  Beginning
Account Value
May 1, 2023
  Ending
Account Value
October 31, 2023
  Expenses paid
during the period
May 1, 2023
through
October 31, 2023
  Annualized
expense
ratio
Hartford Schroders China A Fund
Class A $ 1,000.00   $ 829.90   $  6.69   $ 1,000.00   $ 1,017.90   $  7.38   1.45%
Class C $ 1,000.00   $ 828.80   $  7.88   $ 1,000.00   $ 1,016.59   $  8.69   1.71%
Class I $ 1,000.00   $ 831.00   $  5.31   $ 1,000.00   $ 1,019.41   $  5.85   1.15%
Class Y $ 1,000.00   $ 831.30   $  5.13   $ 1,000.00   $ 1,019.61   $  5.65   1.11%
Class F $ 1,000.00   $ 832.10   $  4.57   $ 1,000.00   $ 1,020.21   $  5.04   0.99%
Class SDR $ 1,000.00   $ 831.40   $  4.57   $ 1,000.00   $ 1,020.21   $  5.04   0.99%
Hartford Schroders Diversified Emerging Markets Fund
Class A $ 1,000.00   $ 938.50   $  6.01   $ 1,000.00   $ 1,019.06   $  6.26   1.23%
Class C $ 1,000.00   $ 934.20   $  9.90   $ 1,000.00   $ 1,014.92   $ 10.31   2.03%
Class I $ 1,000.00   $ 939.70   $  4.60   $ 1,000.00   $ 1,020.47   $  4.79   0.94%
Class Y $ 1,000.00   $ 941.00   $  4.31   $ 1,000.00   $ 1,021.02   $  4.48   0.88%
Class F $ 1,000.00   $ 940.90   $  4.35   $ 1,000.00   $ 1,020.72   $  4.53   0.89%
Class SDR $ 1,000.00   $ 939.60   $  4.35   $ 1,000.00   $ 1,020.72   $  4.53   0.89%
Hartford Schroders Diversified Growth Fund (Consolidated)(1)
Class I $ 1,000.00   $ 963.00   $ 0.88(2)   $ 1,000.00   $ 1,021.22   $ 4.08(3)   0.80%
Class SDR $ 1,000.00   $ 963.00   $ 0.72(2)   $ 1,000.00   $ 1,021.93   $ 3.31(3)   0.65%

46


Hartford Schroders Funds
Expense Examples (Unaudited) – (continued)

  Actual Return   Hypothetical (5% return before expenses)
  Beginning
Account Value
May 1, 2023
  Ending
Account Value
October 31, 2023
  Expenses paid
during the period
May 1, 2023
through
October 31, 2023
  Beginning
Account Value
May 1, 2023
  Ending
Account Value
October 31, 2023
  Expenses paid
during the period
May 1, 2023
through
October 31, 2023
  Annualized
expense
ratio
Hartford Schroders Emerging Markets Equity Fund
Class A $ 1,000.00   $ 949.80   $  7.18   $ 1,000.00   $ 1,017.85   $  7.43   1.46%
Class C $ 1,000.00   $ 946.50   $ 10.45   $ 1,000.00   $ 1,014.47   $ 10.82   2.13%
Class I $ 1,000.00   $ 950.90   $  6.14   $ 1,000.00   $ 1,018.90   $  6.36   1.25%
Class R3 $ 1,000.00   $ 948.70   $  8.54   $ 1,000.00   $ 1,016.38   $  8.84   1.74%
Class R4 $ 1,000.00   $ 949.80   $  7.32   $ 1,000.00   $ 1,017.69   $  7.58   1.49%
Class R5 $ 1,000.00   $ 950.30   $  5.95   $ 1,000.00   $ 1,019.16   $  6.16   1.21%
Class Y $ 1,000.00   $ 951.30   $  5.81   $ 1,000.00   $ 1,019.26   $  6.01   1.18%
Class F $ 1,000.00   $ 951.60   $  5.26   $ 1,000.00   $ 1,019.81   $  5.45   1.07%
Class SDR $ 1,000.00   $ 951.70   $  5.26   $ 1,000.00   $ 1,019.81   $  5.45   1.07%
Hartford Schroders Emerging Markets Multi-Sector Bond Fund
Class A $ 1,000.00   $ 983.80   $  5.75   $ 1,000.00   $ 1,019.41   $  5.85   1.15%
Class C $ 1,000.00   $ 980.00   $  9.48   $ 1,000.00   $ 1,015.68   $  9.65   1.90%
Class I $ 1,000.00   $ 985.00   $  4.46   $ 1,000.00   $ 1,020.72   $  4.53   0.89%
Class R3 $ 1,000.00   $ 982.30   $  7.19   $ 1,000.00   $ 1,017.90   $  7.32   1.44%
Class R4 $ 1,000.00   $ 983.80   $  5.75   $ 1,000.00   $ 1,019.31   $  5.85   1.15%
Class R5 $ 1,000.00   $ 983.70   $  4.25   $ 1,000.00   $ 1,020.67   $  4.33   0.85%
Class Y $ 1,000.00   $ 985.20   $  4.25   $ 1,000.00   $ 1,020.92   $  4.33   0.85%
Class F $ 1,000.00   $ 984.70   $  3.75   $ 1,000.00   $ 1,021.53   $  3.82   0.75%
Class SDR $ 1,000.00   $ 985.70   $  3.75   $ 1,000.00   $ 1,021.42   $  3.82   0.75%
Hartford Schroders International Contrarian Value Fund
Class I $ 1,000.00